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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>SECURITIES
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_edei--DocumentTransitionReport_c20230101__20231231_zoeNhUd09kj3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000020" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric></span>
<b>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_edei--DocumentShellCompanyReport_c20230101__20231231_z4hyUN5k01t7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000021" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric></span>
<b>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of event requiring this shell company report ____</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the transition period from &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
file number: <span id="xdx_909_edei--EntityFileNumber_c20230101__20231231_zea5FSZYuiHh"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000022" name="dei:EntityFileNumber">001-40678</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_909_edei--EntityRegistrantName_c20230101__20231231_zMv2N3t2RUt1"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000023" name="dei:EntityRegistrantName">EUDA
HEALTH HOLDINGS LIMITED</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
name of Registrant as specified in its charter)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>N/A</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Translation
of Registrant&#8217;s name into English)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90E_edei--EntityIncorporationStateCountryCode_dxL_c20230101__20231231_zF7XtzjYC625" title="::XDX::D8"><span style="-sec-ix-hidden: xdx2ixbrl0024">British
Virgin Islands</span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Jurisdiction
of incorporation or organization)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_900_edei--EntityAddressAddressLine1_c20230101__20231231_zCcmaQwVWqpg"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000025" name="dei:EntityAddressAddressLine1">1
Pemimpin Drive #12-06</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_900_edei--EntityAddressCityOrTown_c20230101__20231231_zECYdOGtzXz7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000026" name="dei:EntityAddressCityOrTown">One
Pemimpin</ix:nonNumeric></span> <span id="xdx_901_edei--EntityAddressCountry_c20230101__20231231_zKPPO7l09gK5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:countrynameen" id="Fact000027" name="dei:EntityAddressCountry">Singapore</ix:nonNumeric></span> <span id="xdx_90D_edei--EntityAddressPostalZipCode_c20230101__20231231_zdgNCN36u60i"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000028" name="dei:EntityAddressPostalZipCode">576151</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>+65
6268 6821</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Address
of principal executive offices)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90F_edei--ContactPersonnelName_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z3s7FjUqJqzc"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000029" name="dei:ContactPersonnelName">Wei
Wen Kelvin Chen</ix:nonNumeric></span><br/>
Chief Executive Officer<br/>
<span id="xdx_904_edei--EntityAddressAddressLine1_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zdOLUURa1Ey9"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000030" name="dei:EntityAddressAddressLine1">1 Pemimpin Drive #12-07</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_900_edei--EntityAddressCityOrTown_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zLeVpkb4E03l"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000031" name="dei:EntityAddressCityOrTown">One Pemimpin</ix:nonNumeric></span> <span id="xdx_90A_edei--EntityAddressCountry_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_ziEPI1MmePbk"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" id="Fact000032" name="dei:EntityAddressCountry">Singapore</ix:nonNumeric></span> <span id="xdx_907_edei--EntityAddressPostalZipCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zSKxycnZMlre"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000033" name="dei:EntityAddressPostalZipCode">576151</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_903_edei--CityAreaCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zpYXw578TeRg"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000034" name="dei:CityAreaCode">+65</ix:nonNumeric></span>
<span id="xdx_90E_edei--LocalPhoneNumber_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z6kVYN9BfnM4"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000035" name="dei:LocalPhoneNumber">6268 6821</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90D_edei--ContactPersonnelEmailAddress_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_znfFW8N5njnl"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000036" name="dei:ContactPersonnelEmailAddress">kelvin@euda.com</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(b) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title
    of each class</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
    Symbol(s)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 38%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of each exchange on which registered</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_edei--Security12bTitle_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--OrdinarySharesMember_zWoYoJtruMo8"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_OrdinarySharesMember" id="Fact000037" name="dei:Security12bTitle">Ordinary
    Shares</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_edei--TradingSymbol_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--OrdinarySharesMember_zV7dw6zhN6Aa"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_OrdinarySharesMember" id="Fact000038" name="dei:TradingSymbol">EUDA</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_edei--SecurityExchangeName_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--OrdinarySharesMember_zP9Alhs8gle9"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_OrdinarySharesMember" format="ixt-sec:exchnameen" id="Fact000039" name="dei:SecurityExchangeName">The
    Nasdaq Stock Market LLC</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_edei--Security12bTitle_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--RedeemableWarrantsMember_zHda0opc2kJj"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_RedeemableWarrantsMember" id="Fact000040" name="dei:Security12bTitle">Redeemable
    Warrants</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_edei--TradingSymbol_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--RedeemableWarrantsMember_zqd53OHxIOfb"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_RedeemableWarrantsMember" id="Fact000041" name="dei:TradingSymbol">EUDAW</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_edei--SecurityExchangeName_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--RedeemableWarrantsMember_zvaPPGjomOj6"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_RedeemableWarrantsMember" format="ixt-sec:exchnameen" id="Fact000042" name="dei:SecurityExchangeName">The
    Nasdaq Stock Market LLC</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(g) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Title
of Class)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Title
of Class)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, there were <span id="xdx_900_edei--EntityCommonStockSharesOutstanding_iI_pid_c20231231_zfSqLj5EeMa1"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000043" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">24,627,509</ix:nonFraction></span></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. &#9744; Yes &#9746; <span id="xdx_908_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_zaRp6Xy01i96"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000044" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this annual report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934. &#9744; Yes &#9746; <span id="xdx_905_edei--EntityVoluntaryFilers_c20230101__20231231_z9hbWFGtNA8i"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000045" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
&#8211; Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. &#9744; Yes &#9746; <span id="xdx_902_edei--EntityCurrentReportingStatus_c20230101__20231231_znmMrlaXMQlj"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000046" name="dei:EntityCurrentReportingStatus">No</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). &#9746; <span id="xdx_90E_edei--EntityInteractiveDataCurrent_c20230101__20231231_z7NT3VrK6pZ5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000047" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9744; No </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of &#8220;accelerated filer and large accelerated filer&#8221; and &#8220;emerging growth company&#8221; in Rule
12b-2 of the Exchange Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 31%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 23%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 23%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_edei--EntityFilerCategory_c20230101__20231231_zvJ3ev0riXH6"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000048" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span> &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 23%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company <span id="xdx_906_edei--EntityEmergingGrowthCompany_c20230101__20231231_zb4yyEfUGHU"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000049" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided
pursuant to Section 13(a) of the Exchange Act. <span id="xdx_90B_edei--EntityExTransitionPeriod_c20230101__20231231_zClR3N8YnNyf"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000050" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;The
term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board
to its Accounting Standards Codification after April 5, 2012.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. <span id="xdx_908_edei--IcfrAuditorAttestationFlag_dbF_c20230101__20231231_zKm6KOXwfoO7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000051" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_90C_edei--DocumentFinStmtErrorCorrectionFlag_dbF_c20230101__20231231_zy5XQMcwOvgh"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000052" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registrant has been to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_edei--DocumentAccountingStandard_c20230101__20231231_zCKfMSQ9aYRb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000053" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric></span> &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International
    Financial Reporting Standards as issued</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    &#9744;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
    the International Accounting Standards Board &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow. &#9744; Item 17 &#9744; Item 18</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). &#9744; Yes <span id="xdx_909_edei--EntityShellCompany_dbF_c20230101__20231231_z765u8BMa5da"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000054" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></span> No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. &#9746; <span id="xdx_907_edei--EntityBankruptcyProceedingsReportingCurrent_c20230101__20231231_zURDWb4xxn1c"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000055" name="dei:EntityBankruptcyProceedingsReportingCurrent">Yes</ix:nonNumeric></span> &#9744; No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_001">INTRODUCTION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_002">FORWARD-LOOKING INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_003">PART I</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_004">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_005">OFFER STATISTICS AND EXPECTED TIMETABLE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_006">KEY INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_007">INFORMATION ON THE COMPANY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">20</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4.A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_008">UNRESOLVED STAFF COMMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">35</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_009">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">36</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_010">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">45</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_011">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">53</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_013">FINANCIAL INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">56</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_014">THE OFFER AND LISTING</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">56</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_015">ADDITIONAL INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">57</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_016">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">70</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    12.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_017">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">70</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_018">PART II</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    13.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_019">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">72</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    14.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_020">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">72</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    15.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_021">CONTROLS AND PROCEDURES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">72</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_022">AUDIT COMMITTEE FINANCIAL EXPERT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">74</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_023">CODE OF ETHICS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">74</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_024">PRINCIPAL ACCOUNTANT FEES AND SERVICES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">74</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_025">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">74</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_026">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">74</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_027">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">75</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16G.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_028">CORPORATE GOVERNANCE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">75</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16H.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_029">MINE SAFETY DISCLOSURE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">79</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16I.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_030">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">79</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16J.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_031">INSIDER TRADING POLICIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">79</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16K.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_032">CYBERSECURITY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">79</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_033">PART III</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    17.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_034">FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">80</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    18.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_035">FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">80</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    19.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#dm_036">EXHIBITS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">80</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_001"></span>INTRODUCTION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise stated in this Annual Report on Form 20-F (&#8220;Annual Report&#8221; or &#8220;Form 20-F&#8221;), or the context otherwise
requires, references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our&#8221; &#8220;EUDA&#8221; or the &#8220;Company&#8221; are to
EUDA Health Holdings Limited, a British Virgin Islands exempt company and references to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;8i&#8221;
    means 8i Acquisition 2 Corp., a BVI business company that changed its name to &#8220;EUDA Health Holdings Limited&#8221; after the
    Business Combination.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Articles&#8221;
    means the Amended and Restated Memorandum and Articles of Association of the Company dated November 17, 2022.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Board&#8221;
    means the board of directors of 8i prior to the Closing, and the board of directors of the Company following the Closing.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_002"></span>FORWARD-LOOKING
INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Annual Report on Form 20-F contains &#8220;forward-looking statements&#8221; with respect to our financial condition, results of operations
and business, plans, objectives and strategies. These forward-looking statements can be identified by the fact that they do not relate
only to historical or current facts. Forward-looking statements often use words such as &#8220;estimate,&#8221; &#8220;project,&#8221;
&#8220;predict,&#8221; &#8220;will,&#8221; &#8220;would,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;may,&#8221; &#8220;might,&#8221;
&#8220;anticipate,&#8221; &#8220;plan,&#8221; &#8220;intend,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;aim,&#8221; &#8220;goal,&#8221;
&#8220;target,&#8221; &#8220;objective,&#8221; &#8220;commit,&#8221; &#8220;advance,&#8221; &#8220;likely&#8221; or similar expressions
that convey the prospective nature of events or outcomes. The forward-looking statements are based on the current expectations of the
Company&#8217;s management and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak
only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These
forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include,
but are not limited to, those factors described in &#8220;Risk Factors,&#8221; those discussed and identified in public filings made
with the SEC by the Company and the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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ability to protect our patents and other intellectual property;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> &#9679; the
ability to maintain the listing of our ordinary shares on Nasdaq;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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ability to raise additional capital to fund our operations;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> &#9679; the
accuracy of our projections and estimates regarding our expenses, capital requirements, cash utilization, and need for additional financing;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> &#9679; expectations
regarding the Company&#8217;s strategies and future financial performance, including its future business plans or objectives, prospective
performance and opportunities and competitors, revenues, products, pricing, operating expenses, market trends, liquidity, cash flows
and uses of cash, capital expenditures, and the Company&#8217;s ability to invest in growth initiatives and pursue acquisition opportunities;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> &#9679; the
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> &#9679; limited
liquidity and trading of the Company&#8217;s securities;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> &#9679; geopolitical
risk and changes in applicable laws or regulations;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> &#9679; the
possibility that the Company may be adversely affected by other economic, business, and/or competitive factors;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> &#9679; risk
that the COVID-19 global pandemic, and Southeast Asian countries&#8217; responses to addressing the pandemic may have an adverse effect
on the Company&#8217;s business operations, as well as our and their financial condition and results of operations; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> &#9679; litigation
and regulatory enforcement risks, including the diversion of management&#8217;s time and attention and the additional costs and demands
on the Company&#8217;s resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
and other factors could cause actual results to differ from those implied by the forward-looking statements. Forward-looking statements
are not guarantees of performance and speak only as of the date hereof. The forward-looking statements are based on the current and reasonable
expectations of our management but are inherently subject to uncertainties and changes in circumstances and their potential effects and
speak only as of the date of such statements. There can be no assurance that future developments will be those that have been anticipated
or that we will achieve or realize these plans, intentions or expectations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing
cautionary statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, statements of belief and similar statements reflect our beliefs and opinions on the relevant subject. These statements are
based upon information available to us as of the date of this filing, and while we believe such information forms a reasonable basis
for such statements, such information may be limited or incomplete, and statements should not be read to indicate that we have conducted
an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and
investors are cautioned not to unduly rely upon these statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_003"></span>PART
I.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_004"></span>ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_005"></span>ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_006"></span>ITEM
3. KEY INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>[Reserved]</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capitalization
    and Indebtedness</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reasons
    for the Offer and Use of Proceeds</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
    Factors</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Uncertainties
and risks accompany our strategy to streamline our medical service operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In September 2023, the Company decided to streamline its medical service
operations by closing down clinics to reduce overhead costs and further loss from operations as the demand in our services were much lower
in the post Covid-19 era. This decision to streamline certain medical-related business unit represented a strategic shift that had a major
effect on the Company&#8217;s medical services financial results, and qualifies as discontinued operations under ASC205-20. See &#8220;Note
5 &#8211; Discontinued Operations&#8221; of consolidated financial statements for the fiscal years ended December 31, 2023, 2022 and 2021
for details. As a result, the Company&#8217;s current and existing operations remained with its property management services. Although
management is actively seeking new investments and medical licenses to acquire or develop other healthcare services, and has plans to
offer medical services in virtual clinics in the future, there is no assurance that it will be successful in its efforts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 6, 2024, the Company entered into a Share
Purchase Agreement to acquire CK Health Plus Sdn Bhd, a Malaysian company (&#8220;CK Health&#8221;) in the direct sale business of holistic
wellness consumer products in Malaysia, for an aggregate consideration of 10,000,000 newly issued ordinary shares, valued at $15.0 million.
The acquisition closed on May 8, 2024. Although the Company plans to integrate
CK Health&#8217;s holistic wellness consumer products into its portfolio of complementary products and services offered alongside its
proprietary healthcare solutions platform, there is no assurance that the Company can achieve the desired strategic and financial benefits
from this acquisition. See &#8220;5A. Operating Results &#8211; Recent Development&#8221; for details.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
independent registered public accounting firm&#8217;s report contains an explanatory paragraph that expresses substantial doubt about
our ability continue as a &#8220;going concern.&#8221;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company had a net loss of approximately $8.5 million and $25.0 million for the years ended December 31, 2023 and 2022, respectively.
As of December 31, 2023, the Company&#8217;s negative working capital deficit was approximately $7.9 million, and the Company had cash
of approximately $0.2 million&#160;. The Company has experienced recurring losses from operations and negative cash flows from operating
activities since 2020. In September 2023, we have streamlined our medical service operations to minimize any further losses as the demand
in our services were much lower in the post Covid-19 era. 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. There is no assurance that the
Company&#8217;s capital raising efforts will be successful. Successful transition to attaining profitable operations is dependent upon
achieving a level of revenues adequate to support the Company&#8217;s cost structure. Further, the Company has incurred and expects to
continue to incur significant professional costs to remain as a publicly traded company. These factors, among others, raise substantial
doubt about the Company&#8217;s ability to continue as a going concern. The financial statements contained elsewhere in this Form 20-F
do not include any adjustments that might result from the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EUDA
and our independent registered public accounting firm identified material weaknesses in the Company&#8217;s internal control over financial
reporting, and if EUDA is unable to achieve and maintain effective internal control over financial reporting, this could have a material
adverse effect on our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company produces our consolidated financial statements in accordance with the requirements of U.S. GAAP. Effective internal controls
are necessary for EUDA to provide reliable financial reports to help mitigate the risk of fraud and to operate as a publicly traded company.
Prior to the Business Combination, EUDA was a private company with limited accounting personnel and other resources with which to address
internal controls and procedures. EUDA and our independent registered public accounting firm identified material weaknesses in the Company&#8217;s
internal controls over financial reporting in connection with the audits of EUDA&#8217;s financial statements for the year ended December
31, 2023 and 2022. A &#8220;material weakness&#8221; is a deficiency, or a combination of deficiencies, in internal control over financial
reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will
not be prevented or detected on a timely basis.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
material weaknesses that were identified related to: (i) the lack of sufficient financial reporting and accounting personnel,
especially those with understanding of U.S. GAAP knowledge; (ii) the lack of proper mechanism to identify and assess the experience
and qualification of third-party specialists; and (iii) the lack of appropriate controls in the financial reporting process,
specifically related to account reconciliations and journal entry approvals. As a result of these material weaknesses, the
Company&#8217;s management concluded that our internal control over financial reporting was not effective as of December 31, 2023
and 2022. EUDA is in the process of developing a plan to remediate these material weaknesses and will continue to identify
additional appropriate remediation measures. However, the material weaknesses will not be considered remediated until the
remediation plan has been fully implemented, the applicable controls are fully operational for a sufficient period of time, and the
Company has concluded, through testing, that the newly implemented and enhanced controls are operating effectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
this time, EUDA cannot predict the success of such efforts or the outcome of future assessments of the remediation efforts. As a public
company, EUDA will be required to further design, document and test the Company&#8217;s internal controls over financial reporting to
comply with Sarbanes-Oxley Act Section 404. If existing material weaknesses or control deficiencies are not remediated or if material
weaknesses or control deficiencies occur in the future, EUDA may be unable to report the Company&#8217;s financial results accurately
on a timely basis or help prevent fraud, which could cause EUDA&#8217;s reported financial results to be materially misstated and result
in the loss of investor confidence or delisting and cause the market price of EUDA&#8217;s ordinary shares to decline. If we have material
weaknesses in the future, it could affect the financial results that the Company reports or create a perception that those financial
results do not fairly state EUDA&#8217;s financial position or results of operations. Either of those events could have an adverse effect
on the value of the Company&#8217;s ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
even if EUDA concludes that our internal control over financial reporting provides reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP, because of its inherent
limitations, internal control over financial reporting may not prevent or detect fraud or misstatements. Failure to implement required
new or improved controls, or difficulties encountered in their implementation, could harm the Company&#8217;s results of operations or
cause EUDA to fail to meet future reporting obligations.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EUDA
will require additional funding through sale of either debt or equity securities to support its continuing operations and growth of business,
and such funding may not be available on acceptable terms, or at all, and that may adversely impact EUDA&#8217;s business, financial
condition, results of operations and growth potential.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
operations have consumed substantial funds since inception. It will continue to require substantial funding to support its continuing
operations. The Company also intends to continue to make significant investments to support business growth, respond to business challenges
or opportunities, develop new applications and services, enhance existing solution and services, enhance operating infrastructure and
potentially acquire complementary businesses and technologies. EUDA may seek to use equity or debt financings to raise additional funds
to support its continuing operations and support growth initiatives. In February 2023, Alfred Lim, Executive Director of EUDA, provided
a working capital loan in the amount of $128,750 to EUDA. From January to May 2023, James Tan, the former Chief Executive officer of
8i loaned the Company with an aggregate amount of $500,700. In May 2023, EUDA initiated efforts to raise up to $4,000,000 from the sale
of ordinary shares at $1.00 per share. Between May and July, 2023, EUDA raised an aggregate of $790,000 from the sale of 790,000 shares
of restricted ordinary shares at $1.00 per share. Between May and June 2023, as a result of a number of transactions between EUDA and
each of its CEO and two current shareholders who held promissory notes or claims against EUDA, EUDA was able to settle in full its debt
obligations in the aggregate amount of $1,617,606 by issuing a total of 1,345,739 ordinary shares to these three creditors, two of whom
are related parties to EUDA. In March 2024, the Company paid its two executive officers and an executive director an aggregate of 295,361
ordinary shares in lieu of cash compensation to conserve cash. In March 2024, the Company and James Tan entered into a settlement agreement
pursuant to which the Company issued to James Tan convertible note in the aggregate amount of $24,004 in full satisfaction of a then
outstanding loan and extended the maturity date of the then outstanding loan to March 14, 2025. In March 2024, the Company and an affiliate
of James Tan entered into a settlement agreement pursuant to which the Company issued James Tan&#8217;s affiliate a convertible note
in the aggregate amount of $911,373 in full satisfaction of certain outstanding loans and service payments. (see &#8220;Item 7B. Related
Party Transactions&#8221;). There are no assurances that related parties will accept shares of the Company as payment for any of their
future loans or services to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
EUDA raises additional funds through further issuances of equity or convertible debt securities, existing shareholders could suffer significant
dilution, and any new equity securities issued could have rights, preferences and privileges superior or similar to those of holders
of ordinary shares. EUDA could also face additional restrictive covenants relating to capital-raising activities and other financial
and operational matters if EUDA were to secure additional funds from such financing methods, which may make it more difficult for it
to obtain additional capital and to pursue business opportunities, including potential acquisitions. In addition, EUDA may not be able
to obtain additional financing on commercially reasonable terms, if at all, especially during times of economic uncertainty, while failure
to obtain sufficient funding in a timely manner could result in a delay and indefinite postponement of its plans. If EUDA is unable to
obtain adequate financing or financing on terms satisfactory to the Company, it could have a material adverse effect on EUDA&#8217;s
business, financial condition and results of operations. Any restructuring of EUDA&#8217;s current debt could also affect the financial
condition of the Company. Failure to properly manage the Company&#8217;s debt-to-equity ratio could create a disproportionately large
interest payment obligation, thereby adversely affecting the Company&#8217;s profitability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company&#8217;s management team has limited skills related to experience managing a public company. Loss of any senior management or
other key employees could adversely affect its business, financial condition, and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s management team is comprised of Dr. Kelvin Chen, the Chief Executive officer, Steven John Sobak, the Chief Financial
Officer, and Mr. Alfred Lim, an Executive Director. The Company&#8217;s management team have limited experience managing a publicly traded
company, interacting with public company investors, and complying with the increasingly complex laws, rules and regulations that govern
public companies. As a public company, the Company is subject to significant obligations relating to reporting, procedures and internal
controls, and its management team may not successfully or efficiently manage such obligations. These obligations and scrutiny has required,
and will continue to require, significant attention from the Company&#8217;s management and could divert their attention away from the
day-to-day management of its business, which could adversely affect its business, financial condition, and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
future success depends on the Company&#8217;s ability to continue attracting, developing, motivating and retaining highly qualified and
skilled employees. EUDA&#8217;s success also depends, to a significant extent, on the continued services of the individual members of
the management team and the Board, who have substantial experience in the industries and in the different jurisdictions in which they
operate. Between January and May 2023, four former independent directors left EUDA&#8217;s Board. Although highly qualified director
nominees were subsequently identified and appointed to fill the vacancies, there is no guarantee that EUDA can continue to retain its
current directors. As competition for qualified individuals in the industry could intensify, EUDA may incur significant time and costs
to attract and replace key personnel, including Board members.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, EUDA&#8217;s loss of any senior management or other key employees on EUDA&#8217;s inability to recruit and develop mid-level
managers could materially and adversely affect the Company&#8217;s ability to execute its business plan and find adequate replacements.
All of EUDA&#8217;s employees are at-will employees, meaning that they may terminate their employment relationship at any time, and their
knowledge of EUDA&#8217;s business and industry would be extremely difficult to replace. If EUDA fails to retain talented senior management
and other key personnel, or if the Company does not succeed in attracting well-qualified employees or retaining and motivating existing
employees, its business, financial condition and results of operations may be materially adversely affected. There can be no assurance
that any management team member will remain with EUDA. Any loss of the services of key members of the management team could have a material
adverse effect on EUDA&#8217;s business and operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
one or more of EUDA&#8217;s key personnel are unable to discharge their duties properly, or in the best interest of EUDA, that may impact
EUDA&#8217;s business, operations and financial performance adversely.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
previously disclosed, EUDA&#8217;s Board voted in favor to remove two former directors from the Board because the Board believed that
the conduct of these two former directors were disruptive to the Company&#8217;s operations. Similarly, if for any reason, one or more
of EUDA&#8217;s employees are unable to discharge their duties properly or in the best interest of the Company, that may have an adverse
impact on EUDA&#8217;s reputation, brand and attractiveness to bring in talent. EUDA may as result incur some costs or losses and there
is potential that the Company will lose revenue or future revenue potential. Although it is EUDA&#8217;s endeavor to ensure that all
of the Company&#8217;s employees work to their full potential and in a harmonious manner within the Company&#8217;s organization, there
are always risks associated with one or more employees not discharging their duties properly and going unnoticed for a period of time,
impacting EUDA adversely. Such acts by certain employees may cause employees to lose trust in each other, give rise to conflicts between
employees, and failure to meet their responsibilities. Consequently, EUDA&#8217;s business may lose revenue and miss out on potential
opportunities. Moreover, in other scenarios, it could result in lawsuits, defamation, or similar negative outcomes. Such cases may require
sanctions from the senior management of EUDA leading up to and including termination of employment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EUDA
has incurred, and may incur, significantly increased costs and has continued to devote substantial management time as a result of operating
as a public company.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a public company, EUDA has incurred significant costs related to legal, accounting, listing, hiring of external consultants and advisors,
and other expenses. EUDA expects that management and other personnel will need to divert attention from operational and other business
matters to devote substantial time to these public company requirements. EUDA may also need to hire additional accounting and financial
staff with appropriate public company experience and technical accounting knowledge and establish an internal audit function.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
as a public company has also made it more expensive to obtain director and officer liability insurance and the Company may be required
to accept reduced coverage or incur substantially higher costs to obtain coverage. This could also make it more difficult for EUDA to
attract and retain qualified people to serve on its board of directors, its board committees or as executive officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
an emerging growth company, EUDA is subject to reduced reporting requirements applicable to emerging growth companies.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
is an emerging growth company, as defined in the JOBS Act. For as long as EUDA continues to be an emerging growth company, it may take
advantage of exemptions from various reporting requirements that are applicable to other public companies that are not &#8220;emerging
growth companies,&#8221; including exemption from compliance with the auditor attestation requirements of Section 404, reduced disclosure
obligations regarding executive compensation and exemptions from the requirements of holding a nonbinding advisory vote on executive
compensation and shareholder approval of any golden parachute payments not previously approved. The Company will remain an emerging growth
company until the earlier of: (1) December 31, 2027 (the last day of the fiscal year following the fifth anniversary of the consummation
of the Company&#8217;s initial public offering), (2) the last day of the fiscal year in which we have total annual gross revenue of at
least $1.235 billion, (3) the last day of the fiscal year in which we are deemed to be a large accelerated filer, as defined in the Securities
Exchange Act of 1934, as amended, (the &#8220;Exchange Act&#8221;) or (4) the date on which we have issued more than $1.0 billion in
non-convertible debt during the prior three-year period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those
standards apply to private companies. The Company has elected to avail itself of this exemption from new or revised accounting standards
and, therefore, the Company will not be subject to the same new or revised accounting standards as other public companies that are not
emerging growth companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
after the Company no longer qualifies as an emerging growth company, it may still qualify as a &#8220;smaller reporting company,&#8221;
which would allow it to take advantage of many of the same exemptions from disclosure requirements including exemption from compliance
with the auditor attestation requirements of Section 404 and reduced disclosure obligations regarding executive compensation in this
proxy statement and the Company&#8217;s periodic reports and proxy statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company cannot predict if investors will find its ordinary shares less attractive because the Company may rely on these exemptions. If
some investors find the Company&#8217;s ordinary shares less attractive as a result, there may be a less active trading market for the
ordinary shares and its market price may be more volatile.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Because
of the Company&#8217;s public float, the impact of the actions taken by a few shareholders on the price of its ordinary shares may be
amplified by the Company&#8217;s public float, and such price volatility may make it difficult for prospective investors to assess the
value of the Company&#8217;s ordinary shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s ordinary shares may be subject to extreme volatility that is seemingly unrelated to the underlying performance of its
business. Recently, companies with comparable public floats and public offering sizes have experienced instances of extreme stock price
run-ups followed by rapid price declines, and such stock price volatility was seemingly unrelated to the respective company&#8217;s underlying
performance. Although the specific cause of such volatility is unclear, the Company&#8217;s public float may amplify the impact of the
actions taken by a few shareholders on the price of its ordinary shares, which may cause its share price to deviate, potentially significantly,
from a price that better reflects the underlying performance of its business. Should the Company&#8217;s ordinary shares experience run-ups
and declines that are seemingly unrelated to the Company&#8217;s actual or expected operating performance and financial condition or
prospects, prospective investors may have difficulty assessing the rapidly changing value of the Company&#8217;s ordinary shares. In
addition, investors in the Company&#8217;s ordinary shares may experience losses, which may be material, if the price of the Company&#8217;s
ordinary shares declines after this offering or if such investors purchase ordinary shares prior to any price decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General
Business-Related Risk Factors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Business
and Operational</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EUDA
could incur significant upfront costs in client acquisitions and relationships, and if the Company is unable to maintain and grow these
client relationships over time, EUDA is likely to fail to recover these costs or major part of it, which could have a material adverse
effect on the Company&#8217;s business, financial condition and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
derives most of its revenue from additional services required from clients and subscription access fees. The costly initial upfront investment
of the Company&#8217;s business model and the recognition of associated revenue on a ratable basis renders the Company substantially
dependent on achieving economies of scale. Additionally, EUDA devotes significant resources to establish relationships with the Company&#8217;s
clients and implement solution and related services. Accordingly, EUDA&#8217;s results of operations will substantially depend on the
Company&#8217;s ability to deliver a successful experience for both clients and members and continue maintaining and growing its relationship
with the Company. EUDA&#8217;s client acquisition costs could also increase faster than revenue as the business continues to grow and
expand, and EUDA may be unable to reduce total operating costs through economies of scale such that the Company is unable to achieve
desirable profitability. If EUDA fails to achieve appropriate economies of scale or fails to manage or anticipate the evolution and in
future periods, demand, of the subscription access fee model, the Company&#8217;s business, financial condition and results of operations
could be materially adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
digital health industry is relatively young, is currently in its early growth stages and is still evolving, and if it develops towards
a mature stage more slowly than EUDA expects, if it encounters a pessimistic outlook or if EUDA&#8217;s services are not competitive,
the growth of EUDA&#8217;s business will be adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
digital health industry is relatively young even though it is rapidly evolving, and it is uncertain whether it will achieve and maintain
high levels of demand, consumer acceptance and market adoption. EUDA&#8217;s success will substantially depend on the willingness of
its clients&#8217; members or patients to adopt, and the frequency and extent of their utilization of, EUDA&#8217;s services and solutions,
as well as on EUDA&#8217;s ability to demonstrate the value of digital health to employers, health plans, government agencies and other
purchasers of healthcare for beneficiaries. If EUDA&#8217;s clients, or its members or patients do not acknowledge the benefits of EUDA&#8217;s
services or platform, or if EUDA&#8217;s services are not competitive, then the market may not develop at all, or EUDA may develop slower
than it expects. Similarly, individual and healthcare industry concerns or negative publicity regarding patient confidentiality and privacy
in the context of digital health could restrict market acceptance of the Company&#8217;s healthcare services. An occurrence of any of
these events could have a material adverse effect on its business, financial condition or results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EUDA&#8217;s
short operating history and the rapidly evolving nature of the industry make it difficult to assess the Company&#8217;s success and predict
the risks and challenges it may encounter.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
EUDA&#8217;s business operations began only in 2019, its short operating history and the evolving nature of the digital health industry
make it difficult to evaluate and assess the success of EUDA&#8217;s business to date, EUDA&#8217;s future prospects, and the risks and
challenges that EUDA may encounter. These risks and challenges include EUDA&#8217;s ability to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">attract
    new consumers to use EUDA&#8217;s products and services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">position
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">retain
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">attract
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">attract
    and retain industry players for inclusion in its platform, such as pharmacies, physicians, digital health providers, and others;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">comply
    with existing and new laws and regulations applicable to the Company&#8217;s business and in its industry;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">anticipate
    and respond to macroeconomic changes, changes in medication pricing and industry pricing benchmarks and changes in the markets in
    which they operate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">react
    to challenges from existing and new competitors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintain
    and enhance the value of its reputation and brand;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">effectively
    manage its growth;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">hire,
    integrate and retain talented employees at all levels of its organization;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintain
    and improve the infrastructure underlying its platform, including its mobile apps and website, data protection and cybersecurity;
    </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">successfully
    update its platform, including expanding the Company&#8217;s platform and offerings into different healthcare products and services;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">develop
    and update the Company&#8217;s mobile apps, features, offerings and services to benefit consumers and members and enhance their experience.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
failure to address the risks and difficulties that EUDA faces, including those associated with the challenges listed above and elsewhere
in this &#8220;Risk Factors&#8221; section, could adversely affect EUDA&#8217;s business, financial condition, and results of operations.
Further, EUDA&#8217;s limited historical financial data and the evolving nature of the digital health industry in the Southeast Asian
region could limit the accuracy of any predictions about its future revenue and expenses as it would be if EUDA had a longer operating
history, operated a more predictable business or operated in a less regulated industry. If EUDA&#8217;s assumptions regarding these risks
and uncertainties, which it uses to plan and operate its business, are incorrect or change, or if EUDA does not address these risks effectively
and efficiently, EUDA&#8217;s results of operations could differ materially from its expectations and EUDA&#8217;s business, financial
condition and results of operations would be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EUDA
relies on its corporate clients for a significant portion of its revenue, the loss of which would have a material adverse effect on EUDA&#8217;s
business, financial condition, and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
has historically relied on its corporate clients and members based in Singapore for a substantial portion of its total revenue. The Company
has a high concentration risk on its corporate clients, which represent a significant portion of its revenue, and could render them unable
to grow its business quickly enough to drive organic growth from individual clients. It is also dependent on its Singapore members as
drivers for growth in that market and has forecasted them to contribute a significant portion of future revenues in the next 5 years.
It also relies on its reputation and recommendations from key clients for the promotion of the Company&#8217;s solution to potential
new clients. The loss of any of key clients or members, failure to retain some of them or failure to renew or increase subscriptions
could have a significant impact on revenue, growth rate, reputation, and ability to obtain new clients. In addition, clients could cancel
or fail to renew their contracts in the event of a merger or acquisition of companies, thereby reducing the number of EUDA&#8217;s existing
and potential clients, members and patient populations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
majority of EUDA&#8217;s business serves a large population of employees working in the construction industry and similar labor-intensive
industries. Any resurgence of SARS, COVID, or a highly communicable pandemic condition, and the actions taken by health authorities and
policy makers to contain its impacts on public, can affect these industries and in turn would have a material effect on the continuity
our business and operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
there is a decrease in the number of individuals covered under the Company&#8217;s platform or health, or if the number of applications
or services to which they subscribe decreases, EUDA&#8217;s revenue will be adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
currently relies mainly on organic growth driven by an increase in corporate clients. The Company&#8217;s fees are directly proportional
to the number of individuals to whom corporate clients provide benefits and the number of applications or services subscribed to by its
corporate clients under most of its contracts with them. There are many factors that may lead to a decrease in the number of individuals
covered by EUDA&#8217;s corporate clients and the number of applications or services subscribed to by the Company&#8217;s corporate clients,
including, but not limited to, the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
    of corporate clients to adopt or maintain effective business practices;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in the nature or operations of corporate clients;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">government
    regulations; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased
    competition or other changes in the benefits marketplace.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
EUDA is unable to retain the active customers while attracting new customers, it would result in a loss of future revenue and have an
adverse material effect on the Company&#8217;s business, financial position, and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
digital healthcare industry faces significant risks and challenges from rapid technological changes.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
digital healthcare market faces rapid technological change, changing consumer requirements, short product lifecycles and evolving industry
standards. EUDA&#8217;s success will depend on its ability to enhance its solutions with the latest technologies and to develop or to
acquire and market new services to access new consumer populations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no guarantee that EUDA will possess the resources, either financial or personnel, for the research, design, development and deployment
of new applications, technological requirements, or services, or that they will be able to utilize these resources successfully and avoid
technological or market obsolescence.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
there can be no assurance that technological advances by one or more of EUDA&#8217;s current or future competitors will not result in
the Company&#8217;s present or future software-based products and services to become uncompetitive or obsolete.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
industry that EUDA operates in is highly competitive and rapidly evolving, and if it is not able to compete effectively, its business,
financial condition and results of operations may be adversely impacted.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
operates in a highly competitive and rapidly evolving industry, and we expect that competition will increase as a result of consolidation
in both the information technology and healthcare industries and also from new entrants in the markets in which we operate. The Company&#8217;s
future growth and success will depend on its ability to successfully compete with other companies that provide similar services and other
healthcare organizations that seek to build and operate competing services and newer companies that provide similar services at substantially
lower prices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
competes on the basis of various factors, including breadth and depth of services, reputation, reliability, quality, innovation, security,
team, technology, platform robustness, price, industry expertise, and experience. If the Company is unable to maintain or improve its
technology, management, healthcare, or regulatory expertise or attract and retain a sufficient number of qualified sales and marketing
leadership and support personnel, the Company will be at a competitive disadvantage. Some competitors, in particular larger technology
or technology-enabled consultative service providers, have greater name recognition, longer operating histories, and significantly greater
resources than the Company does.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
current or potential competitors may have greater resources financially and logistically than EUDA does, which may allow them to be less
sensitive to changes in client preferences and more aggressive in pricing strategies, any of which could put the Company at a competitive
disadvantage. As a result, competitors may be more adapt in responding to new or changing opportunities, technologies, standards, or
trends and may have the ability to initiate or withstand substantial price competition. In addition, potential corporate clients frequently
have requested competitive bids from the Company and competitors in terms of price and services offered and, if the Company does not
accurately assess potential corporate clients&#8217; needs and budgets when submitting proposals, EUDA may appear less attractive than
those competitors, and the Company may not be successful in attracting new business. If EUDA&#8217;s prospective or current corporate
clients fail to perceive the value of EUDA&#8217;s products and services, corporate clients could view competitors&#8217; products to
be more attractive. Increases in competition in the Company&#8217;s industry could reduce EUDA&#8217;s market share and result in price
declines for certain services, which could negatively impact EUDA&#8217;s business, profitability, and growth prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is foreign exchange (FX) risk in EUDA&#8217;s business as we operate in multiple countries and exchange rates fluctuate, and that may
cause FX-related losses or translation losses for the Company.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
EUDA operates in multiple countries, EUDA&#8217;s business could also face foreign exchange risks. To date, the Company&#8217;s revenue
has been denominated in currencies such as Singapore dollars, and Malaysian ringgit, while EUDA also has intention to expand its operations
in other parts of the Asian region. As its international contracts are denominated in the respective local currencies, EUDA&#8217;s operating
results might be impacted from fluctuations in the value of reporting currency when translated. As the Company further expands internationally,
its exposure to foreign currency exchange risk may increase as well. However, EUDA plans to move towards creating its own payment ecosystem
through the introduction of its own digital currency in the future and that will help the Company in having a more standardized system
and help reduce FX risks. The Company also has a certain level of natural hedge in the countries in which it operates as its revenues
and major costs in individual markets are both denominated in the same currency.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EUDA&#8217;s
growth depends on the success of the Company&#8217;s strategic relationships with third parties and partners.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
anticipates that it will continue to depend on relationships with third parties, including partner organizations and technology and content
providers to grow the Company&#8217;s business. Identifying partners, and negotiating and documenting relationships with them, requires
significant time and resources. The Company&#8217;s competitors may be more effective in incentivizing such potential partners to favor
their products or services over EUDA&#8217;s. In addition, acquisitions of EUDA&#8217;s existing and potential partners by competitors
could result in a decrease in the number of EUDA&#8217;s current and potential clients, as partners may no longer facilitate the adoption
of EUDA&#8217;s applications and services to potential clients.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
EUDA is unsuccessful in establishing or maintaining relationships with third parties, the Company&#8217;s ability to compete in the marketplace
or to grow the Company&#8217;s revenue could be impaired and the results of operations may suffer. Even if the Company is successful,
it cannot assure investors that these relationships will result in increased client use of its applications or increased revenue. While
EUDA expects that these relationships will continue, it cannot guarantee that they will. Any material changes in government regulations,
or the loss of these affiliations, could impair the Company&#8217;s ability to provide services to members and clients and could have
a material adverse effect on the Company&#8217;s business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EUDA&#8217;s
business and growth strategy depends on its ability to maintain and expand a network of qualified providers and partners.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
success is substantially dependent upon the Company&#8217;s continued ability to maintain a network of skilled and qualified digital
health providers. EUDA, through its wholly owned subsidiaries, provides medical services including multi-care specialty care services
and holistic care services. EUDA is also dependent on third-party entities and a related party, which they do not own or control, to
provide healthcare services to consumers. The significant competition in the digital health market for qualified digital health providers
may hinder the Company&#8217;s ability to recruit or retain physicians and other healthcare professionals and service providers, which
would negatively impact the growth of the Company&#8217;s digital health offerings and would have a material adverse effect on the Company&#8217;s
business, financial condition, and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
any particular market, providers could demand higher payments or take other actions that could result in higher medical costs, less attractive
services for EUDA&#8217;s clients or difficulty meeting regulatory or accreditation requirements. EUDA&#8217;s ability to develop and
maintain satisfactory relationships with third-party providers also may be negatively impacted by other factors not associated with the
Company, such as changes in medical reimbursement levels and other pressures on healthcare providers and consolidation activity among
hospitals, physician groups and healthcare providers. The failure to maintain or to secure new cost-effective provider contracts may
result in a loss of or an inability to grow the Company&#8217;s membership base, higher costs, healthcare provider network disruptions,
less attractive service for clients and/or difficulty in meeting regulatory or accreditation requirements, any of which could have a
material adverse effect on the Company&#8217;s business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EUDA
relies heavily on technology services provided by third parties and its own systems for providing services to clients and members, and
any failure or interruption in these services could expose the Company to litigation and negatively impact relationships with clients,
its reputation, brand and business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
relies heavily on significant IT infrastructure and systems and the ongoing maintenance of the regional and local Internet infrastructure
to provide the necessary data speed, capacity and security to offer viable services. If EUDA&#8217;s relevant service providers&#8217;
infrastructure or systems were to fail for any reason, this may cause EUDA&#8217;s portals to experience significant downtime or impaired
performance, which could have an impact on the Company&#8217;s reputation. EUDA&#8217;s platform may also be exposed to damage or interruption
from system failures, cyber threats (including malware, ransomware, phishing and denial of service (DoS) attacks), telecommunication
provider or third-party supplier failures, inadequate system maintenance, damage to the physical infrastructure associated with the network,
disasters from natural or human causes, or other unforeseen events which may cause unplanned disruption to EUDA&#8217;s systems. These
technology failures may affect EUDA&#8217;s ability to deliver consistent, quality services, meet contractual and service level obligations,
attract new customers, or lead to data integrity issues or data loss. While EUDA has backup plans in place, such as switching to text
messages and call services when platforms sense a weak internet connection, significant disruptions to the platform or services could
have a material impact on the Company&#8217;s reputation and brand and may result in a loss of users of products and services, which
could have a material adverse effect on the Company&#8217;s business, result of operations, financial performance and financial condition.
Any vulnerabilities or conditions that could potentially interrupt access or flow of information, or violate patient confidentiality
or the Personal Data Protection Act in Singapore could have a material adverse effect on the Company&#8217;s business and operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EUDA
currently does not hold any issued patents. EUDA&#8217;s financial and operational success depends highly on the Company&#8217;s ability
to protect the Company&#8217;s intellectual property and intellectual property rights and failure to do so will adversely impact the
Company&#8217;s business and financial performance.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
success depends largely on the Company&#8217;s ability to protect the Company&#8217;s proprietary software, confidential information
and know-how, technology, and other intellectual property and intellectual property rights. While EUDA generally relies on copyright,
trademark and trade secret laws, confidentiality and invention assignment agreements with employees and third parties, and license and
other agreements with consultants, vendors, and clients, there can be no assurance that EUDA will enter into such agreements or that
the Company or its counterparties have not breached or will not breach their agreements. EUDA also may not have adequate remedies for
any breach or assurances that its trade secrets will not otherwise become known or independently developed by competitors. Additionally,
EUDA monitors the use of open-source software to avoid use-cases that would require the Company to disclose its proprietary source code
or violate applicable open-source licenses, but if engaged in such uses inadvertently, the Company may be required to take remedial action
or release certain of proprietary source code, which could materially and adversely affect the Company&#8217;s business, financial condition,
and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, a third party could, without authorization, copy or otherwise obtain and use EUDA&#8217;s products or technology, or develop
similar technology in spite of the agreements and protections put in place. EUDA could also face difficulties enforcing agreement terms
in the various jurisdictions that address non-competition, which might not be enforceable in certain cases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
currently does not hold any issued patents. As EUDA begins to pursue patents, the Company might not be able to obtain meaningful and
adequate patent protection for its technology. Moreover, if any patents are issued in the future, they might not provide any meaningful
competitive advantages or might be successfully challenged by third parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
may also rely on unpatented proprietary technology and competitors may independently develop the same or similar technology or obtain
access to EUDA&#8217;s own unpatented technology. While EUDA enters into confidentiality agreements with employees, partners and other
relevant parties to protect its trade secrets and other proprietary information, EUDA cannot assure that these agreements will provide
meaningful protection in the event of any unauthorized use, misappropriation, or disclosure of such trade secrets or other proprietary
information. In addition, enforcing a claim that a party illegally disclosed or misappropriated a trade secret is difficult, expensive,
and time-consuming, and the outcome is unpredictable. If any of EUDA&#8217;s trade secrets were to be lawfully obtained or independently
developed by a competitor or other third party, EUDA would have no right to prevent them from using that technology or information to
compete. Further, the theft or unauthorized use or publication of EUDA&#8217;s trade secrets and other confidential business information
could reduce the differentiation of the Company&#8217;s services and harm the Company&#8217;s business, the value of investment in development
or business acquisitions could be reduced, and third parties might make claims against the Company related to losses of its confidential
or proprietary information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
may also rely on trademarks, service marks, trade names, and brand names to distinguish the Company&#8217;s services from the services
of competitors. While EUDA has registered or applied to register many of these trademarks, it cannot assure that its trademark applications
will be approved. Third parties may also challenge the Company&#8217;s applications, or otherwise challenge use of its trademarks. In
the event that EUDA&#8217;s trademarks are successfully opposed or challenged, the Company could be forced to rebrand the Company&#8217;s
services, which could result in loss of existing brand value and require EUDA to expend additional resources for advertising and marketing
purposes. Further, EUDA cannot assure that its competitors will not infringe on its trademarks or that the Company will have adequate
resources to enforce its own trademarks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EUDA&#8217;s
operations are dependent on its relationships with professional entities, which it may or may not own, to provide physician, healthcare,
and consultation services, and its business would be adversely affected if those relationships were disrupted or discontinued.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
uses contract physicians for the clinical and professional services provided to the Company&#8217;s clients and members through its
platform. While EUDA expects that these relationships will continue, EUDA cannot guarantee that they will. In September 2023, EUDA
streamlined its medical service operations by closing down clinics to reduce overhead costs and further loss from operations.
However, management is actively seeking new investments and medical licenses to acquire or develop other healthcare services, and
has plans to offer medical services in virtual clinics in the future. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
EUDA is not able to develop new competitive and market relevant services that are adopted by clients, or if EUDA fails to innovate in
providing high quality support services required by its clients, EUDA&#8217;s growth prospects, revenues and operating results could
be materially and adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
longer-term operating results and revenue growth will depend in part on its ability to successfully develop and sell new services that
existing and potentially new clients want and are willing to purchase. EUDA needs to continuously invest significant resources in research
and development in order to enhance existing services and introduce new high-quality services to clients and prospective clients. If
EUDA is unable to predict or adapt to changes in user preferences or industry or regulatory changes, or if the Company is unable to add
on or modify its services on a timely basis in response to those changes, clients may not renew their agreements with EUDA, and EUDA&#8217;s
services may be perceived as less competitive or somewhat obsolete. If EUDA&#8217;s innovations are not responsive to the needs of clients,
are not appropriately timed with market opportunity, or are not effectively brought to market, it could have a material adverse impact
on operating results. EUDA&#8217;s success also depends on successfully providing high-quality support services to resolve any issues
related to EUDA&#8217;s services, as they are important for the successful marketing and sale of services and for the renewal of existing
clients. If EUDA does not help clients quickly resolve issues and provide effective ongoing support, the Company&#8217;s ability to sell
additional services to existing clients would suffer and EUDA&#8217;s reputation with existing or potential clients would be harmed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
EUDA fails to maintain brand awareness economically, business might suffer and it could adversely impact the Company&#8217;s operational
and financial performance.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintaining
awareness of EUDA&#8217;s brand in an economical manner is critical for the promotion of existing services and is an important element
in attracting new clients and in attracting and retaining qualified employees. EUDA&#8217;s future growth is also expected to be driven
by word of mouth accompanied by enhanced brand awareness. As EUDA seeks to differentiate itself from competitors, the success of brand
awareness initiatives is crucial, which will depend largely on the effectiveness of marketing efforts and on the ability to provide reliable
and useful services at competitive prices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
clients might not associate the different brands EUDA owns under the broader umbrella of the EUDA brand. For example, customers might
not associate a EUDA service as being under the EUDA brand or related to it, which may result in losing integration benefits to its competitors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
third parties&#8217; use of trademarks or similar branding could materially harm EUDA&#8217;s business or result in litigation and other
costs. If EUDA fails to successfully maintain the Company&#8217;s brand or lower customer acquisition costs to maintain the Company&#8217;s
brand, EUDA may fail to attract enough new clients or retain existing clients to the extent necessary to realize a sufficient return
on brand-building efforts, and EUDA&#8217;s business and ability to attract and retain qualified employees could suffer, and thus adversely
impact the Company&#8217;s operational and financial performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EUDA&#8217;s
marketing efforts depend significantly on EUDA&#8217;s ability to receive positive references from existing clients.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
marketing efforts depend significantly on EUDA&#8217;s ability to call upon current clients and members to provide positive references
to new and potential clients. The loss or dissatisfaction of any client, especially long-term clients, could substantially harm EUDA&#8217;s
brand and reputation, inhibit widespread adoption of the Company&#8217;s solutions and services and impair the Company&#8217;s ability
to attract new clients and members and retain existing clients and members. Any of these consequences could lower EUDA&#8217;s annual
net dollar retention rate and/or cause loss of future and potential revenue and thereby have a material adverse effect on EUDA&#8217;s
business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EUDA
relies on third-party vendors to perform certain services provided on EUDA&#8217;s platform and failure to provide these services adequately
could have an adverse effect on EUDA&#8217;s business, results of operations and growth prospects.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
relies in part on third-party vendors to perform certain services provided on its platform, including payment, hosting and video streaming,
and delivery of certain products and services to clients. There is no guarantee that these third-party vendors will perform their obligations
in a timely and cost-effective manner, in compliance with applicable regulations, or in a manner that is in EUDA&#8217;s and its clients&#8217;
best interests, and thus could have an adverse effect on EUDA&#8217;s reputation and ability to retain and attract clients. There is
also no guarantee that these third-party vendors will be able to continue to provide these services, goods, technology, or intellectual
property rights cost efficiently in a manner consistent with EUDA&#8217;s business practices. If EUDA fails to replace these services,
goods, technologies, or intellectual property rights in a timely manner or cost-efficiently, EUDA&#8217;s operating results and financial
condition could be harmed. If EUDA&#8217;s third-party vendors do not perform their services at a level acceptable to the Company&#8217;s
clients, or if the Company is unable to leverage its services to a larger group of clients, it could have an adverse effect on EUDA&#8217;s
business, results of operations, and growth prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EUDA&#8217;s
proprietary software and platform may not operate properly or in accordance with clients&#8217; expectations, which could damage EUDA&#8217;s
reputation, give rise to legal claims against the Company or divert resources from other purposes, any of which could harm EUDA&#8217;s
business, financial condition and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
proprietary application platform provides clients, members and providers with the ability to, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">register
    for EUDA&#8217;s services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">complete,
    view and edit medical history;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">request
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">conduct
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">manage
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">register
    for mental wellness related options and services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">utilize
    lifestyle related services; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">register
    for nutrition, exercises and other similar services and options.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the different services and solutions that EUDA provides, development and updating of the proprietary software is resource intensive and
complex and may involve unforeseen difficulties. EUDA may encounter technical obstacles during the development and updating stages and
may encounter additional problems even as it is in service. If EUDA&#8217;s services do not function reliably or fail to achieve clients&#8217;
and members&#8217; expectations in terms of performance, clients could assert liability claims against the Company or attempt to cancel
their contracts, which could damage EUDA&#8217;s reputation and impair the Company&#8217;s ability to attract or maintain clients.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EUDA&#8217;s
sales and implementation cycle can be long and unpredictable and requires considerable time and expenses, which may cause EUDA&#8217;s
results of operations to fluctuate.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
sales cycle for EUDA&#8217;s solutions, from initial contact with a potential lead to contract execution and implementation, varies widely
from client to client. Some of EUDA&#8217;s clients undertake a significant and prolonged evaluation process to determine whether EUDA&#8217;s
services and solutions meet their unique healthcare needs, which frequently involves evaluation of not only EUDA&#8217;s solutions but
also an evaluation of those of EUDA&#8217;s competitors, which is a process that has in the past resulted in extended sales cycles. EUDA&#8217;s
sales efforts involve educating clients about the use, technical capabilities and potential benefits of EUDA&#8217;s solution. Moreover,
EUDA&#8217;s large enterprise clients often begin to deploy EUDA&#8217;s solution on a limited basis, but nevertheless demand extensive
configuration, integration services and pricing concessions, which increases EUDA&#8217;s upfront investment in the sales effort with
no guarantee that these clients will deploy EUDA&#8217;s solution widely enough across their organization to justify the substantial
upfront investments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is possible that in the future EUDA may experience even longer sales cycles, more complex client needs, higher upfront sales costs and
less predictability in completing some sales as EUDA continues to grow its direct sales force, expand into new territories and market
additional applications and services. If EUDA&#8217;s sales cycle lengthens or if substantial upfront sales and implementation investments
do not result in sufficient sales to justify investments, it could have a material adverse effect on EUDA&#8217;s business, financial
condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
EUDA cannot implement the Company&#8217;s solution for clients or resolve any technical issues in a timely manner, the Company may lose
clients and the Company&#8217;s reputation may be harmed, and which may adversely impact the Company&#8217;s operational and financial
performance.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
clients utilize a variety of data formats, applications and infrastructure and the Company&#8217;s solution must support clients&#8217;
data formats and integrate with complex enterprise applications and infrastructures. EUDA could incur additional expenses to ensure the
Company&#8217;s platform is compatible to support clients&#8217; or members&#8217; data or integrate with its existing applications and
infrastructure. Additionally, EUDA does not control clients&#8217; implementation schedules and could face a delay in implementation
if clients do not allocate the necessary resources to meet its implementation responsibilities or if it faces unanticipated implementation
difficulties. If the client implementation process is not executed successfully or if execution is delayed, EUDA could incur significant
costs, clients could become dissatisfied and decide not to continue utilization of the Company&#8217;s solution or not to implement the
Company&#8217;s solution beyond an initial period prior to their term commitment. Moreover, competitors with more efficient operating
models with lower implementation costs could potentially jeopardize client relationships.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
clients and members depend on support services to resolve technical issues relating to the Company&#8217;s solution and services, and
may be unable to respond quickly enough to accommodate short-term increases in member demand for support services, particularly as the
Company increases the size of the Company&#8217;s client and membership bases. EUDA also may be unable to modify the format of the Company&#8217;s
support services to compete with changes in support services provided by competitors. It is difficult to predict member demand for technical
support services, and if member demand increases significantly, EUDA may be unable to provide satisfactory support services to members.
Further, if EUDA is unable to address member needs in a timely fashion or further develop and enhance the Company&#8217;s solution, or
if a client or member is not satisfied with the quality of work performed by EUDA or with the technical support services rendered, EUDA
could incur additional costs to address the situation or be required to issue credits or refunds for amounts related to unused services,
the Company&#8217;s profitability may be impaired and clients&#8217; dissatisfaction with the Company&#8217;s solution could damage the
Company&#8217;s ability to expand the number of applications and services purchased by such clients. These clients may not renew their
contracts, or may seek to terminate their relationship or renew on less favorable terms. Moreover, negative publicity related to client
relationships, regardless of its accuracy, may further damage EUDA&#8217;s business by affecting the Company&#8217;s reputation or ability
to compete for new business with current and prospective clients. If any of these were to occur, EUDA&#8217;s revenue may decline, and
the Company&#8217;s business, financial condition and results of operations could be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Future
sales and business to clients based in different countries or EUDA&#8217;s international operations may expose the Company to risks inherent
in international sales that, if realized, could adversely affect its business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
the longer term, EUDA may require significant resources and management attention for international expansion, which will subject EUDA
to differing regulatory, economic and political risks. EUDA&#8217;s international expansion efforts may not be successful in creating
demand for EUDA&#8217;s products and services outside of the Southeast Asian region, or in effectively selling the Company&#8217;s solutions
in the international markets EUDA may enter, due to the Company&#8217;s limited experience with these international operations. In addition,
EUDA will face risks in doing business internationally that could adversely affect EUDA&#8217;s business, including, but not limited
to, the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    need to localize and adapt EUDA&#8217;s solutions for each specific countries the Company seeks to expand into, including translation
    into foreign languages and associated expenses;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">different
    data privacy laws of the various jurisdictions in which EUDA may operate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
    in staffing and managing foreign operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">contrasting
    pricing environments, longer payment cycles and collections issues;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exposure
    to new and multiple sources of competition;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">laws
    and business practices favoring local competitors and trade partners;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">complexity
    of various governmental laws and regulations, including employment, healthcare, tax, privacy and data protection laws and regulations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased
    financial accounting and reporting burdens and complexities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restrictions
    on fund transfers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">foreign
    exchange risks from fluctuations in value of currencies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">adverse
    tax consequences; and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unstable
    economic and political conditions of the economies in which EUDA may operate.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EUDA
relies on third-party platforms such as the Apple App Store and Google Play App Store to distribute its platform and offerings.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
apps are accessed and operated through third-party platforms or marketplaces, including the Apple App Store and Google Play App Store.
As such, EUDA depends on continued relationships with these providers and any other emerging platform providers that are widely adopted
by consumers for the expansion and prospects of EUDA&#8217;s business and apps. EUDA is subject to the standard terms and conditions
that these providers have for all application developers that govern the content, promotion, distribution and operation of apps on their
platforms or marketplaces, which the providers can change unilaterally on little or no notice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
business would be harmed if these changes were to: prevent or limit EUDA&#8217;s access to the platforms; cause a decline in popularity
among users; modify algorithms or communication channels available to developers; change respective terms of service or other policies;
increase applicable fees; or require EUDA to modify or update its apps and technology to ensure compatibility and access for the platform&#8217;s
users.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
alternative providers increase in popularity, EUDA could be adversely impacted if the Company fails to create compatible versions of
its apps in a timely manner, or if the Company fails to establish a relationship with such alternative providers. If EUDA&#8217;s providers
do not perform their obligations in accordance with platform agreements, EUDA could be adversely impacted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the past, some of these platforms or marketplaces have been unavailable for short periods of time. The occurrence of such an event, or
users encountering issues that impact their ability to download or access apps and other information, could have a material adverse effect
on EUDA&#8217;s brand and reputation, as well as EUDA&#8217;s business, financial condition and operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Legal
(Compliance/Security)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EUDA
could incur significant costs as a result of any claim or lawsuit of infringement of another party&#8217;s intellectual property rights.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
has been significant litigation in different parts of the world involving patents and other intellectual property rights in recent years.
Companies that are in the internet and technology industries are increasingly bringing and becoming subject to lawsuits alleging infringement
of proprietary rights, particularly patent rights, and EUDA&#8217;s competitors and other third parties may hold patents or have pending
patent applications that could be related to EUDA&#8217;s business. As the Company applies for its own patents in the future, EUDA&#8217;s
expects that it may receive notices in the future that claim EUDA or its clients, who are using EUDA&#8217;s` solution, have misappropriated
or misused other parties&#8217; intellectual property rights, particularly as competition grows and the functionality of applications
amongst competitors overlap. If EUDA is sued or served a legal notice by a third party that claims that EUDA&#8217;s technology infringes
its rights, the litigation, whether or not successful, could be extremely costly to defend, divert EUDA&#8217;s management&#8217;s time,
attention and resources, damage EUDA&#8217;s reputation and brand and substantially harm EUDA&#8217;s business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has invested significant time and resources to create its own proprietary software platform. Development of the current software
and solutions has been undertaken by employees in Vietnam, Indonesia and Singapore, with whom the Company has non-disclosure agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
software integrates open-source software code and database systems, and leverages on application programming interface (API) connectors
to deliver an integrated user experience. The software includes multiple critical trade secrets of the business as well as representing
a significant volume of code to be understood if it is to be replicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
number of key content resources have been developed to help scale the effective communication of its proposition to the market. Copyright
exists in content or written materials that EUDA has created and owns. The copyright also exists in the software codebase created, especially
important for those aspects of the software exposed to users such as the application interface.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in some instances, EUDA has agreed to indemnify clients against certain third-party claims, which may include claims that EUDA&#8217;s
software solution infringes the intellectual property rights of third parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
business could be adversely affected by any significant disputes between the Company and the Company&#8217;s clients as to the applicability
or scope of the Company&#8217;s indemnification obligations to them. The results of any intellectual property litigation to which EUDA
may become a party, or for which EUDA is required to provide indemnification, may require the Company to do one or more of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
EUDA is required to make substantial payments or undertake any of the other actions noted above as a result of any intellectual property
infringement claims or lawsuits against the Company or any obligation to indemnify the Company&#8217;s clients for such claims, such
payments or costs could have a material adverse effect on the Company&#8217;s business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breach
of the Company&#8217;s intellectual property may also require the Company to commence legal actions, which could be costly and time consuming.
Failure to defend the Company&#8217;s position or intellectual property could reduce the Company&#8217;s market position and have similar
adverse effects on the Company&#8217;s business, financial conditions, and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company fails to develop or license technology for any allegedly infringing aspect of the Company&#8217;s business in the future,
the Company would be forced to limit its services and may be unable to compete effectively. Any of these events could materially harm
the Company&#8217;s business, financial condition, and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the Company&#8217;s arrangements and agreements with the Company&#8217;s partners or its customers are found to violate laws and regulations
relevant to the digital health industry, the Company&#8217;s business, financial condition and its ability to operate in those jurisdictions
could be adversely impacted.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
EUDA&#8217;s businesses operate internationally, the Company must adhere to the various laws and regulation of the respective jurisdictions,
which includes laws governing remote healthcare, the practice of medicine and healthcare delivery in general which are subject to change
and interpretation. Failure to adhere to these regulations could put the Company at risk of statutory actions and cessation of operations
and fines, litigation and compensation claims from patients and customers which could have material adverse effect on the Company&#8217;s
business, financial condition, and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
digital health services EUDA offers are subject to laws, rules and policies governing the practice of medicine and relevant medical council
oversight.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s ability to provide and promote the Company&#8217;s digital health offerings in each of the jurisdictions that the Company
operates in is dependent upon the individual jurisdiction&#8217;s treatment of digital health, under such jurisdiction&#8217;s laws,
rules and policies governing the practice of medicine, which are subject to changing political, regulatory, and other influences. Some
medical boards relevant to the jurisdictions that the Company operates in may have established rules or interpreted existing rules in
a manner that limits or restricts the Company&#8217;s ability to conduct or optimize its business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s digital health offerings offer patients and users the ability to see a board-certified medical professional for advice,
diagnosis, and treatment of routine health conditions on a remote basis. The nature of such services and the provision of medical care
and treatment by board-certified medical professionals could subject the Company and certain of the Company&#8217;s affiliated physicians
and healthcare professionals to complaints, inquiries, and compliance orders by national and other relevant medical boards in the future.
Such complaints, inquiries or compliance orders may result in disciplinary actions taken by these medical boards against the licensed
physicians who provide services through the Company&#8217;s digital health offerings, which could include suspension, restriction or
revocation of the physician&#8217;s medical license, probation, required continuing medical education courses, monetary fines, administrative
actions, and other conditions. Regardless of outcome, these complaints, inquiries or compliance orders could have an adverse impact on
the Company&#8217;s digital health offerings and its platform generally due to defense actions related and settlement costs, diversion
of management resources, negative publicity, reputational harm and other factors. Any loss of specific licensure, such as medical staff
or clinic, as well as loss of license or accreditation required for provision of professional building or residential management or security
services could also have a material adverse effect on the Company&#8217;s business and operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the uncertain regulatory environment, certain government authorities or relevant boards may determine that the Company is in violation
of their laws and regulations, or such laws and regulations may evolve over time. In the event that the Company must remedy such violations,
the Company may be required to modify its offerings in such jurisdictions in a manner that undermines its offerings or business, the
Company may become subject to fines or other penalties or, if the Company determines that the requirements to operate in compliance in
such jurisdictions are overly burdensome, the Company may elect to terminate its operations in such jurisdictions. In each case, the
Company&#8217;s revenue may decline, and the Company&#8217;s business, financial condition and results of operations could be materially
adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
digital health industry faces evolving government regulations, and failure to comply with these changes may result in increased costs
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
uncertainty of the regulatory climate of the Company&#8217;s industry may subject the Company&#8217;s operations to direct and indirect
adoption, expansion or reinterpretation of various laws and regulations. The Company may be required to change its practices at undeterminable
future laws and regulation and possibly incur significant initial monetary and annual expense to adhere to the new regulatory changes.
These additional monetary expenditures may increase future overhead, which could have a material adverse effect on the Company&#8217;s
results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has identified what the Company believes are the areas of government regulation that, if changed, would be costly to the Company.
These include rules governing the practice of medicine by physicians; licensure standards for doctors and behavioral health professionals;
laws limiting the corporate practice of medicine; cybersecurity and privacy laws; laws and rules relating to the distinction between
independent contractors and employees; and tax and other laws encouraging employer-sponsored health insurance. There could be laws and
regulations applicable to the Company&#8217;s business that it has not identified or that, if changed, may be costly to the Company,
and it cannot predict all the ways in which implementation of such laws and regulations may affect it.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the introduction of new services may require EUDA to comply with additional, yet undetermined, laws and regulations. This may require
EUDA to obtain additional appropriate medical board licenses or certificates, increase the Company&#8217;s security measures and expend
additional resources to monitor developments in applicable rules and ensure compliance. The failure to adequately comply with these future
laws and regulations may delay or possibly prevent some of EUDA&#8217;s products or services from being offered to clients and members,
which could have a material adverse effect on the Company&#8217;s business, financial condition, and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inaccurate
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business reputation, financial condition, and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
healthcare and digital health industries are highly data-driven, and EUDA aggregates, processes, and analyzes healthcare-related data
and information for use by the Company&#8217;s clients. As the healthcare industry faces the issue of data fragmentation, inconsistency,
and incompletion, the overall quality of data received is often poor while the degree or amount of data which is knowingly or unknowingly
absent or omitted can be material. EUDA could also encounter data issues and errors during data integrity checks. If the analytical data
that the Company provides to its clients and members are based on incorrect or incomplete data or if it makes mistakes in the capture,
input, or analysis of these data, EUDA&#8217;s reputation may suffer and its ability to attract and retain clients may be materially
harmed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, EUDA assists clients with the management and submission of data to governmental entities. These processes and submissions are
governed by complex data processing and validation policies and regulations, and may expose EUDA to liabilities regarding storage, handling,
submission, delivery, or display of health information or other data that was wrongful or erroneous if the Company fails to adhere to
the policies and regulations. Although EUDA maintains insurance coverage, this coverage may prove to be inadequate or could cease to
be available to the Company on acceptable terms, if at all. EUDA could incur substantial costs and diversion of management time, attention,
and resources even if such claims are unsuccessful. A claim brought against EUDA that is uninsured or under-insured could harm EUDA&#8217;s
business, financial condition, and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
EUDA&#8217;s security measures fail to ensure protection of clients&#8217; data, services may be deemed insecure and as a result the
Company could incur significant liabilities, reputational harm, and loss of sales and clients.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Services
provided on EUDA&#8217;s platforms are highly dependent on artificial intelligence and blockchain technology, devices such as the wearable
technologies offered by EUDA or its partners, which involve the storage and transmission of clients&#8217; proprietary information, sensitive
or confidential data, including valuable intellectual property and personal information of employees, clients and others, as well as
protected health information, or PHI, of clients&#8217; patients. Due to the extreme sensitivity of the information EUDA stores and transmits,
the security features of the Company&#8217;s computers and systems, network, and communications systems infrastructure are critical to
the success of the Company&#8217;s business. A breach or failure in the Company&#8217;s security measures could occur from a variety
of circumstances and events, including third-party action, employee negligence or error, malfeasance, computer viruses, cyber-attacks
or ransom related attacks by computer hackers, failures during the process of upgrading or replacing software and databases, power outages,
hardware failures, telecommunication failures, user errors, or catastrophic events.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
cyber threats continue to evolve with the proliferation of new technologies and the increased sophistication and activities of perpetrators
of cyber-attacks, EUDA may be required to expend additional resources to continue to enhance information security measures or to investigate
and remediate any information security vulnerabilities. If EUDA&#8217;s security measures fail or are breached, it could result in unauthorized
persons accessing sensitive client or patient data (including PHI) and a loss of or damage to the Company&#8217;s data, resulting in
an inability to access data sources, process data, or provide services to the Company&#8217;s clients. The occurrence of such failures
or breaches of EUDA&#8217;s security measures, or any inability to effectively resolve such failures or breaches in a timely manner,
could severely damage the Company&#8217;s reputation, adversely affect client or investor confidence in the Company, and reduce the demand
for its services from existing and potential clients. In addition, EUDA could face litigation, damages for contractual breaches, monetary
penalties, or regulatory actions for violation of applicable laws or regulations and incur significant costs for remedial measures to
prevent future occurrences and mitigate past violations. While EUDA has outsourced security measures to a third-party agency as preventive
measures to protect the integrity of the Company&#8217;s clients&#8217; and members&#8217; information, this solution might not be comprehensive
enough to ensure the safety of such data. Although EUDA maintains adequate insurance coverage covering certain security and privacy damages
and claim expenses, EUDA may not carry insurance or maintain coverage sufficient to compensate for all liability and in any event, insurance
coverage would not address the reputational damage that could result from a security lapse or a breach related incident.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
may experience cyber-security and other breaches that may remain undetected for an extended period as cyber-attack techniques constantly
evolve. EUDA also may not be able to comprehensively anticipate such cyber security threats as they may not be recognized until the breach
occurs. As such, EUDA may be unable to implement adequate preventive measures and the Company&#8217;s actions would be limited to being
reactive in nature. EUDA also cannot ensure the complete integrity or security of such data in the Company&#8217;s systems in the event
that the Company&#8217;s clients authorize or enable third party access to the information stored on the Company&#8217;s platforms and
systems. If an actual or perceived breach of EUDA&#8217;s security occurs, or if EUDA is unable to effectively resolve such breaches
in a timely manner, the market perception of the effectiveness of the Company&#8217;s security measures could be harmed and it could
lose sales and clients, which could have a material adverse effect on the Company&#8217;s business, operations, and financial results.
EUDA could also be subjected to litigation from clients and providers in the event of such security breaches and that could result in
substantial costs and a diversion of management&#8217;s attention and resources, which could have a material adverse effect on the Company&#8217;s
business, financial condition, or results of operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
EUDA uses best efforts to maintain insurance coverage the Company deems adequate to address cyber-security, EUDA may find such coverage
lacking or unavailable in certain instances which could have material adverse effect on the Company&#8217;s business, financial condition
and results of operations.</span></p>

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4. INFORMATION ON THE COMPANY</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
mission is to make high-quality, personalized healthcare affordable and accessible for all its patients. It aims to provide one stop
healthcare and wellness services through its proprietary platform, EUDA. EUDA currently has operations in Singapore and has plans to
expand across Southeast Asia. Its operations in Singapore includes provision of medical urgent care and property management services.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2020, EUDA acquired 100% of the equity interests in Super Gateway Group Limited (&#8220;SGGL&#8221;), a property management service
company that services shopping malls, business office building, or residential apartments. EUDA aimed to build an Omni-channel health
care and products platform in economies of scale and cross-sell opportunities and allows our management services section to expand into
new and different verticals of management services in the medical field.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Headquartered
in Singapore and established in 2019, EUDA aims to be a leading next-generation Southeast Asian healthcare-technology provider, integrating
a full continuum of healthcare services with healthcare data analytics to drive high-quality and efficient care for their patients. The
proprietary platform, EUDA, is its core holistic, connected platform, through which it also offers a mobile application platform for
its users. What makes EUDA unique is the integration of Artificial Intelligence (AI) and Machine Learning (ML), which provides real-time
actionable analytics functionality that enables EUDA&#8217;s users to make quick analysis and accurate diagnosis as well as business
decisions. The platform gathers numerous data points and performs predictive analysis, where it can compare events and results over time
to identify trends across various segments and provide accurate insights, analysis, and predictions regarding healthcare. Its AI applications
supported on the EUDA platform include smart triage, smart match, smart claims supports and image recognition, as well as predictive
algorithms that can read and analyze MRIs and X-rays. EUDA&#8217;s robust unique proprietary technology platform reduces the time taken
for diagnostics yet continues to promote standardization of diagnostics, which effectively eliminates inefficiencies. Through EUDA&#8217;s
software platform, it aims to deliver data-driven, personalized quality insights to patients while they are at the doctor&#8217;s office
in order to provide them with different healthcare and treatment choices.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In September 2023, the Company decided to streamline its medical service
operations by closing down clinics to reduce overhead costs and further loss from operations as the demand in our services were much lower
in the post Covid-19 era. This decision to streamline certain medical-related business unit represented a strategic shift that had a major
effect on the Company&#8217;s medical services financial results, and qualifies as discontinued operations under ASC205-20. See &#8220;Note
5 &#8211; Discontinued Operations&#8221; of consolidated financial statements for the fiscal years ended December 31, 2023, 2022 and 2021
for details. As a result, the Company&#8217;s current and existing operations remained with its property management services. As a result,
the Company&#8217;s current and existing operations remained with its property management services. However, management is actively seeking
new investments and medical licenses to acquire or develop other healthcare services, and has plans to offer medical services in virtual
clinics in the future.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 6, 2024, the Company entered into a Share Purchase Agreement with certain persons named therein (the &#8220;Share Purchase Agreement&#8221;)
for the acquisition of all outstanding shares of Fortress Cove Limited, a British Virgin Islands company which is the sole legal and
beneficial owner of the entire share capital of CK Health Plus Sdn Bhd, a Malaysian company (&#8220;CK Health&#8221;) in the direct sale
business of holistic wellness consumer products in Malaysia. Pursuant to the Share Purchase Agreement, we have agreed to acquire the
entire issued capital of CK Health for an aggregate consideration of 10,000,000 newly issued ordinary shares, valued at $15.0 million.
An additional one million ordinary shares will be issued to the persons named in the Share Purchase Agreement if certain financial performance
milestones based on CK Health&#8217;s net income for the fiscal years 2024 and 2025 are met. The acquisition closed on
May 8, 2024. EUDA aims to provide a series of products and services through its network and
offer an array of complementary products and services to deepen their relationship with its members from assessing the condition, evaluating
the risk level to providing personalized support services.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
utilizes both an inside and outside direct sales force to execute on the qualified marketing programs, partnering with client services
to ensure the prospect is educated on the breadth of EUDA&#8217;s capabilities and demonstrable value proposition. Medical and clinical
partners also play an important role in marketing and selling EUDA&#8217;s products to its customer base. These partners may shorten
the sales cycle and lower the customer acquisition costs. For example, through the Clinic Management System (CMS) partners, EUDA is able
to embed its technology into existing health system technology infrastructure which, as a competitive differentiator, may lead to a higher
win rate.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
sales and marketing department is primarily responsible for planning and developing its overall marketing strategy, conducting market
research, coordinating the sales and marketing activities to attract new customers and maintain and strengthen relationships with existing
customers, managing the efforts in relation to tender bids and negotiating the terms of EUDA&#8217;s Property Management Service and
Security Service contracts. The team will explore and establish information channels for business development and market research purposes.
Such information channels include websites or other platforms on which property developers or property owners&#8217; associations announce
tender opportunities, uncovering business opportunities by way of recommendation or frequent communication with customers and other industry
players, and organizing promotional events to showcase EUDA&#8217;s service offerings.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
EUDA implements various incentive measures to encourage the sales teams to obtain property management service contracts of properties
developed by third-party developers through research and analysis of and communication with target customers in the real estate industry
and taking advantage of EUDA&#8217;s resources and expertise. In addition, various communication channels are adopted to explore more
opportunities to provide EUDA&#8217;s Property Management Services that are customized and tailored to the specific localities to bring
convenience to local property owners and residents. EUDA continually seeks business cooperation opportunities with third-party merchants
to enhance the width and depth of its services.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from EUDA&#8217;s property management services decreased from approximately $3.8 million for the year ended December 31, 2022 to approximately
$3.7 million for the year ended December 31, 2023. We do not have any property management services provided to any medical
clinics. EUDA generates revenue primarily from services in connection with medical services fees and property management service fees. Property management service fees are obtained from contractually recurring revenue from common area management and security
management services which it provides to retail and residential properties.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
believes that EUDA&#8217;s platform will eventually provide a full continuum of healthcare services integrated with healthcare data analytics
to drive improved outcomes for patients. To achieve this, EUDA aims to continuously build towards a consumer-centric digital ecosystem
to allow clients and patients to gain access to quality healthcare while keeping costs affordable. EUDA incorporates AI and ML on the
platform and implements relevant solutions to a wide variety of healthcare and homecare services that it currently provides. AI-driven
advancement will be increasingly visible throughout the healthcare journey including a strong potential for interactive virtual assistants
to improve patient experience and clinician operational workflow. EUDA believes in incorporating technology into the traditional medical
services market and creating an end-to-end ecosystem that provides a comprehensive suite of healthcare and wellness services adds great
value.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the wake of the COVID-19 pandemic as nations went into various degrees of lockdown, there was also a permanent and massive digital adoption
spurt and an acceleration in the telehealth and digital-health sector. According to Markets &amp; Markets, the global telehealth and
telemedicine market is expected to reach USD 191.7 billion by 2025 from an estimated USD 38.7 billion in 2020, due to the following reasons:
(1) a rising and aging population (2) the need to expand healthcare access; (3) the growing prevalence of chronic diseases and conditions:
(4) a shortage of physicians, (5) advancements in telecommunications, and (6) government support and increasing awareness.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between
2000 and 2017, global health spending grew by 3.9% a year, outpacing global economic growth as global GDP grew by 3.0%. The World Health
Organization has reported that as the growth of cost in healthcare per capita continues to outpace the growth in GDP per capita, the
burden of healthcare cost could ultimately grow faster than the economic power to sustain such costs. Particularly in Southeast Asia,
the rise in the cost of healthcare is expected to accelerate given the rapid demographic shift in a larger proportion of an aging population,
according to Solidiance. As the working age population ages, EUDA believes the prevalence of smoking, overweight and obesity will also
translate into a high prevalence of severe non-communicable diseases in the future, adding further pressure and costs to healthcare.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is an impetus to ensure that healthcare remains more affordable and accessible and in pursuit of this, many technological innovations
have been sprouting up in various healthcare verticals. Yet, there remain gaps in the fragmented infrastructure of the healthcare industry
which has led to cost and quality inefficiencies. EUDA had taken various steps and measures to integrate technology into various aspects
of the healthcare system and aims to bridge the gap between various siloed healthcare verticals to form a comprehensive healthcare and
wellness ecosystem. Management believes that EUDA&#8217;s platform will eventually improve consumers access to an even higher-quality
and more affordable healthcare options that were previously constrained by geographic locations, physician availability, office hours
and costs. Digital-health providers that are part of their network had and will continue to undergo a rigorous screening and training
process. Additionally, EUDA is currently in partnerships with reputable specialist providers to ensure quality care for their patients,
providers on the EUDA network, including medical institutions such as clinics and hospitals, government health agencies and insurers.
They are working towards providing providers on their network with greater convenience and flexibility in their operations, training,
and support to ensure professional development and through their network of consumers, enabling them to increase income opportunities.
The network of providers can also form unique partnerships to further increase their reach of products and services through complementary
offerings.&#160;&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry
Challenges</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lack
of Access to Healthcare</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the outbreak of the COVID-19 pandemic, many Asia-Pacific countries experienced first-hand suffering from a lack of resilient health systems
to provide timely and quality care. The impact varied across nations and populations but there has been a disproportionate impact upon
the most vulnerable populations. While the number of doctors per 1,000 people varies widely across Asia-Pacific countries and territories,
it is generally lower than the OECD average and is unlikely to meet rising health needs. Patients have faced challenges gaining access
to affordable and timely health care especially in communities that are traditionally underserved, such as those in remote or rural areas
with few health facilities and medical staff. The shortage of skilled health professionals also has an adverse impact on the quality
of care offered in health institutions.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Aging
population to strain healthcare resources</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Economic Research Institute for ASEAN and East Asia, the East and South-East Asia Region currently has the largest number, about
37% of the world&#8217;s population, aged 65 or above and this trend is expected to continue over the next three decades. By 2025, 10%
of Asia&#8217;s population will be people aged 65 years old and above, which is a 14% growth over 2021. This increase is driven by reduced
fertility rates and higher life expectancy. By 2025, there will be close to half a billion people aged 65 or above in the Asia-Pacific
Region.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the number of people aged 65 or above increases, there will be a demand for primary care services to screen, assess and manage chronic
illnesses and comorbidities, potentially straining healthcare resources. This demographic change also indicates that there may be fewer
medical providers to deliver patient care and this shortage will necessitate a change in the existing model for medical care.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Healthcare
cost has outpaced economic growth</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the World Health Organization, between 2000 and 2017, global health spending grew by 3.9% a year while the global GDP grew by only
3.0% a year. The increase in health spending was even faster in low-income countries, where it rose 7.8% a year between 2000 and 2017
while the economy grew by 6.4% a year. In middle income countries, health spending grew more than 6% a year. In high income countries,
the average annual growth was 3.5%, about twice as fast as economic growth. If this trend persists, healthcare could grow to a share
of the economy and government budgets in ways that are unsustainable, and governments are unlikely to allocate a higher proportion of
their budgets to healthcare spending.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupled
with an aging population, this would mean that a relatively smaller workforce will have to produce the economic wealth to sustain the
ever-growing demand for healthcare due to a relatively larger elder population. This will be exacerbated by the future elder population
being composed of the working population today, which sees a prevalence of smoking, overweight and obesity rates that may result in a
high occurrence of severe non-communicable diseases in the future.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consulting
firm Solidiance has reported that even at present rates, the cost of healthcare in Southeast Asia&#8217;s major economies (Malaysia,
Singapore, Philippines, Vietnam, Thailand, and Indonesia) is expected to outpace both GDP and population growth, leading to an estimated
total healthcare cost of more than US$ 750 billion by 2025, an added burden of US$ 320 billion higher than the total spending of US$
420 billion back in 2017. Given that public sector is heavily involved in the provision of healthcare, governments are expected to make
payments on the majority of this incremental spend. This may cause a crisis in the healthcare systems in several nations unless policy
makers are able to develop a more efficient healthcare model for the future.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Poor
Medical Experience</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asia-Pacific
has been burdened with a problem of an aging population, which is further accentuated by the lack of proper healthcare facilities in
developing countries such as Indonesia. One of the key healthcare industry challenges is the limited availability of efficient and quality
healthcare services. Patients and doctors are increasingly frustrated by the long wait times, in addition to the high costs associated
with traditional medical consultations. There is an increased demand for more convenience, more emphasis on wellness and preventative
services, and generally, more control over a person&#8217;s own healthcare. The COVID-19 pandemic has driven consumers to demand one-stop
solutions for not only their medical needs, but also their overall wellness and educational information on the treatment options. According
to a survey by Bain &amp; Company, 72% of the people in Asia Pacific consider wait times to be one of the primary pain points in the
healthcare system. Furthermore, the time taken for available traditional medical care services has increased the frustration of not only
the aging population but young adults as well. For example, in Indonesia, the average time taken to visit a doctor is 4 hours whereas
the average time spent in a doctor consultation is only 10 minutes. This clearly highlights a huge gap in the market which requires the
industry leaders to pivot and explore better digital-health services in order to improve the healthcare landscape in the region.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opportunities
for EUDA</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Primed
for healthcare disruption</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Driven
by shifting demographics, technological innovations and limited healthcare resources, the Asia-Pacific region is primed for healthcare
disruption and digital health ecosystems. McKinsey &amp; Co. estimates that today, digital health impacts more than a billion lives,
and estimates show that digital health in Asia could collectively create up to US$ 100 billion in value by 2025, up from US$ 37 billion
in 2020. Furthermore, the rising rate of internet users in Asia-Pacific provides a solid platform for the digital healthcare landscape
to address the key challenges and burden on the healthcare system in the region. In Southeast Asia alone, the COVID-19 pandemic has also
accelerated Internet usage, with 40 million new users in 2020 alone and over 400 million users in the region. The internet penetration
rate in Southeast Asia was 69% as of 2021.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
pandemic has lowered commercial barriers for health-tech as this sector sees continued funding by financial and strategic investors which
could further fuel technological innovations. The Asia-Pacific region is also expected to present an immense commercial opportunity for
the healthcare sector as regional healthcare expenditure in APAC is projected to grow by 11.5% annually to US$ 115.9 billion by 2025,
according to a report by L.E.K. Regulators have also begun to recognize the efficacy of Telemedicine, eliminating regulatory barriers
and increased policy support to establish and enforce regulation especially during the pandemic. Healthcare investment in Asia-Pacific
will also continue to outpace other regions. According to Bain &amp; Company, there was US$ 15.8 billion in healthcare private equity
buyout deal value, with a growth rate of 38% between 2013 and 2018, compared with 29% for the rest of the world.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Accelerated
consumer adoption of Health-Tech</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bain
&amp; Co. estimates that in Southeast Asia, Health-tech usage has grown by 400% in 2020 and has retained its users post-lockdown. As
telehealth played crucial roles during the various degrees of lockdown, it has accelerated consumer adoption of health-tech. Within Indonesia,
as the healthcare system remains under pressure from the pandemic with hospitals struggling with the surge of patients, the government
turned to provide remote services by telehealth firms such as Alodokter and Halodoc and included free consultations and medication delivery.
This allows for prescriptions to be issued and delivered to non-critical patients eliminating the time spent on travel and waiting for
a consultation. At the same time, telehealth has alleviated the load on healthcare systems and prioritized hospitals for patients with
more critical symptoms.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telemedicine
also enables communities in rural and underserved urban areas to gain access to healthcare by overcoming distance and time barriers between
healthcare providers and patients. Remote care and diagnosis via telemedicine will reduce patients&#8217; distance travelled for specialist
care and related expense, especially critical for countries with a large, dispersed population such as Indonesia. Emerging health ecosystems
have already impacted more than a billion lives in Asia.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Platform
to improve health and wellness of all participants</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chronic
diseases remain a significant burden on healthcare systems globally. These progressive diseases are significant causes of illness and
death and can last for extended periods of time and require long-term treatment. These could be managed through chronic disease management
and some public and private payers have begun leveraging digital technologies to nudge consumers to monitor their health and lower the
long-term cost of care.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competitive
Strengths</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
believes that the following competitive strengths helped differentiate it from its competitors:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unique
    business model that encompasses the full spectrum of healthcare &amp; wellness services</b>: Its unique ecosystem-based business
    model integrates a full continuum of healthcare services with healthcare data analytics to drive improved outcomes for patients.
    EUDA is an all-encompassing healthcare management platform purpose-built to power the entire ecosystem of value-based care for both
    businesses and individual consumers. EUDA operates on a unified platform to deliver better care for their patients, improving their
    overall journey with EUDA. The platform allows healthcare providers and employers to give patients more personalized affordable care
    and improved healthcare outcomes utilizing data and technology. EUDA offers a comprehensive suite of services for both healthcare
    and wellness services in order to recognize the needs of their customers at every step of their journey.</span></td></tr>
  </table>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
    services are divided into four verticals, namely, Healthcare, Lifestyle &amp; Wellness, Health Plans and Enablement. This ensures
    that the entire patient journey within the EUDA platform itself has been fully captured and EUDA is strategically aligned to provide
    end to end solutions for their patients. This begins from customer acquisition and runs all the way to prescriptions to the delivery
    of medications and ultimately provision of continuous care.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_001.jpg" alt="" style="height: 236px; width: 528px"/></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
    healthcare solutions include services ranging from 24/7 medical urgent care to digital pharmacy solutions as well as diagnostic and
    monitoring services. Subsequently, EUDA will be able to digitally connect their patients requiring support for mental health to their
    panel of therapists and psychologists. Furthermore, in line with their commitment to cover the entire spectrum of care and wellness
    services, their wellness vertical includes services such as an e-commerce one-stop shop marketplace for the sale of health and supplement
    products including dietary snacks, home care services such as home nursing care and home consultation services, and also a men&#8217;s
    and women&#8217;s health which covers a suite of targeted wellness content. Lastly, under the health plans vertical, EUDA will be
    providing monthly subscription packages that covers corporations as well as individuals for a selection of telehealth services such
    as teleconsultation, online pharmacy and health screenings. Therefore, through their spectrum of services, EUDA will be addressing
    the needs of multiple consumer segments and hence, take a holistic approach that improves health outcomes.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Creating
    superior user experience through their wide array of technological capabilities</b>: EUDA&#8217;s integrated platform is a one-stop
    healthcare hub that will centralize all of its existing and future programs into a single, user-friendly application, providing its
    customers access to its services in real-time 24/7. One of its key differentiating factors arises from the proprietary technology
    platform is to enhance the speed and efficacy of care. Regardless of the nature of the malaise or injury, EUDA&#8217;s proprietary
    technology can recognize, analyze, and determine the type of treatment required instantly. The software platform will allow members
    to be able to enjoy better care coordination, receive remote consultation and enables clients to reach out to the local assistance
    centers for medical assistance as well as to receive precautionary reminders and any potential disaster warnings.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
    using such integrated technology, EUDA aims to provide a premium experience to each of its members as they progress through different
    stages of their health care journey. The ability to deliver efficient, high-quality care is done through leveraging their proprietary
    AI and ML capabilities. It seamlessly guides the intake of members, facilitating assessment of inquiries, collection of relevant
    data and review of medical records with the sole aim of safely navigating its members to the right healthcare resources together
    with the right clinical expertise. This ultimately leads to better outcomes and more efficient utilization of resources. Furthermore,
    valuable data is collated throughout the process, that in turn feeds back into improving the performance of its machine intelligence.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    addition to the merits of EUDA&#8217;s technological capabilities, EUDA will be able to run secure and effective solutions such as
    the blockchain that will cover the entire healthcare process. EUDA will be utilizing blockchain&#8217;s ability to keep an incorruptible,
    decentralized, and transparent log of all patient data. While blockchain is transparent, it is also private, concealing the identity
    of any individual with complex and secure codes that can protect the sensitivity of medical data. The decentralized nature of the
    technology also allows patients, doctors, and healthcare providers to share the same information quickly and safely.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore,
    EUDA believes its investment in technology ultimately will enable it to provide a better user experience at a lower cost of service,
    giving it an added advantage over its competitors.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Strong
    presence and wide network of partners to complement its Always-On approach</b>: EUDA provides 24/7 concierge-level care coordination
    services for its high-risk members. As a digital health company, EUDA strongly believes in advocating the presence of healthcare
    at any time and any place as needed by its customers. Its coordination specialists are trained to cover all emergency, primary and
    specialty services and provide the highest level of personalized medical concierge level services at the push of a button. Furthermore,
    EUDA is working to strengthen its capability through its geographical presence and wide network of relationships with medical partners.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
    currently operates in Singapore and has a sizeable number of medical partners across the healthcare spectrum ranging from ambulatory
    service providers and General Practitioner (GP) clinics to hospitals and specialist consultants. This allows them to provide to their
    clients, which consists of a range of corporate clients coming from various industries, as well as households. The widest range of
    urgent care options are usually based around pricing, proximity, choice of treatment and medications. Therefore, EUDA&#8217;s relationships
    with medical partners give it a great competitive edge as it is able to provide top notch round-the-clock healthcare services based
    on the requirements expected from its clients.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Led
    by a team of visionary leaders</b>: Another key differentiating factor for EUDA is the rich blended nature of the management team.
    EUDA&#8217;s management team comprises of executives with extensive experience in Healthcare, Technology, Insurance &amp; Consumer
    Experience segments. The wide array of industries captured by EUDA&#8217;s management team allows EUDA to deliver superior products
    and services to its customers as the management team possesses an in-depth understanding of the pain points prevalent in the industry.
    The combination has also enabled us to address the market gap in the healthcare industry with an innovative data driven all-in-one
    healthcare platform.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rapidly
    diversifying and growing service verticals to improve monetization channels</b>: EUDA believes that its competitive advantage is
    its wide array of service verticals that allows it to serve the needs of multiple consumer segments. The diverse nature of its offerings
    allows EUDA to expand its market reach both horizontally and vertically. The cross-selling of services further lends itself to a
    sustainable and ever-expanding business model. EUDA aspires to make the EUDA ecosystem a perpetually growing platform in terms of
    the addition of health and wellness verticals. EUDA has a wide array of additional health verticals in its roadmap and is determined
    to realize providing digital health access to specialist health and wellness verticals in the Southeast Asia region. Segments that
    are currently in development include: Digital Pharmacy, Medical Tourism, Chronic Disease Management, Mental Health, Diagnostics and
    Monitoring, Marketplace, Women&#8217;s Health, Corporate &amp; Individual Health Plans and EUDA Society (Doctor&#8217;s Insurance).
    With the expansion of its service verticals, EUDA hopes to provide a more comprehensive platform customers and expand its monetization
    channels to increase synergies between their business segments. However, due to budgetary and other financial issues during the first
    five months of 2023, the timeline for the development of such health verticals have been pushed back to the second quarter of 2024
    at the earliest. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EUDA&#8217;s
Growth Strategy</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
growth strategies include the following:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Drive
Greater Adoption with their Existing Clients</i></b></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
    intends to drive greater adoption among existing patients by expanding the populations to which it offers services. Health plans
    may offer the option of digital health to a subset of their total membership and over time expand this service to more members. Health
    systems may start with a single hospital or region and then expand system wide. EUDA also plans to increase adoption within Singapore.
    EUDA believes in continually increasing awareness of and loyalty to its solution by adding new and complementary products and services,
    third-party connections, and other strategic alliances, so as to grow its solution towards becoming the single source for on-demand
    healthcare for its clients.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clients
    have also embedded digital care more fully into their operations, where they plan to continually refine and enhance their user experience.
    Hence, they will be using targeted patient and medical provider engagement campaigns, best practices training as well as operational
    support to further drive an increase in usage across their platform. EUDA is also building robust data repositories to strengthen
    its predictive models and multi-channel marketing strategies to provide a more complete picture of its clients, enhancing its ability
    to lead targeted and purposeful campaigns, and it plans to invest heavily in marketing technologies that allow us to increase client
    touchpoints. Lastly, EUDA plans to actively engage clients in benefit design, worksite marketing and executive sponsorship strategies
    to drive awareness about its services.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Increase
Penetration by Adding New Clients within its Core Verticals</i></b></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
    had and will continue to invest in its direct sales force and channel management capabilities to sustain growth and client support.
    As its clientele stems mainly from the realm of blue-chip companies, it represents a significant opportunity for new client growth
    with large employers. EUDA further believes in forging ahead to compete with the market leaders in the digital health industry, given
    its unique positioning strategy to capitalize on the Business to Business to Consumer, or B2B2C. Growth is expected to be generated
    by word of mouth amongst corporations accompanied by enhanced brand awareness. EUDA believes the B2B2C model will bring about higher
    growth with lower cost of customer acquisition in comparison to a direct Business to Consumer, or B2C model. EUDA will also direct
    resources into new marketing technologies and campaigns to support their sales force in lead generation along with new client generation
    and implementations.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Invest
in New Clinical Specialties</i></b></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
    currently offers its client&#8217;s access across a wide range of areas from chronic disease management, medical tourism, mental
    health to men&#8217;s and women&#8217;s health such as hair loss and contraception. It plans to also offer direct access to behavioral
    health professionals who treat conditions such as anxiety and smoking cessation. It plans to leverage on its highly scalable platform
    by expanding into new clinical specialties, such as standalone dermatology services, second opinions and chronic conditions such
    as diabetes, and by focusing on expanding its services amongst current clients such as by offering behavioral health as a commercial
    service to their clients. As EUDA expands its clinical offerings, it plans to further eliminate gaps in continuity of care in order
    to provide coordinated care along the healthcare delivery continuum.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Expand
Across Care Settings and Use Cases</i></b></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
    intends to expand its solutions across additional care settings and explore ancillary opportunities that will broaden its business.
    EUDA believes its services have wide applicability across new use cases, including home care, post discharge, wellness, screening
    and chronic care. It takes a holistic approach to improve outcomes for its clients and provide wellness and prevention through Health,
    and Nutritional modules. It is also looking to provide campus clinics and workplace health services as well as medical emergency
    assistance.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
    is also currently extending the number, range and functionality of their benefits applications, and will hope to continue to respond
    quickly to evolving market needs with innovative solutions, including broadened health kiosk access, mobile applications, biometric
    devices and at-home testing.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Invest
in Digitalization and Innovation for Digital Care Capabilities</i></b></span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
    is constantly investing in AI technology that is designed to help expand patient engagement while improving efficiencies, reducing
    the cost of care and promoting better care coordination. For example, there will be an AI deployment enabling a patient-provider
    matching tool, allowing patients to input their preference for doctors, timing and area of specialist onto the EUDA platform and
    its platform will synthesize patient&#8217;s preference to ensure best matches to boost efficiency and user experience.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continued
    investment in interoperability, including remote patient monitoring, advanced analytics and lab services as well as the home delivery
    of pharmaceuticals, is expected to allow EUDA to expand use cases. Its investments in interoperability with other technologies have
    also allowed it to partner with innovative companies to develop unique products and services. Its strategic partnership will allow
    its services to be accessed directly through the EUDA interfaces. EUDA believes these partnerships will differentiate their offering
    and add new capabilities to drive demand and add value for its clients.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Leverage
Existing Sales Channels and Penetrate New Medical Provider Markets</i></b></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
    has developed a highly effective distribution network to target large employers and it is committing incremental sales and marketing
    resources to the small-medium enterprises to increase its penetration within this market. Additionally, EUDA intends to further penetrate
    the medical provider market, notably hospitals and group physician practices, as it believes its solution offers the medical community
    an attractive platform from which to generate substantial income by acquiring new patients and to better participate in emerging
    risk-sharing and value-based payment models. With expanded access to available health insurance, it also intends to pursue health
    insurance companies about their services, hence, insurance companies may represent an attractive new sales channel.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Expand
into International Markets</i></b></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    regulatory and reimbursement systems around the world evolve, EUDA sees a significant opportunity to expand internationally. It is
    also exploring joint international offerings with existing partners, as well as with strategic acquisitions to further boost their
    geographical footprints in Southeast Asia.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Pursue
Focused Acquisitions</i></b></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
    comprehensive platform and know-how enable it to selectively pursue strategic and complementary businesses to support its clients&#8217;
    needs. Its acquisition strategy is centered on acquiring technologies, products, capabilities, clinical specialties and distribution
    channels that are highly scalable and rapidly growing. EUDA will continue to evaluate and pursue acquisition opportunities that are
    complementary to their business. See &#8220;5A. Operating Results - Recent Development.&#8221;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intellectual
Property Rights</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
owns or otherwise have rights to the trademarks and service marks, used in conjunction with the marketing and sale of its products and
services. This includes trademarks, such as EUDA, Euda and euda, which are protected under applicable intellectual property laws and
are EUDA&#8217;s property and the property of its subsidiaries. Solely for convenience, EUDA&#8217;s trademarks and trade names referred
to in this Annual Report may appear without the &#174; or &#8482; symbols, but such references are not intended to indicate, in any way,
that EUDA will not assert, to the fullest extent under applicable law, its rights or the right of the applicable licensor to these trademarks
and trade names.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Save
for the trademarks and domain name disclosed in this Annual Report, EUDA&#8217;s business and profitability is not materially dependent
on any trademark, patent, domain name or other intellectual property. EUDA holds no issued patent and EUDA is not aware of any infringement
(a) by EUDA of any intellectual property rights owned by any third parties; or (b) by any third party of any intellectual property rights
owned by EUDA. To the best of EUDA&#8217;s knowledge, there had not been any pending or threatened claim made against EUDA, nor have
there been any claim made by EUDA against third parties, with respect to the infringement of intellectual property rights owned by EUDA
or third parties.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
currently does not hold any patents, but retains intellectual property rights in its technology and platform (which are used in managing
and delivering consultations) by including contractual provisions in each service agreement with its customers, which provide that background
intellectual property rights either (i) owned or licensed by EUDA or (ii) developed outside of the respective services agreement, belong
to EUDA. This includes significant know-how in understanding how to leverage cloud components deployed in the current platform, other
third-party technologies, and EUDA&#8217;s own technology, to deliver a first-class digital healthcare service.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EUDA
Ecosystem</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consumer-centric
digital ecosystems are emerging across the world in response to these fundamental forces disrupting healthcare. Such ecosystems are designed
to seamlessly deliver the right care in the right setting at the right time by integrating three critical components: (a) a network of
health-service providers across care settings, (b) a system of intelligence that leverages behavioral, social, and health data to analyze
patients&#8217; needs and selects the appropriate provider, and (c) a technology backbone that enables data and insights to flow between
care providers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to capitalize on this industry trend, EUDA is building a healthcare ecosystem that encompasses the full spectrum of healthcare
and offers a comprehensive suite of health and wellness solutions. EUDA is an all-encompassing healthcare management platform purpose-built
to power the entire ecosystem of value-based care for both businesses and individuals. EUDA offers healthcare solutions that strengthen
the delivery of holistic medical care. It operates on a unified platform to streamline comprehensive patient-centered care and disease
management, unmatched data integration, broad-spectrum collaboration, patient engagement and configurable analytics and reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
ecosystem is strategically aligned to provide comprehensive solutions for their patients. This begins when a person signs up for their
service and runs all the way to prescriptions, the delivery of medication and providing continuous care. The software will be powered
by ML and AI capabilities that will cover the full spectrum of a patient&#8217;s visit cycle from E-triage, GP consult, E-medical certificates,
and medical prescriptions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
AI and ML driven chatbot service will be supported by its extensive database that drives the e-triage process. The ML function learns
and improves the accuracy of outcomes as the database expands with more data inputs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
its patients are connected to the EUDA ecosystem through the EUDA mobile application. This, in turn, enables its users to connect to
certified doctors 24/7 through the convenience of video consultations via either phone or tablet. The application provides patients with
quick and easy communication with doctors who are readily available for addressing any medical issues. If medically necessary, doctors
can also quickly prescribe medication and connect patients with the pharmacy of their choice. Furthermore, the inbuilt data analytics
functionality gives user insights on improving health through health management modules and encourages program participation for targeted
lifestyle rewards and campaigns with selected partners.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unique
Value Proposition</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
provides a unique value proposition to its users through the utilization of its core resources and competencies:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Superior
    capabilities of Artificial Intelligence and Machine Learning</b>: EUDA&#8217;s technology platform leverages on at least 1,000 common
    diagnostic patterns and represents a repository of valuable healthcare information of its clients that can be analyzed and dissected
    through data analytics to ensure optimal therapeutic outcomes for its patients. ML can also be used to better understand human behavior,
    habits, and interactions to realize continuously improved outcomes.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Always-On
    Approach</b>: The coordinator specialists provide 24/7 concierge-level care coordination services for their high-risk members and
    cover all emergency, primary and specialty services.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expanding
    Network of medical partners</b>: EUDA&#8217;s network consists of various medical partners across the healthcare spectrum ranging
    from ambulatory service providers and GP Clinics to Hospitals and Specialist Consultants. By leveraging on their expanding network,
    EUDA is able to offer its clients the widest possible range of urgent care options based around pricing, proximity, choice of treatment
    and medications.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ensuring
    real-time quality of their service providers</b>: EUDA&#8217;s service network is composed of accredited medical professionals who
    are continuously trained to maintain a high standard of care. The roster of medical professionals is continuously reviewed and updated
    to ensure the highest quality of healthcare resources are made available to its clients. Each of the medical practitioners in EUDA&#8217;s
    roster has on average 15 years of experience.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
plans to establish its presence beyond Singapore, across the Southeast Asia region. Its strategy continues to be targeted at underdeveloped
health and wellness verticals to first establish its presence before dedicating more resources to capture more market share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EUDA&#8217;s
Solutions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
platform will provide a full continuum of healthcare services integrated with healthcare data analytics to drive improved outcomes for
patients. Its services can be broken down into four spectrums: Healthcare, Lifestyle &amp; Wellness, Health Plans, and Enablement all
on a single platform. The convenience of expanding existing offerings to provide services from Primary to Post-surgery care as well as
ongoing preventive healthcare for clients, regardless of the level of healthcare required, is unparalleled in the healthcare services
Southeast Asia market.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_002.jpg" alt="" style="height: 273px; width: 624px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
currently provides 2 services namely Medical Urgent Care and Property Management Services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Medical
    Urgent Care</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
Medical Urgent Care service aims to deliver top-notch healthcare assistance and medical evacuation to offer individual and corporate
client&#8217;s peace of mind around the clock. The proprietary technology enables EUDA to provide the members with a seamlessly integrated
medical assistance operation, reducing any possible delays in execution of cases. Regardless of the severity of the injury, the platform
can recognize, analyze, and determine the type of treatment required instantly, mitigating any health-related risks and associated costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
continues to invest in the existing EUDA platform to develop new technologies, products, modules, programs, and capabilities to meet
the broadening needs of its clients. EUDA is also looking to partner with its clients and/or other stakeholders to build new features,
modules, and programs. This includes the ongoing development of its digital tools program capabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
plans to expand the reach of its digital platforms into new areas by investing in new technologies such as AI and its digitally enabled
technology with the goal of improving the patient-physician consult experience, enhancing the company&#8217;s health service offerings,
improving healthcare delivery efficiency and providing one avenue for the collection, organization and structuring of data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
    Management Services (Home Care Services)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Property Management Service covers the management of properties such as condominiums and shopping malls, which are part of the retail
and residential properties we service. Categorized under Home Care Service line from 2023 onwards, this service line together with the
Security Service will eventually evolve to provide home-based medical services to households. The home care service line will be a medical
integrated property management services in homes and offices that comes with general home care and specialized care service curated based
on member&#8217;s needs. Services include but not limited to are remote monitoring, continuous care management, chronic disease management,
post-surgery care, infusion, and preventative service. EUDA aims to also integrate the Security Service with its core business of providing
users with an integrated platform offering medical services by eventually training and providing security personnel at public events
for medical support.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Marketplace</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Internet
penetration and the proliferation of online mobile applications has marked a significant shift in the global retail landscape to e-commerce
platforms. Consumer shopping habits have been molded with increasing digitalization as they can now explore a plethora of options and
products at the simple touch of a finger. E-commerce has transformed the entire retail value chain from the selection of products to
the transaction process and finally receiving the actual product. This has also had a trickle-down effect on health and wellness products
as more and more consumers are turning to the internet as a marketplace to address and fulfil their needs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to capitalize on this industry uptick, and as part of its wider ecosystem, EUDA operates a Digital Health Marketplace (DHM), a
smart online retail platform specializing in consumer health and wellness. This platform is powered by smart capabilities for members
to compare and find the most cost-efficient product. The DHM represents an online marketplace that aims to simplify clients and end-users&#8217;
access to health and wellness-based consumer products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the DHM, EUDA operates in three main segments that are outside the realm of prescription medicine:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dietary
    Supplements</i>: The dietary supplements market came under the limelight as a result of the COVID-19 pandemic which drove a massive
    awareness for personal health and immunity-boosting supplements. According to Grand View Research, the global dietary supplements
    market was valued at US$ 151.9 billion in 2021 and is expected to expand at a CAGR of 8.9% between 2022 to 2030. In terms of demographics,
    working adults accounted for 46.6% of the overall revenue in 2021 as a result of significant lifestyle changes and hectic work schedules
    due to the shift to work-from-home amidst the pandemic. Southeast Asia is one of the key markets which is expected to see significant
    growth during the forecast owing to the growing middle class and the increasing expenditure on health-enhancing products. EUDA is
    well-poised to capitalize on this untapped potential with its data driven DHM and its growing presence in the Southeast Asia market.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Skincare</i>:
    The demand for skincare products, especially through online outlets, saw a massive increase during the pandemic period as there was
    a rising cognizance of the various benefits of using personal care products. Moreover, within the skincare segment, the demand for
    natural and organic skincare products proved to be more lucrative. According to Mordor Intelligence, the Global Skincare Products
    Market was valued at US$ 140.92 billion in 2020 and is forecast to grow at a CAGR of 4.69% from 2021 to 2026. EUDA is strategically
    positioned to capture the robust growth due to its strategic presence in the region as well its reliable and credible network of
    partners.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Healthy
    Snacks</i>: Health consciousness has been one of the major drivers behind the exponential growth of the healthcare industry, especially
    the healthy snacks industry. The preference for a quality lifestyle and ensuring that the nutritional needs of the body are met has
    boosted the demand for healthy snacks. According to Fortune Global Insights, the global healthy snacks market was valued at USD$
    78.13 billion in 2019 and is projected to reach USD$ 108.11 billion by 2027, exhibiting a CAGR of 4.2% during the forecast period.
    Another key contributor to the growth of this market is the increasing prevalence of chronic and acute diseases which have driven
    the shift to healthier lifestyle choices. Health-conscious consumers are expected to increase as the need for healthier lifestyle
    becomes more prevalent and therefore, with EUDA&#8217;s DHM, it will augment the online retail space for the healthy snacks industry.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
ecosystem facilitates patients who are looking for healthier lifestyles to utilize the marketplace for their nutritional supplementation
at the click of a button. EUDA marketplace is an online e-commerce function of the EUDA application and website that provides consumers
with the tools to optimize their wellness e-commerce experience and maximize their health savings through making qualified and informed
decisions in their shopping experience. The platform will offer on-demand and subscription-based services for health and wellness products,
supplementing the service of care with technology, both at the front and back end. The AI-assisted bot will offer suggestive content
and products to boost user&#8217;s well-being. EUDA platform not only enables consumers to make informed decisions but also helps them
understand, manage and purchase products through educational content in accordance with their individual needs and benefits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
Marketplace will improve the lives of their patients by providing convenience, lowering prices and offering discounts and wide range
of products for the consumer health and wellness industry. They aim to leverage their expanding network of medical partners to further
promote the need for health-consciousness and using superior dietary supplements for a healthier lifestyle as they continue to steer
through the pandemic.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
March 30, 2022, the State Courts of the Republic of Singapore had reached a verdict that </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Company&#8217;s subsidiaries, KRHSG and Melana (Defendants) is liable to compensate Jamie Fan Wei Zhi (Plaintiff), the Company&#8217;s
related party for failing to procure the release of the Plaintiff from the guarantees to secure a credit line from United Overseas Bank
before December 31, 2020. The Defendants agree to compensate the Plaintiff the sum of $3,704 (SGD 5,000) per month as guarantor fee starting
from January 1, 2021 until the Defendants procured the release of the Plaintiff as the guarantor of the loan. The Defendants released
the Jamie Fan Wei Zhi as the guarantor of the loan on October 31, 2022. As of December 31, 2022, the Company has paid Jamie Fan Wei Zhi
$74,966 (SGD 100,000), and no more balance outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 12, 2023, there were disagreements between the directors and formers directors of the Company concerning, among others, the legitimacy
of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    purported appointment of David Capes (&#8220;Mr. Capes&#8221;) as the Chairmen of the Board of in place of Gerald Lim;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    purported appointment of Leonard Chee Hyong Chia (&#8220;Leonard&#8221;) to the Board as a replacement director;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    purported removal of certain individuals as director(s) of the Company by Mr. Capes and Leonard;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    removal of Mr. Capes as a director of the Company and from all Board committees on which he served on May 11, 2023;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    dispute by Mr. Capes regarding his removal as a director of the Company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    validity of the purported shareholders&#8217; resolutions of the Company dated May 12, 2023 (the &#8220;Resolutions&#8221;); and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">g)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    various other issues raised by the Board from time to time.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
consultation with the Company&#8217;s external counsel, the Board determined that the Resolutions were <i>prima facie</i> invalid and
of no effect from the outset, and could be subject to legal challenges. The Board notes that Mr. Capes and his associates have not furnished
any proof sustaining their allegation that the Resolutions were validly passed. The Board notes that Mr. Capes and his associates have
not obtained any valid court order on the validity of the Resolutions. As of the date of this report, the Company does not expect the
legal challenges among the disagreements between the directors and formers directors of the Company will have a material adverse effect
on the business, financial condition or results of operations of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also filed a claim against Mr. Capes and one other defendant as a separate case in July 2023 in connection with unlawfully obstructed
access to KRHSG&#8217;s client and clinic management systems, disrupting their business and resulting in losses to KRHSG in May 2023.
The case has been accepted by the Court in September 2023 and the Company believe it has a reasonably good case against the defendants.
As of the date of this report, the case is still ongoing and the contingent gain outcome of this case cannot be estimated as this time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and 2022, except as disclosed above, the Company is not currently a party to any material legal proceedings, investigation
or claims. However, the Company may, from time to time, be involved in legal matters arising in the ordinary course of its business.
While the Company is not presently subject to any material legal proceedings, there can be no assurance that such matters will not arise
in the future or that any such matters in which the Company is involved, or which may arise in the ordinary course of the Company&#8217;s
business, will not at some point proceed to litigation or that such litigation will not have a material adverse effect on the business,
financial condition or results of operations of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
had 106 full-time employees as of December 31, 2023, including our two named executive officers. None of our employees are covered by
collective bargaining agreements, and we have not experienced any strikes or work stoppages related to labor relations issues. We believe
we have good relations with our employees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
Purchase Agreement</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the Closing Date, the Company consummated the previously announced business combination contemplated by the Share Purchase Agreement
(the &#8220;SPA&#8221;) between 8i Acquisition 2 Corp., a BVI business company (&#8220;8i&#8221;), EUDA Health Limited, a British Virgin
Islands business company (&#8220;EHL&#8221;), Watermark Developments Limited, a British Virgin Islands business company (&#8220;Watermark&#8221;
or the &#8220;Seller&#8221;), 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 EUDA was effected by the purchase by 8i of all of the issued and outstanding
shares of EUDA from the Seller (the &#8220;Share Purchase&#8221;), resulting in EUDA becoming a wholly owned subsidiary of 8i. In addition,
in connection with the consummation of the Share Purchase, 8i has changed its name to &#8220;EUDA Health Holdings Limited.&#8221; The
transactions contemplated under the SPA relating to the Share Purchase are referred to herein as the &#8220;Business Combination.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms of the SPA, upon the consummation of the Business Combination (the &#8220;Closing&#8221;), any and all outstanding units
of 8i, composed of one ordinary share of 8i, no par value (the &#8220;8i Ordinary Shares&#8221;), one warrant (the &#8220;8i Warrants&#8221;),
with every two 8i Warrants entitling the registered holder to purchase one 8i Ordinary Share, and one right to receive one-tenth (1/10)
of one 8i Ordinary Share upon the consummation of an initial business combination (the &#8220;Rights&#8221;) (collectively, the &#8220;Units&#8221;)
were separated into their component parts and the 8i Ordinary Shares and 8i Warrants were re-designated on a one-for-one basis, and the
Rights were converted (at the rate of one-tenth (1/10) of a share for each outstanding Right), into ordinary shares of EUDA Health Holdings
Limited, no par value (the &#8220;Company Shares&#8221;). The Company&#8217;s shareholders of record (the &#8220;Shareholders&#8221;)
are entitled to one vote for each Company Share held on all matters to be voted on by Shareholders. Shareholders have no conversion,
preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the Company Shares. The
Company Shares and warrants (the &#8220;Warrants&#8221;) are listed on the Nasdaq Stock Market LLC (&#8220;Nasdaq&#8221;) under the symbols
&#8220;EUDA&#8221; and &#8220;EUDAW,&#8221; respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Amended
and Restated Registration Rights Agreement. </i></b>At the closing, the Company entered into an amended and restated registration rights
agreement (as amended, the &#8220;Amended and Restated Registration Rights Agreement&#8221;) with certain existing stockholders of the
Company and with the Seller with respect to their shares of the Company acquired before or pursuant to the Share Purchase, and including
the shares issuable on conversion of the warrants issued to the Sponsor in connection with the Company&#8217;s initial public offering
and any shares issuable on conversion of working capital loans from the Sponsor (as defined in the SPA) to the Company (collectively,
the &#8220;Registrable Securities&#8221;). The agreement amends and restates the registration rights agreement the Company entered into
on November 22, 2021 in connection with its initial public offering. Pursuant to the terms of the Amended and Restated Registration Rights
Agreement, no later than fourteen (14) calendar days from the Closing, the Company is to file with the SEC a registration statement on
Form S-3 (or Form S-1) covering the resale of all or such maximum portion of the Registrable Securities as permitted by the SEC. The
Amended and Restated Registration Rights Agreement does not contain liquidating damages or other cash settlement provisions resulting
from delays in registering the Company&#8217;s securities. The Company will bear the expenses incurred in connection with the filing
of any such registration statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lock-up
Agreement. </i></b>In connection with the Closing, the Seller and its designees entered into lock-up agreements agreeing, subject to
certain exceptions, not to (i) offer, sell contract to sell, pledge or otherwise dispose of, directly or indirectly, any Lockup Shares
(as defined below), (ii) enter into a transaction that would have the same effect, (iii) enter into any swap, hedge or other arrangement
that transfers, in whole or in part, any of the economic consequences of ownership of the Lock-Up Shares or otherwise or engage in any
short sales or other arrangement with respect to the Lock-Up Shares or (iv) publicly announce any intention to effect any transaction
specified in clause (i) or (ii) until the date that is 18 months after the Closing Date (the &#8220;Lock-up Period,&#8221; which may,
upon written agreement of the Company and the Seller, be reduced for one or more holders of the Lockup Shares). The term &#8220;Lockup
Shares&#8221; mean the Purchaser Shares (as defined in the SPA) and the Earnout Shares (as defined in the SPA), if any, delivered as
earnout payment, whether or not earned prior to the end of the Lock-up Period, and including any securities convertible into, or exchangeable
for, or representing the rights to receive ordinary shares of the Company after the Closing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Indemnification
Agreements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
Closing the Company entered into indemnification agreements with each of its directors and executive officers. Each indemnification agreement
provides for indemnification and advancement by the Company of certain expenses and costs relating to claims, suits or proceedings arising
from service as an officer, director, employee, agent or fiduciary of the Company to the fullest extent permitted by applicable law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Seller
Release</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
Closing, the Company entered into a release (the <b><i>&#8220;Seller Release&#8221;</i></b>) whereby Seller agreed to release 8i, EUDA,
and all of their respective past and present officers, directors, managers, stockholders, members, employees, agents, predecessors, subsidiaries,
affiliates, estates, successors, assigns, partners and attorneys (each, a <b><i>&#8220;Released Party&#8221;</i></b>) to the maximum
extent permitted by applicable law, from any and all claims, obligations, rights, liabilities or commitments of any nature whatsoever
against 8i, EUDA, or any of the Released Parties, arising at or prior to the Closing, or related to any act, omission or event occurring,
or condition existing, at or prior to the Closing. The Seller does not release 8i, EUDA, or any of the Released Parties from claims arising
after the date of the Seller Release, any of the other ancillary agreements to the SPA, or any organizational or governing documents
or, of any indemnification agreements with, 8i or any of its subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive office is 1 Pemimpin Drive #12-06, One Pemimpin Singapore 576151. The phone number is +65 6268 6821. Our website
is www.euda.com. The information contained on our website is not a part of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC
maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file
electronically with the SEC on <span style="text-decoration: underline">www.sec.gov</span>. You can also find more information about us on the SEC&#8217;s website.&#160;However,
as a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly
reports and proxy statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing profit
recovery provisions contained in Section 16 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Facilities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
headquarters are located in Singapore, where we leased one principal executive office. Our corporate headquarters is located in 1 Pemimpin
Drive ##12-06, One Pemimpin Singapore 576151, where we lease and occupy approximately 1,679 square feet of office space.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our subsidiary Melana International Pte. Ltd. leases and occupies approximately 3,714 square feet of combined office space
at 60 Kaki Bukit Place #03-01 Singapore, 415979 for general business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our properties are suitable for the purposes for which they are being used and fit our needs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Organizational
    Structure</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates our corporate structure as of the date of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_0001.jpg" alt=""/><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property,
    Plants and equipment</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
headquarters are located in Singapore, where we leased one principal executive office. Our corporate headquarters is located in 1 Pemimpin
Drive ##12-06, One Pemimpin Singapore 576151, where we lease and occupy approximately 1,679 square feet of office space.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
subsidiary Kent Ridge Health Pte Ltd leases and occupies approximately 1,679 square feet of combined office space at 1 Pemimpin Drive
#12-06, One Pemimpin Singapore 576151 for general business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our subsidiary Melana International Pte. Ltd. leases and occupies approximately 3,714 square feet of combined office space
at 60 Kaki Bukit Place #03-01 Singapore, 415979 for general business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our properties are suitable for the purposes for which they are being used and fit our needs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_008"></span>ITEM
4A. UNRESOLVED STAFF COMMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_009"></span>ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated
financial statements that appear in this annual report. In addition to historical consolidated financial information, the following discussion
contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those
discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below
and elsewhere in this annual report, particularly in &#8220;Risk Factors.&#8221; All amounts in included in the fiscal years ended December
31, 2023, 2022 and 2021 (&#8220;Annual Financial Statements&#8221;) are derived from our audited consolidated financial statements included
elsewhere in this annual report. These Annual Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting
Principles, or U.S. GAAP.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5A.
Operating Results</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Summary
of Business</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 8, 2023, the Board of Directors held a Board meeting and all Members of Board of Directors has thoroughly reviewed the current
market conditions and strategic considerations, and reached a resolution to streamline certain medical-related business units in
the best interests of the Company and its shareholders. The Company has assessed the Board&#8217;s resolution about the streamlining
of certain medical-related business unit and determined that it qualifies as discontinued operations under ASC205-20 because it represented
a strategic shift that had a major effect on the Company&#8217;s medical services financial results. As a result, the Company&#8217;s
current and existing operations remained with its property management services. However, management is actively seeking new investments
and medical licenses to acquire or develop other healthcare services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exiting
discontinued operations often incurs restructuring costs, including severance payments, contract terminations, and asset impairments.
These one-time expenses can strain liquidity, especially if they are higher than initially anticipated. Exiting discontinued operations
and transitioning to a new strategic focus may require time and resources, diverting attention away from revenue-generating activities.
The transition period may result in temporary liquidity constraints as the Company adjusts its operations and reallocates resources.
Discontinuing certain operations is often part of a broader strategic realignment aimed at enhancing long-term profitability and shareholder
value. While strategic realignment may improve the Company&#8217;s overall financial health, short-term liquidity may be impacted during the
transition period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Recent Development </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">On May 6, 2024, we entered into a Share
Purchase Agreement with certain persons named therein (the &#8220;Share Purchase Agreement&#8221;) for the acquisition of all
outstanding shares of Fortress Cove Limited (&#8220;Fortress Cove&#8221;), a British Virgin Islands company which is the sole legal
and beneficial owner of the entire share capital of CK Health Plus Sdn Bhd, a Malaysian company (&#8220;CK Health&#8221;) in the
direct sale business of holistic wellness consumer products in Malaysia. Pursuant to the Share Purchase Agreement, we have agreed to
acquire the entire issued capital of Fortress Cove for an aggregate consideration of 10,000,000 newly issued ordinary shares, valued
at approximately $15.0 million based upon the enterprise fair value of CK Health appraised by an independent third-party valuation firm. An additional one million ordinary shares will be issued to the persons named in the Share Purchase
Agreement if certain financial performance milestones based on CK Health&#8217;s net income for the fiscal years 2024 and 2025 are
met. The acquisition closed on May 8, 2024. Meng Dong (James) Tan, a significant shareholder of EUDA is also a 40% shareholder of
Fortress Cove Limited.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
Factors Affecting Our Financial Performance</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Retention
of Key Management Team Members</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Another
key differentiating factor for us is the rich blended nature of our management team. Our management team comprises executives with extensive
experience in the property management segments. The wide array of industries captured by our management team allows us to deliver superior
products and services to our customers as the management team possesses an in-depth understanding of the pain points prevalent in the
industry. The combination has also enabled us to address the market gap in the property management industry. However, the loss of any
of our key executive team member might affect our quality of services clients are currently receiving and might lead to our clients to
seek service from other property management providers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Key
Personnel Discharge of their Duties</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
for any reason, one or more of our employees are unable to discharge their duties properly or in the best interest of us in the property
management sector, that may have an adverse impact on our reputation and our brand and our attractiveness to retain our shopping malls,
business office buildings, or residential apartments clients. We may as result potentially lose future revenue from our existing clients
to retain our property management services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
Components of Results of Operations </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenues</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
generated revenues from Property management services. The Property Management Services covers the management and security services for
properties such as condominiums, residential apartments, business office buildings and shopping malls.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tables in the following discussion summarize our consolidated statements of operations for the periods indicated. This information should
be read together with our consolidated financial statements included elsewhere in this report. The operating results in any period are
not necessarily indicative of the results that may be expected for any future period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(12,219,257</td><td style="text-align: left">)</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fiscal
Year Ended December 31, 2023 Compared to Fiscal Year Ended December 31, 2022</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

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  <tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1.5pt; text-align: left">$</td><td style="padding-bottom: 1.5pt; text-align: right">(20,789</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(25,007,905</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(16,573,124</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(24,949,246</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">(14,913,142</td><td style="text-align: left">)</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenue</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenue from property management services decreased by approximately $58,000 or 1.5%, to approximately $3.7 million for the year ended
December 31, 2023 from approximately $3.8 million for the year ended December 31, 2022. Property management services revenue decreased
mainly due to the decrease of property management units that we managed without our security guard services offset by the increase of
property management units that we managed with our security guard services. The number of properties managed without security guard service
decreased from 37 units for the year ended December 31, 2022 to 34 units for the year ended December 31, 2023. The number of properties
managed with security guard services increased from 12 units for the year ended December 31, 2022 to 15 units for the year ended December
31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
percentage of property management services revenue from each property type are summarized as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">For the Year Ended</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">For the Year Ended</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">70</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">60</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Commercial Units</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">40</td><td style="text-align: left">%</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically,
we provided more property management services in the residential apartments than in the commercial units during the year ended December
31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cost
of Revenue</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cost of revenues from property management services has no significant movement and decreased by approximately $30,000, or 1.0%, to approximately
$2.9 million for the year ended December 31, 2023 from approximately $2.9 million for the year ended December 31, 2022. The decrease
in cost of revenues from property management services is in line with our decrease of revenues from property management services, which
was mainly due to the decreased number of property management units that we managed without security guard service and the decreased
number of property management employees that cause decreased in salary by approximately 1.0%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gross
Profit</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
gross profit percentage was 22.7% and 23.1% for the year ended December 31, 2023 and 2022, respectively. The decrease of gross profit
percentage of 0.4% was primarily attributable to increase in salary and benefits of the property management employees per employee. Although
the number of employees in the property management operations was reduced due to the decrease in properties managed, salaries of property
management employees increased due to performance and inflation adjustment to retain more qualified employees and we did not pass on
the cost of such adjustments to the customers, which significantly lowered the gross profit percentage for property management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating
Expenses</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
operating expenses decreased by approximately $8.3 million, or 63.3%, to approximately $4.8 million for the year ended December 31, 2023
from approximately $13.1 million for the year ended December 31, 2022. The decrease was mainly attributable to the decrease of selling
expenses of approximately $0.4 million, decrease of general and administrative (&#8220;G&amp;A&#8221;) expenses of approximately $1.6
million, decrease of earnout share payment of approximately $5.2 million and decrease of impairment loss on long-lived assets of approximately
$1.1 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
decrease of approximately $0.4 million in selling expenses was mainly attributable to the decrease of approximately $0.4 million in marketing
expenses as management initiated its operating strategy to minimizing its marketing related expenses during the year ended December 31,
2023 as compared to 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
decrease of approximately $1.6 million in general and administrative expenses was mainly attributable to the decrease of provision of
credit losses of approximately $2.7 million offset by the increase of approximately $1.0 million in professional fees in 2023 as compared
to the same period in 2022 and the increase of approximately $0.1 million in other G&amp;A expenses such as management salary and office
expenses. <span style="background-color: white">In 2022, we wrote off approximately $2.2 million of the uncollectible balance of receivable
from divestment from PT Bumi Lestari Berkah Melimpah, an unrelated third party and the balance from loan to PT total Prima Indonesia
as we determined these balances will not be recovered in the future. We did not have such wrote-off during 2023. The increase in legal
fees of $1.0 million is mainly due to the public listing expenses incurred related to becoming a U.S. publicly traded listing company
during 2023.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
decrease of approximately $5.2 million earnout share payment was attributable to the 4.0 million earnout shares issued for the year ended
December 31, 2022 whereas no earnout shares were issued for the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
decrease of approximately $1.1 million in impairment loss on long-lived assets as the goodwill and intangible assets recognized through
acquisition of Super Gateway Group Limited in January 2020 was fully impaired for the year ended December 31, 2022. We did not have any
intangible assets for impairment in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Expenses, Net</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
other expense, net is summarized as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">(23,225</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">(93,782</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">(70,557</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Change in fair value of prepaid forward purchase liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,303,658</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(12,911,503</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(11,607,845</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,635,816</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(645,612</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(645,612</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">134,584</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: left">$</td><td style="padding-bottom: 1.5pt; text-align: right">(61,264</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">(31.3</td><td style="text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total other expense, net</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(4,473,727</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(12,809,437</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">(8,335,710</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">(65.1</td><td style="text-align: left">)%</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
other expense, net were amounted to approximately $4.5 million for the year ended December 31, 2023 while total other expense, net were
amounted to approximately $12.8 million for the year ended December 31, 2022. The significant changes were mainly due to the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest
expenses, net</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
decrease of interest expenses of approximately $70,000 was mainly attributable to the decrease in interest bearing convertible notes
during the year ended December 31, 2023 as compared to the same period in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Change
in prepaid forward purchase liabilities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
entered into two equity prepaid forward transactions in November 2022, which required for fair value accounting. Due to our stock price
has significantly dropped after our Company listed in NASDAQ on November 17, 2022, the fair value of the prepaid forward purchase liabilities
increased significantly in the year ended December 31, 2023 as compared to 2022, which we resulted in a loss from change in fair value
of prepaid forward purchase liabilities amounted approximately $12.9 million for the year ended December 31, 2022. For the year ended
December 31, 2023, we incurred a loss from change in fair value of prepaid forward purchase liabilities amounted approximately $1.3 million
because our stock price was not as volatility as compared to the fair value evaluation period in 2022 and resulted in lesser degree of
a loss from change in fair value of prepaid forward purchase liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Loss
on settlement of prepaid forward contracts </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incurred a loss on our settlement of prepaid forward contracts that amounted to approximately $2.6 million for the year ended December
31, 2023 as we entered into amendments to the Prepaid Forward Agreements to amend the definition of &#8220;Maturity Consideration&#8221;
to settle the prepaid forward contracts with the issuance of 1,600,000 ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Loss
on debt settlement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incurred a loss on our debt settlements that amounted to approximately $0.6 million for the year ended December 31, 2023 as we entered
into five settlement agreements to settle our debt incurred with various lenders and converted the balance with the issuance of our ordinary
shares to the lenders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
income</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
decrease of other income of approximately $61,000 was mainly attributable to the decreased amount of compensation scheme received from
the Inland Revenue Authority of Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Benefit
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
benefit for income taxes decreased by approximately $21,000 for the year ended December 31, 2023 as compared to the year ended
December 31, 2022. Our benefit for income taxes amounted to $0 and approximately $21,000 for the year ended December 31, 2023 and
2022, respectively. The decrease in benefit for income taxes is mainly due to we have no deferred income tax benefit to be
realized in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
had a net loss from continuing operations of approximately $8.4 million and $25.0 million for the years ended December 31, 2023 and 2022,
respectively. Changes of net loss from continuing operations for the year ended December 31, 2023 as compared to the same period in 2022
was predominately due to the reasons as discussed above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
had a net loss from discontinued operations of approximately $1.6 million for the year ended December 31, 2023 and a net income of approximately
$$59,000 for the same period in 2022. Changes from net income of discontinued operations for the year ended December 31, 2022 to net
loss for the same period in 2023 was predominately due to the decrease in revenue of approximately $5.1 million which lead to decrease
in gross profit of approximately $2.3 million offset by the decrease in operating expenses of approximately $0.5 million in our medical
services unit for the year ended December 31, 2023 as compared to the same period in 2022. In September 2023, we have streamlined our
medical service operations to minimize any further losses as the demand in our services were much lower in the post Covid-19 era. As
a result, our Board has thoroughly reviewed the current market conditions and strategic considerations, and reached to a resolution that
streamlining certain of our medical service units are in the best of our interests and our shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
had a net loss of approximately $10.0 million and $25.0 million for the years ended December 31, 2023 and 2022, respectively. Changes
of net loss for the year ended December 31, 2023 as compared to the same period in 2022 was predominately due to the reasons as discussed
above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fiscal
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenue</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenue from property management services decreased by approximately $0.8 million, or 17.4%, to approximately $3.8 million for the year
ended December 31, 2022 from approximately $4.6 million for the year ended December 31, 2021. Property management services revenue decreased
mainly due to the decrease of property management units that we managed without our security guard services and the decrease of property
management units that we managed with our security guard services. The number of properties managed without security guard service decreased
from 39 units for the year ended December 31, 2021 to 37 units for the year ended December 31, 2022. The number of properties managed
with security guard services decreased from 13 units for the year ended December 31, 2021 to 12 units for the year ended December 31,
2022. Currently, we do not have any property management services provided to any medical clinics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
percentage of property management services revenue from each property type are summarized as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">For the Year Ended</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">40</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">41</td><td style="text-align: left">%</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically,
we provided more property management services in the residential apartments than in the commercial units during the year ended December
31, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cost
of Revenue</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cost of revenues from property management services decreased by approximately $0.4 million, or 12.5%, to approximately $2.9 million for
the year ended December 31, 2022 from approximately $3.3 million for the year ended December 31, 2021. The decrease in cost of revenues
from property management services is in line with our decrease of revenues from property management services which was mainly due to
the decreased number of property management units that we managed and the decreased number of property management employees offset by
the increase of salary and benefits of the property management employees per individual employee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gross
Profit</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
percentage was 23.1% and 27.4% for the year ended December 31, 2022 and 2021, respectively. The decrease of gross profit percentage of
4.3% was primarily attributable to increase of salary and benefits of the property management employees per employee. Although we had
reduced the number employees in the property management operations due to the decrease of property that we managed, we increased the
salary of property management employees on performance and inflation adjustment to retain more qualified employees and did not pass on
the cost of such adjustments to our customers, which significantly lowered our gross profit percentage for property management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating
Expenses</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
operating expenses increased by approximately $11.3 million, or 623.2%, to approximately $13.1 million for the year ended December 31,
2022 from approximately $1.8 million for the year ended December 31, 2021. The increase was mainly attributable to the increase of selling
expenses of approximately $0.6 million, increase of general and administrative expenses of approximately $4.3 million, increase of earnout
share payment of approximately $5.2 million and increase of impairment loss on long-lived assets of approximately $1.1 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
increase of approximately $0.6 million in selling expenses was mainly attributable to the increase of approximately $0.6 million in marketing
expenses as managements were trying to expand its business by spending more on advertisement and marketing activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
increase of approximately $4.3 million in general and administrative expenses was mainly attributable to an approximately $1.4 million
increases in professional fees, including but not limited to, attorney, auditors and consulting expenses incurred in relation to the
Business Combination in 2022. The increase was also attributable to an approximately $2.8 million increase in provision for bad debt,
which was resulted from write-off of the uncollectible balance of receivable from divestment from BPT, an unrelated third party and the
balance from loan to PT total Prima Indonesia as we determined this balance will not be recovered in the future. The increase was also
attributable to the increase in other miscellaneous G&amp;A expenses of approximately $0.1 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
addition, we incurred approximately $5.2 million of earnout payment upon assessing the fair value of the Earnout Share during the year
ended December 31, 2022 in connection with the Business Combination. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
increase of approximately $1.1 million in impairment loss on long-lived assets as we fully impaired the remaining balance of goodwill
and intangible assets recognized through acquisition of Super Gateway Group Limited in January 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p>

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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
(Expense) Income, net</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
other (expense) income, net is summarized as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">(93,782</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">(1,639</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">$</td><td style="text-align: right">(118,046</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total other (expense) income, net</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(12,809,437</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(15,038,754</td><td style="text-align: left">)</td><td>&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
other expense, net was amounted to approximately $12.8 million for the year ended December 31, 2022 while total other income, net were
amounted to approximately $2.2 million for the year ended December 31, 2021. The changes were mainly due to the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest
expense, net</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase was due to the Company entered into interest bearing convertible notes for the year ended December 31, 2022 and the Company
did not has such interest bearing convertible notes in 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Change
in prepaid forward purchase liabilities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incurred a loss from change in prepaid forward purchase liabilities amounted approximately $12.9 million for the year ended December
31, 2022 as we entered into two equity prepaid forward transactions in November 2022, which required for fair value accounting. Due to
our stock price has significantly dropped after the Business Combination in November 2022, the fair value of the prepaid forward purchase
liabilities also decreased significantly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
income</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
decrease of other income was because we obtained less government grant for the year ended December 31, 2022 as compared to the same period
in 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investment
income </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
had investment income of approximately $1.9 million from the Affordable Home Program investment in Indonesia during the year ended December
31, 2021 while no investment income was recognized during the same period in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Provision
(Benefit) for Income Taxes</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
provision for income taxes decreased by approximately $67,000 for the year ended December 31, 2022 as compared to the year ended December
31, 2021. Our (benefit) provision for income taxes amounted to approximately $(21,000) and $46,000 for the year ended December 31, 2022
and 2021, respectively. The decrease in provision for income taxes is mainly due to increase of our deferred tax benefit as we wrote
off our deferred tax liability as a result of the impairment of our intangible asset in 2022. During the year ended December 31, 2021,
we have incurred provision for income tax from our profitable subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
(Loss) Income from Continuing Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
had a net (loss) income from continuing operations of approximately $(25.0) million and $1.6 million for the years ended December 31,
2022 and 2021, respectively. Changes of net (loss) income from continuing operations for the year ended December 31, 2022 as compared
to the same period in 2021 was predominately due to the reasons as discussed above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Income (Loss) from Discontinued Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
had a net income (loss) from discontinued operations of approximately $59,000 and $(0.7) million for the years ended December 31, 2022
and 2021, respectively. Changes of net loss from discontinued operations for the year ended December 31, 2022 as compared to the same
period in 2021 was predominately due to the decrease in gross profit of approximately $0.5 million offset by the decrease in operating
expenses of approximately $1.3 million in our medical services unit in 2022 as compared to 2021. In September 2023, we have streamlined
our medical service operations to minimize any further losses as the demand in our services were much lower after the Post Covid-19 era.
As a result, our Board has thoroughly reviewed the current market conditions and strategic considerations, and reached to a resolution
that streamlining certain of our medical service units is in the best of our interests and our shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
(Loss) Income</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
had a net loss of approximately $24.9 million for the year ended December 31, 2022, while we had a net income of approximately $0.9 million
for the year ended December 31, 2021. Changes from net income for the year ended 2021 to net loss for the same period in 2022 was predominately
due to the reasons as discussed above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5B.
Liquidity and Capital Resources</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
and Capital Resources</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
assessing liquidity, we monitor and analyze cash on-hand and operating and capital expenditure commitments. Our liquidity needs are to
meet working capital requirements, operating expenses and capital expenditure obligations. Debt financing in the form of short-term borrowings
from banks, private lenders, third parties and related parties and cash generated from operations have been utilized to finance working
capital requirements. As of December 31, 2023, our working capital deficit was approximately $7.9 million, and we had cash of approximately
$0.2 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have experienced recurring losses from operations and negative cash flows from operating activities since 2020. In addition, we had,
and may potentially continue to have, an ongoing need to raise additional cash from outside sources to fund our expansion plan and related
operations. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support
our cost structure. In connection with our assessment of going concern considerations in accordance with Financial Accounting Standard
Board&#8217;s Accounting Standards Update (&#8220;ASU&#8221;) 2014-15, &#8220;Disclosures of Uncertainties about an Entity&#8217;s Ability
to Continue as a Going Concern,&#8221; management has determined that these conditions raise substantial doubt about our ability to continue
as a going concern within one year after the date that our unaudited condensed consolidated financial statements are issued. The management&#8217;s
plan in addressing this uncertainty is through the following sources:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
light of the disparity between the exercise price of the warrants and our current trading price, it is very unlikely that any potential
proceeds from the exercise of our warrants will be realized in the near future. We are in active discussions with underwriters regarding
a potential financing transaction through the issuance of convertible or equity financing to improve our liquidity and capital resource
needs. However, there is no assurance that management will be successful in our financing plans. Should we need to seek additional capital
prior to the potential convertible notes financing transaction, we may continue to go to our related parties for additional financial
support. We can make no assurances that required financings will be available for the amounts needed, or on terms commercially acceptable
to us, 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 us and would materially adversely affect our ability to continue
as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Discontinued operations may entail contingent liabilities,
such as legal claims, tax clearance and etc. The resolution of these liabilities could require cash
outflows, impacting the Company&#8217;s liquidity and financial flexibility. If proceeds from discontinued operations are used to repay debt
obligations, the Company&#8217;s liquidity may improve in the long term by reducing interest expenses and debt service requirements. However,
the immediate impact on liquidity will depend on the timing and amount of debt repayment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business and, as such, the financial statements do not include any adjustments
relating to the recoverability and classification of recorded amounts or amounts and classification of liabilities that might be necessary
should we be unable to continue in existence.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides summary information about our net cash flow for financial statement periods presented in this report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(87,800</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(386,272</td><td style="width: 1%; text-align: left">)</td></tr>
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    <td style="text-align: left">Net cash provided by (used in) operating activities from discontinued operations</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,439,028</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net cash used in investing activities from continuing operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(246,664</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(374,398</td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">Net cash provided by (used in) investing activities from discontinued operations</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(21,542</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(879,063</td><td style="text-align: left">)</td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net change in cash and cash equivalents</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
demands for liquidity are for working capital and general corporate purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities was approximately $2.9 million for the year ended December 31, 2023 and was primarily attributable
to (i) approximately $8.4 million in net loss from continuing operations as discussed above, (ii) approximately $34,000 increase in accounts
receivable due to less collections, and offset by (i) approximately $62,000 decrease in prepaid expenses and other current assets, (ii)
approximately $0.5 million increase in other payables and accrued liabilities mainly resulted from accrued professional fees, (iii) approximately
$80,000 increase in taxes payable, (iv) approximately $1.3 million in change in fair value of prepaid forward purchase liabilities, (v)
approximately $2.6 million increased in loss on settlement of prepaid forward contracts, (vi) approximately $0.6 million in loss on debt
settlement, and (vii) approximately $0.3 million net cash provided by operating activities from discontinued operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities was approximately $1.5 million for the year ended December 31, 2022 and was primarily attributable
to (i) approximately $25.0 million in net loss from continuing operations as discussed above, (ii) approximately $48,000 in deferred
tax benefits, (iii) approximately $38,000 decrease in taxes payable, (iv) approximately $43,000 payments on operating lease liability,
and (v) approximately $1.4 million net cash used in operating activities from discontinued operations, offset by (i) approximately $0.1
million decrease in accounts receivables, (ii) approximately $1.6 million decrease in other receivables mainly resulted from the collection
of our investment income, (iii) approximately $1.1 million increase in other payables and accrued liabilities mainly resulted from accrued
professional fees, (iv) approximately $12.9 million in change in fair value of prepaid forward purchase liabilities, (v) approximately
$2.8 million in provision for doubtful accounts due to write-off of the balance of receivable from divestment from BPT, an unrelated
third party and the balance from loan to PT total Prima Indonesia, (vi) <span style="background-color: white">approximately $5.2 million
in earn out payment upon assessing the fair value of the Earnout Share,</span> (vii) approximately $1.1 million in impairment loss on
goodwill and intangible assets, and (viii) approximately $0.2 million in non-cash items such as depreciation and amortization expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br/>
Net cash provided by operating activities was approximately $0.4 million for the year ended December 31, 2021 and was primarily attributable
to (i) a net income of approximately $1.6 million from continuing operations as discussed above, (ii) approximately $0.2 million in non-cash
items such as depreciation and amortization expenses, and (iii) approximately $0.8 million net cash provided by operating activities
from discontinued operations, offset by (i) approximately $1.9 million of investment income from the Affordable Home Program investment
in Indonesia, (ii) approximately $0.1 million increase in accounts receivable, (iii) approximately $0.1 million increase in other payables
and accrued liabilities, and (iv) approximately $62,000 decrease in operating lease liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investing
Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
was no net cash provided by investing activities for the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities was approximately $0.3 million for the year ended December 31, 2022, which was primarily attributable
to loan to third party of approximately $0.2 million and net cash used in investing activities from discontinued operations of approximately
$22,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities was approximately $0.4 million for the year ended December 31, 2021, which was primarily attributable
to the loan to third party of approximately $0.4 million offset by net cash provided by investing activities from discontinued operations
of approximately $18,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financing
Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by financing activities was approximately $2.7 million for the year ended December 31, 2023 and was primarily attributable
to (i) approximately $0.8 million issuance of ordinary shares through private placements, (ii) approximately $1.2 million proceeds from
short-term loans-related patties, (iii) approximately $0.5 million borrowings from other payables - related parties, and (iv) approximately
$0.5 million in borrowings from discontinued operations entities, offset by (i) net cash used in financing activities from discontinued
operations of approximately $0.4 million, and (ii) approximately $6,000 payments of finance lease liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by financing activities was approximately $2.5 million for the year ended December 31, 2022 and was primarily attributable
to (i) approximately $0.3 million repayments from other receivable &#8211; related parties, (ii) $0.5 million issuance of ordinary shares,
(iii) approximately $0.6 million receipt of subscribed shares deposit, (iv) approximately $1.3 million proceeds from Reverse Recapitalization,
(v) net cash provided by financing activities from discontinued operations of approximately $1.5 million, (vi) approximately $1.4 million
borrowings from other payables - related parties, offset by (i) approximately $1.8 million of repayments to discontinued operations entities,
(ii) approximately $1.3 million payments of merger costs, and (iii) approximately $7,000 payments of finance lease liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in financing activities was approximately $0.2 million for the year ended December 31, 2021 and was primarily attributable
to (i) approximately $7,000 payments of finance lease liabilities, and (ii) net cash used in financing activities from discontinued operations
of approximately $0.9 million, offset by (i) approximately $0.1 million repayments to short-term loans &#8211; third parties, (ii) approximately
$0.2 million from borrowings from other payables &#8211; related parties, and (iii) approximately $0.3 million in borrowings from discontinued
operations entities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
light of the significant number of redemptions and the unlikelihood that the Company will receive significant proceeds from exercises
of the Warrants because of the disparity between the exercise price of the Warrants and the current trading price of the ordinary shares,
the Company is likely to have to seek additional capital in the near future in order to support our continued business operations. If
the trading price of our ordinary shares experiences a further decline following or as a result of this offering, it will negatively
impact our ability to raise additional capital on favorable terms, if at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commitments
and Contingencies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business,
that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No.&#160;450-20,
&#8220;Loss Contingencies&#8221;, we will record accruals for such loss contingencies when it is probable that a liability has been incurred
and the amount of loss can be reasonably estimated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inflation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inflation
in the Singapore have not materially affected our results of operations. Although we have not been materially affected by inflation in
the past, we may be affected if Singapore experience higher rates of inflation in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Off-Balance
Sheet Arrangements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have no off-balance&#160;sheet arrangements including arrangements that would affect our liquidity, capital resources, market risk support
and credit risk support or other benefits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5C.
Research and Development, Patents and Licenses, etc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Intellectual Property.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5D.
Trend Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as disclosed elsewhere in this annual report and below, we are not aware of any trends, uncertainties, demands, commitments or events
that are reasonably likely to have a material effect on our revenues, income from continuing operations, profitability, liquidity or
capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or
financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5E.
Critical Accounting Estimates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
statements and accompanying notes have been prepared in accordance with U.S. GAAP. The preparation of these financial statements and
accompanying notes requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and
expenses, and related disclosure of contingent assets and liabilities. Estimates are based on historical experience and on various other
assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about
the carrying values of assets and liabilities that are not readily apparent from other sources. Certain accounting estimates are particularly sensitive because of our significance to financial statements and because of the possibility
that future events affecting the estimate may differ significantly from management&#8217;s current judgments. We believe that the following
most significant estimates and judgments that effect the reported amount of assets, liabilities, revenues and expenses, and related disclosure
in the preparation of our financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allowance
                                            for credit losses</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
                                            taxes</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Allowance
for credit losses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 days, in the normal course of business. Management reviews the adequacy of the allowance for credit losses on an ongoing basis,
using historical collection trends and aging of receivables. Management also periodically evaluates individual customer&#8217;s financial
condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary.
On January 1, 2023, the Company adopted the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments&#8212;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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
used a modified retrospective approach and the adoption does not have an impact on our consolidated financial statements. Our accounts
receivable are within the scope of ASC Topic 326. To estimate expected credit losses, we have identified the relevant risk characteristics
of the receivables which include size and nature. Receivables with similar risk characteristics have been grouped into pools. For each
pool, we consider the past collection experience, current economic conditions and future economic conditions (external data and macroeconomic
factors). This is assessed at each quarter based on our specific facts and circumstances. There have been no significant changes in the
assumptions since adoption. Account balances are charged off against the allowance after all means of collection have been exhausted
and the potential for recovery is considered remote. We continue to evaluate the reasonableness of the valuation allowance policy and
update it if necessary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
taxes</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
account 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Our assumptions on valuation allowance includes our
subsidiaries historical operating result and likelihood of whether we expect we can realize such deferred tax assets in the near future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
uncertain tax position is recognized as a benefit only if it is &#8220;more likely than not&#8221; 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 more-likely-than-not of being realized on examination. For tax positions not meeting the &#8220;more likely than not&#8221; test,
no tax benefit is recorded.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_010"></span>Item
6. Directors, Senior Management and Employees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
    and Senior Management</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 54%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wei
    Wen Kelvin Chen</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer, Executive Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven
    John Sobak</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alfred
    Lim</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eric
    Lew</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    of the Board</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kong-Yew
    Wong</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kent
    Kwong Yeow Liew</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Wei
Wen Kelvin Chen</i></b>. Dr. Wei Wen Kelvin Chen brings over 20 years of expertise as a software executive, operation&#8217;s leader
and strategy professional within the healthcare sector. Since 2019, he has served as the Chief Executive Officer and founder as well
as the Executive Director at EUDA. Previously, from 2012 to 2017, Dr. Chen worked at Healthway Medical Group (Healthway), the largest
listed healthcare company in Singapore with more than 100 medical clinics. While at Healthway, he started off as the Group Marketing
Manager (from 2012 to 2014), was promoted to the Head of the Adult Specialist and CMO department (from 2014 to 2015), General Manager
of the Specialist Division (2015) and eventually served as the Vice President (from 2015 to 2017), where he was responsible for the enterprise&#8217;s
operations and growth, contributing to its exceptional revenue growth in 2015. Dr. Chen was instrumental in restructuring exercise and
strategizing the Healthcare and Corporate Sales division to achieve the annual targets set by the board of Healthway, While at Healthway,
Dr. Chen saw the gaps within the traditional healthcare infrastructure and an opportunity for technological innovation to propel digitalization
across the entire health ecosystem, spurring him to establish Kent Ridge Health. Dr. Chen started his career with the Singapore Police
Force (SPF) as a police officer, where the experience of managing operations formed the foundations of his management skills. He served
as SPF&#8217;s IT consultant on emerging technologies, managing information systems and operations. In this role, he was instrumental
in facilitating the overhaul of SPF&#8217;s transition from outdated organization-wide technologies to cutting edge, cost-effective business
solutions that dramatically improved efficiency, decreased expenses, and optimized data integrity and safety. Dr. Chen holds a Doctorate
in Business Administration from the University of South Australia and a Bachelor of Science, with honors, in Computer Science from the
University of Greenwich.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Steven
John Sobak</i></b>. Mr. Steven John Sobak has been serving as EUDA&#8217;s Chief Financial Officer since March 2022 and has over 45 years
in healthcare administrative experience covering most aspects of hospital management in both the public and private sectors, in general
acute and various specialty facilities. Within Singapore and Malaysia, he has served as Chief Executive Officer, Chief Financial Officer,
and Chief Operating Officer at various hospitals ranging from 100 to over 1,500 beds. Over the years he has worked in the US, Saudi Arabia,
Singapore, Malaysia and with consulting assignments in China and India. Since 2014, Mr. Sobak has been an Independent Healthcare Consultant
for new, greenfield and brownfield projects as well as other potential ventures in Singapore, where he offered healthcare related consulting
and advisory services of both. He provided guidance and feasibility study preparations for projects in China to gather required information,
guidance and direction for managing the planning, construction and pre-opening requirements. From June 2010 to July 2016, he served as
the Chief Operating Officer (June 2010 to January 2016) and Senior Director of National Neuroscience Institute (January 2016 to July
2016). Prior to that, Mr. Sobak was the Chief Executive Officer of Singapore Cord Blood Bank from January 2009 through June 2015. Concurrently,
he was the Senior Instructor at Business Continuity Management Institute. From October 1969 through January 2014, he held various positions
at Singapore Management University - Singhealth, Healthcura Consulting Pvt Ltd, KK Women&#8217;s and Children&#8217;s Hospital, United
Engineers Group (Medical Hall Ltd), Southern Hospital Group, Tan Tock Seng Hospital Pte Ltd and Hospital Corporation of America/International
Inc. At various times in his career, he had direct operational responsibility for many departments such as Finance, Purchasing, Corporate
Communications, Quality Service Management (QSM), Legal, Facilities and Maintenance Operations, Bio-Medical Services, IT, and more. He
introduced the concept of Pre-Admission Patient Financial Counseling in 1989, which was subsequently adopted by all hospitals in Singapore.
He has supervised and been responsible for various Divisions within the Executive, Allied Health, Outpatient, Operational Support, etc.
He has also authored / co-authored and published two books on healthcare related topics. Mr. Sobak holds a Master&#8217;s Degree in Finance
and a Bachelor&#8217;s Degree in Management, both from Wayne State University.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Alfred
Lim.&#160;</i></b>Mr. Alfred Lim is our Executive Director who has over 44 years of experience in international trade business, covering
the Asia Pacific region. He started his career in 1978 with May &amp; Baker Ltd/Rhone Poulenc Singapore Pte Ltd, one of Europe&#8217;s
top chemicals and pharmaceutical companies, before moving on to Neste Chemicals Trading Singapore Pte Ltd in 1990, where he was the Managing
Director responsible for sales and marketing to companies in United States, Europe, and Asia. Between 1994 to 2002, he was the managing
director of Borealis Singapore Pte Ltd, managing the company&#8217;s Asia Pacific offices and distributors. Under Mr. Lim&#8217;s remit,
Borealis Singapore was awarded the International Trade Award from Ministry of Finance, Approved International Trader status from Ministry
of Trade &amp; Industry and Singapore 1,000 Ranking for Highest Returns on Shareholders&#8217; Funds for year 1998/1999. In 2002, Mr
Lim co-founded Akashi Sdn Bhd, a Malaysian distributor for chemicals which was later sold to East Asiatic Chemicals/Brenntag. From 2006
to 2018, Mr. Lim acted as a senior consultant to An Duong Group, setting up a distributor network in Vietnam for international bathroom
product brands. Since 2018, he has been a consultant to Roca Group, the world&#8217;s largest sanitary ware manufacturer for Vietnam.
Alfred received his Bachelor of Science (Honors) degree in Chemistry from the University of Singapore in 1976, Graduate diploma in Marketing
from Singapore Institute of Management in 1986.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Eric
Lew</i></b>. Mr. Eric Lew is our independent director who has over 25 years of business experience. Mr. Lew started his career as an
auditor with KPMG LLP for nearly 3 years before joining Wong Fong Industries Ltd where he served for 16 years as the Executive Director
and remains as a board member. He served as the Executive Chairman of Y Ventures Group Ltd from March 2019 to July 2022, where his role
was to drive the e-commerce group&#8217;s strategic direction and growth and to provide mentorship to management. Mr. Lew has served
on the board of Eggriculture Foods Ltd since January 2023. He also serves on Executive Committee Board of WMRAS (Waste Management and
Recycle Association of Singapore), the Board of Directors of Northlight School, and the NTU Nanyang Business School Alumni Board. In
2016, Mr. Lew was nominated for the Straits Times&#8217; Singaporean of the Year for his contribution to small and medium-sized entities
(SMEs) and innovation in Singapore. Mr. Lew has a Bachelor&#8217;s Degree in Accountancy with a Minor in Banking and Finance from the
Nanyang Technological University of Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kong-Yew
Wong</i></b>. Dr. Kong-Yew Wong is our independent director who has been serving as the Group CEO at D&#8217;Mace Pty Ltd (Australian)
since September 2021, responsible for the company&#8217;s corporate governance, strategic directions and performance. He has also served
as the lead consultant in several initiatives with ASEAN and UNWTO. Dr. Wong has also been serving as the Executive Director of E-Plus
Ltd. in Australia since November 2020. He is also an international keynote speaker with appearances at major international conference
in Asia, and features in newspapers and TV news (with personal interview at Astro Awani, Berita, TV2 etc). From April 2017 to September
2020, Dr. Wong served as the CEO at DYBIOTECH Bhd., a privately-held company in Malaysia that promotes beauty tourism to Malaysia. Dr.
Wong received his Bachelor of Business Administration degree in Economics from Western Michigan University in December 1996. He received
his Master of Economics from Universiti Putra Malaysia in December 2000. Dr. Wong received his Ph.D. degree in Economics from Strathclyde
University in December 2004.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kent
Kwong Yeow Liew</i></b><i>. </i>Mr. Kent Kwong Yeow Liew is our independent director who has more than 25 years of experience in several
multi-national organizations, such as Matsushita Denki, General Motors, Intel as well as Urmet Telecoms Italy. He served as a Director
8i Enterprises Acquisition Corp., a blank check company listed on Nasdaq, from March 2018 until September 2020 when it consummated its
business combination with Diginex Ltd, and of Moxian, Inc. from March 2014 to August 2016. Mr. Liew served as the President, Chief Executive
Officer and director of Rebel Group, Inc., a Singapore company, from February 2013 to January 2015. In 2006, Mr. Liew was instrumental
in setting up the first manufacturing plant of Urmet Telecommunications S.p.A in China and fine-tuning its supply chain. Prior to that,
Mr. Liew was the General Manager of Aztech Singapore Pte. Ltd&#8217;s plant in China from 2001 through 2005. From 1992 through 2001,
he served as the Head of Operations of the manufacturing facilities of Phoenix Mecano S E Asia Pte. Ltd in Singapore. Mr. Liew received
his certificate in Electrical Engineering from Singapore Technical Education in 1974. He also completed the management study programs
in City and Guilds regarding Electrical and Electronics in 1974, Industrial Training Board at MOE Singapore in 1976, Matsushita DENKI
Management Development Program in 1978, General Motors Institute in 1983 and Intel University in 1987. Mr. Liew is fluent in English
and Chinese.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the fiscal year ended December 31, 2023, we paid Dr. Kelvin Chen, our Chief Executive Officer and Executive Director, Mr. Steve Sobak,
our Chief Financial Officer, and Mr. Alfred Lim, our Executive Director, an aggregate of approximately US$376,587 in ordinary shares
at $1.275 per share pursuant to certain settlement agreements between the Company and each of these individuals dated March 15, 2024.
For the fiscal year ended December 31, 2022, we paid Dr. Kelvin Chen, Mr. Sobak and a former Chief Technology Officer who left the Company
on May 12, 2023, an aggregate of $637,000 in cash. None of our executive officers or Executive Director received any bonus or other compensation
for the fiscal years 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of our independent directors received any compensation from the Company for fiscal years 2023 and 2022. 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&#8217; 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 $316,971 and $340,756 for the years ended December 31, 2023 and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
    practices</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Board
of Directors</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors consists of five directors, consisting of three independent directors and two executive directors. A director is not
required to hold any shares in our company to qualify to serve as a director. A director may vote with respect to any contract, proposed
contract or arrangement in which he is interested, and if he does so his vote shall be counted and he may be counted in the quorum at
any meeting of our directors at which any such contract or proposed contract or arrangement is considered, and (a) such director shall,
immediately after becoming aware of the fact that he is interested in a transaction entered into or to be entered into by the Company,
disclose such interest to the board of directors, and (b) if such contract or arrangement is a transaction with a related party, such
transaction has been approved by the audit committee. The directors may exercise all the powers of the company to borrow money, to mortgage
or charge its undertaking and property, and to issue debentures or other securities whenever money is borrowed or as security for any
debt, liability or obligation of the company or of any third party. None of our non-executive directors has a service contract with us
that provides for benefits upon termination of service.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq
requires that a majority of our board must be composed of &#8220;independent directors.&#8221; Currently, Eric Lew, Dr. Kong-Yew Wong,
and Kent Kwong Yeow Liew would each be considered an &#8220;independent director&#8221; under the Nasdaq listing rules, which is defined
generally as a person other than an officer or employee of the company or its subsidiaries or any other individual having a relationship,
which, in the opinion of the company&#8217;s board of directors would interfere with the director&#8217;s exercise of independent judgment
in carrying out the responsibilities of a director. Our independent directors will have regularly scheduled meetings at which only independent
directors are present.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
Committee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Nasdaq listing standards and applicable SEC rules, we are required to have three members of the audit committee all of whom must
be independent. Our audit committee of the board of directors consists of Eric Lew, Kong-Yew Wong and Kent Kwong Yeow Liew, each of whom
is an independent director under Nasdaq&#8217;s listing standards. Eric Lew is the Chairperson of the audit committee. The audit committee&#8217;s
duties, which are specified in our Audit Committee Charter, include, but are not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">verifying
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inquiring
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pre-approving
    all audit services and permitted non-audit services to be performed by our independent auditor, including the fees and terms of the
    services to be performed;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing
    or replacing the independent auditor;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determining
    the compensation and oversight of the work of the independent auditor (including resolution of disagreements between management and
    the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
    procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls
    or reports which raise material issues regarding our financial statements or accounting policies; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving
    reimbursement of expenses incurred by our management team in identifying potential target businesses.</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audit committee will at all times be composed exclusively of &#8220;independent directors&#8221; who are &#8220;financially literate&#8221;
as defined under Nasdaq listing standards. Nasdaq listing standards define &#8220;financially literate&#8221; as being able to read and
understand fundamental financial statements, including a company&#8217;s balance sheet, income statement and cash flow statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we must certify to Nasdaq that the committee has, and will continue to have, at least one member who has past employment experience
in finance or accounting, requisite professional certification in accounting, or other comparable experience or background that results
in the individual&#8217;s financial sophistication. The board of directors has determined that Eric Lew qualified as an &#8220;audit
committee financial expert,&#8221; as defined under rules and regulations of the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Corporate
Governance and Nominating Committee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate governance and nominating committee (the &#8220;nominating committee&#8221;) of the board of directors consists of Kent Kwong
Yeow Liew, Eric Lew and Kong-Yew Wong, each of whom is an independent director under Nasdaq&#8217;s listing standards. Kent Kwong Yeow
Liew is the Chairperson of the nominating committee. The nominating committee is responsible for overseeing the selection of persons
to be nominated to serve on our board of directors. The nominating committee considers persons identified by its members, management,
shareholders, investment bankers and others.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Guidelines
for Selecting Director Nominees</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
guidelines for selecting nominees, which are specified in the Nominating Committee Charter, generally provide that persons to be nominated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">should
    have demonstrated notable or significant achievements in business, education or public service;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">should
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    a range of skills, diverse perspectives and backgrounds to its deliberations; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">should
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
nominating committee will consider a number of qualifications relating to management and leadership experience, background and integrity
and professionalism in evaluating a person&#8217;s candidacy for membership on the board of directors. The nominating committee may require
certain skills or attributes, such as financial or accounting experience, to meet specific board needs that arise from time to time and
will also consider the overall experience and makeup of its members to obtain a broad and diverse mix of board members. The board of
directors will also consider director candidates recommended for nomination by our shareholders during such times as they are seeking
proposed nominees to stand for election at the next annual meeting of shareholders (or, if applicable, a special meeting of shareholders).
Our shareholders that wish to nominate a director for election to the Board should follow the procedures set forth in our memorandum
and articles of association, as amended. The nominating committee does not distinguish among nominees recommended by shareholders and
other persons.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Compensation
Committee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
compensation committee of the board of directors consists of Kong-Yew Wong, Eric Lew and Kent Kwong Yeow Liew, each of whom is an independent
director under Nasdaq&#8217;s listing standards. Kong-Yew Wong is the Chairperson of the compensation committee. The compensation committee&#8217;s
duties, which are specified in our Compensation Committee Charter, include, but are not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer&#8217;s compensation,
    evaluating our Chief Executive Officer&#8217;s performance in light of such goals and objectives and determining and approving the
    remuneration (if any) of our Chief Executive Officer&#8217;s based on such evaluation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">implementing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">assisting
    management in complying with our proxy statement and annual report disclosure requirements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving
    all special perquisites, special cash payments and other special compensation and benefit arrangements for our executive officers
    and employees;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    required, producing a report on executive compensation to be included in our annual proxy statement; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing,
    evaluating and recommending changes, if appropriate, to the remuneration for directors.</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Duties
of Directors</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
British Virgin Islands law, every director of a British Virgin Islands company in exercising his powers or performing his duties shall
act honestly and in good faith and in what the director believes to be in the best interests of the company. Additionally, the director
shall exercise the care, diligence and skill that a reasonable director would exercise in the same circumstances taking into account
the nature of the company, the nature of the decision and the position of the director and his responsibilities. In addition, British
Virgin Islands law provides that a director shall exercise his powers as a director for a proper purpose and shall not act, or agree
to the company acting, in a manner that contravenes the BVI Business Companies Act or the memorandum of association or articles of association
of the company. Our company has the right to seek damages if a duty owed by our directors is breached. A shareholder may in certain limited
exceptional circumstances have the right to seek damages in our name if a duty owed by the directors is breached.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions
and powers of our board of directors include, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">convening
    shareholders&#8217; meetings;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">declaring dividends and distributions;</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing officers and determining
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</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercising the borrowing
  powers of our company and mortgaging the property of our company; and</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving the transfer of
  shares in our company, including the registration of such shares in our share register.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Terms
of Directors and Officers</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors may be elected by a resolution of our board of directors, or by a resolution of our shareholders, save that the directors may
only appoint a person as a director by resolution of our board of directors to replace a director to fill a casual vacancy arising on
the resignation, disqualification or death of a director. A director will continue to hold office until, among other things, (i) his
death; (ii) his resignation, (iii) his disqualification to act as a director under section 111 of the BVI Business Companies Act , or
(iv) the effective date of his removal by resolution of the board of directors or resolution of our shareholders. Our officers are elected
by and serve at the discretion of the board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interested
Transactions</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
director may, subject to any separate requirements for Audit Committee approval under applicable laws or applicable Nasdaq Listing Rules,
vote on a matter relating to the transaction in which he or she is interested, provided that the interest of any directors in such transaction
is disclosed by him or her to all other directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Related
Party Transactions Policy</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately
following the Closing of the Business Combination, the Company&#8217;s board of directors adopted a written Related Party Transactions
Policy that sets forth our policies and procedures regarding the identification, review, consideration and oversight of &#8220;related
party transactions.&#8221; For purposes of our policy only, a &#8220;related party transaction&#8221; is a transaction, arrangement or
relationship (or any series of similar transactions, arrangements or relationships) in which (i) we (including any of our subsidiaries,
if any) we are or will be a participant, (ii) the aggregate amount involved exceeds or may be expected to exceed $100,000, and (iii)
a related party has or will have a direct or indirect material interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to certain limitations, transactions involving compensation for services provided to us as an employee or director will not be considered
related party transactions under this policy. A related party is any executive officer, director, nominee to become a director or a holder
of more than 5% of any class of our voting securities (including our ordinary shares), including any of their immediate family members
and affiliates, including entities owned or controlled by such persons. A related party is also someone who has a position or relationship
with any firm, corporation or other entity that engages in the transaction if (i) such person is employed or is a general partner or
principal or in a similar position with significant decision making influence, or (ii) the direct or indirect ownership by such person
and all other foregoing persons, in the aggregate, is 10% or greater in another person which is party to the transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the policy, any related party, or any director, officer or employee of ours who knows of the transaction, must report the information
regarding the proposed related party transaction to our audit committee for review. To identify related party transactions in advance,
we will rely on information supplied by our executive officers, directors and certain significant shareholders. In considering related
party transactions, our audit committee will take into account the relevant available facts and circumstances, which may include, but
are not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
    the transaction was undertaken in the ordinary course of business of the Company; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
    the transaction was initiated by the Company, a subsidiary, a controlled company of the Company, or the related party;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
    the transaction with the related party is proposed to be, or was, entered into on terms no less favorable to the Company than terms
    that could have been reached with an unrelated third party;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    approximate dollar value of the transaction involved, particularly as it relates to the related party; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    other information regarding the transaction or the related party that would be material to the Company&#8217;s shareholders in light
    of the circumstances of the particular transaction.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
related party transactions may be consummated or continued only if approved or ratified by our audit committee. No director or member
of our audit committee may participate in the review, approval or ratification of a transaction with respect to which he or she is a
related party, except that such member may be counted for purposes of a quorum and shall provide such information with respect to the
transaction as may be reasonably requested by other members of our audit committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, EUDA had 106 full-time employees, all of whom are based in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the number of its employees by function as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Function:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 78%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Management</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting and Finance</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales &amp; Marketing</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operations</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Human Resource</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
    Ownership</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information regarding the beneficial ownership of our ordinary shares by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    person or &#8220;group&#8221; (as such term is used in Section 13(d)(3) of the Exchange Act) known by us to be the beneficial owner
    of more than 5% of our ordinary shares;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    of our current executive officers and directors; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
    executive officers and directors of the Company as a group.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
beneficial ownership of ordinary shares of the Company is based on 25,127,509 ordinary shares issued and outstanding as of May 2,
2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security
if he, she or it possesses sole or shared voting or investment power over that security, including options and warrants that are currently
exercisable or exercisable within sixty (60) days.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated, the Company believes that all persons named in the table below have sole voting and investment power with respect
to the voting securities beneficially owned by them. Unless otherwise indicated, the address of each individual below is 1 Pemimpin Drive
#12-06, One Pemimpin Singapore 576151.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
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                                            Shares</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
                                            EUDA Health</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Holdings
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Five Percent
    Holders</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Watermark Developments
    Limited<sup>(1)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meng Dong (James) Tan<sup>(2)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,502,525</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors
    and Executive Officers</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wei Wen Kelvin Chen<sup>(3)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven John Sobak<sup>(4)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">78,504</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alfred Lim<sup>(5)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53,649</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eric Lew</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kong-Yew Wong</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kent Kwong Yeow Liew</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All Directors
    and Executive Officers of the Company as a Group (6 persons)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,274,246</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Less than 1%</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,660,000
    ordinary shares were issued to Watermark Developments Limited at closing of the Business Combination, of which at closing of the
    Business Combination (a) approximately 25.6% are beneficially owned by Fan Pingli through Wilke Services Limited, at Suite 9, Ansuya
    Estate, Revolution Avenue Victoria, Mahe, Seychelles, (b) approximately 11.1% are beneficially owned by Kelvin Chen, through Interglobe
    Venture Inc, at Ground Floor, Coastal Building, Wickhams Cay II, PO Box 3169, Road Town, Tortola, British Virgin Islands, (c) approximately
    10.9% are beneficially owned by Hartanto through Mount Locke Limited, at Suite 9, Ansuya Estate, Revolution Avenue Victoria, Mahe,
    Seychelles, (d) approximately 10.9% are beneficially owned by Koh Yong Pau through Pine Alliance Limited, at Vistra Corporate Services
    Centre, Wickhams Cay II Road Town, Tortola VG 1110 British Virgin Islands, (e) approximately 10.9% are beneficially owned by Kng
    Pong Sai through Scotgold Holdings Limited, at Vistra Corporate Services Centre, Wickhams Cay II Road Town, Tortola VG 1110 British
    Virgin Islands, and (f) approximately 10.9% are beneficially owned by Janic Pacific Limited, at Vistra Corporate Services Centre,
    Wickhams Cay II Road Town, Tortola VG 1110 British Virgin Islands. The remaining shareholders of Watermark Developments Limited each
    own less than 5% of Watermark Developments Limited. The address of Watermark Developments Limited is c/o Vistra Corporate Services
    Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    2,223,850 shares held by 8i Capital Limited of which Mr. Tan is the sole shareholder and director and therefore has the sole voting
    and dispositive power over these shares. The address for 8i Capital Limited is c/o 6 Eu Tong Sen Street #08-13 Singapore 059817.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    166,653 ordinary shares to be issued pursuant to Settlement Agreement between the Company and Dr. Kelvin Chen dated March 15, 2024.
    Dr. Kelvin Chen beneficially owns 100,000 ordinary shares of Watermark, which owns 9,660,000 Company Ordinary Shares.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    75,059 ordinary shares to be issued pursuant to Settlement Agreement between the Company and Mr. Sobak dated March 15, 2024. Mr.
    Sobak beneficially owns 535 ordinary shares of Watermark, which owns 9,660,000 Company Ordinary Shares.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    53,649 ordinary shares to be issued pursuant to Settlement Agreement between the Company and Mr. Lim dated March 15, 2024.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_011"></span>Item
7. Major Shareholders and Related Party Transactions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major
    Shareholders</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 6. Directors, Senior Management and Employees&#8212; E. Share Ownership.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related
    Party Transactions</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Debt
Obligations and Settlement Agreements with Meng Dong (James) Tan &#8211; May 2023</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 17, 2022, the Company issued to Meng Dong (James) Tan, a significant shareholder of the Company, an interest-free convertible
promissory note in the aggregate principal amount of $700,000 (the &#8220;Tan 2022 Note&#8221;). Pursuant to the Tan 2022 Note, on November
17, 2023, the maturity date, James Tan would have the right to convert the unpaid principal amount of the Tan 2022 Note into ordinary
shares of the Company based on the five day volume weighted average price of the Company&#8217;s ordinary shares immediately preceding
the maturity date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to a loan agreement dated January 9, 2023, James Tan loaned the Company an additional $145,450 (the &#8220;Initial Tan Loan&#8221;) 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to a second loan agreement with the Company dated April 24, 2023, James Tan loaned the Company an additional $332,750 (the &#8220;Tan
Second Loan&#8221;) 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 disclosed in Item 3.02 hereunder (the &#8220;Private Placement&#8221;).
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 &#8220;Tan First Loan&#8221;) to replace the Initial Tan Loan. The Tan First Loan contained the
same payment terms as the Tan Second Loan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &#8220;Tan Third Loan&#8221;), provided that the Company issued a new promissory note to James Tan in the principal
amount of $700,000 (the &#8220;Tan 2023 Note&#8221;) to replace 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. We
refer to these 700,000 restricted ordinary shares as the &#8220;Converted Shares.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this report, the Tan 2023 Note has been converted in full into the Converted Shares and is no longer outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to facilitate the Company&#8217;s capital raising efforts, the Board, at a meeting on May 16, 2023 (the &#8220;May 2023 Board Meeting&#8221;)
approved and authorized execution of a Settlement Agreement with James Tan (the &#8220;Tan Settlement Agreement&#8221;), 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 issued to James Tan
an aggregate of 478,200 restricted ordinary shares pursuant to the Tan Settlement Agreement, in full settlement of all obligations of
the Company under the Tan First Loan and the Tan Second Loan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Debt
Obligations and Settlement Agreements with 8i Holdings 2 Pte Ltd &#8211; May 2023</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 17, 2022, the Company issued to 8i Holdings 2 Pte Ltd. (&#8220;8i Holdings 2&#8221;), a company owned by Mr. Meng Dong (James)
Tan, an interest-free convertible promissory note in the aggregate principal amount of $82,600 (the &#8220;8i Note&#8221;). Pursuant
to the 8i Note, on November 17, 2023, the maturity date, 8i Holdings 2 would have the right to convert the unpaid principal amount of
the 8i Note into ordinary shares of the Company based on the five day volume weighted average price of the Company&#8217;s ordinary shares
immediately preceding the maturity date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the May 2023 Board Meeting, the Board approved and authorized execution of a Settlement Agreement with 8i Holdings 2 (the &#8220;8i Settlement
Agreement&#8221;) pursuant to which the Company agreed to issue 82,600 restricted ordinary shares of the Company to 8i Holdings 2 in
full satisfaction of all obligations of the Company under the 8i Note. On May 16, 2023, the Company issued to 8i Holdings 2 an aggregate
of 82,600 restricted ordinary shares pursuant to the 8i Settlement Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Debt
Obligations and Settlement Agreements with Kelvin Chen, our CEO &#8211; May and June 2023</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kent
Ridge Healthcare Singapore Pte Ltd. (&#8220;KRHSG&#8221;) is a wholly-owned subsidiary of EUDA. Since KRHSG&#8217;s inception in November
2017 until the Business Combination in November 2022 (as previously disclosed in the Form 8-K filed on November 23, 2022), Dr. Kelvin
Chen, KRHSG&#8217;s founder, provided funding to pay for its start-up expenses and working capital. At the May 2023 Board Meeting, the
Board approved and authorized execution of a Settlement Agreement with Dr. Kelvin Chen (the &#8220;Chen Settlement Agreement&#8221;)
pursuant to which the Company agreed to issue to Dr. Kelvin Chen 850,306 restricted ordinary shares of the Company in full satisfaction
of Dr. Kelvin Chen&#8217;s claim for an aggregate amount of $850,306 (or approximately S$1,136,264.06) provided to KRHSG from time to
time since inception. On May 16, 2023, the Company issued to Mr. Chen an aggregate of 850,306 restricted ordinary shares pursuant to
this Settlement Agreement. <span style="background-color: white">In order to comply with Nasdaq&#8217;s shareholder approval requirement
for issuance of stock to an executive officer of a company pursuant to Nasdaq Listing Rule 5635(c), EUDA, KRHSG and Dr. Chen amended
the Chen Settlement Agreement by entering into a Supplemental Agreement (the &#8220;Supplemental Agreement&#8221;) 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 forfeited and surrendered 271,867 ordinary shares of the 850,306 ordinary shares issued to
him on May 16, 2023.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Settlement
Agreements with Executive Officers and Executive Director &#8211; March 2024</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 15, 2024, the Company and Dr. Kelvin Chen, the Company&#8217;s Chief Executive Officer, entered into a Settlement Agreement (the
&#8220;Chen Settlement Agreement&#8221;) pursuant to which the Company has agreed to issue 166,653 restricted ordinary shares to Mr.
Chen (based on the per share closing price of $1.275 as of March 14, 2024) in full satisfaction of $212,483.96 of salaries and other
compensation owed to Mr. Chen as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 15, 2024, the Company and Steven Sobak, the Company&#8217;s Chief Financial Officer, entered into a Settlement Agreement (the &#8220;Sobak
Settlement Agreement&#8221;) pursuant to which the Company has agreed to issue 75,059 restricted ordinary shares to Mr. Sobak (based
on the per share closing price of $1.275 as of March 14, 2024) in full satisfaction of $95,700.05 of salaries and other compensation
owed to Mr. Sobak as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 15, 2024, the Company and Alfred Lim, the Company&#8217;s Executive Director, entered into a Settlement Agreement (the &#8220;Lim
Settlement Agreement&#8221;) pursuant to which the Company has agreed to issue 53,649 restricted ordinary shares to Mr. Lim (based on
the per share closing price of $1.275 as of March 14, 2024) in full satisfaction of $68,403.25 of salaries and other compensation owed
to Mr. Lim as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Debt
Obligations and Settlement Agreements with Meng Dong (James) Tan &#8211; March 2024</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
previously disclosed on a Form 8-K filed on May 26, 2023, the Company borrowed from Meng Dong (James) Tan, a significant shareholder
of the Company, an aggregate amount of $22,500, or a total of $24,004 with unpaid and accrued interests at 8% per annum (the &#8220;James
Tan Loan&#8221;). Pursuant to a Settlement Agreement between the Company and Mr. Tan dated March 15, 2024 (the &#8220;James Tan Settlement
Agreement&#8221;), the Company has agreed to issue Mr. Tan a convertible note in the aggregate amount of $24,004 (the &#8220;James
Tan Convertible Note&#8221;) in full satisfaction of the James Tan Loan, and Mr. Tan has agreed to (i) exchange James Tan Loan for the
James Tan Convertible Note; (ii) extend the maturity date of the James Tan Loan to March 14, 2025; and (iii) allow the outstanding unpaid
balance of the James Tan Loan to bear no interest for the next twelve months until March 14, 2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
May 15, 2023, 8i Enterprises Pte Ltd (&#8220;8iEPL), a company owned by Mr. Tan, has been rendering certain advisory services for the
Company. Pursuant to a certain Settlement Agreement between the Company and 8iEPL dated March 15, 2024 (the &#8220;8iEPL Settlement Agreement&#8221;),
the Company has agreed to pay 8iEPL for a total sum of $180,000 for such advisory services (the &#8220;Services Payment&#8221;). Between
May 15, 2023 and February 28, 2024, the Company has borrowed from 8iEPL an aggregate amount of $712,254, or a total of $731,373
with unpaid and accrued interests at 8% per annum (the &#8220;8iEPL Loan&#8221;). Pursuant to the 8iEPL Settlement Agreement, the Company
has agreed to pay 8iEPL in full satisfaction of both the Services Payment and the 8iEPL Loan in the form a convertible note in the aggregate
amount of $911,373 (the &#8220;8iEPL Convertible Note&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
principal amount and accrued interests under the James Tan Convertible Note and the 8iEPL Convertible Note may be converted into ordinary
shares of the Company at $1.27 per share (the &#8220;Conversion Shares&#8221;) at the payee&#8217;s option at any time and from time
to time, and the Company has agreed to file a registration statement for the resale of the Conversion Shares no later than 30 days following
the receipt of the payee&#8217;s conversion notice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Second Supplemental Agreement with Alfred Lim,
Executive Director of the Company</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the loan agreement dated February 2, 2023
between the Company and Alfred Lim, the Company&#8217;s Executive Director, Mr. Lim gave the Company a loan in the amount of $128,750
(the &#8220;Loan&#8221;) at an interest rate of 8% per annum, with a maturity date of March 31, 2023. Parties entered into a Supplemental
Agreement dated March 31, 2023 to extend the maturity date of the Loan to December 31, 2023. On April 16, 2024, the Company and Mr. Lim
entered into another Supplemental Agreement to further extend the maturity date of the Loan to June 30, 2024.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Acquisition of Fortress Cove Limited </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 6, 2024, the Company entered into a Share Purchase
Agreement with certain persons named therein (the &#8220;Share Purchase Agreement&#8221;) for the acquisition of all outstanding shares
of Fortress Cove Limited (&#8220;Fortress Cove&#8221;), a British Virgin Islands company which is the sole legal and beneficial owner
of the entire share capital of CK Health Plus Sdn Bhd, a Malaysian company (&#8220;CK Health&#8221;) in the direct sale business of holistic
wellness consumer products in Malaysia. Pursuant to the Share Purchase Agreement, EUDA has agreed to acquire the entire issued capital
of Fortress Cove for an aggregate consideration of 10,000,000 newly issued ordinary shares, valued at approximately $15.0 million based
upon the enterprise fair value of CK Health appraised by an independent third-party valuation firm. An additional one million ordinary
shares will be issued to the persons named in the Share Purchase Agreement if certain financial performance milestones based on CK Health&#8217;s
net income for the fiscal years 2024 and 2025 are met. The acquisition closed on May 8, 2024. Meng Dong (James) Tan, a significant shareholder
of EUDA is also a 40% shareholder of Fortress Cove Limited.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interests
    of Experts and Counsel</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_013"></span>ITEM
8. FINANCIAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
    Statements and Other Financial Information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have appended consolidated financial statements filed as part of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the date of this annual report, we are not a party to, and we are not aware of any threat of, any legal proceeding that, in the opinion
of our management, is likely to have a material adverse effect on our business, financial condition or operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividend</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
did not pay any dividends to our shareholders in 2023 and 2022. We are able to distribute earnings from our operating subsidiaries, to
the parent company and U.S. investors and settle amounts owed, although we currently do not have any dividend policy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant
    Changes</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as disclosed elsewhere in this annual report, we have not experienced any significant changes since the date of our audited consolidated
financial statements included in this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_014"></span>ITEM
9. THE OFFER AND LISTING</b></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offering
    and Listing Details.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;C. Markets.&#8221;</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Plan
    of Distribution</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Markets</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ordinary shares and warrants are listed on the NASDAQ under the symbols &#8220;EUDA&#8221; and &#8220;EUDAW&#8221;, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selling
    Shareholders</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dilution</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expenses
    of the Issue</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_015"></span>ITEM
10. ADDITIONAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
    Capital</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
of Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a company incorporated in the British Virgin Islands with limited liability and our affairs are governed by our Amended and Restated
Memorandum and Articles of Association, the BVI Business Companies Act (the &#8220;<b>BVI Act</b>&#8221;), the common law of the British
Virgin Islands, our corporate governance documents and rules and regulations of the stock exchange on which our ordinary shares are traded.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rights
and Obligations of Shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of ordinary shares confers on its holder:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
  <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
  right to one vote on any resolution of the members;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
  right to an equal share in any distribution; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
  right to an equal share in the distribution of the surplus of the Company.</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Voting
Rights</i>. Each ordinary share is entitled to one (1) vote on all matters subject to vote at general meetings of the Company on a poll.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dividends</i>.
The holders of shares are entitled to such dividends as may be declared by the directors of the Company at such time and of such an amount
as the directors think fit if they are satisfied, on reasonable grounds, that immediately after the distribution, the value of Company
assets exceeds the Company&#8217;s liabilities and the Company will be able to pay its debts as they fall due.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Pre-emptive
rights</i>. There are no pre-emptive rights applicable to the issue by the Company of new shares under either the BVI Act or our Amended
and Restated Memorandum and Articles of Association.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Memorandum
    and Articles of Association</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a British Virgin Islands company incorporated with limited liability and our affairs are governed by the provisions of our amended
and restated memorandum of association and articles of association, as amended and restated from time to time, and by the provisions
of applicable British Virgin Islands laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
memorandum of association and articles of association authorize the issuance of an unlimited number of share of one class of no par value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of the material provisions of our ordinary shares and our amended and restated memorandum of association and articles
of association.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ordinary
Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our issued and outstanding ordinary shares are fully paid and non-assessable. Holders of our ordinary shares who are non-residents
of the British Virgin Islands may freely hold and vote their shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to our amended and restated memorandum and articles of association (and, for greater clarity, without prejudice to any special rights
conferred thereby on the holders of any other shares), an ordinary share of our company confers on the holder:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
  <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
  right to one vote on any resolution of the members;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
  right to an equal share in any distribution; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
  right to an equal share in the distribution of the surplus of the Company.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Limitation
on Liability and Indemnification Matters</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
British Virgin Islands laws, each of our directors and officers, in performing his or her functions, is required to act honestly and
in good faith with a view to our best interests and exercise the care, diligence and skill that a reasonably prudent person would exercise
in comparable circumstances. Such limitation of liability does not affect the availability of equitable remedies such as injunctive relief
or rescission. These provisions will not limit the liability of directors under United States federal securities laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may indemnify any of our directors or anyone serving at our request as a director of another entity against all expenses, including legal
fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative
or investigative proceedings. We may only indemnify a director if he or she acted honestly and in good faith with the view to our best
interests and, in the case of criminal proceedings, the director had no reasonable cause to believe that his or her conduct was unlawful.
The decision of our board of directors as to whether the director acted honestly and in good faith with a view to our best interests
and as to whether the director had no reasonable cause to believe that his or her conduct was unlawful, is in the absence of fraud sufficient
for the purposes of indemnification, unless a question of law is involved. The termination of any proceedings by any judgment, order,
settlement, conviction or the entry of no plea does not, by itself, create a presumption that a director did not act honestly and in
good faith and with a view to our best interests or that the director had reasonable cause to believe that his or her conduct was unlawful.
If a director to be indemnified has been successful in defense of any proceedings referred to above, the director is entitled to be indemnified
against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred by
the director or officer in connection with the proceedings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may purchase and maintain insurance in relation to any of our directors or officers against any liability asserted against the directors
or officers and incurred by the directors or officers in that capacity, whether or not we have or would have had the power to indemnify
the directors or officers against the liability as provided in our amended and restated memorandum of association and articles of association.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incorporate by reference into this annual report the description of our Amended and Restated Memorandum and Articles of Association dated
November 17, 2022 (the &#8220;<b>Articles</b>&#8221;) which was filed with our Form 8-K on November 23, 2022, and are included as Exhibit
1.1 to this Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
    Contracts</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the material contracts described in &#8220;<i>Item 4. Information on the Company,</i>&#8221; and &#8220;<i>Item 7. Major
Shareholders and Related Party Transactions&#8212;B. Related Party Transactions</i>&#8221;, we have entered into the following material
contracts for the fiscal years ended December 31, 2023 and 2022, and through the date of this Report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Convertible
Loan Agreements</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 16, 2024, we entered into a Convertible Loan Agreement with Affluence Resource Pte. Ltd., a Singapore company (&#8220;Affluence&#8221;)
pursuant to which Affluence has agreed to lend to the Company a convertible loan in the principal amount of $1,000,000 to be paid in
two (2) tranches of $500,000 each by April 18, 2024 and May 15, 2024 (the &#8220;Convertible Loan&#8221;). The Convertible Loan shall
bear interest of 12% per annum from the date it is remitted to April 30, 2025 (the &#8220;Maturity Date&#8221;) or the date when the
Affluence sends the Company a written notice to convert any unpaid principal amount of the Convertible Loan with accrued interests (the
&#8220;Outstanding Sum&#8221;) into ordinary shares of the Company (the &#8220;Conversion Notice&#8221;), whichever is earlier. Anytime
on or before May 31, 2024, Affluence may send the Company a Conversion Notice to convert the then Outstanding Sum into ordinary shares
of the Company at $1.00 per share. Anytime after May 31, 2024, Affluence may send the Company a Conversion Notice to convert the then
Outstanding Sum into ordinary shares of the Company at $1.42 per share. The Company has no right of early repayment of any part of the
Convertible Loan without Affluence&#8217;s written consent. Any Outstanding Sum on the Maturity Date will be automatically converted
into ordinary shares of the Company at $1.42 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 16, 2024, we entered into a Convertible Loan Agreement with Gilandi Limited, a British Virgin Islands company (&#8220;Gilandi&#8221;)
pursuant to which Gilandi has agreed to lend to the Company a convertible loan in the principal amount of $500,000 to be paid in two
(2) tranches of $250,000 each by January 31, 2024 and March 31, 2024 (the &#8220;Gilandi Convertible Loan&#8221;). The Gilandi Convertible
Loan shall bear interests of 8% per annum until Mach 31, 2024. Outstanding balance of the Gilandi Convertible Loan on March 31, 2024
will automatically convert to the Company&#8217;s ordinary shares at $1.00 per share. On January 17, 2024, the Company sold and issued
to Gilandi convertible note in the principal amount of $250,000 pursuant to the Gilandi Convertible Loan Agreement. On March 28, 2024,
the Company received the second tranche of $250,000 from Gilandi. Pursuant to the Gilandi Loan Agreement, an aggregate amount of $500,000
of the loan automatically converted into the Company&#8217;s ordinary shares at $1.00 per share on March 31, 2024, and the Company issued
to Gilandi 500,000 restricted ordinary shares in full satisfaction of the Gilandi Convertible Loan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amendment
to Convertible Promissory Note</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the closing of the Business Combination, we issued to Maxim Group LLC (the &#8220;Holder&#8221;) a convertible promissory
note in the aggregate amount of $2,113,125 (the &#8220;Note&#8221;). The Note bears no interest and at the option of the Holder, may
convert into shares of the Company at the fixed conversion price of $5.00 per share. On February 29, 2024, the Company and the Holder
entered into an amendment of the Note (the &#8220;Note Amendment&#8221;) pursuant to which the Holder has agreed not to exercise the
&#8220;Voluntary Conversion&#8221; provision of the Note. The Note Amendment provides for, among other things, change of the maturity
date from November 17, 2023 to July 31, 2024, and that in the event that any amounts due under the Note remain outstanding on July 31,
2024, such amounts will automatically convert into the Company&#8217;s ordinary shares at the fixed conversion price of $1.50 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fee Settlement Agreement </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the business combination transaction
of the Company (formerly known as 8i Acquisition Corp) in November 2022, the Company entered into an agreement dated November 16, 2022
(the &#8220;Agreement&#8221;) with Loeb &amp; Loeb LLP (&#8220;Loeb&#8221;) pursuant to which Loeb was issued a promissory note in the
principal amount of $300,000 (the &#8220;Note&#8221;) and 60,000 restricted ordinary shares (the &#8220;Shares&#8221;) of the Company
at the assumed price of $5.00 per share. In the event that the Note is repaid in full in cash on or before its due date on November 16,
2023 (the &#8220;Due Date&#8221;), Loeb agreed to return all Shares to the Company for cancellation. The Note remained unpaid and outstanding
on the Due Date. On April 25, 2024, the Company and Loeb entered into a Fee Settlement Agreement (the &#8220;Settlement Agreement&#8221;)
pursuant to which among other things, (i) the Company has agreed to repay the Note in full by making cash payments to Loeb in three equal
installments of $100,000, with the first installment due on or prior to April 30, 2024, the second installment on or prior to May 31,
2024 and the third installment on or prior to June 30, 2024; and (ii) Loeb is entitled to retain the Shares and the sales proceeds of
the Shares will not be used to satisfy the Note.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amendments
to Prepaid Forward Agreements</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
disclosed on the Form 8-Ks filed by EUDA on November 7, 2022 and November 14, 2022, EUDA and certain institutional investors (the &#8220;Sellers&#8221;)
entered into agreements (the &#8220;Prepaid Forward Agreements&#8221;) for equity prepaid forward transactions (the &#8220;Prepaid Forward
Transactions&#8221;). On June 8, 2023, EUDA and the Sellers entered into amendments to the Prepaid Forward Agreements (together, the
&#8220;Amendments&#8221;), to amend the definition of &#8220;Maturity Consideration,&#8221; such that, Maturity Consideration shall consist
of 800,000 ordinary shares of EUDA to be issued to the each Seller by EUDA. Pursuant to the Prepaid Forward Agreements, the maturity
date of the Prepaid Forward Transactions (the &#8220;Maturity Date&#8221;) may be accelerated by the Sellers after any occurrence wherein
during any 30 consecutive trading-day period, the dollar volume-weighted average price of EUDA&#8217;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 EUDA&#8217;s ordinary shares on such day. In addition, as of
June 8, 2023 (the &#8220;Maturity Date&#8221;), the Sellers became entitled to retain (a) the remaining prepayment amount paid from EUDA&#8217;s
trust account to the Sellers upon consummation of EUDA&#8217;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 EUDA upon the Maturity Date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Debt
Obligations and Settlement Agreements with Fook Meng Chan</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 17, 2022, the Company issued to Shine Link Limited (&#8220;Shine Link&#8221;), a company owned by Fook Meng Chan, a current
shareholder, an interest-free convertible promissory note in the aggregate principal amount of $119,0000 (&#8220;Shine Link Note&#8221;).
Pursuant to the Shine Link Note, on November 17, 2023, the maturity date, Shine Link would have the right to convert the unpaid principal
amount of the Shine Link Note into ordinary shares of the Company based on the five day volume weighted average price of the Company&#8217;s
ordinary shares immediately preceding to the maturity date. At the May Board Meeting, the Board approved and authorized execution of
a Settlement Agreement with Shine Link (the &#8220;Shine Link Settlement Agreement&#8221;) pursuant to which the Company agreed to issue
to Shine Link 119,000 restricted ordinary shares of the Company in full satisfaction of obligations under the Shine Link Note. On May
16, 2023, the Company issued to Shine Link an aggregate of 119,000 restricted ordinary shares pursuant to the Shine Link Settlement Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 17, 2022, the Company issued to Menora Capital Pte Ltd (&#8220;Menora&#8221;), a company owned by Fook Meng Chan, a current
shareholder, an interest-free convertible promissory note in the aggregate principal amount of $87,500 (&#8220;Menora Note&#8221;). Pursuant
to the Menora Note, on November 17, 2023, the maturity date, Menora would have the right to convert the unpaid principal amount of the
Menora Note into ordinary shares of the Company based on the five day volume weighted average price of the Company&#8217;s ordinary shares
immediately preceding to the maturity date. At the May Board Meeting, the Board approved and authorized execution of a Settlement Agreement
with Menora (the &#8220;Menora Settlement Agreement&#8221;) pursuant to which the Company agreed to issue to Menora 87,500 restricted
ordinary shares of the Company in full satisfaction of all obligations under the Menora Note. On May 16, 2023, the Company issued to
Menora an aggregate of 87,500 restricted ordinary shares pursuant to the Menora Settlement Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Private
Placements</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between
May and August 2023, the Company entered into securities purchase agreements with ten accredited investors pursuant to which the Company
has agreed to sell an aggregate of 990,000 ordinary shares at $1.00 per share. In July 2023, one investor terminated his securities purchase
agreement for the purchase of 200,000 ordinary shares. As a result, the Company sold an aggregate of 790,000 ordinary shares for an aggregate
purchase price of $790,000 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 &#8220;Securities Act&#8221;), and Rule 506 promulgated thereunder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cadence
Health Pte. Ltd. (&#8220;Cadence&#8221;)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cadence
had the same shareholders as EUDA prior to the Business Combination and until April 2022, was a related party clinic service vendor of
EUDA. As of December 31, 2022, EUDA had an aggregate receivable amount of $266,653 with Cadence which has since been repaid. For the
year ended December 31, 2022, EUDA incurred and owed to Cadence an aggregate medical service fee of $496,383. Beginning in April 2022,
EUDA directly utilized third party clinic service providers and no longer used Cadence.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indemnification
Agreements</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the Closing of the Business Combination, the Company entered into indemnification agreements with each of its directors and executive
officers. Each indemnification agreement provides for indemnification and advancement by the Company of certain expenses and costs relating
to claims, suits or proceedings arising from service as an officer, director, employee, agent or fiduciary of the Company to the fullest
extent permitted by applicable law. We believe that these indemnification agreements are necessary to attract and retain qualified persons
as directors and officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Forgiveness
of debt by a related party</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 31, 2022, the Company and Wilke Services Limited (&#8220;Wilke&#8221;) entered into a deed of release of debt (&#8220;Deed&#8221;),
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&#8217;s shareholder also is a shareholder of the Company under common control, such debt forgiveness
were treated as an addition to the Company&#8217;s capital during the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amended
and Restated Registration Rights Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the closing of the Business Combination, the Company entered into an amended and restated registration rights agreement
with certain existing shareholders of the Company and with the Seller with respect to their ordinary shares of the Company acquired before
or pursuant to the Share Purchase, and including the shares issuable on conversion of the warrants issued to the Sponsor in connection
with the Company&#8217;s initial public offering and any shares issuable on conversion of working capital loans from the Sponsor to the
Company . The Company further amended the amended and restated registration rights agreement (as amended, the &#8220;Amended and Restated
Registration Rights Agreement&#8221;) to include certain noteholders with respect to the ordinary shares of the Company issuable upon
conversion of the Convertible Notes made in connection with the closing of the Business Combination. Those securities are referred to
herein collectively as the &#8220;Registrable Securities.&#8221; Pursuant to the terms of the Amended and Restated Registration Rights
Agreement, filed with the SEC a registration statement on F-1 (333-268994) covering the resale of all Registrable Securities and it was
declared effective on September 21, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange
    Controls</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 3. Key Information &#8212; D. Risk factors &#8212; Risks Related to our Business and Industry</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following summary of the material BVI and U.S. federal income tax consequences of ownership of our ordinary shares and Warrants to acquire
our ordinary shares, sometimes referred to collectively in the summary as our &#8220;securities,&#8221; is based upon laws and relevant
interpretations thereof in effect as of the date of this Report, all of which are subject to change. This summary does not deal with
all possible tax consequences relating to an investment in our securities, such as the tax consequences under state, local and other
tax laws.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BVI
Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the laws of the British Virgin Islands as currently in effect, a holder of the securities who is not a resident of the British Virgin
Islands is not liable for British Virgin Islands tax on dividends paid with respect to the securities and all holders of the securities
are not liable to the British Virgin Islands for tax on gains realized during that year on the sale or disposal of such ordinary shares.
The British Virgin Islands does not impose a withholding tax on dividends paid by a company incorporated or re-registered under the BVI
Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no capital gains, gift or inheritance taxes levied by the British Virgin Islands on companies incorporated under the BVI Act. In
addition, shares of companies incorporated under the BVI Act are not subject to transfer taxes, stamp duties or similar charges.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no income tax treaty or convention currently in effect between the United States and the British Virgin Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S.
Federal Income Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a discussion of certain U.S. federal income tax consequences for U.S. holders and non-U.S. holders (each as defined
below) relating to the acquisition, ownership and disposition of our ordinary shares and warrants to acquire ordinary shares. </span>This
section does not address any aspect of U.S. federal gift or estate tax, or the state, local or non-U.S. tax consequences of an
investment in our securities, nor does it provide any actual representations as to any tax consequences of the acquisition,
ownership or disposition of our securities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discussion below of the U.S. federal income tax consequences to &#8220;U.S. Holders&#8221; will apply to a beneficial owner of our securities
that is for U.S. federal income tax purposes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    individual citizen or resident of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    corporation (or other entity treated as a corporation) that is created or organized (or treated as created or organized) in or under
    the laws of the United States, any state thereof or the District of Columbia;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trust if (i) a U.S. court can exercise primary supervision over the trust&#8217;s administration and one or more U.S. persons are
    authorized to control all substantial decisions of the trust, or (ii) it has a valid election in effect under applicable U.S. Treasury
    regulations to be treated as a U.S. person.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a beneficial owner of our securities is not described as a U.S. Holder and is not an entity treated as a partnership or other pass-through
entity for U.S. federal income tax purposes, such owner will be considered a &#8220;Non-U.S. Holder.&#8221; The material U.S. federal
income tax consequences of the acquisition ownership and disposition of our securities applicable specifically to Non-U.S. Holders are
described below under the heading &#8220;Non-U.S. Holders.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion is based on the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), its legislative history, Treasury regulations
promulgated thereunder, published rulings and court decisions, all as currently in effect. These authorities are subject to change or
differing interpretations, possibly on a retroactive basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion assumes that the ordinary shares and warrants will trade separately and does not address all aspects of U.S. federal income
taxation that may be relevant to any particular holder based on such holder&#8217;s individual circumstances. In particular, this discussion
considers only holders who own and hold our securities as capital assets within the meaning of Section 1221 of the Code, and does not
address the potential application of the alternative minimum tax. In addition, this discussion does not address the U.S. federal income
tax consequences to holders that are subject to special rules, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial
    institutions or financial services entities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">taxpayers
    that are subject to the mark-to-market accounting rules under Section 475 of the Code;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt
    entities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">governments
    or agencies or instrumentalities thereof;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance
    companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated
    investment companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">real
    estate investment trusts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expatriates
    or former long-term residents of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that actually or constructively own 5 percent or more of our voting shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that acquired our securities pursuant to an exercise of employee share options, in connection with employee share incentive plans
    or otherwise as compensation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that hold our securities as part of a straddle, constructive sale, hedging, conversion or other integrated transaction;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    whose functional currency is not the U.S. dollar;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">controlled
    foreign corporations; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">passive
    foreign investment companies.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion does not address any aspect of U.S. federal non-income tax laws, such as gift or estate tax laws, state, local or non-U.S.
tax laws or, except as discussed herein, any tax reporting obligations of a holder of our securities. Additionally, this discussion does
not consider the tax treatment of partnerships or other pass-through entities or persons who hold our securities through such entities.
If a partnership (or other entity classified as a partnership for U.S. federal income tax purposes) is the beneficial owner of our securities,
the U.S. federal income tax treatment of a partner in the partnership generally will depend on the status of the partner and the activities
of the partnership. This discussion also assumes that any distributions made (or deemed made) by us on our securities shares and any
consideration received (or deemed received) by a holder in consideration for the sale or other disposition of our securities will be
in U.S. dollars.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not sought, and will not seek, a ruling from the IRS of an opinion of counsel as to any U.S. federal income tax consequence described
herein. The IRS may disagree with the descriptions herein, and its determination may be upheld by a court. Moreover, there can be no
assurance that future legislation, regulations, administrative rulings or court decisions will not adversely affect the accuracy of the
statements in this discussion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
DISCUSSION IS ONLY A SUMMARY OF THE MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR
SECURITIES. IT DOES NOT PROVIDE ANY ACTUAL REPRESENTATIONS AS TO ANY TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF
OUR SECURITIES AND WE HAVE NOT OBTAINED ANY OPINION OF COUNSEL WITH RESPECT TO SUCH TAX CONSEQUENCES. AS A RESULT, EACH PROSPECTIVE INVESTOR
IN OUR SECURITIES IS URGED TO CONSULT ITS OWN TAX ADVISOR WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES TO SUCH INVESTOR OF THE ACQUISITION,
OWNERSHIP AND DISPOSITION OF OUR SECURITIES, INCLUDING THE APPLICABILITY AND EFFECT OF ANY STATE, LOCAL, AND NON-U.S. TAX LAWS, AS WELL
AS U.S. FEDERAL TAX LAWS AND ANY APPLICABLE TAX TREATIES.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S.
Holders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tax
Reporting</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. Holders may be required to file an IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) to report a transfer
of property (including cash) to us. Substantial penalties may be imposed on a U.S. Holder that fails to comply with this reporting requirement.
Each U.S. Holder is urged to consult with its own tax advisor regarding this reporting obligation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
of Distributions Paid on Ordinary Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the passive foreign investment company (&#8220;PFIC&#8221;) rules discussed below, a U.S. Holder generally will be required to include
in gross income as dividends the amount of any cash dividend paid on our ordinary shares. A cash distribution on such shares generally
will be treated as a dividend for U.S. federal income tax purposes to the extent the distribution is paid out of our current or accumulated
earnings and profits (as determined under U.S. federal income tax principles). Such dividends paid by us will be taxable to a corporate
U.S. holder at regular rates and will not be eligible for the dividends-received deduction generally allowed to domestic corporations
in respect of dividends received from other domestic corporations. Distributions in excess of such earnings and profits generally will
be applied against and reduce the U.S. Holder&#8217;s basis in its ordinary shares (but not below zero) and, to the extent in excess
of such basis, will be treated as gain from the sale or exchange of such ordinary shares. With respect to non-corporate U.S. Holders,
dividends may be subject to the lower applicable long-term capital gains tax rate (see &#8220;&#8212; Taxation on the Disposition of
Securities&#8221; below) if our ordinary shares are readily tradeable on an established securities market in the United States and certain
other requirements are met. U.S. Holders should consult their own tax advisors regarding the availability of the lower rate for any cash
dividends paid with respect to our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently intend to retain all available funds and any future earnings to fund the growth and development of our business. We have never
declared or paid any cash dividends on our capital stock. We do not intend to pay cash dividends to our shareholders in the foreseeable
future. Investors should not purchase our ordinary shares with the expectation of receiving cash dividends. Any future determination
to declare dividends will be made at the discretion of our board of directors and will depend on our financial condition, operating results,
capital requirements, general business conditions, and other factors that our board of directors may deem relevant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
on the Disposition of Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
a sale or other taxable disposition of our securities, and subject to the PFIC rules discussed below, a U.S. Holder generally will recognize
capital gain or loss in an amount equal to the difference between the amount realized and the U.S. Holder&#8217;s adjusted tax basis
in the securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
regular U.S. federal income tax rate on capital gains recognized by U.S. Holders generally is the same as the regular U.S. federal income
tax rate on ordinary income, except that under tax law currently in effect long-term capital gains recognized by non-corporate U.S. Holders
are generally subject to U.S. federal income tax at reduced rates. Capital gain or loss will constitute long-term capital gain or loss
if the U.S. Holder&#8217;s holding period for the securities exceeds one year. The deductibility of capital losses is subject to various
limitations. U.S. Holders who recognize losses with respect to a disposition of our securities should consult their own tax advisors
regarding the tax treatment of such losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exercise,
Lapse or Redemption of a Warrant</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the PFIC rules discussed below, a U.S. Holder generally will not recognize gain or loss upon the acquisition of an ordinary share
from the exercise of two warrants for cash. An ordinary share acquired pursuant to the exercise of two warrants for cash generally will
have a tax basis equal to the U.S. Holder&#8217;s tax basis in the warrant, increased by the amount paid to exercise the warrant. The
holding period of such ordinary share generally would begin on the day after the date of exercise of the warrant and will not include
the period during which the U.S. Holder held the warrant. If a warrant is allowed to lapse unexercised, a U.S. Holder generally will
recognize a capital loss equal to such holder&#8217;s tax basis in the warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax consequences of a cashless exercise of warrants are not clear under current tax law. A cashless exercise may be tax-free, either
because the exercise is not a realization event (i.e., not a transaction in which gain or loss is realized) or because the exercise is
treated as a recapitalization for U.S. federal income tax purposes. In either tax-free situation, a U.S. Holder&#8217;s basis in the
ordinary shares received would equal the holder&#8217;s basis in the warrants. If the cashless exercise were treated as not being a realization
event, a U.S. Holder&#8217;s holding period in the ordinary shares should be treated as commencing on the date following the date of
exercise of the warrants. If the cashless exercise were treated as a recapitalization, the holding period of the ordinary shares received
would include the holding period of the warrants. It is also possible that a cashless exercise could be treated as a taxable exchange
in which gain or loss would be recognized. In such event, a U.S. Holder could be deemed to have surrendered a number of warrants with
a fair market value equal to the exercise price for the number of warrants deemed exercised. For this purpose, the number of warrants
deemed exercised would be equal to the amount needed to receive on exercise the number of ordinary shares issued pursuant to the cashless
exercise. In this situation, the U.S. Holder would recognize capital gain or loss in an amount equal to the difference between the fair
market value of the warrants deemed surrendered to pay the exercise price and the U.S. Holder&#8217;s tax basis in the warrants deemed
surrendered. Such gain or loss would be long-term or short-term depending on the U.S. Holder&#8217;s holding period in the warrants.
In this case, a U.S. Holder&#8217;s tax basis in the ordinary shares received would equal the sum of the fair market value of the warrants
deemed surrendered and the U.S. Holder&#8217;s tax basis in the warrants deemed exercised. A U.S. Holder&#8217;s holding period for the
ordinary shares should commence on the date following the date of exercise of the warrants. There may also be alternative characterizations
of any such taxable exchange that would result in similar tax consequences, except that a U.S. Holder&#8217;s gain or loss would be short-term.
Due to the absence of authority on the U.S. federal income tax treatment of a cashless exercise, there can be no assurance which, if
any, of the alternative tax consequences described above would be adopted by the IRS or a court of law. Accordingly, U.S. Holders should
consult their tax advisors regarding the tax consequences of a cashless exercise of the warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to treat the exercise of a warrant occurring after giving notice of an intention to redeem the warrant as described in Section
&#8220;<i>Warrants</i>&#8221; of Part &#8220;<i>Description of Securities</i>&#8221; of this prospectus as if we redeemed such warrant
with ordinary shares, which should be treated as a recapitalization for U.S. federal income tax purposes. Accordingly, a U.S. Holder
should not recognize any gain or loss on the deemed redemption of warrants for ordinary shares. A U.S. Holder&#8217;s aggregate tax basis
in the ordinary shares received in the redemption should equal the U.S. Holder&#8217;s aggregate tax basis in the warrants so redeemed
and the holding period for the ordinary shares received in redemption of such U.S. Holder&#8217;s warrants should include the U.S. Holder&#8217;s
holding period for the redeemed warrants. However, if the redemption were instead to be characterized for U.S. federal income tax purposes
as a cashless exercise of the warrant (which we do not expect), then the tax treatment would instead be treated as described above in
the second paragraph under &#8220;<i>Exercise, Lapse or Redemption of a Warrant</i>&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the PFIC rules described below, if we redeem warrants for cash pursuant to the redemption provisions described in Section &#8220;<i>Warrants</i>&#8221;
of Part &#8220;<i>Description of Securities</i>&#8221; of this prospectus or if we purchase warrants in an open-market transaction, such
redemption or purchase generally will be treated as a taxable disposition to the U.S. Holder, taxed as described above under &#8220;<i>Taxation
on the Disposition of Securities</i>.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Possible
Constructive Distributions</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
terms of each warrant provide for an adjustment to the number of ordinary shares for which the warrant may be exercised or to the exercise
price of the warrant in certain events, as discussed in Section &#8220;<i>Warrants</i>&#8221; of Part &#8220;<i>Description of Securities</i>&#8221;
of this prospectus. An adjustment which has the effect of preventing dilution generally is not taxable. The U.S. Holders of the warrants
would, however, be treated as receiving a constructive distribution from us if, for example, the adjustment increases such U.S. Holders&#8217;
proportionate interest in our assets or earnings and profits (e.g., through an increase in the number of ordinary shares that would be
obtained upon exercise or through a decrease in the exercise price of the warrant) as a result of a distribution of cash or other property
such as other securities to the holders of ordinary shares which is taxable to the U.S. Holders of such ordinary shares as described
under &#8220;<i>Taxation of Distributions Paid on Ordinary Shares</i>&#8221; above. Such constructive distribution would be subject to
tax as described under that section in the same manner as if the U.S. Holders of the warrants received a cash distribution from us equal
to the fair market value of the increase in the interest. For certain information reporting purposes, we are required to determine the
date and amount of any such constructive distributions. Proposed Treasury regulations, which we may rely on prior to the issuance of
final regulations, specify how the date and amount of constructive distributions are determined.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unearned
Income Medicare Tax</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
current tax law, U.S. Holders that are individual, estates or trusts and whose income exceeds certain thresholds generally will be subject
to a 3.8% Medicare contribution tax on unearned income, including, among other things, dividends on, and gains from the sale or other
disposition of, our securities, subject to certain limitations and exceptions. Under current regulations, in the absence of a special
election, such unearned income generally would not include income inclusions under the qualified election fund (&#8220;QEF&#8221;) rules
discussed below under &#8220;Passive Foreign Investment Company Rules,&#8221; but would include distributions of earnings and profits
from a QEF. U.S. Holders should consult their own tax advisors regarding the effect, if any, of such tax on their ownership and disposition
or our securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive
Foreign Investment Company Rules</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
foreign (i.e., non-U.S.) corporation will be a PFIC for U.S. federal income tax purposes if at least 75% of its gross income in a taxable
year of such foreign corporation, including its <i>pro rata</i> share of the gross income of any corporation in which it is considered
to own at least 25% of the shares by value, is passive income. Alternatively, a foreign corporation will be a PFIC if at least 50% of
its assets in a taxable year of the foreign corporation, ordinarily determined based on fair market value and averaged quarterly over
the year, including its <i>pro rata</i> share of the assets of any corporation in which it is considered to own at least 25% of the shares
by value, are held for the production of, or produce, passive income. Passive income generally includes dividends, interest, rents and
royalties (other than certain rents or royalties derived from the active conduct of a trade or business) and gains from the disposition
of passive assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder of our
securities and, in the case of our ordinary shares, the U.S. Holder did not make a timely QEF election for our first taxable year as
a PFIC in which the U.S. Holder held (or was deemed to hold) such ordinary shares, a QEF election along with a deemed sale (or purging)
election, or a &#8220;mark-to-market&#8221; election, each as described below, such holder generally will be subject to special rules
for regular U.S. federal income tax purposes with respect to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    gain recognized by the U.S. Holder on the sale or other disposition of our securities; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    &#8220;excess distribution&#8221; made to the U.S. Holder (generally, any distributions to such U.S. Holder during a taxable year
    of the U.S. Holder that are greater than 125% of the average annual distributions received by such U.S. Holder in respect of our
    securities during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder&#8217;s holding period for
    our securities).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
these rules,</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    U.S. Holder&#8217;s gain or excess distribution will be allocated ratably over the U.S. Holder&#8217;s holding period for our securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to the U.S. Holder&#8217;s taxable year in which the U.S. Holder recognized the gain or received the excess distribution,
    or to the period in the U.S. Holder&#8217;s holding period before the first day of our first taxable year in which we are a PFIC,
    will be taxed as ordinary income;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will be taxed
    at the highest tax rate in effect for that year and applicable to the U.S. Holder; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each such other
    taxable year of the U.S. Holder.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, if we are determined to be a PFIC, a U.S. Holder may avoid the PFIC tax consequences described above in respect to our ordinary
shares by making a timely QEF election (or a QEF election along with a purging election). Pursuant to the QEF election, a U.S. Holder
generally will be required to include in income its <i>pro rata</i> share of our net capital gains (as long-term capital gain) and other
earnings and profits (as ordinary income), on a current basis, in each case whether or not distributed, in the taxable year of the U.S.
Holder in which or with which our taxable year ends if we are treated as a PFIC for that taxable year. A U.S. Holder may make a separate
election to defer the payment of taxes on undistributed income inclusions under the QEF rules, but if deferred, any such taxes will be
subject to an interest charge.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder may not make a QEF election with respect to its warrants to purchase ordinary shares. As a result, if a U.S. Holder sells
or otherwise disposes of such warrants (other than upon exercise of such warrants), any gain recognized generally will be subject to
the special tax and interest charge rules treating the gain as an excess distribution, as described above, if we were a PFIC at any time
during the period the U.S. Holder held the warrants. If a U.S. Holder that exercises such warrants properly makes a QEF election with
respect to the newly acquired ordinary shares (or has previously made a QEF election with respect to our ordinary shares), the QEF election
will apply to the newly acquired ordinary shares, but the adverse tax consequences relating to PFIC shares, adjusted to take into account
the current income inclusions resulting from the QEF election, will continue to apply with respect to such newly acquired ordinary shares
(which generally will be deemed to have a holding period for purposes of the PFIC rules that includes the period the U.S. Holder held
the warrants or rights), unless the U.S. Holder makes a purging election under the PFIC rules. The purging election creates a deemed
sale of such shares at their fair market value. The gain recognized by the purging election will be subject to the special tax and interest
charge rules treating the gain as an excess distribution, as described above. As a result of the purging election, the U.S. Holder will
increase the adjusted tax basis in its ordinary shares acquired upon the exercise of the warrants by the gain recognized and will also
have a new holding period in such ordinary shares for purposes of the PFIC rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
QEF election is made on a shareholder-by-shareholder basis and, once made, can be revoked only with the consent of the IRS. A U.S. Holder
generally makes a QEF election by attaching a completed IRS Form 8621 (Information Return by a Shareholder of a Passive Foreign investment
Company or Qualified Electing Fund), including the information provided in a PFIC annual information statement, to a timely filed U.S.
federal income tax return for the tax year to which the election relates. Retroactive QEF elections generally may be made only by filing
a protective statement with such return and if certain other conditions are met or with the consent of the IRS. U.S. Holders should consult
their own tax advisors regarding the availability and tax consequences of a retroactive QEF election under their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to comply with the requirements of a QEF election, a U.S. Holder must receive a PFIC annual information statement from us. If we
determine we are a PFIC for any taxable year, we will endeavor to provide to a U.S. Holder upon request such information as the IRS may
require, including a PFIC annual information statement, in order to enable the U.S. Holder to make and maintain a QEF election&#160;.
However, there is no assurance that we will have timely knowledge of our status as a PFIC in the future or of the required information
to be provided.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. Holder has made a QEF election with respect to our ordinary shares, and the special tax and interest charge rules do not apply
to such shares (because of a timely QEF election for our first taxable year as a PFIC in which the U.S. Holder holds (or is deemed to
hold) such shares or a purge of the PFIC taint pursuant to a purging election, as described above), any gain recognized on the sale of
our ordinary shares generally will be taxable as capital gain and no interest charge will be imposed. As discussed above, for regular
U.S. federal income tax purposes, U.S. Holders of a QEF generally are currently taxed on their <i>pro rata </i>shares of its earnings
and profits, whether or not distributed. In such case, a subsequent distribution of such earnings and profits that were previously included
in income generally should not be taxable as a dividend to such U.S. Holders. The adjusted tax basis of a U.S. Holder&#8217;s shares
in a QEF will be increased by amounts that are included in income, and decreased by amounts distributed but not taxed as dividends, under
the above rules. Similar basis adjustments apply to property if by reason of holding such property the U.S. Holder is treated under the
applicable attribution rules as owning shares in a QEF.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
a determination as to our PFIC status will be made annually, an initial determination we are a PFIC will generally apply for subsequent
years to a U.S. Holder who held our securities while we were a PFIC, whether or not we meet the test for PFIC status in those subsequent
years. A U.S. Holder who makes the QEF election discussed above for our first taxable year as a PFIC in which the U.S. Holder holds (or
is deemed to hold) our ordinary shares, however, will not be subject to the PFIC tax and interest charge rules discussed above in respect
to such shares. In addition, such U.S. Holder will not be subject to the QEF inclusion regime with respect to such shares for any of
our taxable years that end within or with a taxable year of the U.S. Holder and in which we are not a PFIC. On the other hand, if the
QEF election is not effective for each of our taxable years in which we are a PFIC and the U.S. Holder holds (or is deemed to hold) our
ordinary shares, the PFIC rules discussed above will continue to apply to such shares unless the holder files on a timely filed U.S.
federal income tax return (including extensions) a QEF election and a purging election to recognize under the rules of Section 1291 of
the Code any gain that the U.S. Holder would otherwise recognize if the U.S. Holder had sold our shares for their fair market value on
the &#8220;qualification date.&#8221; The qualification date is the first day of our tax year in which we qualify as a QEF with respect
to such U.S. Holder. The purging election can only be made if such U.S. Holder held our shares on the qualification date. The gain recognized
by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as
described above. As a result of the purging election, the U.S. Holder will increase the adjusted tax basis in our shares by the amount
of the gain recognized and will also have a new holding period in the shares for purposes of the PFIC rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternatively,
if a U.S. Holder, at the close of its taxable year, owns (or is deemed to own) shares in a PFIC that are treated as marketable shares,
the U.S. Holder may make a mark-to-market election with respect to such shares for such taxable year. If the U.S. Holder makes a valid
mark-to-market election for the first taxable year of the U.S. Holder in which the U.S. Holder holds (or is deemed to hold) our ordinary
shares and for which we are determined to be a PFIC, such holder generally will not be subject to the PFIC rules described above in respect
to its ordinary shares as long as such shares continue to be treated as marketable shares. Instead, in general, the U.S. Holder will
include as ordinary income for each year that we are treated as a PFIC the excess, if any, of the fair market value of its ordinary shares
at the end of its taxable year over the adjusted basis in its ordinary shares. The U.S. Holder also will be allowed to take an ordinary
loss in respect of the excess, if any, of the adjusted basis of its ordinary shares over the fair market value of its ordinary shares
at the end of its taxable year (but only to the extent of the net amount of previously included income as a result of the mark-to-market
election). The U.S. Holder&#8217;s adjusted tax basis in its ordinary shares will be adjusted to reflect any such income or loss amounts,
and any further gain recognized on a sale or other taxable disposition of the ordinary shares in a taxable year in which we are treated
as a PFIC will be treated as ordinary income. Special tax rules may also apply if a U.S. Holder makes a mark-to-market election for a
taxable year after the first taxable year in which the U.S. Holder holds (or is deemed to hold) its ordinary shares and for which we
are treated as a PFIC. Currently, a mark-to-market election may not be made with respect to our warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with
the Securities and Exchange Commission, including the Nasdaq Global Market, or on a foreign exchange or market that the IRS determines
has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. U.S. Holders should consult
their own tax advisors regarding the availability and tax consequences of a mark-to-market election in respect to our ordinary shares
under their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC and, at any time, have a foreign subsidiary that is classified as a PFIC, U.S. Holders of our shares generally would be
deemed to own a portion of the shares of such lower-tier PFIC, and generally could incur liability for the deferred tax and interest
charge described above if we receive a distribution from, or dispose of all or part of our interest in, the lower-tier PFIC or the U.S.
Holders otherwise were deemed to have disposed of an interest in the lower-tier PFIC. Upon request, we will endeavor to cause any lower-tier
PFIC to provide to a U.S. Holder the information that may be required to make or maintain a QEF election with respect to the lower-tier
PFIC. However, there is no assurance that we will have timely knowledge of the status of any such lower-tier PFIC. In addition, we may
not hold a controlling interest in any such lower-tier PFIC and thus there can be no assurance we will be able to cause the lower-tier
PFIC to provide the required information. A mark-to-market election generally would not be available with respect to such lower-tier
PFIC. U.S. Holders are urged to consult their own tax advisors regarding the tax issues raised by lower-tier PFICs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder that owns (or is deemed to own) shares in a PFIC during any taxable year of the U.S. Holder, may have to file an IRS Form
8621 (whether or not a QEF or mark-to-market election is or has been made) with such U.S. Holder&#8217;s U.S. federal income tax return
and provide such other information as may be required by the U.S. Treasury Department.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rules dealing with PFICs and with the QEF and mark-to-market elections are very complex and are affected by various factors in addition
to those described above. Our U.S. counsel expresses no opinion with respect to our PFIC status for any taxable year. Accordingly, U.S.
Holders of our securities should consult their own tax advisors concerning the application of the PFIC rules to our securities under
their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-U.S.
Holders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
(including constructive dividends) paid or deemed paid to a Non-U.S. Holder in respect to our securities generally will not be subject
to U.S. federal income tax, unless the dividends are effectively connected with the Non-U.S. Holder&#8217;s conduct of a trade or business
within the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed
base that such holder maintains or maintained in the United States).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, a Non-U.S. Holder generally will not be subject to U.S. federal income tax on any gain attributable to a sale or other disposition
of our securities unless such gain is effectively connected with its conduct of a trade or business in the United States (and, if required
by an applicable income tax treaty, is attributable to a permanent establishment or fixed base that such holder maintains or maintained
in the United States) or the Non-U.S. Holder is an individual who is present in the United States for 183 days or more in the taxable
year of sale or other disposition and certain other conditions are met (in which case, such gain from United States sources generally
is subject to tax at a 30% rate or a lower applicable tax treaty rate).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
and gains that are effectively connected with the Non-U.S. Holder&#8217;s conduct of a trade or business in the United States (and, if
required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base that such holder maintains or
maintained in the United States) generally will be subject to regular U.S. federal income tax at the same regular U.S. federal income
tax rates applicable to a comparable U.S. Holder and, in the case of a Non-U.S. Holder that is a corporation for U.S. federal income
tax purposes, may also be subject to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Backup
Withholding and Information Reporting</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, information reporting for U.S. federal income tax purposes should apply to distributions made on our ordinary shares within
the United States to a U.S. Holder (other than an exempt recipient) and to the proceeds from sales and other dispositions of our securities
by a U.S. Holder (other than an exempt recipient) to or through a U.S. office of a broker. Payments made (and sales and other dispositions
effected at an office) outside the United States will be subject to information reporting in limited circumstances. In addition, certain
information concerning a U.S. Holder&#8217;s adjusted tax basis in its securities and whether any gain or loss with respect to such securities
in long-term or short-term may be required to be reported to the IRS, and certain holders may be required to file an IRS Form 8938 (Statement
of Specified Foreign Financial Assets) to report their interest in our securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
backup withholding of U.S. federal income tax, currently at a rate of 24%, generally will apply to dividends paid on our securities to
a U.S. Holder (other than an exempt recipient) and the proceeds from sales and other dispositions of our securities by a U.S. Holder
(other than an exempt recipient), in each case who:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fails
    to provide an accurate taxpayer identification number;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    notified by the IRS that backup withholding is required; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fails
    to comply with applicable certification requirements.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Non-U.S. Holder generally may eliminate the requirement for information reporting and backup withholding by providing certification of
its foreign status, under penalties of perjury, on a duly executed applicable IRS Form W-8 or by otherwise establishing an exemption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will withhold all taxes required to be withheld by law from any amounts otherwise payable to any holder of our securities, including
tax withholding required by the backup withholding rules. Backup withholding is not an additional tax. Rather, the amount of any backup
withholding will be allowed as a credit against a U.S. Holder&#8217;s or a Non-U.S. Holder&#8217;s U.S. federal income tax liability
and may entitle such holder to a refund, provided that the requisite information is timely furnished to the IRS. Holders are urged to
consult their own tax advisors regarding the application of backup withholding and the availability of and procedure for obtaining an
exemption from backup withholding in their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends
    and Paying Agents </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement
    by Experts </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>H.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Documents
    on Display</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the periodic reporting and other informational requirements of the Exchange Act. Under the Exchange Act, we are required
to file reports and other information with the SEC. Specifically, we are required to file annually a Form 20-F within four months after
the end of each fiscal year, which is December 31. Copies of reports and other information, when so filed, may be inspected without charge
and may be obtained at prescribed rates at the public reference facilities maintained by the Securities and Exchange Commission at 100
F Street, N.E., Room 1580, Washington, D.C. 20549. The public may obtain information regarding the Washington, D.C. Public Reference
Room by calling the Commission at 1 -800-SEC-0330. The SEC also maintains a website at <span style="text-decoration: underline">www.sec.gov</span> that contains reports, proxy
and information statements, and other information regarding registrants that make electronic filings with the SEC using its EDGAR system.
As a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly
reports and proxy statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing profit
recovery provisions contained in Section 16 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with Nasdaq Stock Market Rule 5250(d), we will post this annual report on our website www.euda.com. In addition, we will provide
hardcopies of our annual report to shareholders free of charge upon request.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>I.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsidiary
    Information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_016"></span>ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_017"></span>ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 42px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Debt
    Securities</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 42px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants
    and Rights</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
two warrants entitle the registered holder to purchase one ordinary share at a price of $11.50 per share, subject to adjustment as discussed
below. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares. This means that
only an even number of warrants may be exercised at any given time by a warrant holder. However, except as set forth below, no warrants
will be exercisable for cash unless we have an effective and current registration statement covering the ordinary shares issuable upon
exercise of the warrants and a current prospectus relating to such ordinary shares. If an exemption from registration is not available,
holders will not be able to exercise their warrants on a cashless basis. The warrants will expire five years after the completion of
our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may call the warrants for redemption, in whole and not in part, at a price of $0.01 per warrant:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    any time while the warrants are exercisable,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
    not less than 30 days&#8217; prior written notice of redemption to each warrant holder,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
    and only if, the reported last sale price of the ordinary shares equals or exceeds $16.50 per share, for any 20 trading days within
    a 30 trading day period ending on the third business day prior to the notice of redemption to warrant holders (the &#8220;Force-Call
    Provision&#8221;), and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
    and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at
    the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date
    of redemption.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
right to exercise will be forfeited unless the warrants are exercised prior to the date specified in the notice of redemption. On and
after the redemption date, a record holder of a warrant will have no further rights except to receive the redemption price for such holder&#8217;s
warrant upon surrender of such warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
redemption criteria for our warrants have been established at a price which is intended to provide warrant holders a reasonable premium
to the initial exercise price and provide a sufficient differential between the then-prevailing share price and the warrant exercise
price so that if the share price declines as a result of our redemption call, the redemption will not cause the share price to drop below
the exercise price of the warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we call the warrants for redemption as described above, our management will have the option to require all holders that wish to exercise
warrants to do so on a &#8220;cashless basis.&#8221; In such event, each holder would pay the exercise price by surrendering the whole
warrants for that number of ordinary shares equal to the quotient obtained by dividing (x) the product of the number of ordinary shares
underlying the warrants, multiplied by the difference between the exercise price of the warrants and the &#8220;fair market value&#8221;
(defined below) by (y) the fair market value. The &#8220;fair market value&#8221; shall mean the average reported last sale price of
the ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent
to the holders of warrants. Whether we will exercise our option to require all holders to exercise their warrants on a &#8220;cashless
basis&#8221; will depend on a variety of factors including the price of our ordinary shares at the time the warrants are called for redemption,
our cash needs at such time and concerns regarding dilutive share issuances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
exercise price and number of ordinary shares issuable on exercise of the warrants may be adjusted in certain circumstances including
in the event of a share capitalizations, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However,
the warrants will not be adjusted for issuances of ordinary shares at a price below their respective exercise prices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full
payment of the exercise price, by certified or official bank check payable to us, for the number of warrants being exercised. The warrant
holders do not have the rights or privileges of holders of ordinary shares and any voting rights until they exercise their warrants and
receive ordinary shares. After the issuance of ordinary shares upon exercise of the warrants, each holder will be entitled to one vote
for each share held of record on all matters to be voted on by shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as described above, no warrants will be exercisable and we will not be obligated to issue ordinary shares unless at the time a holder
seeks to exercise such warrant, a prospectus relating to the ordinary shares issuable upon exercise of the warrants is current and the
ordinary shares have been registered or qualified or deemed to be exempt under the securities laws of the state of residence of the holder
of the warrants. Under the terms of the warrant agreement, we have agreed to use our best efforts to meet these conditions and to maintain
a current prospectus relating to the ordinary shares issuable upon exercise of the warrants until the expiration of the warrants. However,
we cannot assure you that we will be able to do so and, if we do not maintain a current prospectus relating to the ordinary shares issuable
upon exercise of the warrants, holders will be unable to exercise their warrants and we will not be required to settle any such warrant
exercise. If the prospectus relating to the ordinary shares issuable upon the exercise of the warrants is not current or if the ordinary
shares is not qualified or exempt from qualification in the jurisdictions in which the holders of the warrants reside, we will not be
required to net cash settle or cash settle the warrant exercise, the warrants may have no value, the market for the warrants may be limited
and the warrants may expire worthless.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant
holders may elect to be subject to a restriction on the exercise of their warrants such that an electing warrant holder (and his, her
or its affiliates) would not be able to exercise their warrants to the extent that, after giving effect to such exercise, such holder
(and his, her or its affiliates) would beneficially own in excess of 9.8% of the ordinary shares issued and outstanding. Notwithstanding
the foregoing, any person who acquires a warrant with the purpose or effect of changing or influencing the control of our company, or
in connection with or as a participant in any transaction having such purpose or effect, immediately upon such acquisition will be deemed
to be the beneficial owner of the underlying ordinary shares and not be able to take advantage of this provision.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive
a fractional interest in a share (as a result of a subsequent share capitalizations payable in ordinary shares, or by a split up of the
ordinary shares or other similar event), we will, upon exercise, round up or down to the nearest whole number the number of ordinary
shares to be issued to the warrant holder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 42px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
    Securities </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_018"></span>PART
II.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_019"></span>ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_020"></span>ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
Modifications to the Rights of Security Holders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use
of Proceeds</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_021"></span>ITEM
15. CONTROLS AND PROCEDURES</b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Evaluation
of disclosure controls and procedures</i>. Our Chief Executive Officer and our Chief Financial Officer have evaluated the effectiveness
of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period
covered by this Annual Report on Form 20-F. Our disclosure controls and procedures are designed to ensure that information we are required
to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time
periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our
chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management&#8217;s
Annual Report on Internal Control over Financial Reporting</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
is responsible for establishing and maintaining adequate internal control over financial reporting at the Company. The Company&#8217;s
internal control over financial reporting is a process designed under the supervision of the Chief Executive Officer and Chief Financial
Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external reporting purposes in accordance with generally accepted accounting principles, and includes those policies and procedures
that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of
the assets of the Company;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with
authorizations of management and directors of the Company; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company&#8217;s
assets that could have a material effect on the financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Chief Executive Officer and the Chief Financial Officer conducted an evaluation of the effectiveness of our internal control over financial
reporting as of December 31, 2023, based on the framework and criteria established in Internal Control &#8211; Integrated Framework,
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of the material weakness in our internal control over financial reporting discussed below, our Chief Executive
Officer and Chief Financial Officer concluded that, as of December 31, 2023, our disclosure controls and procedures were not effective.
In light of this fact, our Chief Executive Officer and Chief Financial Officer have performed additional analyses, reconciliations, and
other post-closing procedures and have concluded that, notwithstanding the material weakness in our internal control over financial reporting,
the consolidated financial statements for the periods covered by and included in this Annual Report on Form 20-F fairly present, in all
material respects, our financial position, results of operations and cash flows for the periods presented in conformity with GAAP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">A
&#8220;material weakness&#8221; is a deficiency, or a combination of deficiencies, in internal control over financial reporting such
that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented
or detected on a timely basis. A &#8220;significant deficiency&#8221; is a deficiency or a combination of deficiencies in internal control
over financial reporting that is less severe than a material weakness, yet important enough to merit attention by those responsible for
oversight of the Company&#8217;s financial reporting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The material weaknesses that was identified related to: (i) the lack of
sufficient financial reporting and accounting personnel, especially those with understanding of U.S. GAAP knowledge; (ii) the lack of
proper mechanism to identify and assess the experience and qualification of third-party specialists; and (iii) the lack of appropriate controls
in the financial reporting process, specifically related to account reconciliations and journal entry approval. As a result of these material
weaknesses, the Company&#8217;s management concluded that our internal control over financial reporting was not effective as of December
31, 2023. EUDA is in the process of developing a plan to remediate this material weakness and will continue to identify additional appropriate
remediation measures. However, the material weakness will not be considered remediated until the remediation plan has been fully implemented,
the applicable controls are fully operational for a sufficient period of time, and the Company has concluded, through testing, that the
newly implemented and enhanced controls are operating effectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Remediation
Plan. </i> Management and our Audit Committee are currently reviewing and determining
a plan to remediate the material weakness described above and to enhance our overall control environment. We will not consider the material
weaknesses remediated until our enhanced control is operational for a sufficient period of time and tested, enabling management to conclude
that the enhanced controls are operating effectively. Our remediation plan includes (1) hiring of additional finance and accounting staff
with qualifications and work experiences in U.S. GAAP and SEC reporting requirements to formalize and strengthen the key internal control
over financial reporting; (2) allocating sufficient resources to prepare and review financial statements and related disclosures in accordance
with U.S.GAAP and SEC reporting requirements; (3) hiring of qualified consultant to assess Sarbanes-Oxley Act compliance readiness, to
assess where we can improve our overall internal control over financial reporting function, and to assist us in implementing improvements
where necessary; (4) setting up an effective internal mechanism to perform background check, identify and assess the qualification of
the engaged third-party specialists; (5) consulting with experienced valuation specialist on a timely basis; (6) establish a formal review
and approval process by developing a documented procedure for reviewing and approving account reconciliations and journal entries; (7)
clearly define the roles and responsibilities of individuals involved in the review and approval process; (8) enhance documentation and
record-keeping by creating standardized templates for account reconciliations and journal entry approvals, and maintaining a central repository
for all reconciliations and approved journal entries; and (9) consider implementing an integrated financial management system with built-in
controls, ensuring that the accounting system provides adequate safeguards against unauthorized access and manipulation of financial data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
this time, EUDA cannot predict the success of such efforts or the outcome of future assessments of the remediation efforts. As a public
company, EUDA is required to further design, document and test the Company&#8217;s internal controls over financial reporting to comply
with Sarbanes-Oxley Act Section 404. If existing material weaknesses or control deficiencies are not remediated or if material weaknesses
or control deficiencies occur in the future, EUDA may be unable to report the Company&#8217;s financial results accurately on a timely
basis or help prevent fraud, which could cause EUDA&#8217;s reported financial results to be materially misstated and result in the loss
of investor confidence or delisting and cause the market price of EUDA&#8217;s ordinary shares to decline. If we have material weaknesses
in the future, it could affect the financial results that the Company reports or create a perception that those financial results do
not fairly state EUDA&#8217;s financial position or results of operations. Either of those events could have an adverse effect on the
value of the Company&#8217;s ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Inherent
limitation on the effectiveness of internal control.</i>&#160;The effectiveness of any system of internal control over financial reporting,
including ours, is subject to inherent limitations, including the exercise of judgment in designing, implementing, operating, and evaluating
the controls and procedures, and the inability to eliminate misconduct completely. Accordingly, in designing and evaluating the disclosure
controls and procedures, management recognizes that any system of internal control over financial reporting, including ours, no matter
how well designed and operated, can only provide reasonable, not absolute assurance of achieving the desired control objectives. In addition,
the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required
to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs. Moreover, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate. We intend to continue to monitor and upgrade our internal
controls as necessary or appropriate for our business but cannot assure you that such improvements will be sufficient to provide us with
effective internal control over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_022"></span>ITEM
16.A. AUDIT COMMITTEE FINANCIAL EXPERT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has determined that Eric Lew, independent director and member of our audit committee, is an audit committee financial
expert.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_023"></span>ITEM
16.B. CODE OF ETHICS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has adopted a code of ethics that applies to all of the directors, officers and employees of us and our subsidiaries,
whether they work for us on a full-time, part-time, consultative, or temporary basis. Certain provisions of the code apply specifically
to our chief executive officer, chief financial officer, senior finance officer, controller, senior vice presidents, vice presidents
and any other persons who perform similar functions for us. We have posted a copy of our code of business conduct and ethics on our website
at www.euda.com.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_024"></span>ITEM
16.C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the aggregate fees by the categories specified below in connection with certain professional services rendered
by Marcum Asia CPAs LLP, our independent registered public accounting firm, for the periods indicated. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit fees<sup>(1)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">724,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">755,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit related fees<sup>(2)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax fees<sup>(3)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">All Other Fees<sup>(4)</sup></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Total</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">724,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">755,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
    Fees. Audit fees consist of fees for the audit of our annual financial statements and the reviews of our interim financial
    statements. Audit fees for each period also include related services that are normally provided in connection with registration
    statements. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit-related
    Fees. Audit-related fees consist of fees billed for assurance and related services that are reasonably related to performance of the
    audit or review of our financial statements and are not reported under &#8220;Audit Fees.&#8221; These services include attest
    services that are not required by statute or regulation and consultation concerning financial accounting and reporting standards. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
    Fees. Tax fees consist of fees billed for professional services rendered by our independent registered public accounting
firm for tax compliance, tax advice, and tax planning.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
policy of our audit committee is to pre-approve all audit and non-audit services provided by Marcum Asia CPAs LLP, including audit services
and audit-related services as described above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_025"></span>ITEM
16.D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
have been no exemptions from listing standards required to be disclosed in response to this Item.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_026"></span>ITEM
16.E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_027"></span>ITEM
16.F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Effective
September 1, 2022, Friedman LLP (&#8220;Friedman&#8221;), our then independent registered public accounting firm, combined with Marcum
LLP and continued to operate as an independent registered public accounting firm. On November 22, 2022, approved by the Company&#8217;s
board of directors, we engaged Marcum Asia CPAs LLP (&#8220;Marcum Asia&#8221;) to serve as our independent registered public accounting
firm. The services previously provided by Friedman are now provided by Marcum Asia.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Pursuant
to applicable rules, the Company makes the following additional disclosures:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">(a) During
the period from December 31, 2021 through November 22, 2022 there were no disagreements with Friedman on any matter of accounting principles
or practices, financial statement disclosure, or auditing scope or procedure, which if not resolved to Friedman&#8217;s satisfaction would
have caused it to make reference thereto in connection with its reports on the financial statements for such year. During the period from
December 31, 2021 through November 22, 2022 other than the material weaknesses in the Company&#8217;s internal control over financial
reporting, there were no events of the type described in Item 304(a)(1)(v) of Regulation S-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">(b) During
the period from December 31, 2021 through November 22, 2022 the Company did not consult with Marcum Asia with respect to any matter whatsoever
including without limitation with respect to any of (i) the application of accounting principles to a specified transaction, either completed
or proposed; (ii) the type of audit opinion that might be rendered on the Company&#8217;s financial statements; or (iii) any matter that
was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K) or an event of the type described in Item
304(a)(1)(v) of Regulation S-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_028"></span>ITEM
16.G. CORPORATE GOVERNANCE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Differences
in Corporate Law</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were incorporated under, and are governed by, the laws of the British Virgin Islands. The corporate statutes of the State of Delaware
and the British Virgin Islands are similar, and the flexibility available under British Virgin Islands law has enabled us to adopt memorandum
of association and articles of association that will provide shareholders with rights that do not vary in any material respect from those
they would enjoy if we were incorporated under the Delaware General Corporation Law, or Delaware corporate law. Set forth below is a
summary of some of the differences between provisions of the BVI Act applicable to us and the laws application to companies incorporated
in Delaware and their shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director&#8217;s
Fiduciary Duties</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its stockholders. This duty
has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care
that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and
disclose to stockholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires
that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate
position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation
and its stockholders take precedence over any interest possessed by a director, officer or controlling stockholder and not shared by
the stockholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and
in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by
evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director
must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">British
Virgin Islands law provides that every director of a British Virgin Islands company in exercising his powers or performing his duties
shall act honestly and in good faith and in what the director believes to be in the best interests of the company. Additionally, the
director shall exercise the care, diligence and skill that a reasonable director would exercise in the same circumstances taking into
account the nature of the company, the nature of the decision and the position of the director and his responsibilities. In addition,
British Virgin Islands law provides that a director shall exercise his powers as a director for a proper purpose and shall not act, or
agree to the company acting, in a manner that contravenes the BVI Act or the memorandum of association or articles of association of
the company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amendment
of Governing Documents</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Delaware corporate law, with very limited exceptions, a vote of the stockholders is required to amend the certificate of incorporation.
Under British Virgin Islands law and our memorandum of association and articles of association, (i) our shareholders may amend our memorandum
of association and articles of association by a resolution of shareholders, or (ii) our board of directors may amend our memorandum of
association and articles of association by a resolution of directors without a requirement for a resolution of shareholders so long as
the amendment does not:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
  <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restrict the rights of the
  shareholders to amend the memorandum of association and articles of association;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">change the percentage of
  shareholders required to pass a resolution of shareholders to amend the memorandum of association and articles of association;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">amend the memorandum of association
  and articles of association in circumstances where the memorandum of association and articles of association cannot be amended by the
  shareholders; or</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">amend the provisions of memorandum
  of association or the articles of association pertaining to &#8220;rights, privileges, restrictions and conditions attaching to shares,&#8221;
  &#8220;rights not varied by the issue of shares pari passu,&#8221; &#8220;variation of class rights&#8221; and &#8220;amendment of
  memorandum and articles of association&#8221;.</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Written
Consent of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Delaware corporate law, directors may act by written consent only on the basis of a unanimous vote. Under British Virgin Islands law,
directors may pass a written resolution (a) by such majority of the votes of the directors entitled to vote on the resolution as may
be specified in the memorandum of association or articles of association or (b) in the absence of any provision in the memorandum of
association or the articles of association, by all the directors entitled to vote on the resolution. Our articles of association provide
that a resolution consented to in writing by the directors may be passed by all directors or of all members of the committee, as the
case may be.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Written
Consent of Shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Delaware corporate law, unless otherwise provided in the certificate of incorporation, any action to be taken at any annual or special
meeting of stockholders of a corporation, may be taken by written consent of the holders of outstanding stock having not less than the
minimum number of votes that would be necessary to take such action at a meeting. As permitted by British Virgin Islands law, subject
to the memorandum or articles of association, an action that may be taken by members of the company at a meeting of shareholders may
also be taken by a resolution of shareholders consented to in writing. Our articles of association provide that shareholders may approve
corporate matters by way of a resolution consented to at a meeting of shareholders or in writing by shareholders holding in excess of
50% of votes entitled to vote thereon.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder
Proposals</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Delaware corporate law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies
with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person
authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings. British Virgin Islands
law and our articles of association provide that our directors shall call a meeting of the shareholders if requested in writing to do
so by shareholders entitled to exercise 30% or more of our outstanding voting shares in respect of the matter for which the meeting is
requested.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sale
of Assets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Delaware corporate law, a vote of the stockholders is required to approve the sale of assets only when all or substantially all assets
are being sold. In the British Virgin Islands, shareholder approval is required when more than 50% of the company&#8217;s total assets
by value are being disposed of or sold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dissolution;
Winding Up</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Delaware corporate law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders
holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved
by a simple majority of the corporation&#8217;s outstanding shares. Delaware corporate law allows a Delaware corporation to include in
its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. As permitted
by British Virgin Islands law and our articles of association, we may be voluntarily liquidated under Part XII of the BVI Act by resolution
of directors and resolution of shareholders if we have no liabilities or we are able to pay our debts as they fall due and the value
of our assets equals or exceeds our liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Redemption
of Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Delaware corporate law, any stock may be made subject to redemption by the corporation at its option or at the option of the holders
of such stock provided there remains outstanding shares with full voting power. Such stock may be made redeemable for cash, property
or rights, as specified in the certificate of incorporation or in the resolution of the board of directors providing for the issue of
such stock. As permitted by British Virgin Islands law, and our memorandum of association and articles of association, shares may be
repurchased, redeemed or otherwise acquired by us. Our directors must determine that immediately following the redemption or repurchase
we will be able to pay our debts as they fall due and the value of our assets exceeds our liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Variation
of Rights of Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Delaware corporate law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares
of such class, unless the certificate of incorporation provides otherwise. As permitted by British Virgin Islands law, and our memorandum
of association and articles of association, if our share capital is divided into more than one class of shares, we may vary the rights
attached to any class only with the consent in writing of holders of not less than three-fourths of the issued shares of that class and
holders of not less than three-fourths of the issued shares of any other class of shares which may be affected by the variation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Removal
of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Delaware corporate law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority
of the outstanding shares entitled to vote, unless the certificate provides otherwise. As permitted by British Virgin Islands law and
our memorandum of association and articles of association, directors may be removed with or without cause by resolution of directors
or resolution of shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mergers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the BVI Act, two or more companies may merge or consolidate in accordance with the statutory provisions. A merger means the merging of
two or more constituent companies into one of the constituent companies, and a consolidation means the uniting of two or more constituent
companies into a new company. In order to merger or consolidate, the directors of each constituent company must approve a written plan
of merger or consolidation which must be authorized by a resolution of shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
not otherwise entitled to vote on the merger or consolidation may still acquire the right to vote if the plan of merger or consolidation
contains any provision which, if proposed as an amendment to the memorandum association or articles of association, would entitle them
to vote as a class or series on the proposed amendment. In any event, all shareholders must be given a copy of the plan of merger or
consolidation irrespective of whether they are entitled to vote at the meeting or consent to the written resolution to approve the plan
of merger or consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inspection
of Books and Records</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Delaware corporate law, any shareholder of a corporation may for any proper purpose inspect or make copies of the corporation&#8217;s
stock ledger, list of shareholders and other books and records. Holders of our shares have no general right under British Virgin Islands
law to inspect or obtain copies of our list of shareholders or our corporate records.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conflict
of Interest</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BVI Act provides that a director shall, after becoming aware that he is interested in a transaction entered into or to be entered into
by the company, disclose that interest to the board of directors of the company. The failure of a director to disclose that interest
does not affect the validity of a transaction entered into by the director or the company, so long as the director&#8217;s interest was
disclosed to the board prior to the company&#8217;s entry into the transaction or was not required to be disclosed (for example where
the transaction is between the company and the director himself or is otherwise in the ordinary course of business and on usual terms
and conditions). As permitted by British Virgin Islands law and our memorandum of association and articles of association, a director
interested in a particular transaction may vote on it, attend meetings at which it is considered, and sign documents on our behalf which
relate to the transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transactions
with Interested Shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware
corporate law contains a business combination statute applicable to Delaware public corporations whereby, unless the corporation has
specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging
in certain business combinations with an &#8220;interested shareholder&#8221; for three years following the date that such person becomes
an interested shareholder. An interested shareholder generally is a person or group who or that owns or owned 15% or more of the target&#8217;s
outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered
bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to
the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination
or the transaction that resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware
public corporation to negotiate the terms of any acquisition transaction with the target&#8217;s board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">British
Virgin Islands law has no comparable provision. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware
business combination statute. However, although British Virgin Islands law does not regulate transactions between a company and its significant
shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with
the effect of constituting a fraud on the minority shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Independent
Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no provisions under Delaware corporate law or under the BVI Act that require a majority of our directors to be independent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cumulative
Voting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Delaware corporate law, cumulative voting for elections of directors is not permitted unless the company&#8217;s certificate of incorporation
specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors
since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases
the shareholder&#8217;s voting power with respect to electing such director. There are no prohibitions to cumulative voting under the
laws of the British Virgin Islands, but our memorandum of association and articles of association do not provide for cumulative voting</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Anti-takeover
Provisions in Our Memorandum of association and articles of association</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
provisions of our memorandum of association and articles of association may discourage, delay or prevent a change in control of our company
or management that shareholders may consider favorable, including provisions that authorize our board of directors to issue shares in
manner, on the terms and conditions and for the issue prices that the directors may determine.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Private Issuer Exemption</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a British Virgin Islands company listed on the Nasdaq Capital Market, we are subject to the Nasdaq Stock Market Rules corporate governance
listing standards. However, Nasdaq Stock Market Rules permit a foreign private issuer like us to follow the corporate governance practices
of its home country. Certain corporate governance practices in British Virgin Island, which is our home country, may differ significantly
from the Nasdaq Stock Market Rules. While we voluntarily follow most Nasdaq corporate governance rules, we may choose to take advantage
of the following exemptions afforded to foreign private issuers:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exemption
                                            from the requirement to obtain shareholder approval for certain issuances of securities,
                                            including shareholder approval prior to certain dilutive events, including a transaction
                                            other than a public offering involving the sale of 20% or more of the issuer&#8217;s ordinary
                                            shares outstanding prior to the transaction for less than the greater of book or market value
                                            of the shares, or the issuance of ordinary shares issuable upon conversion of the convertible
                                            notes; and</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exemption
                                            from the requirement that our board of directors shall have regularly scheduled meetings
                                            at which only independent directors are present as set forth in Nasdaq Rule 5605(b)(2).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to follow our home country practices in lieu of the foregoing requirements. Although we may rely on home country corporate governance
practices in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), we must comply with Nasdaq&#8217;s Notification
of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and have an audit committee that satisfies Rule 5605(c)(3),
consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). Although we currently intend to comply
with the Nasdaq corporate governance rules applicable other than as noted above, we may in the future decide to use the foreign private
issuer exemption with respect to some or all the other Nasdaq corporate governance rules. As a result, our shareholders may be afforded
less protection than they otherwise would under the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers.
We may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to take all actions necessary for it to maintain compliance as a foreign private issuer under the applicable corporate governance
requirements of the Sarbanes-Oxley Act, the rules adopted by the SEC and the Nasdaq corporate governance rules and listing standards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
we are a foreign private issuer, its directors and senior management are not subject to short-swing profit and insider trading reporting
obligations under Section 16 of the Exchange Act. They will, however, be subject to the obligations to report changes in share ownership
under Section 13 of the Exchange Act and related SEC rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_029"></span>ITEM
16.H. MINE SAFETY DISCLOSURE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_030"></span>ITEM
16.I. <span style="text-transform: uppercase">Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_031"></span>ITEM
16J. INSIDER TRADING POLICIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has adopted an Insider Trading Policy governing the purchase, sale and other dispositions of the Company&#8217;s securities by
directors, senior management and employees that is reasonably designed to promote compliance with applicable insider trading laws, rules
and regulations, and all applicable listing standards. A copy of the policy is filed as Exhibit [&#9679;] hereto.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_032"></span>ITEM
16K. CYBERSECURITY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
has adopted a Cyber Security Policy to identify, assess, manage, mitigate, and respond to cybersecurity threats. The purpose of the policy
is to establish a framework for managing cyber risks effectively, complying with relevant regulations, and protecting the Company&#8217;s
digital assets from unauthorized access, disclosure, alteration, or destruction. This policy is integrated within the Company&#8217;s
enterprise risk management system. The policy addresses the corporate information technology environment, third-party service providers,
and external-facing applications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA&#8217;s
cybersecurity incident response process will involve a multi-functional approach for investigating, containing, and mitigating incidents,
including reporting findings to senior management and other key stakeholders, including if appropriate the audit committee and the board,
and keeping them informed and involved as appropriate. While we have not, as of the date of this Form 20-F, experienced a cybersecurity
threat or incident that has had a material impact on our business or operations, there can be no guarantee that we will not experience
an incident that results in a material impact to our business or operations in the future. In addition, cybersecurity threats are constantly
evolving and increasing in sophistication, which increases the difficulty of successfully defending against them or implementing adequate
preventative measures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
information security team, which reports to the Chief Executive Officer, stays informed about and oversees prevention, detection, mitigation,
and remediation efforts through regular communication and reporting channels within our organization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_033"></span>PART
III.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_034"></span>ITEM
17. FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have elected to provide financial statements pursuant to Item 18.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_035"></span>ITEM
18. FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of Euda Health Holdings Ltd. and its subsidiaries are included at the end of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="dm_036"></span>ITEM
19. EXHIBITS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXHIBIT
INDEX</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td colspan="7" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Incorporated
    by Reference</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit</b></span></td>
    <td style="text-align: center; width: 2%; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td>
    <td style="text-align: center; width: 2%; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Schedule/
    Form</b></span></td>
    <td style="text-align: center; width: 2%; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>File
    Number</b></span></td>
    <td style="text-align: center; width: 2%; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibits</b></span></td>
    <td style="text-align: center; width: 2%; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Filing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex2-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Capital Stock.</span></a></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1847846/000149315222036478/ex3-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Memorandum and Articles of Association of EUDA Health Holdings Limited</span></a></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-1</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-268994</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1847846/000149315223019182/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Agreement with Mr. Meng Dong (James) Tan, dated May 16, 2023</span></a></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-40678</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 26, 2023</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1847846/000149315223019182/ex10-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Agreement with 8i Holdings 2 Pte Ltd., dated May 16, 2023</span></a></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-40678</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 26, 2023</span></td></tr>
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1847846/000149315223019182/ex10-3.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Agreement with Shine Link Limited, dated May 16, 2023</span></a></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-40678</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 26, 2023</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1847846/000149315223019182/ex10-4.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Agreement with Menora Capital Pte Ltd, dated May 16, 2023</span></a></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-40678</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 26, 2023</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1847846/000149315223019182/ex10-5.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Agreement with Kelvin Chen, dated May 16, 2023</span></a></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-40678</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 26, 2023</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1847846/000149315223020785/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental Agreement with Kelvin Chen, dated June 6, 2023</span></a></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-40678</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 9, 2023</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.18</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1847846/000149315223020785/ex10-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment to Prepaid Forward Agreement dated June 8, 2023</span></a></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-40678</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 9, 2023</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.19</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1847846/000149315223020785/ex10-3.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment to Prepaid Forward Agreement dated June 8, 2023</span></a></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-40678</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 9, 2023</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1847846/000149315224003350/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible Loan Agreement between the Company and Gilandi Limited, dated January 16, 2024.</span></a></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6-K</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-40678</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 23, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1847846/000149315224008849/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No. 1 to Convertible Promissory Note dated February 29, 2024</span></a></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6-K</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-40678</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 5, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1847846/000149315224013112/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Agreement between the Company and Kelvin Chen, dated March 15, 2024</span></a></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6-K</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-40678</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 4, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1847846/000149315224013112/ex10-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Agreement between the Company and Steven Sobak, dated March 15, 2024</span></a></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6-K</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-40678</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td>
    <td>&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6-K</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-40678</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></td>
    <td>&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6-K</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-40678</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 4, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1847846/000149315224013112/ex10-5.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Agreement between the Company and 8i Enterprises Pte Ltd, dated March 15, 2024</span></a></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Instance Document - the instance document
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Schema Document</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Calculation Linkbase
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Definition Linkbase
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive Data File (embedded within the
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Filed herewith.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
Furnished herewith.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing its annual report on Form 20-F and that it has duly caused
and authorized the undersigned to sign this annual report on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EUDA
    Health Holdings Limited</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
    </span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Wei Wen Kelvin Chen</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 47%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wei
    Wen Kelvin Chen</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    <span style="font-size: 10pt">M</span><span style="font-size: 12pt">ay</span> 8, 2024</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EUDA
HEALTH HOLDINGS LIMITED</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_006">Report of Independent Registered Public Accounting Firm</a> (PCAOB ID No. <span id="xdx_90A_edei--AuditorFirmId_c20230101__20231231_zRi5XTMgL1G1"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000056" name="dei:AuditorFirmId">5395</ix:nonNumeric></span>)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: center">F-1</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_007">Report of Independent Registered Public Accounting Firm</a> (PCAOB ID No. <span id="xdx_901_edei--AuditorFirmId_c20220101__20221231_zXYN2iZqaXrj"><ix:nonNumeric contextRef="From2022-01-012022-12-31" id="Fact000057" name="dei:AuditorFirmId">711</ix:nonNumeric></span>)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_001">Consolidated Balance Sheets as of December 31, 2023 and 2022</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_002">Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December
31, 2023, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-4</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_003">Consolidated Statements of Changes in Shareholders&#8217; Equity (Deficit) for the Years Ended December
31, 2023, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-5</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_004">Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-6</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_005">Notes to Consolidated Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-7</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;<img src="audit_001.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ja_006"></span>&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Shareholders and Board of Directors of</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
Health Holdings Limited</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of EUDA Health Holdings Limited (the &#8220;Company&#8221;) as of December
31, 2023 and 2022, the related consolidated statements of operations and comprehensive loss, changes in shareholders&#8217; deficit and
cash flows for each of the two years in the period ended December 31, 2023, and the related notes (collectively referred to as the &#8220;financial
statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the financial position of the
Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the two years in the period
ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Explanatory
Paragraph &#8211; Going Concern </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As more
fully described in Note 2, the Company has a significant working capital deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company&#8217;s ability
to continue as a going concern. Management&#8217;s plans in regard to these matters are also described in Note 2. The consolidated financial
statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of our audit of the financial statements as of and for the year ended December 31, 2022, we also audited the adjustments to the
2021 financial statements to retrospectively apply the change in accounting related to the reverse recapitalization described in Note
4. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any
procedures to the 2021 financial statements, other than with respect to the retrospective adjustments and, accordingly, we do not express
an opinion or any other form of assurance on the 2021 financial statements as a whole.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Marcum Asia CPAs <span style="font-variant: small-caps">LLP</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font: small-caps 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_edei--AuditorName_c20230101__20231231_z1ykv8Usizq3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000058" name="dei:AuditorName">Marcum
Asia CPAs LLP</ix:nonNumeric></span><span style="font-variant: small-caps"></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font: small-caps 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2022 (such date takes into account the acquisition of certain assets of Friedman LLP
by Marcum Asia CPAs LLP effective September 1, 2022)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_edei--AuditorLocation_c20230101__20231231_zFytXoQpIFPe"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000059" name="dei:AuditorLocation">New
York, NY</ix:nonNumeric></span><br/>
May 8, 2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">NEW YORK OFFICE &#8226; 7 Penn Plaza &#8226; Suite 830
&#8226; New York, New York &#8226; 10001</p>

<p style="font: 8.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">Phone 646.442.4845 &#8226; Fax 646.349.5200 &#8226;
www.marcumasia.com</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;<img src="audit_002.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="ja_007"></span>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors and Shareholders of</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
Health Limited</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Consolidated Financial Statements </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited, before the effects of the adjustments to retrospectively apply the change in accounting related to the reverse
recapitalization described in Note 4, the related consolidated statement of operations and comprehensive income of EUDA Health Limited (the &#8220;Company&#8221;), changes in
shareholders&#8217; equity, and cash flows for the year ended December 31, 2021, and the related notes (collectively referred to as
the consolidated financial statements). In our opinion, except for the effects of the adjustments to retrospectively apply the
change in accounting related to the reverse recapitalization described in Note 4, the consolidated financial statements present
fairly, in all material respects, the results of its operation
and its cash flow for the year ended December 31, 2021, in conformity with accounting principles generally accepted in the United
States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were not engaged to audit, review or apply any procedures to the adjustments to retrospectively apply the change in accounting related
to the reverse recapitalization as described in Note 4, accordingly, we do not express an opinion or any other form of assurance about
whether such adjustments are appropriate and have been properly applied. Those adjustments were audited by other auditor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on the Company&#8217;s consolidated financial statements based on our audit. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due
to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audit provides a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
<span id="xdx_903_edei--AuditorName_c20220101__20221231_zFdJpvYIu1Jk"><ix:nonNumeric contextRef="From2022-01-012022-12-31" id="Fact000060" name="dei:AuditorName">Friedman LLP</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
served as the Company&#8217;s auditor in 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--AuditorLocation_c20220101__20221231_z12UOYYdebDe"><ix:nonNumeric contextRef="From2022-01-012022-12-31" id="Fact000061" name="dei:AuditorLocation">New
York, New York</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
3, 2022, except for Note 3 which is dated July 25, 2022</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ja_001"></span>EUDA
HEALTH HOLDINGS LIMITED AND SUBSIDIARIES</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED
BALANCE SHEETS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr id="xdx_40E_eus-gaap--AssetsNoncurrentAbstract_i01B_zPEf2zgk17a9" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_eus-gaap--PrepaidExpenseNoncurrent_i02I_maANzLJZ_z13RkBgCcLK1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--LiabilitiesCurrentAbstract_i01B_zU7HeW7i6Lt4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--ShortTermBorrowings_i02I_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maLzDa5_zx2ccnNSXZI" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0130">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--PromissoryNote_i02I_maLzDa5_zyQCI2H7rnO" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Promissory note</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0132">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="EUDA:PromissoryNote" contextRef="AsOf2022-12-31" id="Fact000133" format="ixt:numdotdecimal" decimals="0" unitRef="USD">170,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--ConvertibleNotesPayableCurrent_i02I_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_maLzDa5_zNA1tWC95npe" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40C_eus-gaap--ConvertibleNotesPayableCurrent_i02I_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maLzDa5_z9OuOGAF0jl2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_403_eus-gaap--ConvertibleNotesPayableCurrent_i02I_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maLzDa5_zhznh4QdRnKh" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Convertible notes</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0141">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ConvertibleNotesPayableCurrent" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact000142" format="ixt:numdotdecimal" decimals="0" unitRef="USD">782,600</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_403_eus-gaap--AccountsPayableCurrent_i02I_maLzDa5_zbKMuk6Qnmm3" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2023-12-31" id="Fact000144" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,289</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0145">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_ecustom--OtherPayablesAndAccruedLiabilities_i02I_maLzDa5_zKktpwAfyoei" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Other payables and accrued liabilities</td><td>&#160;</td>
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  <tr id="xdx_407_eus-gaap--OtherLiabilitiesCurrent_i02I_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maLzDa5_zKyn0VOKp5Xl" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_maLzDa5_zJAOe0nTK9m3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Operating lease liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact000153" format="ixt:numdotdecimal" decimals="0" unitRef="USD">121,776</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2022-12-31" id="Fact000154" format="ixt:numdotdecimal" decimals="0" unitRef="USD">36,474</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--FinanceLeaseLiabilityCurrent_i02I_maLzDa5_zWec1RbZ67Fc" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Finance lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact000156" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,071</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityCurrent" contextRef="AsOf2022-12-31" id="Fact000157" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,186</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_ecustom--PrepaidForwardPurchaseLiabilities_i02I_maLzDa5_zSx6qLYHKTdb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Prepaid forward purchase liabilities</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="EUDA:PrepaidForwardPurchaseLiabilities" contextRef="AsOf2022-12-31" id="Fact000160" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,321,053</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-left: 10pt; text-align: left">Taxes payable</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_400_eus-gaap--CommonStockValue_i02I_pp0p0_maSEzb0w_zT1jVe3nWgil" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_404_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_pp0p0_maSEzb0w_zfBBEnklZCy7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2023-12-31" id="Fact000210" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">185,468</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Noncontrolling interests</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:MinorityInterest" contextRef="AsOf2022-12-31" id="Fact000217" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,478</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-left: 30pt; text-align: left; padding-bottom: 2.5pt">Total Liabilities and Shareholders&#8217; Deficit</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ja_002"></span>EUDA
HEALTH HOLDINGS LIMITED AND SUBSIDIARIES</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--SellingAndMarketingExpense_i01_maOEziMd_zV67mgMp02b4" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Selling</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:SellingAndMarketingExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000257" format="ixt:numdotdecimal" decimals="0" unitRef="USD">533,562</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt">LOSS FROM OPERATIONS</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000277" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,961,054</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--NonoperatingIncomeExpenseAbstract_iB_zD5FMFN0JBhk" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--InterestExpenseOther_i01N_di_msNIEzHuH_zPlywnkCEjO7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Interest expense, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpenseOther" contextRef="From2023-01-01to2023-12-31" id="Fact000285" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,225</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpenseOther" contextRef="From2022-01-012022-12-31" id="Fact000286" format="ixt:numdotdecimal" decimals="0" unitRef="USD">93,782</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpenseOther" contextRef="From2021-01-012021-12-31" id="Fact000287" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,639</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_404_ecustom--IncreaseDecreaseInFairValueOfPrepaidForwardPurchaseLiabilities_i01N_di_msNIEzHuH_zXoEU8N1aCVk" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="EUDA:IncreaseDecreaseInFairValueOfPrepaidForwardPurchaseLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact000289" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,303,658</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="EUDA:IncreaseDecreaseInFairValueOfPrepaidForwardPurchaseLiabilities" contextRef="From2022-01-012022-12-31" id="Fact000290" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,911,503</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0291">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--GainLossOnSettlementOfPrepaidForwardContracts_i01N_di_msNIEzHuH_zqWbQk3geIA3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="EUDA:GainLossOnSettlementOfPrepaidForwardContracts" contextRef="From2023-01-01to2023-12-31" id="Fact000293" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,635,816</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0294">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0295">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_ecustom--GainLossOnDebtSettlement_i01N_di_msNIEzHuH_zec90RwoV3C1" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Loss on debt settlement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="EUDA:GainLossOnDebtSettlement" contextRef="From2023-01-01to2023-12-31" id="Fact000297" format="ixt:numdotdecimal" decimals="0" unitRef="USD">645,612</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0298">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0299">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--InvestmentIncomeNet_i01_maNIEzHuH_z83VTN0tFlYd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Investment income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0301">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0302">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InvestmentIncomeNet" contextRef="From2021-01-012021-12-31" id="Fact000303" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,917,062</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--OtherNonoperatingIncomeExpense_i01_maNIEzHuH_zzoAfUFqzlsg" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Other income, net</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000305" format="ixt:numdotdecimal" decimals="0" unitRef="USD">134,584</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="From2022-01-012022-12-31" id="Fact000306" format="ixt:numdotdecimal" decimals="0" unitRef="USD">195,848</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="From2021-01-012021-12-31" id="Fact000307" format="ixt:numdotdecimal" decimals="0" unitRef="USD">313,894</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--NonoperatingIncomeExpense_i01T_mtNIEzHuH_maILFCOzQeK_zcAD6T4rXET7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000309" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,473,727</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" contextRef="From2022-01-012022-12-31" id="Fact000310" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">12,809,437</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" contextRef="From2021-01-012021-12-31" id="Fact000311" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,229,317</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_mtILFCOzQeK_maPLzLSI_zYu8MhsLnIV5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">(LOSS ) INCOME BEFORE INCOME TAXES</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact000313" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">8,434,781</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2022-01-012022-12-31" id="Fact000314" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">25,028,694</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2021-01-012021-12-31" id="Fact000315" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,669,324</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--IncomeTaxExpenseBenefit_msPLzLSI_zJnw7acDZLWh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">PROVISION (BENEFIT) FOR INCOME TAXES</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0317">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact000318" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">20,789</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" id="Fact000319" format="ixt:numdotdecimal" decimals="0" unitRef="USD">46,488</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_iT_mtPLzLSI_maPLzK0L_zxFPY7j761R9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">NET (LOSS) INCOME FROM CONTINUING OPERATIONS</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact000321" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">8,434,781</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2022-01-012022-12-31" id="Fact000322" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">25,007,905</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2021-01-012021-12-31" id="Fact000323" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,622,836</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--IncomeLossFromDiscontinuedOperationsNetOfTax_maPLzK0L_zHCM00bY2scg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">NET LOSS FROM DISCONTINUED OPERATIONS, net of income taxes</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax" contextRef="From2023-01-01to2023-12-31" id="Fact000325" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,601,323</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax" contextRef="From2022-01-012022-12-31" id="Fact000326" format="ixt:numdotdecimal" decimals="0" unitRef="USD">58,659</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax" contextRef="From2021-01-012021-12-31" id="Fact000327" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">722,440</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--ProfitLoss_iT_maNILz5Ct_mtPLzK0L_zQwAugZ0A0kb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">NET (LOSS) INCOME</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000329" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">10,036,104</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2022-01-012022-12-31" id="Fact000330" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">24,949,246</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-12-31" id="Fact000331" format="ixt:numdotdecimal" decimals="0" unitRef="USD">900,396</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_msCINOTzW03_zEdeq708qg23" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--ComprehensiveIncomeNetOfTax_iT_mtCINOTzW03_zMiMCY8ekdE7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EUDA HEALTH HOLDINGS LIMITED</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTax" contextRef="From2023-01-01to2023-12-31" id="Fact000357" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">10,099,260</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--EarningsPerShareBasicOtherDisclosuresAbstract_iB_zmJp6h1bnwuh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--EarningsPerShareBasicAbstract_iB_zypP5znNj4W5" style="vertical-align: bottom; background-color: White">
    <td>(LOSS) INCOME PER SHARE</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_902_eus-gaap--EarningsPerShareBasic_pid_c20210101__20211231_z6ZwJnvgGLab" title="Basic" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBJbmNvbWUgKExvc3MpAA__"><span id="xdx_903_eus-gaap--EarningsPerShareDiluted_pid_c20210101__20211231_zFiMDGSi1Ikg" title="Diluted" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBJbmNvbWUgKExvc3MpAA__"><ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2021-01-012021-12-31" id="Fact000413" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2021-01-012021-12-31" id="Fact000415" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.09</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>

<p style="margin: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td id="xdx_F0A_z9wyrh8koCJ6" style="text-align: left; width: 0.25in">*</td>
  <td id="xdx_F1E_z4b5Zktp99Kf" style="text-align: justify"><ix:footnote id="Footnote000416" xml:lang="en-US">Giving retroactive effect to reverse recapitalization
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</table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>


<!-- Field: Page; Sequence: 89; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ja_003"></span>EUDA
HEALTH HOLDINGS LIMITED AND SUBSIDIARIES</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED
STATEMENTS OF CHANGE IN SHAREHOLDERS&#8217; EQUITY (DEFICIT)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_302_114_ztfWQxScT2Y7" summary="xdx: Statement - Consolidated Statements of Change in Shareholders' Equity (Deficit)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr id="xdx_406_eus-gaap--ProfitLoss_zMayDlGNeJJj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40D_ecustom--StockIssuedDuringPeriodValueCapitalContributions_zAlAcuNCb1Di" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40B_ecustom--StockIssuedDuringPeriodValueForgivenessOfDebtByRelatedParty_zATy7LHiIDWj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_ecustom--StockIssuedDuringPeriodValueEarnoutSharesPayament_zS7WBFVdgoJ2" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40D_eus-gaap--StockIssuedDuringPeriodValueNewIssues_zRiJ331aRnrf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-left: 10pt; text-align: left">Issuance of ordinary shares upon the Reverse Recapitalization</td><td>&#160;</td>
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  <tr id="xdx_405_eus-gaap--StockIssuedDuringPeriodValueOther_zy9drpVTknbd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
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</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ja_004"></span>EUDA
HEALTH HOLDINGS LIMITED AND SUBSIDIARIES</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseRightOfUseAssetAmortization" contextRef="From2022-01-012022-12-31" id="Fact000604" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,948</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseRightOfUseAssetAmortization" contextRef="From2021-01-012021-12-31" id="Fact000605" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,153</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--ProvisionForCreditLosses_i02_maNCPBUzU0T_z6r3I7wi9SH3" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 30pt; text-align: left">Provision for credit losses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="EUDA:ProvisionForCreditLosses" contextRef="From2023-01-01to2023-12-31" id="Fact000607" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,463</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="EUDA:ProvisionForCreditLosses" contextRef="From2022-01-012022-12-31" id="Fact000608" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,759,817</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0609">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--DeferredIncomeTaxExpenseBenefit_i02_maNCPBUzU0T_zxYZj98opwX6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 30pt; text-align: left">Deferred taxes expenses (benefits)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0611">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact000612" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">48,228</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" id="Fact000613" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">27,680</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40C_eus-gaap--InvestmentIncomeNet_i02N_di_msNCPBUzU0T_zldjL2bNa4vi" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 30pt; text-align: left">Investment income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0615">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0616">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40A_ecustom--GainOnTerminationOfFinanceLease_i02N_di_msNCPBUzU0T_zHXfxJrV0Ll9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 30pt; text-align: left">Gain on termination of finance lease</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="EUDA:GainOnTerminationOfFinanceLease" contextRef="From2023-01-01to2023-12-31" id="Fact000619" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,174</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0620">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0621">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--EarnoutPayment_i02_maNCPBUzU0T_ztk5bEmnJzlh" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 30pt; text-align: left">Earnout payment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0623">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="EUDA:EarnoutPayment" contextRef="From2022-01-012022-12-31" id="Fact000624" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,199,629</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0625">-</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-left: 30pt; text-align: left">Impairment loss on goodwill</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0627">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:GoodwillImpairmentLoss" contextRef="From2022-01-012022-12-31" id="Fact000628" format="ixt:numdotdecimal" decimals="0" unitRef="USD">971,229</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0629">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--ImpairmentOfIntangibleAssetsFinitelived_i02_maNCPBUzU0T_z7xAi4ghwBDh" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 30pt; text-align: left">Impairment loss on intangible assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0631">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ImpairmentOfIntangibleAssetsFinitelived" contextRef="From2022-01-012022-12-31" id="Fact000632" format="ixt:numdotdecimal" decimals="0" unitRef="USD">167,787</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0633">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--ChangeInFairValueOfPrepaidForwardPurhcaseLiabilities_i02_maNCPBUzU0T_zFShkepxwkI1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 30pt; text-align: left">Change in fair value of prepaid forward purchase liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="EUDA:ChangeInFairValueOfPrepaidForwardPurhcaseLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact000635" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,303,658</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="EUDA:ChangeInFairValueOfPrepaidForwardPurhcaseLiabilities" contextRef="From2022-01-012022-12-31" id="Fact000636" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,911,503</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0637">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--LossOnSettlementOfPrepaidForwardContracts_i02_maNCPBUzU0T_z80SwQ3gdWde" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 30pt; text-align: left">Loss on settlement of prepaid forward contracts</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="EUDA:LossOnSettlementOfPrepaidForwardContracts" contextRef="From2023-01-01to2023-12-31" id="Fact000639" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,635,816</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0640">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0641">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--GainsLossesOnExtinguishmentOfDebt_i02N_di_msNCPBUzU0T_zUQBvnqtFNC6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 30pt; text-align: left">Loss on debt settlement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2023-01-01to2023-12-31" id="Fact000643" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">645,612</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0644">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0645">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--GainFromForgivenessOnPromissoryNote_i02N_di_msNCPBUzU0T_zJzFJsFlQV62" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 30pt; text-align: left">Gain from forgiveness on promissory note</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="EUDA:GainFromForgivenessOnPromissoryNote" contextRef="From2023-01-01to2023-12-31" id="Fact000647" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0648">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0649">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zmY2xDQkc93j" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Change in operating assets and liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_di_msNCPBUzU0T_zlM7rw8nnRzi" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 30pt; text-align: left">Accounts receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2023-01-01to2023-12-31" id="Fact000655" format="ixt:numdotdecimal" decimals="0" unitRef="USD">33,966</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2022-01-012022-12-31" id="Fact000656" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">141,955</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2021-01-012021-12-31" id="Fact000657" format="ixt:numdotdecimal" decimals="0" unitRef="USD">92,902</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_407_eus-gaap--IncreaseDecreaseInOtherReceivables_i03N_di_msNCPBUzU0T_zxSomgvxUev9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 30pt; text-align: left">Other receivables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherReceivables" contextRef="From2023-01-01to2023-12-31" id="Fact000659" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherReceivables" contextRef="From2022-01-012022-12-31" id="Fact000660" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,587,372</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherReceivables" contextRef="From2021-01-012021-12-31" id="Fact000661" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">5,832</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInPrepaidExpense_i03N_di_msNCPBUzU0T_zMOelYGTF59l" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 30pt; text-align: left">Prepaid expenses and other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000663" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">61,629</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2022-01-012022-12-31" id="Fact000664" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">21,899</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2021-01-012021-12-31" id="Fact000665" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,817</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_400_eus-gaap--IncreaseDecreaseInAccountsPayable_i03_maNCPBUzU0T_zzukpRz4s3Hk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 30pt; text-align: left">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2023-01-01to2023-12-31" id="Fact000667" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,269</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0668">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0669">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities_i03_maNCPBUzU0T_zuBkp9zDlMq1" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 30pt; text-align: left">Other payables and accrued liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact000671" format="ixt:numdotdecimal" decimals="0" unitRef="USD">519,709</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" contextRef="From2022-01-012022-12-31" id="Fact000672" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,115,385</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" contextRef="From2021-01-012021-12-31" id="Fact000673" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">142,903</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_403_eus-gaap--IncreaseDecreaseInAccruedIncomeTaxesPayable_i03_maNCPBUzU0T_zBJXXPOcbgQ3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 30pt; text-align: left">Taxes payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" contextRef="From2023-01-01to2023-12-31" id="Fact000675" format="ixt:numdotdecimal" decimals="0" unitRef="USD">87,869</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" contextRef="From2022-01-012022-12-31" id="Fact000676" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">37,597</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" contextRef="From2021-01-012021-12-31" id="Fact000677" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,960</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_i03_maNCPBUzU0T_zhonYcOrQes6" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" contextRef="From2023-01-01to2023-12-31" id="Fact000679" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">106,314</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" contextRef="From2023-01-01to2023-12-31" id="Fact000683" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,213,862</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_znePpqeDqIQd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msNCPBUzmrq_zI5jrlkN4feb" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Purchases of equipment</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0700">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" id="Fact000701" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,101</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_403_eus-gaap--PaymentsToAcquireNotesReceivable_i01N_di_msNCPBUzmrq_z1AOVGzgQvtk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Loan to third party</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquireNotesReceivable" contextRef="From2022-01-012022-12-31" id="Fact000704" format="ixt:numdotdecimal" decimals="0" unitRef="USD">246,664</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_405_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_i01T_mtNCPBUzmrq_maNCPBUzj9x_zutt9VwsZpIb" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Net cash used in investing activities from continuing operations</td><td>&#160;</td>
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    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Net cash provided by (used in) investing activities from discontinued operations</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0711">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" contextRef="From2022-01-012022-12-31" id="Fact000712" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">21,542</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" contextRef="From2021-01-012021-12-31" id="Fact000713" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,215</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_mtNCPBUzj9x_maCCERCzt1t_zSwP8bOKvjqk" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 40pt; text-align: left; padding-bottom: 1.5pt">Net cash provided by (used in) investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000716" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">268,206</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zPlfekuPU053" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--ProceedsFromIssuanceOfCommonStock_i01_maNCPBUzfHB_zjQ1NBOdbsjj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Issuance of ordinary shares</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0725">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--ProceedsFromContributedCapital_i01_maNCPBUzfHB_zmbygvGR5Fz8" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Capital contributions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0727">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0729">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_i01_maNCPBUzfHB_zr8lnuJw9Jij" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0732">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0733">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--ProceedsFromReverseRecapitalization_i01_maNCPBUzfHB_zYUYbrJMGofi" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Proceeds from the Reverse Recapitalization</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="EUDA:ProceedsFromReverseRecapitalization" contextRef="From2022-01-012022-12-31" id="Fact000736" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,324,961</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0737">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--PaymentsOfMergerRelatedCostsFinancingActivities_i01N_di_msNCPBUzfHB_zV7G6lKQyiab" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Payments of merger costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0739">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsOfMergerRelatedCostsFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact000740" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,305,580</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0741">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--RepaymentsFromOtherReceivableRelatedParties_i01_maNCPBUzfHB_zLBe9HyIeJWg" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Repayments from other receivable - related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0743">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="EUDA:RepaymentsFromOtherReceivableRelatedParties" contextRef="From2022-01-012022-12-31" id="Fact000744" format="ixt:numdotdecimal" decimals="0" unitRef="USD">272,489</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="EUDA:RepaymentsFromOtherReceivableRelatedParties" contextRef="From2021-01-012021-12-31" id="Fact000745" format="ixt:numdotdecimal" decimals="0" unitRef="USD">37,164</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--ProceedsFromShortTermDebt_i01_maNCPBUzfHB_zbmXPuIKVULb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Proceeds from short-term loans - third parties</td><td>&#160;</td>
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  <tr id="xdx_40D_ecustom--ProceedsFromShorttermLoansRelatedParties_i01_maNCPBUzfHB_z8wUEpWSdnv8" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_eus-gaap--ProceedsFromRelatedPartyDebt_i01_maNCPBUzfHB_zVICytpC6Itd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_404_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_iT_mtNCPBUzfHB_maNCPBUzPMc_zMt112yIIVJ2" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_eus-gaap--NetCashProvidedByUsedInFinancingActivities_iT_mtNCPBUzPMc_maCCERCzt1t_zyAcODFf1Mx3" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_maCCERCzt1t_zde7PHQhxUMl" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="From2023-01-01to2023-12-31" id="Fact000779" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">21,531</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="From2022-01-012022-12-31" id="Fact000780" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">99,424</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_mtCCERCzt1t_zKklN0T4Vd3i" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_zAguCsZ8l2Se" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_zjtjTrK2e6x3" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations_iNS_di_zhCXYN5KD9fk" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40B_ecustom--CashAndRestrictedCashFromContinuingOperations_iE_zq1qOV5UWoQk" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_405_eus-gaap--IncomeTaxesPaidNet_i01_zxC7u0uG10dg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40D_eus-gaap--InterestPaidNet_i01_z372fmu0z6Sg" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--NoncashInvestingAndFinancingItemsAbstract_iB_zALGUc6Is7vk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_ecustom--InitialRecognitionOfOperatingRightOfUseAssetAndLeaseLiability_i01_zZqSLdP3fdwh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Initial recognition of operating right-of-use assets and lease liabilities</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="EUDA:InitialRecognitionOfOperatingRightOfUseAssetAndLeaseLiability" contextRef="From2022-01-012022-12-31" id="Fact000820" format="ixt:numdotdecimal" decimals="0" unitRef="USD">105,350</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="EUDA:InitialRecognitionOfOperatingRightOfUseAssetAndLeaseLiability" contextRef="From2021-01-012021-12-31" id="Fact000821" format="ixt:numdotdecimal" decimals="0" unitRef="USD">125,834</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_ecustom--InitialRecognitionOfFinancingRightOfUseAssetAndLeaseLiability_i01_zipv65QS2WYa" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Initial recognition of financing right-of-use assets and lease liabilities</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="EUDA:InitialRecognitionOfFinancingRightOfUseAssetAndLeaseLiability" contextRef="From2023-01-01to2023-12-31" id="Fact000823" format="ixt:numdotdecimal" decimals="0" unitRef="USD">36,204</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0824">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0825">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_ecustom--DerecognitionOfFinancingRightofuseAssetsUponLeaseTermination_i01_zZp1LdDr3Li4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Derecognition of financing right-of-use assets upon lease termination</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="EUDA:DerecognitionOfFinancingRightofuseAssetsUponLeaseTermination" contextRef="From2023-01-01to2023-12-31" id="Fact000827" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,918</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0828">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0829">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--DerecognitionOfFinancingLeaseLiabilitiesUponLeaseTermination_i01_zohHKip512mh" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Derecognition of financing lease liabilities upon lease termination</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="EUDA:DerecognitionOfFinancingLeaseLiabilitiesUponLeaseTermination" contextRef="From2023-01-01to2023-12-31" id="Fact000831" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,297</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0832">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0833">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--IssuanceOfOrdinarySharesUponConversionOfConvertibleNotes_i01_zSXhx2WwVEy5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Issuance of ordinary shares upon conversion of convertible notes</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="EUDA:IssuanceOfOrdinarySharesUponConversionOfConvertibleNotes" contextRef="From2023-01-01to2023-12-31" id="Fact000835" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,424,304</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0836">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0837">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_ecustom--IssuanceOfOrdinarySharesUponSettlementOfDebts_i01_zIvwB9QPzohd" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Issuance of ordinary shares upon settlement of debts</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="EUDA:IssuanceOfOrdinarySharesUponSettlementOfDebts" contextRef="From2023-01-01to2023-12-31" id="Fact000839" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,538,914</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0840">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0841">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--IssuanceOfOrdinarySharesUponSettlementOfPrepaidForwardContracts_i01_zHbTJgmBCcLc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Issuance of ordinary shares upon settlement of prepaid forward contracts</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="EUDA:IssuanceOfOrdinarySharesUponSettlementOfPrepaidForwardContracts" contextRef="From2023-01-01to2023-12-31" id="Fact000843" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,368,000</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0844">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0845">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_ecustom--ReclassificationOfOtherPayablesAndAccruedLiabilitiesUponSettlementOfPromissoryNote_i01_z5p7vlmn8xTi" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Reclassification of other payables and accrued liabilities upon settlement of a promissory note</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="EUDA:ReclassificationOfOtherPayablesAndAccruedLiabilitiesUponSettlementOfPromissoryNote" contextRef="From2023-01-01to2023-12-31" id="Fact000847" format="ixt:numdotdecimal" decimals="0" unitRef="USD">160,000</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0848">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0849">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_ecustom--InitialRecognitionOfPayablesToFormerSubsidiaryUponDisposalOfSubsidiary_i01_zjAgdGmViH23" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Initial recognition of payables to former subsidiary upon disposal of subsidiary</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0851">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="EUDA:InitialRecognitionOfPayablesToFormerSubsidiaryUponDisposalOfSubsidiary" contextRef="From2022-01-012022-12-31" id="Fact000852" format="ixt:numdotdecimal" decimals="0" unitRef="USD">319,158</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0853">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_ecustom--ConversionOfDebtIntoPromissoryNote_i01_ziFTB9q2zC67" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Conversion of debt into a promissory note</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0855">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="EUDA:ConversionOfDebtIntoPromissoryNote" contextRef="From2022-01-012022-12-31" id="Fact000856" format="ixt:numdotdecimal" decimals="0" unitRef="USD">170,000</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Issuance of ordinary shares upon the Reverse Recapitalization</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0867">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="ja_005"></span>EUDA
HEALTH HOLDINGS LIMITED AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
U.S. dollars, unless stated otherwise)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000871" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_807_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zLPS84YnYumk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
1&#8211; <span id="xdx_825_zYAnrbAEwaPf">Nature of business and organization</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUDA
Health Holdings Limited, which until November 17, 2022 was known as 8i Acquisition 2 Corp. (the &#8220;Company&#8221;,
&#8220;EUDA&#8221; or &#8220;8i&#8221;) 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 &#8220;Initial Business Combination&#8221;). The
Company is an &#8220;emerging growth company&#8221;, as defined in Section 2(a) of the Securities Act of 1933, as amended (the
&#8220;Securities Act&#8221;), as modified by the Jumpstart Our Business Startups Act of 2012 (the &#8220;JOBS Act&#8221;). The
Company&#8217;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).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 17, 2022 (the &#8220;Closing Date&#8221;), EUDA Health Holdings Limited, a British Virgin Islands business company (formerly
known as 8i Acquisition 2 Corp.) (the &#8220;Company&#8221;), consummated the business combination contemplated by the Share Purchase
Agreement (the &#8220;SPA&#8221;) between 8i Acquisition 2 Corp., a BVI business company (&#8220;8i&#8221;), EUDA Health Limited, a British
Virgin Islands business company (&#8220;EHL&#8221;), Watermark Developments Limited, a British Virgin Islands business company (&#8220;Watermark&#8221;
or the &#8220;Seller&#8221;), 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 &#8220;Share Purchase&#8221;), 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 &#8220;EUDA Health Holdings Limited.&#8221; <span style="background-color: white">See
Note 4 - Reverse Recapitalization for further details.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Reorganization
under EUDA Health Limited (&#8220;EHL&#8221;)</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 3, 2021, EHL completed a reverse recapitalization (&#8220;Reorganization&#8221;) under common control of its then existing shareholders,
who collectively owned all of the equity interests of Kent Ridge Health Private Limited (&#8220;KRHPL&#8221;), a holding company incorporated
under the laws of the Singapore prior to the Reorganization, through the following transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    July 24, 2021, EHL acquired <span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20210724__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--KentRidgeHealthcareSingaporePrivateLimitedMember_zLtuWIw9UCii" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-07-24_custom_KentRidgeHealthcareSingaporePrivateLimitedMember" id="Fact000873" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the equity interests in Kent Ridge Healthcare Singapore Private Limited (&#8220;KRHSG&#8221;)
    through KRHPL for consideration of SG$<span id="xdx_905_eus-gaap--BusinessCombinationConsiderationTransferred1_uSGD_c20210724__20210724__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--KentRidgeHealthcareSingaporePrivateLimitedMember_zEJykgLHLvqf" title="Consideration"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2021-07-242021-07-24_custom_KentRidgeHealthcareSingaporePrivateLimitedMember" id="Fact000875" format="ixt:numdotdecimal" decimals="0" unitRef="SGD">1.0</ix:nonFraction></span>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    July 24, 2021, EHL acquired <span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20210724__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--EUDAPrivateLimitedMember_z7JiasekEdfk" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-07-24_custom_EUDAPrivateLimitedMember" id="Fact000877" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the equity interests in EUDA Private Limited (&#8220;EUDA PL&#8221;) through KRHPL for consideration
    of SG$<span id="xdx_901_eus-gaap--BusinessCombinationConsiderationTransferred1_uSGD_c20210724__20210724__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--EUDAPrivateLimitedMember_za3PSPUMVS9a" title="Consideration"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2021-07-242021-07-24_custom_EUDAPrivateLimitedMember" id="Fact000879" format="ixt:numdotdecimal" decimals="0" unitRef="SGD">1.0</ix:nonFraction></span>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    August 1, 2021, Kent Ridge Health Limited (&#8220;KRHL&#8221;), EHL&#8217;s wholly owned subsidiary, acquired <span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20210801__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SuperGatewayGroupLimitedMember_zaoys3Q6ZlNh" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-08-01_custom_SuperGatewayGroupLimitedMember" id="Fact000881" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the equity
    interests in Super Gateway Group Limited (&#8220;SGGL&#8221;) through KRHPL for consideration of SG$<span id="xdx_901_eus-gaap--BusinessCombinationConsiderationTransferred1_uSGD_c20210801__20210801__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SuperGatewayGroupLimitedMember_zk23fjWjZkUi" title="Consideration"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2021-08-012021-08-01_custom_SuperGatewayGroupLimitedMember" id="Fact000883" format="ixt:numdotdecimal" decimals="0" unitRef="SGD">1.0</ix:nonFraction></span>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    August 3, 2021, EHL acquired <span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20210803__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SingaporeEmergencyMedicalAssistancePrivateLimitedMember_z5QJHbzSFkMc" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-08-03_custom_SingaporeEmergencyMedicalAssistancePrivateLimitedMember" id="Fact000885" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the equity interests in Singapore Emergency Medical Assistance Private Limited (&#8220;SEMA&#8221;)
    through KRHPL for no consideration.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (&#8220;ASC&#8221;) 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 92; Value: 1 -->
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    <div style="margin: 0pt; break-before: page"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Reorganization
under KRHPL</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the Reorganization, KRHPL entered into a Sales and Purchase of Shares Agreement (&#8220;KRHSG Agreement&#8221;) 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 <span id="xdx_901_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20210724__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--KentRidgeHealthcareSingaporePrivateLimitedMember_zYYT97o3sut6" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-07-24_custom_KentRidgeHealthcareSingaporePrivateLimitedMember" id="Fact000887" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the equity interests in KRHSG (&#8220;Reorganization of KRHSG&#8221;) for a total consideration of SG$<span id="xdx_90F_eus-gaap--BusinessCombinationConsiderationTransferred1_uSGD_c20210724__20210724__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--KentRidgeHealthcareSingaporePrivateLimitedMember_z96g2IbvnOai" title="Consideration"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2021-07-242021-07-24_custom_KentRidgeHealthcareSingaporePrivateLimitedMember" id="Fact000889" format="ixt:numdotdecimal" decimals="0" unitRef="SGD">1.0</ix:nonFraction></span> (&#8220;Total
Consideration&#8221;). 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the Reorganization, KRHPL entered into a Sales and Purchase of Shares Agreement (&#8220;EUDA PL Agreement&#8221;) 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 <span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20210724__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--EUDAPrivateLimitedMember_z4RKc0G6EpIj" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-07-24_custom_EUDAPrivateLimitedMember" id="Fact000891" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the equity interests in EUDA PL (&#8220;Reorganization of EUDA PL&#8221;) for a total consideration of SG$<span id="xdx_90A_eus-gaap--BusinessCombinationConsiderationTransferred1_uSGD_c20210724__20210724__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--EUDAPrivateLimitedMember_ztQhYFZIXR15" title="Consideration"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2021-07-242021-07-24_custom_EUDAPrivateLimitedMember" id="Fact000893" format="ixt:numdotdecimal" decimals="0" unitRef="SGD">1.0</ix:nonFraction></span>
(&#8220;Total Consideration&#8221;). 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the Reorganization, KRHPL entered into a Sales and Purchase of Shares Agreement (&#8220;SEMA Agreement&#8221;) 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 <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20210803__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SingaporeEmergencyMedicalAssistancePrivateLimitedMember_zsDWpZGkcXab" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-08-03_custom_SingaporeEmergencyMedicalAssistancePrivateLimitedMember" id="Fact000895" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the equity interests in SEMA (&#8220;Reorganization of SEMA&#8221;) for no consideration. SEMA is a holding company
and has no operations prior to December 31, 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Recent
development </span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2023, the Company&#8217;s Board of Directors (the &#8220;Board&#8221;) resolved on the plan to streamline its medical
services practice, which was carried out through the entities of Kent Ridge Healthcare Singapore Pte. Ltd., EUDA Private Limited,
Zukitek Vietnam Private Limited Liability Company, Singapore Emergency Medical Assistance Private Limited, EUDA Doctor Private
Limited, Kent Ridge Hill Private Limited, Zukitech Private Limited, KR Digital Pte. Ltd., and Zukihealth Sdn. Bhd. as the Company is
in the process of transitioning its business to other medical service fields. The streamlining of the Company&#8217;s medical
services practice was accounted for as a discontinued operation because it represented a strategic shift that had a major effect on the
Company&#8217;s operations and financial results in accordance with ASC 205-20-45. <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Accordingly,
assets, liabilities, results of operations, and cash flows related to </span>its medical service practice <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">have
been reflected in the accompanying consolidated financial statements as discontinued operation for all periods presented. The consolidated
balance sheets as of December 31, 202</span>3 <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">and
202</span>2<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">, consolidated statements
of </span>operations and <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">comprehensive</span>
income <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(loss) and consolidated statements
of cash flows for the years ended December 31, 202</span>3<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">,
2022 and 202</span>1 <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">have been adjusted
to reflect this change</span> (see Note 5).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000897" name="srt:ScheduleOfCondensedFinancialStatementsTableTextBlock"><p id="xdx_89D_esrt--ScheduleOfCondensedFinancialStatementsTableTextBlock_zcqV2Laetzki" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements reflect the activities of EUDA and each of the following entities:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BC_zQGDQ1YubNUe" style="display: none">Schedule
of consolidated financial statement</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
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    <td><span style="font-size: 10pt">Multi-care specialty group offering range of specialty care services to patients.</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td rowspan="3"><span style="font-size: 10pt"><span id="xdx_908_ecustom--NameOfCompany_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--EUDAPrivateLimitedMember_fKDEp_zJCu4sdm2Qoe" title="Name of company"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EUDAPrivateLimitedMember" id="Fact000911" name="EUDA:NameOfCompany">EUDA Private Limited (&#8220;EUDA PL&#8221;)</ix:nonNumeric></span> (1)</span></td>
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    <td><span style="font-size: 10pt">&#9679; &#160;</span></td>
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    <td><span style="font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: White">
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    <td><span style="font-size: 10pt">&#160;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 93; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Medical
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operation
    has not been commenced</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td rowspan="4" id="xdx_98E_ecustom--NameOfCompany_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--KentRidgeHillPrivateLimitedMember_fKDEpKDQp_zewAHuS7iiOh" title="Name of company" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_KentRidgeHillPrivateLimitedMember" id="Fact000941" name="EUDA:NameOfCompany">Kent
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td rowspan="4" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--KentRidgeHillPrivateLimitedMember_zm4wTNnHCcrd" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_KentRidgeHillPrivateLimitedMember" id="Fact000943" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operation
    has not been commenced</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td rowspan="3" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--NameOfCompany_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--KentRidgeHealthLimitedMember_zOoVyeRhuhC7" title="Name of company"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_KentRidgeHealthLimitedMember" id="Fact000947" name="EUDA:NameOfCompany">Kent
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td rowspan="3" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--KentRidgeHealthLimitedMember_zqS3dFW8ySaa" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_KentRidgeHealthLimitedMember" id="Fact000949" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    on <span id="xdx_90F_ecustom--DateOfIncorporation_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--KentRidgeHealthLimitedMember_zME86VA8J5d9" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_KentRidgeHealthLimitedMember" format="ixt:datemonthdayyearen" id="Fact000951" name="EUDA:DateOfIncorporation">June 8, 2021</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    holding company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td rowspan="3" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--NameOfCompany_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ZukitechPrivateLimitedMember_fKDEpKDQp_z5nzKQFUpxCj" title="Name of company"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ZukitechPrivateLimitedMember" id="Fact000953" name="EUDA:NameOfCompany">Zukitech
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td rowspan="4" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--NameOfCompany_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--UniversalGatewayInternationalPteLtdMember_zrW3DVLLp0E3" title="Name of company"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_UniversalGatewayInternationalPteLtdMember" id="Fact000965" name="EUDA:NameOfCompany">Universal
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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    <td rowspan="3" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MelanaInternationalPteLtdMember_z4uh1CzO1jOg" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_MelanaInternationalPteLtdMember" id="Fact000975" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    on <span id="xdx_907_ecustom--DateOfIncorporation_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MelanaInternationalPteLtdMember_zjp1DjvvENKd" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MelanaInternationalPteLtdMember" format="ixt:datemonthdayyearen" id="Fact000977" name="EUDA:DateOfIncorporation">September 9, 2000</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td rowspan="3" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--NameOfCompany_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TriGlobalSecurityPteLtdMember_zl8JlxK2gdu7" title="Name of company"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_TriGlobalSecurityPteLtdMember" id="Fact000979" name="EUDA:NameOfCompany">Tri-Global
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    &#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Singapore company </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td rowspan="3" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TriGlobalSecurityPteLtdMember_zNoHFtGwUyxe" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_TriGlobalSecurityPteLtdMember" id="Fact000981" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
    owned by UGI</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    on <span id="xdx_904_ecustom--DateOfIncorporation_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TriGlobalSecurityPteLtdMember_z9sTN7FJzaH7" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_TriGlobalSecurityPteLtdMember" format="ixt:datemonthdayyearen" id="Fact000983" name="EUDA:DateOfIncorporation">August 10, 2000</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
    security service that services shopping malls, business office building, or residential apartments</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td rowspan="3" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--NameOfCompany_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--UGDigitechPrivateLimitedMember_zd6m4Revrvpb" title="Name of company"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_UGDigitechPrivateLimitedMember" id="Fact000985" name="EUDA:NameOfCompany">UG
    Digitech Private Limited (&#8220;UGD&#8221;)</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    &#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Singapore company </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td rowspan="3" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--UGDigitechPrivateLimitedMember_zDKcHDtqpzC6" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_UGDigitechPrivateLimitedMember" id="Fact000987" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
    owned by UGI</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    on <span id="xdx_90F_ecustom--DateOfIncorporation_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--UGDigitechPrivateLimitedMember_zkOSyd3VLxM2" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_UGDigitechPrivateLimitedMember" format="ixt:datemonthdayyearen" id="Fact000989" name="EUDA:DateOfIncorporation">August 16, 2001</ix:nonNumeric></span> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    holding company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td rowspan="4" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--NameOfCompany_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NosweatFitnessCompanyPrivateLimitedMember_fKDQp_zF0D2lpUaxY2" title="Name of company"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_NosweatFitnessCompanyPrivateLimitedMember" id="Fact000991" name="EUDA:NameOfCompany">Nosweat
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td rowspan="4" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NosweatFitnessCompanyPrivateLimitedMember_ztnFQ52NtUD6" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_NosweatFitnessCompanyPrivateLimitedMember" id="Fact000993" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td rowspan="4" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--NameOfCompany_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TrueCoverPrivateLimitedMember_fKDQp_zYyoQvCyJx97" title="Name of company"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_TrueCoverPrivateLimitedMember" id="Fact000997" name="EUDA:NameOfCompany">True
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 94; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0B_zQqN6MuN8JO" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F02_zURAval8UMPa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zGgiEwi8ha9d" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001029" xml:lang="en-US">On
    December 4, 2023, these entities were struck off and dissolved.</ix:footnote></span></td></tr>
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</ix:nonNumeric><p id="xdx_8AA_zkek9p2su6p1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001031" name="us-gaap:SubstantialDoubtAboutGoingConcernTextBlock"><p id="xdx_803_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_zXjmYAibl4Ij" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8211; <span id="xdx_823_zmWZkG9TqRZ8">Going concern</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
assessing the Company&#8217;s going concern, the Company monitors and analyzes its cash on-hand and its operating and capital expenditure
commitments. The Company&#8217;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, 2023, the
Company&#8217;s working capital deficit was approximately $<span id="xdx_90D_ecustom--WorkingCapital_iI_pn5n6_c20231231_zWV6TZhb9gA" title="Working capital deficit"><ix:nonFraction name="EUDA:WorkingCapital" contextRef="AsOf2023-12-31" id="Fact001033" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">8.0</ix:nonFraction></span> million, and the Company had cash of approximately $<span id="xdx_904_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iI_pn5n6_c20231231_zGrlpMR9tXak" title="Cash and restricted cash"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2023-12-31" id="Fact001035" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.2</ix:nonFraction></span> 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&#8217;s cost structure. In connection with the Company&#8217;s assessment of going concern considerations in accordance
with Financial Accounting Standard Board&#8217;s Accounting Standards Update (&#8220;ASU&#8221;) 2014-15, &#8220;Disclosures of Uncertainties
about an Entity&#8217;s Ability to Continue as a Going Concern,&#8221; management has determined that these conditions raise substantial
doubt about the Company&#8217;s ability to continue as a going concern within one year after the date that these consolidated financial
statements are issued.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
    available sources of financing from Singapore banks and other financial institutions or private lender; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">equity
    financing. </span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 95; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>
<!-- Field: Split-Segment; Name: 001 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001037" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80B_eus-gaap--SignificantAccountingPoliciesTextBlock_zQAPbB2Llx6b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
3 &#8211; <span id="xdx_82D_zn7iYVIwGtYg">Summary of significant accounting policies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001039" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_841_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z5PtnREb9dp9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86E_zn8XKpI7z0c9">Basis
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (&#8220;U.S. GAAP&#8221;) for information pursuant to the rules and regulations of the Securities Exchange Commission
(&#8220;SEC&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001041" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_844_eus-gaap--ConsolidationPolicyTextBlock_zdJBdvqS2pxi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86E_zEtlm3UQcemf">Principles
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001043" name="us-gaap:UseOfEstimates"><p id="xdx_848_eus-gaap--UseOfEstimates_zokyLdDibCk2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_863_z1JJ2egejkm3">Use
of estimates</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;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 credit losses, 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001045" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_846_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zshNVh32d0Mh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_zx5ZjVKuEg3i">Foreign
currency translation and transaction</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
reporting currency of the Company is United States Dollars (&#8220;US$&#8221;) and the accompanying financial statements have been expressed
in US$. The Company&#8217;s subsidiaries in Singapore conduct its businesses and maintain its books and records in the local currency,
Singapore Dollars (&#8220;SGD&#8221;), as its functional currency, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, &#8220;<i>Translation of Financial Statement&#8221;</i>, 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&#8217; 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 96; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin: 0pt; break-before: page"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation
of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001047" name="us-gaap:ScheduleOfIntercompanyForeignCurrencyBalancesTextBlock"><p id="xdx_89C_eus-gaap--ScheduleOfIntercompanyForeignCurrencyBalancesTextBlock_zRiod8Zie307" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zwuIInryrQZ1" style="display: none">Schedule
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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                                                                                <p style="margin: 0pt">December 31, 2023</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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                                                                                <p style="margin: 0pt">December 31, 2022</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2021-12-31_currency_SGD" id="Fact001055" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.34</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A5_zZw1IJTbrzB5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001057" name="EUDA:NonControllingInterestPolicyTextBlock"><p id="xdx_845_ecustom--NonControllingInterestPolicyTextBlock_zbEFSFFmNRB7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_zgKXzfPIqX87">Non-controlling
interests</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Company&#8217;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&#8217;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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001059" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p id="xdx_846_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zCULiHtYLqF" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86E_zjIp0Bl0FwPb">Segment
reporting</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company uses the management approach in determining its operating segments. The management approach considers the internal reporting
used by the Company&#8217;s chief operating decision maker (&#8220;CODM&#8221;). The Company&#8217;s CODM has been identified as the
CEO who reviews the financial information of separate operating segments when making decisions about allocating resources and assessing
performance of the Company. Management has determined that the Company has&#160;two&#160;operating segments, which is the medical services
segment and property management services segment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">As described in Note <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,
in September 2023, the Board resolved on the plan to streamline its medical services practice, which business was carried through subsidiaries
of KRHSG, EUDA PL, ZKTV PL, SEMA, ED PL, KR Hill PL, ZKT PL, KR Digital, and Zukihealth, as the Company is in the process of transitioning
its business to other medical service fields. The streamlining of the Company&#8217;s medical services practice was accounted for as
a discontinued operation because it represented a strategic shift that had a major effect on the Company&#8217;s consolidated financial
statements in accordance with ASC 205-20-45. Upon the completion of the streamlining, the Company reorganized its business to become
a single reportable segment: property management services. This segment structure reflects the financial information and reports
used by the Company&#8217;s management, specifically its Chief Operating Decision Maker (&#8220;CODM&#8221;), to make decisions regarding
the Company&#8217;s business, including resource allocations and performance assessments. All assets and continuing operations of the
Company are physically located or domiciled in Singapore. Consequently, no geographic information is presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001061" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_845_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zRf7iQlPaeg1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_866_zswRNx2oFRPd">Cash
and restricted cash</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
represents 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. In March 2023, such restriction
has been lifted and the remaining cash held in bank account has been transferred to the Company&#8217;s operating bank account and
classified as cash as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001063" name="us-gaap:TradeAndOtherAccountsReceivablePolicy"><p id="xdx_84B_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zzq91YN9mpw7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_zTyh3OciQ1b3">Accounts
receivable, net</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 credit losses
on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer&#8217;s
financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary.
On January 1, 2023, the Company adopted the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments&#8212;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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company used a modified retrospective approach and the adoption does not have an impact on the Company&#8217;s consolidated financial
statements. The Company&#8217;s accounts receivable and other receivables are within the scope of ASC Topic 326. To estimate expected
credit losses, the Company has identified the relevant risk characteristics of the receivables which include size and nature. Receivables
with similar risk characteristics have been grouped into pools. For each pool, the Company considers the past collection experience,
current economic conditions and future economic conditions (external data and macroeconomic factors). This is assessed at each quarter
based on the Company&#8217;s specific facts and circumstances. There have been no significant changes in the assumptions since adoption.
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&#8217;s management continues to evaluate the reasonableness of the valuation allowance policy and update
it if necessary.Allowance for credit losses amounted to $<span id="xdx_905_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_c20231231_zTCk3kDIWK42" title="Allowance for credit losses"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2023-12-31" id="Fact001065" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,504</ix:nonFraction></span> and <span id="xdx_903_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_dxL_c20221231_zMfPwq45yIte" title="Allowance for credit losses::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1067">nil</span></span> related to accounts receivable was recorded as of December 31, 2023 and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001069" name="us-gaap:ReceivablesPolicyTextBlock"><p id="xdx_84B_eus-gaap--ReceivablesPolicyTextBlock_zyCtXwnY2rfj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86C_zwQM0OaSv8Ff">Other
receivables</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
receivables primarily include receivables from investment from the Company&#8217;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. </span> Allowance for credit
losses amounted to <span id="xdx_90F_eus-gaap--OtherReceivableAllowanceForCreditLossNoncurrent_iI_dxL_c20231231_zrKTMqga8NT2" title="Allowance for credit losses amount::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1071">nil</span></span> and $<span id="xdx_909_eus-gaap--OtherReceivableAllowanceForCreditLossNoncurrent_iI_c20221231_zQ8rFrYGdWKf" title="Allowance for credit losses amount"><ix:nonFraction name="us-gaap:OtherReceivableAllowanceForCreditLossNoncurrent" contextRef="AsOf2022-12-31" id="Fact001073" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,209,825</ix:nonFraction> </span>related to other receivables was recorded as of December 31, 2023 and 2022,
respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001075" name="EUDA:PrepaidExpensesAndOtherAssetsPolicyTextBlock"><p id="xdx_847_ecustom--PrepaidExpensesAndOtherAssetsPolicyTextBlock_zzpdV2K9gcp8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_z7Lk228RLT84">Prepaid
expenses and other current assets</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, 2023 and 2022, <span id="xdx_905_ecustom--AllowanceForDoubtfulAccountsPrepaidAndOtherCurrentAssets_iI_do_c20231231_zdhI5ykeEoB2" title="Allowance"><span id="xdx_90F_ecustom--AllowanceForDoubtfulAccountsPrepaidAndOtherCurrentAssets_iI_do_c20221231_zjC6atURmYMi" title="Allowance for doubtful account related to prepaid expenses and other current assets"><span id="xdx_900_ecustom--AllowanceForDoubtfulAccountsPrepaidAndOtherCurrentAssets_iI_do_c20211231_zzj4jo9AXH31" title="Allowance for doubtful account related to prepaid expenses and other current assets"><ix:nonFraction name="EUDA:AllowanceForDoubtfulAccountsPrepaidAndOtherCurrentAssets" contextRef="AsOf2023-12-31" id="Fact001077" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="EUDA:AllowanceForDoubtfulAccountsPrepaidAndOtherCurrentAssets" contextRef="AsOf2022-12-31" id="Fact001079" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="EUDA:AllowanceForDoubtfulAccountsPrepaidAndOtherCurrentAssets" contextRef="AsOf2021-12-31" id="Fact001081" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span>
allowance for doubtful account related to prepaid expenses and other current assets was recorded.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001083" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_842_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zOdTprFHxG99" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_z1eGtWpyRbj9">Property
and equipment, net</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001085" name="EUDA:PropertyPlantAndEquipmentUseFulLivesTextBlock"><p id="xdx_894_ecustom--PropertyPlantAndEquipmentUseFulLivesTextBlock_zGgidqDXFcJ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B8_zyTByDJ5BzN6" style="display: none">Schedule
of property and equipment useful lives</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 58%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
    useful lives</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    equipment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zFnDAUrUp7w" title="Electronic equipment"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_OfficeEquipmentMember" format="ixt-sec:duryear" id="Fact001087" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
    improvement</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20231231_zrxdlrLAjVT5" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23LeaseholdImprovementsMember"><span style="-sec-ix-hidden: xdx2ixbrl1088">Shorter
    of the lease term or 5 years</span></span></span></td></tr>
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</ix:nonNumeric><p id="xdx_8AD_z793vyMsKhMd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, there was <span id="xdx_907_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_do_c20230101__20231231_zBmfFGnCBDSd" title="Impairment of property and equipment"><span id="xdx_908_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_do_c20220101__20221231_zkkGMUm1tAc4" title="Impairment of property and equipment"><span id="xdx_903_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_do_c20210101__20211231_zDHKhUhIeT3g" title="Impairment of property and equipment"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="From2023-01-01to2023-12-31" id="Fact001090" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="From2022-01-012022-12-31" id="Fact001092" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="From2021-01-012021-12-31" id="Fact001094" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> impairment of property and equipment recognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001096" name="us-gaap:IntangibleAssetsFiniteLivedPolicy"><p id="xdx_84E_eus-gaap--IntangibleAssetsFiniteLivedPolicy_zxHTBzhXqvC2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_868_zWzM1tgiMG88">Intangible
assets, net</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;s best estimate of its useful life as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001098" name="EUDA:ScheduleOfFiniteLivedIntangibleAssetsUsefulLivesTableTextBlock"><p id="xdx_894_ecustom--ScheduleOfFiniteLivedIntangibleAssetsUsefulLivesTableTextBlock_z6vRzRX7yNcd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B7_zRm10fiBBIU8" style="display: none">Schedule
of intangible assets net</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Categories</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful
    life</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer
    relationships</span></td>
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    years</span></td></tr>
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</ix:nonNumeric><p id="xdx_8AC_zvAaprZnzQea" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &#8220;<i>Intangibles - Goodwill and Other</i>.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. $<span id="xdx_903_eus-gaap--ImpairmentOfIntangibleAssetsExcludingGoodwill_c20220101__20221231_zhprXa5rZJYe" title="Impairment of intangible assets"><ix:nonFraction name="us-gaap:ImpairmentOfIntangibleAssetsExcludingGoodwill" contextRef="From2022-01-012022-12-31" id="Fact001102" format="ixt:numdotdecimal" decimals="0" unitRef="USD">167,787</ix:nonFraction></span> and <span id="xdx_90E_eus-gaap--ImpairmentOfIntangibleAssetsExcludingGoodwill_dxL_c20210101__20211231_z56mPXzTQEkf" title="Impairment of intangible assets::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1104">nil</span></span> impairment
of intangibles assets was recorded for the years ended December 31, 2022 and 2021, respectively. The Company did <span id="xdx_905_eus-gaap--ImpairmentOfIntangibleAssetsExcludingGoodwill_dxL_c20230101__20231231_zhCaVuHZjtol" title="Impairment of intangible assets::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1106">no</span></span>t have any intangible
assets as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;s &#8220;implied&#8221; goodwill under current GAAP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 $<span id="xdx_909_eus-gaap--GoodwillImpairmentLoss_c20220101__20221231_zzg2R1C7dFdk" title="Impairment loss on goodwill"><ix:nonFraction name="us-gaap:GoodwillImpairmentLoss" contextRef="From2022-01-012022-12-31" id="Fact001110" format="ixt:numdotdecimal" decimals="0" unitRef="USD">971,229</ix:nonFraction></span> 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.
The Company did <span id="xdx_900_eus-gaap--GoodwillImpairmentLoss_doxL_c20230101__20231231_ztbA1zaPt2Ae" title="Impairment loss on goodwill::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1112">no</span></span>t have any goodwill as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001114" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_844_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zhJW960nGqNb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86E_zARZSOo2kCZh">Impairment
for long-lived assets</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.
For the years ended December 31, 2023, 2022 and 2021, <span id="xdx_904_eus-gaap--ImpairmentOfIntangibleAssetsFinitelived_dxL_c20230101__20231231_z5bxUQe3KlPk" title="Impairment of long-lived assets::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1116">nil</span></span>, $<span id="xdx_90B_eus-gaap--ImpairmentOfIntangibleAssetsFinitelived_pn5n6_c20220101__20221231_zs49Bu7U0Z8j" title="Impairment of long-lived assets"><ix:nonFraction name="us-gaap:ImpairmentOfIntangibleAssetsFinitelived" contextRef="From2022-01-012022-12-31" id="Fact001118" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.2</ix:nonFraction></span> million and <span id="xdx_906_eus-gaap--ImpairmentOfIntangibleAssetsFinitelived_dxL_c20210101__20211231_zifmLFhfls9l" title="Impairment of long-lived assets::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1120">nil</span></span> impairment of long-lived assets was recognized, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001122" name="EUDA:WarrantsPolicyTextBlock"><p id="xdx_845_ecustom--WarrantsPolicyTextBlock_zgy7KzvWdm7g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86D_z4r62Vm8VWq7">Warrants</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant&#8217;s
specific terms and applicable authoritative guidance in Financial Accounting Standards Board (&#8220;FASB&#8221;) ASC 480, Distinguishing
Liabilities from Equity (&#8220;ASC 480&#8221;) and ASC 815, Derivatives and Hedging (&#8220;ASC 815&#8221;). 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&#8217;s own ordinary shares and whether the warrant holders could potentially require &#8220;net cash settlement&#8221;
in a circumstance outside of the Company&#8217;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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Upon
completion of the business combination, all of 8i&#8217;s public and private warrants remain outstanding were replaced by the Company&#8217;s
public and private warrants. The Company treated such warrants replacement as a warrant modification and no incremental fair value was
recognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001124" name="EUDA:ForwardPurchaseReceivablesAndPrepaidForwardPurchaseLiabilitiesPolicyTextBlock"><p id="xdx_840_ecustom--ForwardPurchaseReceivablesAndPrepaidForwardPurchaseLiabilitiesPolicyTextBlock_zWUp3JL3ykw7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86E_zfmzHw1q0Pbg">Forward
Purchase Receivables and Prepaid Forward Purchase Liabilities</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company recorded Forward Purchase Receivables on its consolidated balance sheets of <span id="xdx_906_ecustom--ForwardPurchaseReceivables_iI_dxL_c20231231_zgYi1rNilbzb" title="Forward purchase receivables::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1126">nil</span></span> and $<span id="xdx_902_ecustom--ForwardPurchaseReceivables_iI_c20221231_zOxg2B19BAI" title="Forward purchase receivables"><ix:nonFraction name="EUDA:ForwardPurchaseReceivables" contextRef="AsOf2022-12-31" id="Fact001128" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,892,527</ix:nonFraction></span> as of December 31, 2023 and 2022,
respectively, 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 $<span id="xdx_902_eus-gaap--ForwardContractIndexedToEquitySettlementShareFairValuePerShare_iI_pid_c20231231_zqnKXOD4HAAh" title="Recycled per shares"><ix:nonFraction name="us-gaap:ForwardContractIndexedToEquitySettlementShareFairValuePerShare" contextRef="AsOf2023-12-31" id="Fact001130" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.50</ix:nonFraction></span> per Recycled Shares (&#8220;Maturity
Consideration&#8221;) in cash or in shares. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer to
Note 11 for further detail.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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 &#8220;prepaid forward purchase liability&#8221;
on its consolidated balance sheets of <span id="xdx_901_ecustom--PrepaidForwardPurchaseLiability_iI_dxL_c20231231_z7U4v7cYwoN4" title="Purchase liability::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1132">nil</span></span> and $<span id="xdx_90B_ecustom--PrepaidForwardPurchaseLiability_iI_c20221231_zto9RJ37Hsb4" title="Purchase liability"><ix:nonFraction name="EUDA:PrepaidForwardPurchaseLiability" contextRef="AsOf2022-12-31" id="Fact001134" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,321,053</ix:nonFraction></span> as of December 31, 2023 and 2022, respectively. Refer to Note 11 for further
detail.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001136" name="us-gaap:RevenueRecognitionPolicyTextBlock"><p id="xdx_84B_eus-gaap--RevenueRecognitionPolicyTextBlock_zQlfUYJp7aq3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_zATrNHvqHLLc">Revenue
recognition</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company follows the revenue accounting requirements of Accounting Standards Update (&#8220;ASU&#8221;) No. 2014-09, Revenue from Contracts
with Customers (Topic 606) (&#8220;Accounting Standards Codification (&#8220;ASC&#8221;) 606&#8221;). 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="margin: 0pt; break-before: page"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
recognition policies for the revenue stream is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Property
Management Services</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
Performance obligation satisfied over a period of time</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, 2023 and 2022, the Company did not have any contract assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, 2023 and 2022, the Company did not have any contract liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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of revenue</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8AE_zSYxPvk5QISb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Cost
of revenues</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Property
Management Services</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of revenues mainly consists of labor expenses incurred attributable to property management service.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disaggregated
information of cost of revenues by products/services are as follows:</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8AB_zbGvfHFtvoCc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001166" name="us-gaap:AdvertisingCostsPolicyTextBlock"><p id="xdx_842_eus-gaap--AdvertisingCostsPolicyTextBlock_zGMzORxWQmXf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_zgY6G2MQQMIb">Advertising
costs</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising
is mainly through online and offline promotion activities. Advertising costs amounted to $<span id="xdx_904_eus-gaap--AdvertisingExpense_c20230101__20231231_zmc5VqefY505" title="Advertising cost"><ix:nonFraction name="us-gaap:AdvertisingExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001168" format="ixt:numdotdecimal" decimals="0" unitRef="USD">455,260</ix:nonFraction></span>, $<span id="xdx_905_eus-gaap--AdvertisingExpense_c20220101__20221231_zYi45iOuxmc1" title="Advertising cost"><ix:nonFraction name="us-gaap:AdvertisingExpense" contextRef="From2022-01-012022-12-31" id="Fact001170" format="ixt:numdotdecimal" decimals="0" unitRef="USD">855,863</ix:nonFraction></span> and $<span id="xdx_901_eus-gaap--AdvertisingExpense_c20210101__20211231_zkEemcQKvNn9" title="Advertising cost"><ix:nonFraction name="us-gaap:AdvertisingExpense" contextRef="From2021-01-012021-12-31" id="Fact001172" format="ixt:numdotdecimal" decimals="0" unitRef="USD">270,361</ix:nonFraction></span> for the years
ended December 31, 2023, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001174" name="EUDA:DefinedContributionPlanPolicyTextBlock"><p id="xdx_847_ecustom--DefinedContributionPlanPolicyTextBlock_zWxIfko2K4sc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><span style="text-decoration: underline"><span id="xdx_86A_z9EgIm0CoPh5">Defined
contribution plan</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217; 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 $<span id="xdx_90F_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20230101__20231231_zwhVg4R3BIxi" title="Employee expenses"><ix:nonFraction name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" contextRef="From2023-01-01to2023-12-31" id="Fact001176" format="ixt:numdotdecimal" decimals="0" unitRef="USD">316,971</ix:nonFraction></span>, $<span id="xdx_90A_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20220101__20221231_zHaCKHDZjc3g" title="Employee expenses"><ix:nonFraction name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" contextRef="From2022-01-012022-12-31" id="Fact001178" format="ixt:numdotdecimal" decimals="0" unitRef="USD">340,756</ix:nonFraction></span> and $<span id="xdx_903_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20210101__20211231_zoD52d0NIKL" title="Employee expenses"><ix:nonFraction name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" contextRef="From2021-01-012021-12-31" id="Fact001180" format="ixt:numdotdecimal" decimals="0" unitRef="USD">349,333</ix:nonFraction></span> for the years ended December 31, 2023, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
related contribution plans include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Singapore
subsidiaries</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
Central Provident Fund (&#8220;CPF&#8221;) &#8211; <span id="xdx_901_eus-gaap--EmployeeStockOwnershipPlanESOPPlanDescription_c20230101__20231231__us-gaap--PlanNameAxis__custom--CentralProvidentFundMember_zAubVhA7Nybf" title="Employee plan description"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_CentralProvidentFundMember" id="Fact001182" name="us-gaap:EmployeeStockOwnershipPlanESOPPlanDescription">17.00% based on employee&#8217;s monthly salary for employees aged 55 and below, reduces
progressively to 7.5% as age increase</ix:nonNumeric></span>;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
Skill Development Levy (&#8220;SDL&#8221;) &#8211; <span id="xdx_90C_eus-gaap--EmployeeStockOwnershipPlanESOPPlanDescription_c20230101__20231231__us-gaap--PlanNameAxis__custom--SkillDevelopmentLevyMember_zU5sOQMx1KO7" title="Employee plan description"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SkillDevelopmentLevyMember" id="Fact001184" name="us-gaap:EmployeeStockOwnershipPlanESOPPlanDescription">up to 0.25% based on employee&#8217;s monthly salary capped approximately $<span id="xdx_903_eus-gaap--SalariesAndWages_pn5n6_c20230101__20231231__us-gaap--PlanNameAxis__custom--SkillDevelopmentLevyMember_zz5mJeXbASy7" title="Monthly salary"><ix:nonFraction name="us-gaap:SalariesAndWages" contextRef="From2023-01-012023-12-31_custom_SkillDevelopmentLevyMember" id="Fact001186" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">8.3</ix:nonFraction></span> (SGD
<span id="xdx_902_eus-gaap--SalariesAndWages_pn4n6_uSGD_c20230101__20231231__us-gaap--PlanNameAxis__custom--SkillDevelopmentLevyMember_zAAibPnx99V6" title="Monthly salary"><ix:nonFraction name="us-gaap:SalariesAndWages" contextRef="From2023-01-012023-12-31_custom_SkillDevelopmentLevyMember" id="Fact001188" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="SGD">11.25</ix:nonFraction></span>) for each employee</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001190" name="EUDA:GoodsAndServicesTaxesPolicyTextBlock"><p id="xdx_84D_ecustom--GoodsAndServicesTaxesPolicyTextBlock_zXamQglTVmC8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_868_zmqiYqP99rt8">Goods
and services taxes (&#8220;GST&#8221;)</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
represents the invoiced value of service, net GST. The GST are based on gross sales price. GST rate is generally <span id="xdx_905_ecustom--GoodsAndServicesTaxesRate_pid_dp_uPure_c20230101__20231231__srt--StatementGeographicalAxis__country--SG_zhzoDFkHeNLj" title="Goods and services taxes rate"><ix:nonFraction name="EUDA:GoodsAndServicesTaxesRate" contextRef="From2023-01-012023-12-31_country_SG" id="Fact001192" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>%, <span id="xdx_90A_ecustom--GoodsAndServicesTaxesRate_pid_dp_uPure_c20220101__20221231__srt--StatementGeographicalAxis__country--SG_zsvZ40lpSfn4" title="Goods and services taxes rate"><ix:nonFraction name="EUDA:GoodsAndServicesTaxesRate" contextRef="From2022-01-012022-12-31_country_SG" id="Fact001194" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7</ix:nonFraction></span>%, <span id="xdx_90C_ecustom--GoodsAndServicesTaxesRate_pid_dp_uPure_c20210101__20211231__srt--StatementGeographicalAxis__country--SG_zwVOlBJBS5Mf" title="Goods and services taxes rate"><ix:nonFraction name="EUDA:GoodsAndServicesTaxesRate" contextRef="From2021-01-012021-12-31_country_SG" id="Fact001196" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7</ix:nonFraction></span>% for the years
ended December 31, 2023, 2022 and 2021, respectively, 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001198" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_842_eus-gaap--IncomeTaxPolicyTextBlock_zF5CnwrpIiTg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_869_z0USrEwDJTxe">Income
taxes</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="border-bottom: Black 1.5pt solid; margin: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
uncertain tax position is recognized as a benefit only if it is &#8220;more likely than not&#8221; 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 more-likely-than-not of being realized on examination. For tax positions not meeting the &#8220;more likely than not&#8221; test,
no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax for the years ended December 31,
2023, 2022 and 2021. <span style="background-color: white">As of December 31, 2023, the tax returns of the Company&#8217;s Singapore
entities for the calendar year from 2020 through 2023 remain open for statutory examination by Singapore tax authorities.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;s subsidiaries file separate tax returns that are subject to examination by the foreign tax authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001200" name="us-gaap:DiscontinuedOperationsPolicyTextBlock"><p id="xdx_84D_eus-gaap--DiscontinuedOperationsPolicyTextBlock_zULLBOs8isyh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86D_zNZTkUWi6JS">Discontinued
operations</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
discontinued operation may include a component of an entity or a group of components of an entity, or a business or nonprofit activity.
A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operation if
the disposal represents a strategic shift that has (or will have) a major effect on an entity&#8217;s operations and financial results
when any of the following occurs: (1) the component of an entity or group of components of an entity meets the criteria to be classified
as held for sale; (2) the component of an entity or group of components of an entity is disposed of by sale; (3) the component of an
entity or group of components of an entity is disposed of other than by sale (for example, by abandonment or in a distribution to owners
in a spinoff).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001202" name="us-gaap:ComprehensiveIncomePolicyPolicyTextBlock"><p id="xdx_84F_eus-gaap--ComprehensiveIncomePolicyPolicyTextBlock_z5M7PcAr8ktj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_868_z9v1bL2Ttccg">Comprehensive
income (loss)</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217; 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001204" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_848_eus-gaap--EarningsPerSharePolicyTextBlock_z3BYUfurNxDl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_zPe1R6qxNMvd">(Loss)
earnings per share</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company computes (loss) earnings per share (&#8220;EPS&#8221;) in accordance with ASC 260, &#8220;Earnings per Share&#8221;. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 103; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001206" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zhdlYrDtPA6b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company calculates basic and diluted (loss)/earnings per share for continuing operations as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BE_zdxIyQD2TjZ9" style="display: none">Schedule
of basic and diluted earnings per share</span></span></p>

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  <tr style="vertical-align: bottom">
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  <tr id="xdx_400_eus-gaap--IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_zKud15U1PbO6" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_400_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zY4Q0gURy3Qa" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Denominator</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Weighted average number of shares outstanding, basic and diluted</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; text-align: left">(Loss)/earnings per share, basic and diluted</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_902_eus-gaap--IncomeLossFromContinuingOperationsPerBasicShare_pid_c20230101__20231231_z7yRYJJu6rO4" title="(Loss)/earnings per share, basic"><span id="xdx_90F_eus-gaap--IncomeLossFromContinuingOperationsPerDilutedShare_pid_c20230101__20231231_zsipvJldyvKc" title="(Loss)/earnings per share, diluted">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsPerBasicShare" contextRef="From2023-01-01to2023-12-31" id="Fact001232" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsPerDilutedShare" contextRef="From2023-01-01to2023-12-31" id="Fact001234" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.37</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90D_eus-gaap--IncomeLossFromContinuingOperationsPerBasicShare_pid_c20220101__20221231_zgakQvGtoS41" title="(Loss)/earnings per share, basic"><span id="xdx_908_eus-gaap--IncomeLossFromContinuingOperationsPerDilutedShare_pid_c20220101__20221231_zEu8tDWngpwg" title="(Loss)/earnings per share, diluted">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsPerBasicShare" contextRef="From2022-01-012022-12-31" id="Fact001236" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsPerDilutedShare" contextRef="From2022-01-012022-12-31" id="Fact001238" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">2.07</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_907_eus-gaap--IncomeLossFromContinuingOperationsPerBasicShare_pid_c20210101__20211231_zoryKqahZcJ2" title="(Loss)/earnings per share, basic"><span id="xdx_90C_eus-gaap--IncomeLossFromContinuingOperationsPerDilutedShare_pid_c20210101__20211231_z9L5EcPWIjy9" title="(Loss)/earnings per share, diluted"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsPerBasicShare" contextRef="From2021-01-012021-12-31" id="Fact001240" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsPerDilutedShare" contextRef="From2021-01-012021-12-31" id="Fact001242" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.17</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company calculates basic and diluted (loss)/earnings per share for discontinued operations as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended December 31</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Numerator</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 12%; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax" contextRef="From2023-01-01to2023-12-31" id="Fact001244" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,601,323</ix:nonFraction></td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left">)</td><td style="padding-bottom: 2.5pt; width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Weighted average number of shares outstanding, basic and diluted</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20220101__20221231_zP2G62eht9E2" title="Basic"><span id="xdx_909_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20220101__20221231_zXFKy6vAhxM2" title="Diluted"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2022-01-012022-12-31" id="Fact001252" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2022-01-012022-12-31" id="Fact001254" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,029,656</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20210101__20211231_z42CTKPEJrOl" title="Weighted average number of shares outstanding, Basic"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20210101__20211231_zV7JHjxj21C5" title="Weighted average number of shares outstanding, Diluted"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2021-01-012021-12-31" id="Fact001256" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2021-01-012021-12-31" id="Fact001258" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">9,253,333</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; text-align: left">(Loss)/earnings per share, basic and diluted</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90A_eus-gaap--IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare_pid_c20230101__20231231_zDvgBLXfapq" title="Basic - discontinued operations"><span id="xdx_900_eus-gaap--IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare_pid_c20230101__20231231_zcrMjKdSEaBd" title="Diluted - discontinued operations">(<ix:nonFraction name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" contextRef="From2023-01-01to2023-12-31" id="Fact001260" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares"><ix:nonFraction name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" contextRef="From2023-01-01to2023-12-31" id="Fact001262" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.07</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90A_eus-gaap--IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare_pid_c20220101__20221231_zGCbcvO0OrJ5" title="Basic - discontinued operations"><span id="xdx_90A_eus-gaap--IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare_pid_c20220101__20221231_z3FqYuE71Opi" title="Diluted - discontinued operations"><ix:nonFraction name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" contextRef="From2022-01-012022-12-31" id="Fact001264" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" contextRef="From2022-01-012022-12-31" id="Fact001266" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.00</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_906_eus-gaap--IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare_pid_c20210101__20211231_ztR3Vbhxtmva" title="(Loss)/earnings per share, basic"><span id="xdx_901_eus-gaap--IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare_pid_c20210101__20211231_zYu4Q0bvGqp4" title="(Loss)/earnings per share, diluted">(<ix:nonFraction name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" contextRef="From2021-01-012021-12-31" id="Fact001268" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares"><ix:nonFraction name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" contextRef="From2021-01-012021-12-31" id="Fact001270" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.08</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A8_zdh597yuGDje" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2023, the Company had dilutive securities from the outstanding convertible notes and warrants convertible into <span id="xdx_905_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20230101__20231231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertibleDebtSecuritiesMember_zVhGoqpauUv1" title="Antidilutive shares"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2023-01-012023-12-31_us-gaap_ConvertibleDebtSecuritiesMember" id="Fact001272" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">422,625</ix:nonFraction></span>
and <span id="xdx_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20230101__20231231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsConvertibleDebtMember_zXeqNNB0PKDk" title="Antidilutive shares"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2023-01-012023-12-31_custom_WarrantsConvertibleDebtMember" id="Fact001274" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,458,625</ix:nonFraction></span> of the Company&#8217;s ordinary shares, respectively, that were not included in the computation of dilutive loss per share
because the inclusion of such convertible notes and warrants would be anti-dilutive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2022, the Company had dilutive securities from the outstanding convertible notes and warrants convertible into <span id="xdx_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20220101__20221231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertibleDebtSecuritiesMember_zALyIg1kR5X2" title="Antidilutive shares"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2022-01-012022-12-31_us-gaap_ConvertibleDebtSecuritiesMember" id="Fact001276" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,411,725</ix:nonFraction></span>
and <span id="xdx_90D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20220101__20221231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsConvertibleDebtMember_z0pam9LQJVY9" title="Antidilutive shares"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2022-01-012022-12-31_custom_WarrantsConvertibleDebtMember" id="Fact001278" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,458,625</ix:nonFraction></span> of the Company&#8217;s ordinary shares, respectively, that were not included in the computation of dilutive loss per share
because the inclusion of such convertible notes and warrants would be anti-dilutive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2021, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted
into ordinary shares and then share in the loss of the Company. As a result, dilutive income per ordinary share is the same as basic
loss per ordinary shares for the period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001280" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p id="xdx_842_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_z6lYgIVVvoU7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86D_zitGMso5MFxa">Fair
value measurements</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 - Unadjusted quoted prices in active markets for identical assets or liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company did not have any financial assets or liabilities that were accounted for at fair value on a recurring basis as of December 31,
2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001282" name="us-gaap:FairValueAssetsMeasuredOnNonrecurringBasisTextBlock"><p id="xdx_897_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisTextBlock_zPz3CFXzhkFl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zVt46T9iUIo1" style="display: none">Schedule
of fair value hierarchy of financial liability</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">Carrying Value at</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value Measurement at December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left">Prepaid forward purchase liabilities</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_981_ecustom--PrepaidForwardPurchaseLiabilities_iI_c20221231_zW4r63d7E5C4" title="Prepaid forward purchase liabilities" style="width: 14%; text-align: right"><ix:nonFraction name="EUDA:PrepaidForwardPurchaseLiabilities" contextRef="AsOf2022-12-31" id="Fact001284" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,321,053</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_987_ecustom--PrepaidForwardPurchaseLiabilities_iI_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zvNULF5NpZVj" title="Prepaid forward purchase liabilities" style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1286">-</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_ecustom--PrepaidForwardPurchaseLiabilities_iI_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zJjbDpT0A1z3" title="Prepaid forward purchase liabilities" style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1288">-</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_983_ecustom--PrepaidForwardPurchaseLiabilities_iI_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z3dbptI5YD93" title="Prepaid forward purchase liabilities" style="width: 10%; text-align: right"><ix:nonFraction name="EUDA:PrepaidForwardPurchaseLiabilities" contextRef="AsOf2022-12-31_us-gaap_FairValueInputsLevel3Member" id="Fact001290" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,321,053</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_zgkspJuILQl3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001292" name="us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock"><p id="xdx_899_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock_zzWkZiJqVvol" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 years ended December 31, 2023 and 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zj7vWni9jEN1" style="display: none">Schedule
of reconciliation of financial liability measured at fair value on a recurring basis</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin: 0pt">Prepaid forward</p>
                                                                                <p style="margin: 0pt">purchase liabilities</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 82%">Beginning balance as of November 17, 2022</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_985_ecustom--PrepaidForwardPurchaseLiabilitiesBalance_iS_c20221116__20221231_zITJY0XxRTVb" title="Beginning balance" style="width: 14%; text-align: right"><ix:nonFraction name="EUDA:PrepaidForwardPurchaseLiabilitiesBalance" contextRef="AsOf2022-11-15" id="Fact001294" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,409,550</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Change in fair value of prepaid forward purchase liabilities</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A0_zjuvAjoJAQu" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001306" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_84A_eus-gaap--LesseeLeasesPolicyTextBlock_zCcTyJFdk8pf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><span style="text-decoration: underline"><span id="xdx_864_zSmXstzJdGM2">Leases</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company accounts for leases in accordance with ASC 842. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    lease transfers ownership of the underlying asset to the lessee by the end of the lease term;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases
that do not meet any of the above criteria are accounted for as operating leases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company combines lease and non-lease components in its contracts under Topic 842, when permissible.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Finance
and operating lease right-of-use (&#8220;ROU&#8221;) 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&#8217;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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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 </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">office
equipment <span style="background-color: white">on the remaining balance of the liability.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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, 2023, 2022 and 2021, </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Company did not recognize impairment loss on its finance and operating lease ROU assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001308" name="EUDA:RelatedPartyPolicyTextBlock"><p id="xdx_842_ecustom--RelatedPartyPolicyTextBlock_zCgGBW4jYbed" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86C_z4PoWAhL34N">Related
parties</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001310" name="us-gaap:PriorPeriodReclassificationAdjustmentDescription"><p id="xdx_846_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zYGRURa6v06j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86E_zAW64r95cVod">Comparability
and reclassification adjustments</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has reclassified certain comparative balances in the consolidated balance sheets as of December 31, 2022 and certain
comparative amounts in the consolidated statements of operations and comprehensive (loss)/income for the years ended December 31,
2022 and 2021 to conform to the current year&#8217;s presentation. The assets and liabilities of the discontinued operations have
been classified as current assets of discontinued operations, property and equipment, net of discontinued operation<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">s,
</span> other assets of discontinued operations and current liabilities of
discontinued operations in the consolidated balance sheets as of December 31, 2022. The results of discontinued operations for the
years ended December 31, 2022 and 2021 have been reflected separately in the consolidated statements of operations and comprehensive
(loss)/income as a single line item for all periods presented in accordance with U.S. GAAP. Cash flows from discontinued operations
of the three categories for the years ended December 31, 2022 and 2021 were separately presented in the consolidated statements of
cash flows for all periods presented in accordance with U.S. GAAP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001312" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_843_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zhZBw1cTI65a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_865_z4TDUlu3VHfb">Recently
adopted accounting pronouncements</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments&#8212;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&#8212;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&#8212; Credit Losses&#8212;Available-for-Sale
Debt Securities. The amendments in this Update address those stakeholders&#8217; 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&#8212;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&#8212;Credit Losses&#8212;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&#8217;s consolidated
financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;s consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001314" name="EUDA:NewAccountingPronouncementsNotYetAdoptedPolicyPolicyTextBlock"><p id="xdx_84C_ecustom--NewAccountingPronouncementsNotYetAdoptedPolicyPolicyTextBlock_z1gPhOD1dnpf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_zugf9PMoHe4g">Recent
accounting pronouncements not yet adopted</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considers the applicability and impact of all accounting standards updates (&#8220;ASUs&#8221;). Management periodically reviews
new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the &#8220;JOBS Act&#8221;),
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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2023, the FASB issued Accounting Standards Update No. 2023-07, &#8220;Segment Reporting (Topic 280): Improvements to Reportable
Segment Disclosures&#8221; (ASU 2023-07&#8221;), which modifies the rules on segment reporting to (1) require entities to disclose for
each reportable segment the significant expense categories and amounts that are regularly provided to the chief operating decision maker
(&#8220;CODM&#8221;) and included in the reported measure(s) of a segment&#8217;s profit or loss, (2) require that a public entity disclose,
on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition, (3) require
entities to provide all annual disclosures about a reportable segment&#8217;s profit or loss and assets currently required by Topic 280
in interim periods, (4) clarify if the CODM uses more than one measure of a segment&#8217;s profit or loss in assessing segment performance,
(5) require entities to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s),
and (6) require entities that has a single reportable segment provide all disclosures required by the amendments in this Update and all
existing segment disclosures in Topic 280. The guidance is effective for fiscal years beginning after December 15, 2023, and interim
periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-07 should be applied retrospectively
to all prior periods presented in the financial statements. The Company is currently evaluating the potential impact of adopting this
new guidance on its consolidated financial statements and related disclosures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 107; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin: 0pt; break-before: page"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2023, the FASB issued Accounting Standards Update No. 2023-09, &#8220;Income Taxes (Topic 740): Improvements to Income Tax Disclosures&#8221;
(&#8220;ASU 2023-09&#8221;), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories
in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between
domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU
2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among
other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual
financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis,
but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on
its consolidated financial statements and related disclosures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;s consolidated balance sheets, statements of operations and comprehensive income (loss)
and statements of cash flows.</span></p>
</ix:nonNumeric><p id="xdx_85F_zIMNuKs7s8B" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001316" name="EUDA:ReverseRecapitalizationTextBlock"><p id="xdx_802_ecustom--ReverseRecapitalizationTextBlock_zuLivPsPmzWe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
4 &#8211; <span id="xdx_823_z6ednMenTt1">Reverse Recapitalization</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Upon
the consummation of the Business Combination, the following events contemplated by the SPA occurred, based on EUDA&#8217;s capitalization
as of November 17, 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">all
    <span id="xdx_90A_eus-gaap--CommonStockSharesIssued_iI_c20221117_zy0nYhlsewNb" title="Ordinary shares, issued"><span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_c20221117_zqOn3SqI3lO7" title="Ordinary shares, outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-11-17" id="Fact001318" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-11-17" id="Fact001320" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,500,000</ix:nonFraction></ix:nonFraction></span></span> issued and outstanding shares of EHL were converted into <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesConversionOfUnits_c20221117__20221117_zmhgY467VoY4" title="Converted shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfUnits" contextRef="From2022-11-172022-11-17" id="Fact001322" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">14,000,000</ix:nonFraction></span> shares of the Company&#8217;s <span id="xdx_906_eus-gaap--CommonStockNoParValue_iI_do_c20221117_zwBKkRaRIK88" title="Ordinary shares, par value"><ix:nonFraction name="us-gaap:CommonStockNoParValue" contextRef="AsOf2022-11-17" id="Fact001324" format="ixt-sec:numwordsen" decimals="INF" unitRef="USDPShares">no</ix:nonFraction></span> par value ordinary
    shares after giving effect to the exchange ratio of <span id="xdx_90E_ecustom--ExchangeRatioPerShare_uUSDPShares_c20221117__20221117_zL91v9JnhBJl" title="Exchange ratio"><ix:nonFraction name="EUDA:ExchangeRatioPerShare" contextRef="From2022-11-172022-11-17" id="Fact001326" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">9.33</ix:nonFraction></span> (&#8220;Exchange Ratio&#8221;); and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">the
    entitlement of <span id="xdx_901_eus-gaap--ExcessStockSharesIssued_iI_c20221117_z7UUIKvUy8Bj" title="Earnout shares"><ix:nonFraction name="us-gaap:ExcessStockSharesIssued" contextRef="AsOf2022-11-17" id="Fact001328" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,000,000</ix:nonFraction></span> shares (&#8220;Earnout Shares&#8221;) of the Company&#8217;s no par value ordinary shares issued to the
    Seller subject to the following four triggering events:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9675;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20221117__20221117__us-gaap--AwardTypeAxis__custom--FirstAnniversaryMember_z0UVaewHEl82" title="Number of additional shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-11-172022-11-17_custom_FirstAnniversaryMember" id="Fact001330" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction></span>
    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&#8217;s share price is equal to or greater than Fifteen Dollars ($<span id="xdx_90C_eus-gaap--SharePrice_iI_c20221117__us-gaap--AwardTypeAxis__custom--FirstAnniversaryMember_zUNQn9KUThOj" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-11-17_custom_FirstAnniversaryMember" id="Fact001332" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">15.00</ix:nonFraction></span>) after the Closing Date;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9675;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20221117__20221117__us-gaap--AwardTypeAxis__custom--SecondAnniversaryMember_zS3k3TIKB6Hj" title="Number of additional shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-11-172022-11-17_custom_SecondAnniversaryMember" id="Fact001334" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction></span>
    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&#8217;s share price is equal to or greater than Twenty Dollars ($<span id="xdx_90A_eus-gaap--SharePrice_iI_c20221117__us-gaap--AwardTypeAxis__custom--SecondAnniversaryMember_zW8F66E2jl9h" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-11-17_custom_SecondAnniversaryMember" id="Fact001336" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">20.00</ix:nonFraction></span>);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9675;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230101__20231231_zm6YjiHhTAXj" title="Number of additional shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-01-01to2023-12-31" id="Fact001338" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction></span>
    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 $<span id="xdx_907_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_uUSD_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_zKio2pvHSK7d" title="Revenue"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_srt_MinimumMember" id="Fact001340" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,100,000</ix:nonFraction></span> and (y) net income attributable to EUDA of at least $<span id="xdx_909_eus-gaap--NetIncomeLoss_uUSD_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_zoYxeiotojN" title="Net income"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2023-01-012023-12-31_srt_MinimumMember" id="Fact001342" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,600,000</ix:nonFraction></span>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9675;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240101__20241231__srt--StatementScenarioAxis__srt--ScenarioForecastMember_zqMwWgbSNVg4" title="Number of additional shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2024-01-012024-12-31_srt_ScenarioForecastMember" id="Fact001344" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction></span>
    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 $<span id="xdx_90B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_uUSD_c20240101__20241231__srt--RangeAxis__srt--MinimumMember__srt--StatementScenarioAxis__srt--ScenarioForecastMember_zdUz1E6fhfIi" title="Revenue"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2024-01-012024-12-31_srt_MinimumMember_srt_ScenarioForecastMember" id="Fact001346" format="ixt:numdotdecimal" decimals="0" unitRef="USD">40,100,000</ix:nonFraction></span> and (y) net income attributable to EUDA of at least $<span id="xdx_906_eus-gaap--NetIncomeLoss_uUSD_c20240101__20241231__srt--RangeAxis__srt--MinimumMember__srt--StatementScenarioAxis__srt--ScenarioForecastMember_z93EnFb0LKrl" title="Net income"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2024-01-012024-12-31_srt_MinimumMember_srt_ScenarioForecastMember" id="Fact001348" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,100,000</ix:nonFraction></span>.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
connection with the closing the Business Combination:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">all
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">all
    8i&#8217;s <span id="xdx_90D_ecustom--PrivateOrdinarySharesNoParValue_iI_do_c20221117_zXGetTZqtePe" title="Private ordinary shares, par value"><ix:nonFraction name="EUDA:PrivateOrdinarySharesNoParValue" contextRef="AsOf2022-11-17" id="Fact001356" format="ixt-sec:numwordsen" decimals="INF" unitRef="USDPShares">no</ix:nonFraction></span> par value private ordinary shares of <span id="xdx_900_ecustom--PrivateOrdinarySharesOutstanding_iI_c20221117_z8jPzo85oS5g" title="Private ordinary shares, outstanding"><ix:nonFraction name="EUDA:PrivateOrdinarySharesOutstanding" contextRef="AsOf2022-11-17" id="Fact001358" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">292,250</ix:nonFraction></span> remained outstanding;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">all
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 108; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><span id="xdx_909_eus-gaap--CommonStockSharesIssued_iI_c20221117__us-gaap--BusinessAcquisitionAxis__custom--BusinessCombinationMember_z6CxL5Cdile5" title="Ordinary shares, issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-11-17_custom_BusinessCombinationMember" id="Fact001370" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction></span>
    shares of the Company&#8217;s no par value ordinary shares were issued to a service provider in connection with the business combination;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><span id="xdx_909_eus-gaap--CommonStockSharesIssued_iI_c20221117__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zlImSVpj0U55" title="Ordinary shares, issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-11-17_custom_SharePurchaseAgreementMember" id="Fact001372" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">60,000</ix:nonFraction></span>
    shares of the Company&#8217;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
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001376" name="EUDA:ScheduleOfOrdinarySharesIssuedAndOutstandingOfReverseRecapitalizationTableTextBlock"><p id="xdx_89A_ecustom--ScheduleOfOrdinarySharesIssuedAndOutstandingOfReverseRecapitalizationTableTextBlock_zReAvxepTkia" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
following table presents the number of the Company&#8217;s ordinary shares issued and outstanding immediately following the Reverse Recapitalization:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;<span id="xdx_8BB_zhi6HjGD9ark" style="display: none">Schedule
of shares issued and outstanding reverse recapitalization</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_493_20221117__20221117_zoT3VVfD6KId" style="border-bottom: Black 1.5pt solid; text-align: center">Ordinary Shares</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_40F_ecustom--OrdinarySharesOutstandingPriorToReverseRecapitalization_zRGVwfVUQyS9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left">8i ordinary shares outstanding prior to Reverse Recapitalization</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="EUDA:OrdinarySharesOutstandingPriorToReverseRecapitalization" contextRef="From2022-11-172022-11-17" id="Fact001378" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,073,500</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_ecustom--RedemptionOfOrdinaryShares_zInEyHQuBTd" style="vertical-align: bottom; background-color: White">
    <td>Less: redemption of 8i ordinary shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="EUDA:RedemptionOfOrdinaryShares" contextRef="From2022-11-172022-11-17" id="Fact001380" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Shares">6,033,455</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_404_eus-gaap--ConversionOfStockSharesConverted1_z99FReJJCax6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Conversion of 8i rights</td><td>&#160;</td>
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  <tr id="xdx_40B_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_zpqCIqVtYLn7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Shares issued to service providers</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2022-11-172022-11-17" id="Fact001384" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">260,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--StockIssuedDuringPeriodSharesConversionOfUnits_zR63qdumDz54" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Conversion of EHL ordinary shares into 8i ordinary shares</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfUnits" contextRef="From2022-11-172022-11-17" id="Fact001386" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">14,000,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--StockIssuedDuringPeriodValueIssuanceOfOrdinarySharesUponReverseRecapitalization_zHrVk31avVKc" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Total shares outstanding</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="EUDA:StockIssuedDuringPeriodValueIssuanceOfOrdinarySharesUponReverseRecapitalization" contextRef="From2022-11-172022-11-17" id="Fact001388" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,191,770</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zrCp2PdIokA3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;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&#8217;s
operations are the only ongoing operations of EHL.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
connection with the Reverse Recapitalization, the Company raised approximately $<span id="xdx_908_ecustom--ProceedsFromReverseRecapitalization_pn5n6_c20221118__20221118_zIFgUrGxnhk1" title="Proceeds from the Reverse Recapitalization"><ix:nonFraction name="EUDA:ProceedsFromReverseRecapitalization" contextRef="From2022-11-182022-11-18" id="Fact001390" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.3</ix:nonFraction></span> million of proceeds, presented as cash flows from
financing activities, which included the contribution of approximately $<span id="xdx_90E_ecustom--FundsHeldInTrustAccount_pn5n6_c20221118__20221118_ztRHGTqSxkn5" title="Funds held in trust account"><ix:nonFraction name="EUDA:FundsHeldInTrustAccount" contextRef="From2022-11-182022-11-18" id="Fact001392" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">87.1</ix:nonFraction></span> million of funds held in 8i&#8217;s trust account, approximately
$<span id="xdx_902_ecustom--FundsHeldInOperatingCashAccount_pn5n6_c20221118__20221118_zbUBEInW5545" title="Funds held in operating cash account"><ix:nonFraction name="EUDA:FundsHeldInOperatingCashAccount" contextRef="From2022-11-182022-11-18" id="Fact001394" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.2</ix:nonFraction></span> million of cash held in 8i&#8217;s operating cash account, net of approximately $<span id="xdx_90D_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_pn5n6_c20221118__20221118_zFTbuvaAAAT4" title="Amount paid to redeem public shares"><ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodValue" contextRef="From2022-11-182022-11-18" id="Fact001396" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">60.8</ix:nonFraction></span> million paid to redeem <span id="xdx_907_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_c20221118__20221118_zF1Vdhzbzgd9" title="Redeem public shares"><ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" contextRef="From2022-11-182022-11-18" id="Fact001398" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,033,455</ix:nonFraction></span> public shares
of 8i&#8217;s ordinary shares, approximately $<span id="xdx_904_eus-gaap--PaymentsOfFinancingCosts_pn5n6_c20221118__20221118_zZJ1PNq4OH96" title="Payments of transaction costs"><ix:nonFraction name="us-gaap:PaymentsOfFinancingCosts" contextRef="From2022-11-182022-11-18" id="Fact001400" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.0</ix:nonFraction></span> million in transaction costs incurred by 8i, approximately $<span id="xdx_909_eus-gaap--PaymentsForPurchaseOfSecuritiesOperatingActivities_pn5n6_c20221118__20221118_zUTKCJ0H56Pj" title="Payments of forward purchase agreements"><ix:nonFraction name="us-gaap:PaymentsForPurchaseOfSecuritiesOperatingActivities" contextRef="From2022-11-182022-11-18" id="Fact001402" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">21.9</ix:nonFraction></span> million prepayment
of two forward purchase agreements, and repayments of a promissory note in the amount of $<span id="xdx_90E_eus-gaap--RepaymentsOfRelatedPartyDebt_pn4n6_c20221118__20221118_z3buxeelf3X6" title="Repayments of promissory note related party"><ix:nonFraction name="us-gaap:RepaymentsOfRelatedPartyDebt" contextRef="From2022-11-182022-11-18" id="Fact001404" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="USD">0.3</ix:nonFraction></span> million issued to 8i&#8217;s related party.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001406" name="EUDA:ScheduleOfFinancialStatementsOfReverseRecapitalization"><p id="xdx_893_ecustom--ScheduleOfFinancialStatementsOfReverseRecapitalization_zVv8nr9aB184" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
following table reconcile the elements of the Reverse Recapitalization to the consolidated statements of cash flows and the changes in
shareholders&#8217; equity (deficit):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_8BC_zqwV0DcDbsT2" style="display: none">Schedule
of financial statements of reverse recapitalization</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49F_20221118__20221118_zpwIBOKRzal1" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">November 18, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_408_ecustom--FundsHeldInTrustAccount_zL79RJaZJMd4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left">Funds held in 8i&#8217;s trust account</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="EUDA:FundsHeldInTrustAccount" contextRef="From2022-11-182022-11-18" id="Fact001408" format="ixt:numdotdecimal" decimals="0" unitRef="USD">87,074,185</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_ecustom--FundsHeldInOperatingCashAccount_z4qvLH4HUUZ3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Funds held in 8i&#8217;s operating cash account</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="EUDA:FundsHeldInOperatingCashAccount" contextRef="From2022-11-182022-11-18" id="Fact001410" format="ixt:numdotdecimal" decimals="0" unitRef="USD">248,499</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_iN_di_z89WHiANSL7c" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Less: amount paid to redeem public shares of 8i&#8217;s ordinary shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodValue" contextRef="From2022-11-182022-11-18" id="Fact001412" format="ixt:numdotdecimal" decimals="0" unitRef="USD">60,839,550</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_409_eus-gaap--PaymentsOfFinancingCosts_iN_di_z4DuGoKG8S4c" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Less: payments of transaction costs incurred by 8i</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsOfFinancingCosts" contextRef="From2022-11-182022-11-18" id="Fact001414" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,965,646</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">Less: payments of forward purchase agreements</td><td>&#160;</td>
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  <tr id="xdx_402_eus-gaap--RepaymentsOfRelatedPartyDebt_iN_di_zgLIP3TlXJug" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">Less: unpaid transaction costs incurred by 8i</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="EUDA:ProceedsFromUnpaidTransactionCostsIncurred" contextRef="From2022-11-182022-11-18" id="Fact001424" format="ixt:numdotdecimal" decimals="0" unitRef="USD">382,600</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_400_eus-gaap--PaymentsForMergerRelatedCosts_iN_di_zdUbHghLeIr2" style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A2_zQrH4T2SG8K8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 109; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
shares and corresponding capital amounts and all per share data related to EHL&#8217;s outstanding ordinary shares prior to the Reverse
Recapitalization have been retroactively adjusted using the <span style="background-color: white">Exchange Ratio</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001432" name="us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock"><p id="xdx_809_eus-gaap--DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_zrj4QFhauoQb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
5 &#8211; <span id="xdx_823_z2hwlJmH0jfa">Discontinued operations</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2023, the Board resolved on the plan to streamline its medical services practice, which was carried out through the
entities of KRHSG, EUDA PL, ZKTV PL, SEMA, ED PL, KR Hill PL, ZKT PL, KR Digital, and Zukihealth, as the Company is in the process
of transitioning its business to other medical service fields. The streamlining of the Company&#8217;s medical services practice was
accounted for as a discontinued operation because it represented a strategic shift that had a major effect on the Company&#8217;s
operations and financial results in accordance with ASC 205-20-45.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001434" name="us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_ziKtGzlNylif" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconciliation
of the carrying amounts of major classes of assets and liabilities from discontinued operations in the consolidated balance sheets as
of December 31, 2023 and 2022 are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_8BB_zCYmZZqrqY29" style="display: none">Schedule of discontinued operation of financial statements</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-left: 20pt">TOTAL CURRENT ASSETS OF DISCONTINUED OPERATIONS</td><td>&#160;</td>
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  <tr id="xdx_408_eus-gaap--LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationAbstract_iB_zCaOmaLp9yxl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_401_ecustom--LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationShortTermLoansBankAndPrivateLender_i02I_maLODGIz6HJ_zvXBvzqzeCp6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconciliation
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">GROSS PROFIT</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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of the amount of cash flows from discontinued operations in the consolidated statements of cash flows for
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</ix:nonNumeric><p id="xdx_8AB_zdvlH0621xj6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001563" name="us-gaap:AccountsAndNontradeReceivableTextBlock"><p id="xdx_802_eus-gaap--AccountsAndNontradeReceivableTextBlock_zCIvsIQ55ps9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
6 &#8211; <span style="background-color: white"><span id="xdx_826_znREds36cmv">Accounts receivable, net</span></span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001565" name="us-gaap:ScheduleOfOtherAssetsTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfOtherAssetsTableTextBlock_zhSYOtftLSMj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;<span id="xdx_8B9_zP4rrqpB4TS5" style="display: none">Schedule
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td style="width: 64%; text-align: left">Accounts receivable</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_407_eus-gaap--AccountsReceivableNetCurrent_iTI_mtARNCztie_zh8ewUWaQoa1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A9_zYUOW0sUaAI6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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31, 2023, 2022 and 2021, the Company did not write off any allowance for credit losses against the account receivable balance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="border-bottom: Black 1.5pt solid; margin: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001580" name="us-gaap:AccountsReceivableAllowanceForCreditLossTableTextBlock"><p id="xdx_891_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_zsSFs1ffdxc1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Movements
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_8B5_zjUKjJLSbKNj" style="display: none">Schedule
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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                                                                                <p style="margin: 0pt">Ended</p>
                                                                                <p style="margin: 0pt">December 31, 2023</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin: 0pt">December 31, 2022</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Beginning balance</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iS_c20230101__20231231_zGD1xFDnH2k7" title="Beginning balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1582">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iS_c20220101__20221231_zVmgmqGCY7P6" title="Beginning balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1584">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iS_c20210101__20211231_zaPkS9wHtAvj" title="Beginning balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1586">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 52%">Addition</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--AllowanceForDoubtfulAccountsReceivableRecoveries_c20230101__20231231_zJH0hP3wMCA4" title="Addition" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableRecoveries" contextRef="From2023-01-01to2023-12-31" id="Fact001588" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,463</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--AllowanceForDoubtfulAccountsReceivableRecoveries_c20220101__20221231_z5Ww0Z4k74Lj" title="Addition" style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1590">-</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--AllowanceForDoubtfulAccountsReceivableRecoveries_c20210101__20211231_znLs7AXYCL9" title="Addition" style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1592">-</span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt">Exchange rate effect</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_988_ecustom--AllowanceForDoubtfulAccountsReceivableExchangeRateEffect_c20230101__20231231_zySjx32rhbf1" title="Exchange rate effect" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="EUDA:AllowanceForDoubtfulAccountsReceivableExchangeRateEffect" contextRef="From2023-01-01to2023-12-31" id="Fact001594" format="ixt:numdotdecimal" decimals="0" unitRef="USD">41</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_ecustom--AllowanceForDoubtfulAccountsReceivableExchangeRateEffect_c20220101__20221231_zZofr5jAO0P8" title="Exchange rate effect" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1596">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_989_ecustom--AllowanceForDoubtfulAccountsReceivableExchangeRateEffect_c20210101__20211231_zKYifWirHR95" title="Exchange rate effect" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1598">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iE_c20230101__20231231_zNhmPYbJVwQ" title="Ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2023-12-31" id="Fact001600" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,504</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iE_c20220101__20221231_zdiMseKh3uS4" title="Ending balance" style="border-bottom: Black 2.5pt double; text-align: right">&#160;&#160;&#160;<span style="-sec-ix-hidden: xdx2ixbrl1602">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iE_c20210101__20211231_ze7DhTi2Ff62" title="Ending balance" style="border-bottom: Black 2.5pt double; text-align: right">&#160;&#160;&#160;<span style="-sec-ix-hidden: xdx2ixbrl1604">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A7_z7JD1DfCl1Va" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001606" name="us-gaap:FinancingReceivablesTextBlock"><p id="xdx_806_eus-gaap--FinancingReceivablesTextBlock_zJQAzVT9Cfy" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
7 &#8211; <span style="background-color: white"><span id="xdx_822_z36uVtp1nfJf">Other receivables</span></span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001608" name="us-gaap:ScheduleOfCreditLossesForFinancingReceivablesCurrentTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfCreditLossesForFinancingReceivablesCurrentTableTextBlock_zmZNVR8Poeg7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_8B6_zvhlB9zyerOk" style="display: none">Schedule
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49C_20231231_zCE7511kAwfk" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/> December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_490_20221231_zk4HUOoKuNHe" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/> December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_400_ecustom--EmployeeAdvanceAndOthers_iI_maORNCz0T8_z37UmBMEqA3d" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="EUDA:EmployeeAdvanceAndOthers" contextRef="AsOf2023-12-31" id="Fact001610" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,711</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Allowance for credit losses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1613">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1614">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 2.5pt">Total other receivables</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8AD_z1tHH7cDICp" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001619" name="us-gaap:AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock"><p id="xdx_89E_eus-gaap--AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock_zeQw1d6jYlok" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Movements
of allowance for credit losses from other receivables are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_8B1_zNmzlfpBwtc2" style="display: none">Schedule
of other receivables allowance for doubtful accounts</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="vertical-align: bottom; text-align: center">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
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                                                                                 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ended </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2023</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year</b></span></p>
                                                                                 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2022</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ended </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2021</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Beginning balance</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iS_c20230101__20231231_zTg8NeWdam6c" title="Beginning balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1621">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iS_c20220101__20221231_z87OQexDKAof" title="Beginning balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1623">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iS_c20210101__20211231_zcdGOnH8dSTj" title="Beginning balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1625">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 52%">Addition</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_983_ecustom--AllowanceForDoubtfulOtherReceivableRecoveries_c20230101__20231231_zBgySYDz1i08" title="Addition" style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1627">-</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98E_ecustom--AllowanceForDoubtfulOtherReceivableRecoveries_c20220101__20221231_zTO0Xl5MeVs1" title="Addition" style="width: 12%; text-align: right"><ix:nonFraction name="EUDA:AllowanceForDoubtfulOtherReceivableRecoveries" contextRef="From2022-01-012022-12-31" id="Fact001629" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,209,825</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98F_ecustom--AllowanceForDoubtfulOtherReceivableRecoveries_c20210101__20211231_zwo5deplb5I2" title="Addition" style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1631">-</span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Write-off</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_986_ecustom--AllowanceForDoubtfulOtherReceivableWriteOffs_iN_di_c20230101__20231231_zY5cXTqf45X6" title="Write-off" style="border-bottom: Black 1.5pt solid; text-align: right">&#160;&#160;&#160;<span style="-sec-ix-hidden: xdx2ixbrl1633">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_980_ecustom--AllowanceForDoubtfulOtherReceivableWriteOffs_iN_di_c20220101__20221231_zdnsJFnxX7vk" title="Write-off" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="EUDA:AllowanceForDoubtfulOtherReceivableWriteOffs" contextRef="From2022-01-012022-12-31" id="Fact001635" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,209,825</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_986_ecustom--AllowanceForDoubtfulOtherReceivableWriteOffs_iN_di_c20210101__20211231_zDFDiP39gE9k" title="Write-off" style="border-bottom: Black 1.5pt solid; text-align: right">&#160;&#160;&#160;&#160;<span style="-sec-ix-hidden: xdx2ixbrl1637">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iE_c20230101__20231231_zsdnKtunn18i" title="Ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1639">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iE_c20220101__20221231_zmhlXbTdhYR8" title="Ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1641">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iE_c20210101__20211231_zvFEZha21xp8" title="Ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1643">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A5_zgUkhLuyvEoi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001645" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_80F_eus-gaap--PropertyPlantAndEquipmentTextBlock_z47KC7G16oPl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
8 &#8211; <span id="xdx_829_zpB03XsqHTug">Property and equipment, net</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001647" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_89A_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zBbKsuT0Xmbl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment, net consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_8BA_zLFdEWe0pzyl" style="display: none">Schedule
of property and equipment</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20231231_zo0Mdxpyn8a3" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2023</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49E_20221231_z26ZChgLNXy2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2022</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zOqJbfPMwEMa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Office equipment</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-12-31_us-gaap_OfficeEquipmentMember" id="Fact001649" format="ixt:numdotdecimal" decimals="0" unitRef="USD">76,285</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_us-gaap_OfficeEquipmentMember" id="Fact001650" format="ixt:numdotdecimal" decimals="0" unitRef="USD">75,153</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zE7UXPWSehNi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Leasehold improvement</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-12-31_us-gaap_LeaseholdImprovementsMember" id="Fact001652" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,250</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_us-gaap_LeaseholdImprovementsMember" id="Fact001653" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,217</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzHdg_zLLyZqUTyWv5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Subtotal</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-12-31" id="Fact001655" format="ixt:numdotdecimal" decimals="0" unitRef="USD">78,535</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31" id="Fact001656" format="ixt:numdotdecimal" decimals="0" unitRef="USD">77,370</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENzHdg_zjqEQNP8Shq6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2023-12-31" id="Fact001658" format="ixt:numdotdecimal" decimals="0" unitRef="USD">71,803</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2022-12-31" id="Fact001659" format="ixt:numdotdecimal" decimals="0" unitRef="USD">65,844</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzHdg_zvefhkSgV887" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31" id="Fact001661" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,732</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-12-31" id="Fact001662" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,526</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AB_zm5TOW1LG3i7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expense for the years ended December 31, 2023, 2022 and 2021 amounted to $<span id="xdx_902_eus-gaap--Depreciation_c20230101__20231231_zCR4Yz32iVfa" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-01to2023-12-31" id="Fact001664" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,886</ix:nonFraction></span>, $<span id="xdx_904_eus-gaap--Depreciation_c20220101__20221231_zbauYuXO7Nyi" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31" id="Fact001666" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,499</ix:nonFraction></span> and $<span id="xdx_905_eus-gaap--Depreciation_c20210101__20211231_zeiYK7KrI8Hl" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31" id="Fact001668" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,008</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 112; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin: 0pt; break-before: page"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001670" name="us-gaap:IntangibleAssetsDisclosureTextBlock"><p id="xdx_809_eus-gaap--IntangibleAssetsDisclosureTextBlock_zrcPk1bFi088" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001672" name="us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock"><p id="xdx_891_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zApBTc7HmZul" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Intangible
assets consisted of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_8BE_zqe2HaRKeeW8" style="display: none">Schedule
of intangible assets</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49E_20231231_z65Oqjg8H8c1" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2023</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_495_20221231_zIvjZL73Q5ac" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2022</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--FiniteLivedCustomerRelationshipsGross_iI_zzAIy37zh268" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Customer relationships</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1674">-</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_di_zBFdlJpMyX65" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Less: Accumulated amortization</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1677">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization" contextRef="AsOf2022-12-31" id="Fact001678" format="ixt:numdotdecimal" decimals="0" unitRef="USD">477,584</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Less: Impairment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ImpairmentOfIntangibleAssetsFinitelived_c20230101__20231231_za6WuGXGY5rj" title="Less: Impairment"><span style="-sec-ix-hidden: xdx2ixbrl1680">-</span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Exchange rate effect</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;<span id="xdx_903_ecustom--ExchangeRateEffect_c20230101__20231231_z9XOp7szhSLc" title="Exchange rate effect"><span style="-sec-ix-hidden: xdx2ixbrl1684">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<span id="xdx_904_ecustom--ExchangeRateEffect_c20220101__20221231_zqer2bEygdGl" title="Exchange rate effect"><ix:nonFraction name="EUDA:ExchangeRateEffect" contextRef="From2022-01-012022-12-31" id="Fact001686" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,731</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_zhOsq0tnr2Og" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Total intangible assets, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1688">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1689">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A2_zIRUKEF67nPe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
expense for the years ended December 31, 2023, 2022 and 2021 amounted to <span id="xdx_907_eus-gaap--AmortizationOfIntangibleAssets_dxL_c20230101__20231231_z8uRXanihkId" title="Amortization expense::XDX::-" class="xdx_phnt_RGlzY2xvc3VyZSAtIEludGFuZ2libGUgYXNzZXRzLCBuZXQgKERldGFpbHMgTmFycmF0aXZlKQA_"><span style="-sec-ix-hidden: xdx2ixbrl1691">nil</span></span>, $<span id="xdx_908_eus-gaap--AmortizationOfIntangibleAssets_c20220101__20221231_zLVBzPya08E" title="Amortization expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIEludGFuZ2libGUgYXNzZXRzLCBuZXQgKERldGFpbHMgTmFycmF0aXZlKQA_"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2022-01-012022-12-31" id="Fact001693" format="ixt:numdotdecimal" decimals="0" unitRef="USD">115,907</ix:nonFraction></span> and $<span id="xdx_90B_eus-gaap--AmortizationOfIntangibleAssets_c20210101__20211231_zwJTyjYjbCu1" title="Amortization expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIEludGFuZ2libGUgYXNzZXRzLCBuZXQgKERldGFpbHMgTmFycmF0aXZlKQA_"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2021-01-012021-12-31" id="Fact001695" format="ixt:numdotdecimal" decimals="0" unitRef="USD">162,825</ix:nonFraction></span>, respectively. The management performed
quantitative assessment and determined to fully impair the carrying value of intangible assets due to the Company&#8217;s limited business
development and uncertain surrounding economic environment. For the years ended December 31, 2023, 2022 and 2021, the Company recorded
<span id="xdx_903_eus-gaap--ImpairmentOfIntangibleAssetsFinitelived_dxL_c20230101__20231231_zfVA5yxrzgN1" title="Impairment loss::XDX::-" class="xdx_phnt_RGlzY2xvc3VyZSAtIEludGFuZ2libGUgYXNzZXRzLCBuZXQgKERldGFpbHMgTmFycmF0aXZlKQA_"><span style="-sec-ix-hidden: xdx2ixbrl1697">nil</span></span>, $<span id="xdx_908_eus-gaap--ImpairmentOfIntangibleAssetsFinitelived_c20220101__20221231_zCKlVpwicFNe" title="Impairment loss" class="xdx_phnt_RGlzY2xvc3VyZSAtIEludGFuZ2libGUgYXNzZXRzLCBuZXQgKERldGFpbHMgTmFycmF0aXZlKQA_"><ix:nonFraction name="us-gaap:ImpairmentOfIntangibleAssetsFinitelived" contextRef="From2022-01-012022-12-31" id="Fact001699" format="ixt:numdotdecimal" decimals="0" unitRef="USD">167,787</ix:nonFraction></span> and <span id="xdx_90E_eus-gaap--ImpairmentOfIntangibleAssetsFinitelived_dxL_c20210101__20211231_zH1jgn6TYUH" title="Impairment loss::XDX::-" class="xdx_phnt_RGlzY2xvc3VyZSAtIEludGFuZ2libGUgYXNzZXRzLCBuZXQgKERldGFpbHMgTmFycmF0aXZlKQA_"><span style="-sec-ix-hidden: xdx2ixbrl1701">nil</span></span> impairment loss related to intangible assets, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001703" name="us-gaap:GoodwillDisclosureTextBlock"><p id="xdx_807_eus-gaap--GoodwillDisclosureTextBlock_zJV1o9J68SN9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
10 &#8211; <span id="xdx_822_zzHkwC9Tv2Pa">Goodwill</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001705" name="us-gaap:ScheduleOfGoodwillTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfGoodwillTextBlock_zsbhOFSJL409" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
changes in the carrying amount of goodwill from Melana reporting unit and Tri-Global reporting unit are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zcsvq5XOo0l7" style="display: none">Schedule
of goodwill</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_4B9_dei--LegalEntityAxis_custom--MelanaInternationalPteLimitedMember_zC4h4OI63y5d" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Melana</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_4B7_dei--LegalEntityAxis_custom--TriGlobalSecurityPteLimitedMember_zZKQqoCf52H5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Tri-Global</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_4BD_zy3uSq6ZRHK2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_433_c20220101__20221231_eus-gaap--Goodwill_iS_z87CVEzFehpd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%">Balance as of December 31, 2021</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2021-12-31_custom_MelanaInternationalPteLimitedMember" id="Fact001707" format="ixt:numdotdecimal" decimals="0" unitRef="USD">528,665</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2021-12-31_custom_TriGlobalSecurityPteLimitedMember" id="Fact001708" format="ixt:numdotdecimal" decimals="0" unitRef="USD">464,021</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_439_c20220101__20221231_eus-gaap--Goodwill_iS_zNX3RKvtWP8i" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="display: none">Balance</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2021-12-31_custom_MelanaInternationalPteLimitedMember" id="Fact001711" format="ixt:numdotdecimal" decimals="0" unitRef="USD">528,665</ix:nonFraction></td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">$</td><td style="display: none; text-align: right"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2021-12-31_custom_TriGlobalSecurityPteLimitedMember" id="Fact001712" format="ixt:numdotdecimal" decimals="0" unitRef="USD">464,021</ix:nonFraction></td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
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<tr id="xdx_402_eus-gaap--GoodwillTranslationAndPurchaseAccountingAdjustments_z052sjzlcGDe" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Foreign currency translation adjustment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:GoodwillTranslationAndPurchaseAccountingAdjustments" contextRef="From2022-01-012022-12-31_custom_MelanaInternationalPteLimitedMember" id="Fact001715" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,427</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_407_eus-gaap--GoodwillImpairmentLoss_iN_di_z7sxyIzzxeQc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Impairment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:GoodwillImpairmentLoss" contextRef="From2022-01-012022-12-31_custom_MelanaInternationalPteLimitedMember" id="Fact001719" format="ixt:numdotdecimal" decimals="0" unitRef="USD">517,238</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_436_c20220101__20221231_eus-gaap--Goodwill_iE_zA3mvqG9huK4" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Balance as of December 31, 2022</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1723">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1724">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1725">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_435_c20220101__20221231_eus-gaap--Goodwill_iE_z8ONDvjWx7ml" style="display: none; vertical-align: bottom; background-color: White">
    <td style="display: none; padding-bottom: 2.5pt">Balance</td><td style="display: none; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; display: none; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; display: none; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1727">-</span></td><td style="display: none; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="display: none; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; display: none; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; display: none; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1728">-</span></td><td style="display: none; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="display: none; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; display: none; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; display: none; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1729">-</span></td><td style="display: none; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A7_zGAnG3YdQJpg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, the Company record <span id="xdx_903_eus-gaap--GoodwillImpairmentLoss_dxL_c20230101__20231231_zUIxsatziX7l" title="Impairment loss::XDX::-" class="xdx_phnt_RGlzY2xvc3VyZSAtIEdvb2R3aWxsIChEZXRhaWxzIE5hcnJhdGl2ZSkA"><span style="-sec-ix-hidden: xdx2ixbrl1731">nil</span></span>, $<span id="xdx_90D_eus-gaap--GoodwillImpairmentLoss_c20220101__20221231_zuuJdvStJfSf" title="Impairment loss" class="xdx_phnt_RGlzY2xvc3VyZSAtIEdvb2R3aWxsIChEZXRhaWxzIE5hcnJhdGl2ZSkA"><ix:nonFraction name="us-gaap:GoodwillImpairmentLoss" contextRef="From2022-01-012022-12-31" id="Fact001733" format="ixt:numdotdecimal" decimals="0" unitRef="USD">971,229</ix:nonFraction></span> and <span id="xdx_901_eus-gaap--GoodwillImpairmentLoss_dxL_c20210101__20211231_zbtelq548oP" title="Impairment loss::XDX::-" class="xdx_phnt_RGlzY2xvc3VyZSAtIEdvb2R3aWxsIChEZXRhaWxzIE5hcnJhdGl2ZSkA"><span style="-sec-ix-hidden: xdx2ixbrl1735">nil</span></span> impairment loss on goodwill, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001737" name="EUDA:ForwardPurchaseAgreementsDisclosureTextBlock"><p id="xdx_805_ecustom--ForwardPurchaseAgreementsDisclosureTextBlock_z84yDHi4ZGSd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
11 &#8211; <span id="xdx_822_zKBJlbbekiIf">Forward Purchase Agreements</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
November 9, 2022 and November 13, 2022, 8i, EHL, and certain institutional investors, HB Strategies LLC (the &#8220;Seller 1&#8221;)
and Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B (&#8220;Seller 2&#8221;) entered into an agreement (the &#8220;Prepaid
Forward Agreement 1&#8221; and &#8220;Prepaid Forward Agreement 2&#8221;), respectively, for an equity prepaid forward transaction (the
&#8220;Prepaid Forward Transaction 1&#8221; and &#8220;Prepaid Forward Transaction 2&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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&#8217;s ordinary shares, no par value, (the &#8220;Shares&#8221;),
or (ii) reverse Seller 1&#8217;s and Seller 2&#8217;s prior exercise of redemption rights as to Shares in connection with the Business
Combination (all such purchased or reversed Shares, the &#8220;Recycled Shares 1&#8221; and &#8220;Recycled Shares 2&#8221;, 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 <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward_c20221108__20221109__us-gaap--TypeOfArrangementAxis__custom--PrepaidForwardAgreementOneMember__srt--RangeAxis__srt--MaximumMember_zkyr2s1yXZhi" title="Number of shares purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward" contextRef="From2022-11-082022-11-09_custom_PrepaidForwardAgreementOneMember_srt_MaximumMember" id="Fact001739" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,400,000</ix:nonFraction></span> shares and <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward_c20221108__20221109__us-gaap--TypeOfArrangementAxis__custom--PrepaidForwardAgreementTwoMember__srt--RangeAxis__srt--MaximumMember_z5xOwtEer4P3" title="Number of shares purchased"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward" contextRef="From2022-11-082022-11-09_custom_PrepaidForwardAgreementTwoMember_srt_MaximumMember" id="Fact001741" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,125,000</ix:nonFraction></span> 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 &#8220;Closing&#8221;) and (b) the Company after the Closing (each a &#8220;Counterparty&#8221;). Seller 1 and Seller 2 also may
not beneficially own greater than <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_c20221109__us-gaap--TypeOfArrangementAxis__custom--PrepaidForwardAgreementTwoMember__srt--RangeAxis__srt--MaximumMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--InstitutionalInvestorsMember_z5bKoHQ7LLf9" title="Beneficially ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-11-09_custom_PrepaidForwardAgreementTwoMember_srt_MaximumMember_custom_InstitutionalInvestorsMember" id="Fact001743" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9.9</ix:nonFraction></span>% of issued and outstanding Shares following the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
key terms of the forward contracts are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
Sellers can terminate the Transaction no later than the later of: (a) Third Local Business Day following the Optional Early Termination
(&#8220;OET&#8221;); (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 &#8220;Terminated Shares&#8221;) 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 113; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-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 <span id="xdx_907_eus-gaap--ForwardContractIndexedToEquitySettlementShareFairValuePerShare_iI_c20221109__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ForwardContractsMember_zDqjh9xiLCp7" title="Forward contract, fair value per share"><ix:nonFraction name="us-gaap:ForwardContractIndexedToEquitySettlementShareFairValuePerShare" contextRef="AsOf2022-11-09_us-gaap_ForwardContractsMember" id="Fact001745" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.50</ix:nonFraction></span> (the &#8220;Maturity Consideration&#8221;),
in cash. The Company can also pay the Seller 1 and Seller 2 shares based on the Company&#8217;s average volume weighted average share
price (&#8220;VWAP&#8221;) 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
<span style="background-color: white">The </span>Prepaid Forward Transaction 1 and 2 required <span style="background-color: white">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&#8217;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.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
accordance with ASC 480, <i>Distinguishing Liabilities from Equity</i>, 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&#8217;s equity shares
by transferring assets, referred to herein as the &#8220;prepaid forward purchase liability&#8221; 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of the closing of the Business Combination on November 17, 2022, the fair value of the prepaid forward purchase liability was $<span id="xdx_901_ecustom--PrepaidForwardPurchaseLiabilities_iI_c20221117_zFYCALjdueN9" title="Prepaid forward purchase liability"><ix:nonFraction name="EUDA:PrepaidForwardPurchaseLiabilities" contextRef="AsOf2022-11-17" id="Fact001747" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,409,550</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
As of December 31, 2023, June 8, 2023 (settlement date) and December 31, 2022, the prepaid forward purchase liabilities amounted to <span id="xdx_906_ecustom--PrepaidForwardPurchaseLiabilities_iI_dxL_c20231231_zJ5pB59zjrqa" title="Prepaid forward purchase liability::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1749">nil</span></span>,
$<span id="xdx_902_ecustom--PrepaidForwardPurchaseLiabilities_iI_c20230608_zwmol8otAEh9" title="Prepaid forward purchase liability"><ix:nonFraction name="EUDA:PrepaidForwardPurchaseLiabilities" contextRef="AsOf2023-06-08" id="Fact001751" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,624,711</ix:nonFraction></span> and $<span id="xdx_907_ecustom--PrepaidForwardPurchaseLiabilities_iI_c20221231_zsLCLreCOVvg" title="Prepaid forward purchase liability"><ix:nonFraction name="EUDA:PrepaidForwardPurchaseLiabilities" contextRef="AsOf2022-12-31" id="Fact001753" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,321,053</ix:nonFraction></span>, respectively. For the years ended December 31, 2023 and 2022, the change of fair value of the prepaid forward
purchase liability was amounted to a loss of $<span id="xdx_909_ecustom--ChangeOfFairValueOfPrepaidForwardPurchaseLiability_iI_c20230101__20231231_ziOUWLqjDTH8" title="Change of fair value of prepaid forward purchase liability"><ix:nonFraction name="EUDA:ChangeOfFairValueOfPrepaidForwardPurchaseLiability" contextRef="From2023-01-01to2023-12-31" id="Fact001755" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,303,658</ix:nonFraction></span> and $<span id="xdx_90D_ecustom--ChangeOfFairValueOfPrepaidForwardPurchaseLiability_c20220101__20221231_zf4PbC5uRXu2" title="Change of fair value of prepaid forward purchase liability"><ix:nonFraction name="EUDA:ChangeOfFairValueOfPrepaidForwardPurchaseLiability" contextRef="From2022-01-012022-12-31" id="Fact001757" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,911,503</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 8, 2023, <span style="background-color: white">the Company</span> and the Seller 1 and Seller 2 entered into amendments to the Prepaid
Forward Agreement 1 and Prepaid Forward Agreement 2 (together, the &#8220;Amendments&#8221;), to amend the definition of &#8220;Maturity
Consideration,&#8221; such that, Maturity Consideration shall consist of <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230608__20230608__srt--TitleOfIndividualAxis__custom--EUDAMember_zjmKeIDjvlH1" title="Number of ordinary shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-06-082023-06-08_custom_EUDAMember" id="Fact001759" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">800,000</ix:nonFraction></span> ordinary shares of EUDA to be issued to the each Seller
by the Company. Pursuant to the Prepaid Forward Agreement 1 and Prepaid Forward Agreement 2, the maturity date of the Prepaid Forward
Transactions (the &#8220;Maturity Date&#8221;) may be accelerated by the Sellers after any occurrence wherein during any 30 consecutive
trading-day period, the dollar volume-weighted average price of the Company&#8217;s ordinary shares for 20 trading days is less than
$<span id="xdx_900_eus-gaap--SharePrice_iI_c20230608__srt--RangeAxis__srt--MaximumMember_zELdvEn7les1" title="Shares issued per shares"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2023-06-08_srt_MaximumMember" id="Fact001761" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.00</ix:nonFraction></span> 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 <span id="xdx_903_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230608__20230608__srt--RangeAxis__srt--MinimumMember_zADiHEEQDBVb" title="Number of ordinary shares issued"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2023-06-082023-06-08_srt_MinimumMember" id="Fact001763" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">800,000</ix:nonFraction></span> ordinary shares (or <span id="xdx_906_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230608__20230608__srt--RangeAxis__srt--MaximumMember_zEBX0zD1syM9" title="Number of ordinary shares issued"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2023-06-082023-06-08_srt_MaximumMember" id="Fact001765" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,600,000</ix:nonFraction></span> 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 <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_c20230608__srt--RangeAxis__srt--MinimumMember_zdDzEzv9Gru9" title="Debt instrument trading percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2023-06-08_srt_MinimumMember" id="Fact001767" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15</ix:nonFraction></span>% of the daily trading volume of the Company&#8217;s ordinary shares on such day. In addition, as of
June 8, 2023 (the &#8220;Maturity Date&#8221;), the Sellers became entitled to retain (a) the remaining prepayment amount paid from the
Company&#8217;s trust account to the Sellers upon consummation of the Company&#8217;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. These <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230608__20230608_z7H2FnhXC2V9" title="Number of ordinary shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-06-082023-06-08" id="Fact001769" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,600,000</ix:nonFraction></span> ordinary shares were issued on June 8,
2023 pursuant to the agreement. As a result, the Company recognized $<span id="xdx_909_ecustom--GainLossOnSettlementOfPrepaidForwardContracts_c20230101__20231231_ziW8DoBNd1Xa" title="Loss on settlement of prepaid forward contracts"><ix:nonFraction name="EUDA:GainLossOnSettlementOfPrepaidForwardContracts" contextRef="From2023-01-01to2023-12-31" id="Fact001771" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,635,816</ix:nonFraction></span> loss of settlement on the Prepaid Forward Agreements for
the year ended December 31, 2023.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001773" name="us-gaap:ShortTermDebtTextBlock"><p id="xdx_800_eus-gaap--ShortTermDebtTextBlock_zD2HT4KZOfW3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
12 &#8211; <span id="xdx_821_zfBbzxRrsH13">Credit facilities</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-012023-12-31_us-gaap_RelatedPartyMember" escape="true" id="Fact001775" name="us-gaap:ScheduleOfShortTermDebtTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfShortTermDebtTextBlock_hus-gaap--RelatedPartyTransactionAxis__us-gaap--RelatedPartyMember_zRj56b6FoU5e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Short
term loans &#8211; related parties</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
balances on short term loans from related parties consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zQSxnwKBt2jh" style="display: none">Schedule
of short-term loans</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Lender Name</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Maturities</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Interest Rate</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Collateral/<br/> Guarantee</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_906_eus-gaap--ShortTermBorrowings_iI_pp0p0_c20231231__us-gaap--LineOfCreditFacilityAxis__custom--AlfredLimMember__us-gaap--RelatedPartyTransactionAxis__us-gaap--RelatedPartyMember_zftT2YzCCahh" title="Short term loans - related parties"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-12-31_custom_AlfredLimMember_us-gaap_RelatedPartyMember" id="Fact001797" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">138,119</ix:nonFraction></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_900_eus-gaap--ShortTermBorrowings_iI_pp0p0_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--AlfredLimMember__us-gaap--RelatedPartyTransactionAxis__us-gaap--RelatedPartyMember_z0XIztHer1Xh" title="Short term loans - related parties"><span style="-sec-ix-hidden: xdx2ixbrl1799">-</span></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center; padding-bottom: 1.5pt"><span id="xdx_90D_eus-gaap--ShortTermDebtLender_c20230101__20231231__us-gaap--LineOfCreditFacilityAxis__custom--EightiEnterprisesPteLtdMember__us-gaap--RelatedPartyTransactionAxis__us-gaap--RelatedPartyMember_fKDQp_zCmKMbF5j5Bh"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EightiEnterprisesPteLtdMember_us-gaap_RelatedPartyMember" id="Fact001800" name="us-gaap:ShortTermDebtLender">8i
Enterprises Pte. Ltd(4)</ix:nonNumeric></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt"><span id="xdx_904_eus-gaap--ShortTermDebtTerms_c20230101__20231231__us-gaap--LineOfCreditFacilityAxis__custom--EightiEnterprisesPteLtdMember__us-gaap--RelatedPartyTransactionAxis__us-gaap--RelatedPartyMember_fKDEp_zNesJM60zdG" title="Maturities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EightiEnterprisesPteLtdMember_us-gaap_RelatedPartyMember" id="Fact001802" name="us-gaap:ShortTermDebtTerms">December 31, 2023</ix:nonNumeric></span> (1)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: center; padding-bottom: 1.5pt"><span id="xdx_90E_eus-gaap--DebtInstrumentCollateral_c20230101__20231231__us-gaap--LineOfCreditFacilityAxis__custom--EightiEnterprisesPteLtdMember__us-gaap--RelatedPartyTransactionAxis__us-gaap--RelatedPartyMember_zZIPDTGwHxE9" title="Collateral/Guarantee"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EightiEnterprisesPteLtdMember_us-gaap_RelatedPartyMember" id="Fact001806" name="us-gaap:DebtInstrumentCollateral">None</ix:nonNumeric></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_903_eus-gaap--ShortTermBorrowings_iI_pp0p0_c20231231__us-gaap--LineOfCreditFacilityAxis__custom--EightiEnterprisesPteLtdMember__us-gaap--RelatedPartyTransactionAxis__us-gaap--RelatedPartyMember_zqDLSusIeTD9" title="Short term loans - related parties"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-12-31_custom_EightiEnterprisesPteLtdMember_us-gaap_RelatedPartyMember" id="Fact001808" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">597,689</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;&#160;&#160;<span id="xdx_90A_eus-gaap--ShortTermBorrowings_iI_pp0p0_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--EightiEnterprisesPteLtdMember__us-gaap--RelatedPartyTransactionAxis__us-gaap--RelatedPartyMember_z3px9Rjhr024" title="Short term loans - related parties"><span style="-sec-ix-hidden: xdx2ixbrl1810">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90A_eus-gaap--ShortTermBorrowings_iI_pp0p0_c20231231__us-gaap--RelatedPartyTransactionAxis__us-gaap--RelatedPartyMember_zAr9l8lc05Rh" title="Short term loans - related parties"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember103995953" id="Fact001812" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">759,442</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90F_eus-gaap--ShortTermBorrowings_iI_pp0p0_c20221231__us-gaap--RelatedPartyTransactionAxis__us-gaap--RelatedPartyMember_zFghbLVNsN4d" title="Short term loans - related parties"><span style="-sec-ix-hidden: xdx2ixbrl1814">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F02_zoYY0r0zDMd2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td id="xdx_F00_zdaBQCHzFt5h" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(2)</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td id="xdx_F06_z0at3iWM2Ulk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td>
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</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td id="xdx_F03_zCK1BzKQEDi5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(4)</td>
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</td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A7_zB0cG4mj9imi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 114; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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note</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_8BA_z1hWZ664pTn1" style="display: none">Schedule
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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                                                                                <p style="margin: 0pt">December 31, 2023</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
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                                                                                <p style="margin: 0pt">December 31, 2022</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 15%; text-align: center">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 15%; text-align: right">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 13%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 15%; text-align: center">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 13%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 13%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#160;&#160;&#160;&#160;<span id="xdx_902_eus-gaap--ConvertibleNotesPayable_iI_c20231231__us-gaap--LineOfCreditFacilityAxis__custom--KaufamanAndCanolesPcKcMember__us-gaap--ShortTermDebtTypeAxis__custom--PromissoryNoteMember_ziiqkJRO9aNj" title="Convertible promissory note"><span style="-sec-ix-hidden: xdx2ixbrl1830">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90D_eus-gaap--ConvertibleNotesPayable_iI_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--KaufamanAndCanolesPcKcMember__us-gaap--ShortTermDebtTypeAxis__custom--PromissoryNoteMember_zdzqlWdWgXFh" title="Convertible promissory note"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2022-12-31_custom_KaufamanAndCanolesPcKcMember_custom_PromissoryNoteMember" id="Fact001832" format="ixt:numdotdecimal" decimals="0" unitRef="USD">170,000</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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    is filed with the SEC. As of December 31, 2023, the balance owed to KC amounted to $<span id="xdx_906_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_iI_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--PromissoryNoteMember__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_z3UAL3HHabGj" title="Other payables and accrued liabilities" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIHNob3J0LXRlcm0gbG9hbnMgKERldGFpbHMpIChQYXJhbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31_custom_PromissoryNoteMember_custom_SettlementAgreementMember" id="Fact001841" format="ixt:numdotdecimal" decimals="0" unitRef="USD">60,000</ix:nonFraction></span> and classified as other payables and accrued
liabilities in the accompanying consolidated balance sheets.</ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AA_z6XbDoPA5gn2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ConvertibleNotesThirdPartiesMember" escape="true" id="Fact001843" name="us-gaap:ScheduleOfShortTermDebtTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfShortTermDebtTextBlock_hus-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesThirdPartiesMember_zOcN9gdKDg7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Convertible
notes &#8211; third parties</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
balances on convertible notes consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_z00bgmI7Oux7" style="display: none">Schedule
of short-term loans</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Lender Name</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Maturities</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Interest Rate</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Collateral/<br/> Guarantee</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">December 31,
    2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">December 31,
    2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 12%; text-align: center"><span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_c20230101__20231231__us-gaap--LineOfCreditFacilityAxis__custom--MaximGroupLlcMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesThirdPartiesMember_zlIITSb75uu4" title="Maturities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MaximGroupLlcMember_custom_ConvertibleNotesThirdPartiesMember" format="ixt:datemonthdayyearen" id="Fact001847" name="us-gaap:DebtInstrumentMaturityDate">July 31, 2024</ix:nonNumeric></span></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right"><span id="xdx_90A_eus-gaap--ShortTermDebtWeightedAverageInterestRateOverTime_dp_c20230101__20231231__us-gaap--LineOfCreditFacilityAxis__custom--MaximGroupLlcMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesThirdPartiesMember_zPTbFE5YNpSk" title="Interest Rate"><ix:nonFraction name="us-gaap:ShortTermDebtWeightedAverageInterestRateOverTime" contextRef="From2023-01-012023-12-31_custom_MaximGroupLlcMember_custom_ConvertibleNotesThirdPartiesMember" id="Fact001849" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.0</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 26%; text-align: center"><span id="xdx_90F_eus-gaap--DebtInstrumentCollateral_c20230101__20231231__us-gaap--LineOfCreditFacilityAxis__custom--MaximGroupLlcMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesThirdPartiesMember_zqHh4xldSSdh" title="Collateral/Guarantee"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MaximGroupLlcMember_custom_ConvertibleNotesThirdPartiesMember" id="Fact001851" name="us-gaap:DebtInstrumentCollateral">Automatically be converted into the Company&#8217;s ordinary shares at $5.00 per share if the balance is not being repaid by the maturity date</ix:nonNumeric></span></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span id="xdx_907_eus-gaap--ConvertibleNotesPayableCurrent_iI_c20231231__us-gaap--LineOfCreditFacilityAxis__custom--MaximGroupLlcMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesThirdPartiesMember_z1AomPhwTCE4" title="Convertible notes payable"><ix:nonFraction name="us-gaap:ConvertibleNotesPayableCurrent" contextRef="AsOf2023-12-31_custom_MaximGroupLlcMember_custom_ConvertibleNotesThirdPartiesMember" id="Fact001853" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,113,125</ix:nonFraction></span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span id="xdx_903_eus-gaap--ConvertibleNotesPayableCurrent_iI_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--MaximGroupLlcMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesThirdPartiesMember_znk6pjzZnEJg" title="Convertible notes payable"><ix:nonFraction name="us-gaap:ConvertibleNotesPayableCurrent" contextRef="AsOf2022-12-31_custom_MaximGroupLlcMember_custom_ConvertibleNotesThirdPartiesMember" id="Fact001855" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,113,125</ix:nonFraction></span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center"><span id="xdx_900_eus-gaap--ShortTermDebtLender_c20230101__20231231__us-gaap--LineOfCreditFacilityAxis__custom--MenoraCapitalPteLtdMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesThirdPartiesMember_zp5ltEC3njj7" title="Bank/Private lender Name"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MenoraCapitalPteLtdMember_custom_ConvertibleNotesThirdPartiesMember" id="Fact001857" name="us-gaap:ShortTermDebtLender">Menora Capital Pte Ltd (&#8220;Menora&#8221;)</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_c20230101__20231231__us-gaap--LineOfCreditFacilityAxis__custom--MenoraCapitalPteLtdMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesThirdPartiesMember_fKDEp_zGHGV18sNcH" title="Maturities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MenoraCapitalPteLtdMember_custom_ConvertibleNotesThirdPartiesMember" format="ixt:datemonthdayyearen" id="Fact001859" name="us-gaap:DebtInstrumentMaturityDate">November
    17, 2023</ix:nonNumeric></span> (1)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--ShortTermDebtWeightedAverageInterestRateOverTime_dp_c20230101__20231231__us-gaap--LineOfCreditFacilityAxis__custom--MenoraCapitalPteLtdMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesThirdPartiesMember_zriaCnZDqQ7j" title="Interest Rate"><ix:nonFraction name="us-gaap:ShortTermDebtWeightedAverageInterestRateOverTime" contextRef="From2023-01-012023-12-31_custom_MenoraCapitalPteLtdMember_custom_ConvertibleNotesThirdPartiesMember" id="Fact001861" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.0</ix:nonFraction></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_906_eus-gaap--DebtInstrumentCollateral_c20230101__20231231__us-gaap--LineOfCreditFacilityAxis__custom--MenoraCapitalPteLtdMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesThirdPartiesMember_zZKvCgB2JlYc" title="Collateral/Guarantee"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MenoraCapitalPteLtdMember_custom_ConvertibleNotesThirdPartiesMember" id="Fact001863" name="us-gaap:DebtInstrumentCollateral">Right to convert into the Company&#8217;s ordinary shares equal to the unpaid Principal Amount as of the Maturity Date divided by the five day VWAP Price of the Company&#8217;s ordinary shares immediately preceding the maturity date if the balance is not being repaid by the maturity date</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90C_eus-gaap--ConvertibleNotesPayableCurrent_iI_c20231231__us-gaap--LineOfCreditFacilityAxis__custom--MenoraCapitalPteLtdMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesThirdPartiesMember_zfxPAfNdBvth" title="Convertible notes payable"><span style="-sec-ix-hidden: xdx2ixbrl1865">-</span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_908_eus-gaap--ConvertibleNotesPayableCurrent_iI_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--MenoraCapitalPteLtdMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesThirdPartiesMember_zKAZEUOqyHLj" title="Convertible notes payable"><ix:nonFraction name="us-gaap:ConvertibleNotesPayableCurrent" contextRef="AsOf2022-12-31_custom_MenoraCapitalPteLtdMember_custom_ConvertibleNotesThirdPartiesMember" id="Fact001867" format="ixt:numdotdecimal" decimals="0" unitRef="USD">87,500</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center"><span id="xdx_90D_eus-gaap--ShortTermDebtLender_c20230101__20231231__us-gaap--LineOfCreditFacilityAxis__custom--LoebAndLoebLlpMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesThirdPartiesMember_zYCnQQ0pKbed" title="Bank/Private lender Name"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_LoebAndLoebLlpMember_custom_ConvertibleNotesThirdPartiesMember" id="Fact001869" name="us-gaap:ShortTermDebtLender">Loeb &amp; Loeb LLP (&#8220;Loeb&#8221;)</ix:nonNumeric></span></td><td>&#160;</td>
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    17, 2023</ix:nonNumeric></span> (2) </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_907_eus-gaap--ShortTermDebtWeightedAverageInterestRateOverTime_dp_c20230101__20231231__us-gaap--LineOfCreditFacilityAxis__custom--LoebAndLoebLlpMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesThirdPartiesMember_z85WWKiArD77" title="Interest Rate"><ix:nonFraction name="us-gaap:ShortTermDebtWeightedAverageInterestRateOverTime" contextRef="From2023-01-012023-12-31_custom_LoebAndLoebLlpMember_custom_ConvertibleNotesThirdPartiesMember" id="Fact001872" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.0</ix:nonFraction></span></td><td style="text-align: left">%</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90C_eus-gaap--ConvertibleNotesPayableCurrent_iI_c20231231__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesThirdPartiesMember_zu3LhbU1Bhda" title="Convertible notes"><ix:nonFraction name="us-gaap:ConvertibleNotesPayableCurrent" contextRef="AsOf2023-12-31_custom_ConvertibleNotesThirdPartiesMember" id="Fact001892" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,413,125</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
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<tr style="vertical-align: top">
  <td style="text-align: justify">&#160;</td>
  <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
  <td id="xdx_F0A_zbExJyI0ZEzd" style="text-align: justify">(2)</td>
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</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 115; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Convertible
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Lender</p>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Maturities</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">Rate</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 12%; text-align: center"><span id="xdx_90D_eus-gaap--ShortTermDebtLender_c20230101__20231231__us-gaap--LineOfCreditFacilityAxis__custom--EightIHoldingsTwoPtdLtdMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesRelatedPartiesMember_fMSk___zQYUt5JjqeWa" title="Bank/Private lender Name"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EightIHoldingsTwoPtdLtdMember_custom_ConvertibleNotesRelatedPartiesMember" id="Fact001900" name="us-gaap:ShortTermDebtLender">8i Holdings 2 Ptd Ltd (&#8220;8i Holding&#8221;)</ix:nonNumeric></span> (1)</td><td style="width: 2%">&#160;</td>
    <td style="width: 12%; text-align: center"><span id="xdx_908_eus-gaap--DebtInstrumentMaturityDate_c20230101__20231231__us-gaap--LineOfCreditFacilityAxis__custom--EightIHoldingsTwoPtdLtdMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesRelatedPartiesMember_fMSkgMyk___zWZzdJgUZNK7" title="Maturities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EightIHoldingsTwoPtdLtdMember_custom_ConvertibleNotesRelatedPartiesMember" format="ixt:datemonthdayyearen" id="Fact001902" name="us-gaap:DebtInstrumentMaturityDate">November
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right"><span id="xdx_906_eus-gaap--ShortTermDebtWeightedAverageInterestRateOverTime_dp_c20230101__20231231__us-gaap--LineOfCreditFacilityAxis__custom--EightIHoldingsTwoPtdLtdMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesRelatedPartiesMember_fMSk___zoXtNWN24T33" title="Interest Rate"><ix:nonFraction name="us-gaap:ShortTermDebtWeightedAverageInterestRateOverTime" contextRef="From2023-01-012023-12-31_custom_EightIHoldingsTwoPtdLtdMember_custom_ConvertibleNotesRelatedPartiesMember" id="Fact001904" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.0</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span id="xdx_902_eus-gaap--ConvertibleNotesPayableCurrent_iI_c20231231__us-gaap--LineOfCreditFacilityAxis__custom--EightIHoldingsTwoPtdLtdMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesRelatedPartiesMember_fMSk___zo75LxKphAYl" title="Convertible notes payable"><span style="-sec-ix-hidden: xdx2ixbrl1908">-</span></span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span id="xdx_90C_eus-gaap--ConvertibleNotesPayableCurrent_iI_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--EightIHoldingsTwoPtdLtdMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesRelatedPartiesMember_fMSk___zxVRCH41ZhDe" title="Convertible notes payable"><ix:nonFraction name="us-gaap:ConvertibleNotesPayableCurrent" contextRef="AsOf2022-12-31_custom_EightIHoldingsTwoPtdLtdMember_custom_ConvertibleNotesRelatedPartiesMember" id="Fact001910" format="ixt:numdotdecimal" decimals="0" unitRef="USD">82,600</ix:nonFraction></span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: center; padding-bottom: 1.5pt"><span id="xdx_90D_eus-gaap--ShortTermDebtLender_c20230101__20231231__us-gaap--LineOfCreditFacilityAxis__custom--MengDongJamesTanMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesRelatedPartiesMember_fMik___zoedAPd3KRAi" title="Bank/Private lender Name"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MengDongJamesTanMember_custom_ConvertibleNotesRelatedPartiesMember" id="Fact001912" name="us-gaap:ShortTermDebtLender">Meng Dong (James) Tan</ix:nonNumeric></span> (2)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    17, 2023</ix:nonNumeric></span> (3)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right"><span id="xdx_90B_eus-gaap--ShortTermDebtWeightedAverageInterestRateOverTime_dp_c20230101__20231231__us-gaap--LineOfCreditFacilityAxis__custom--MengDongJamesTanMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesRelatedPartiesMember_fMik___zK7mvwPqzjJ1" title="Interest Rate"><ix:nonFraction name="us-gaap:ShortTermDebtWeightedAverageInterestRateOverTime" contextRef="From2023-01-012023-12-31_custom_MengDongJamesTanMember_custom_ConvertibleNotesRelatedPartiesMember" id="Fact001916" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.0</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt"><span id="xdx_901_eus-gaap--DebtInstrumentCollateral_c20230101__20231231__us-gaap--LineOfCreditFacilityAxis__custom--MengDongJamesTanMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesRelatedPartiesMember_fMik___z4jJ9Se79Tlf" title="Collateral/Guarantee"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MengDongJamesTanMember_custom_ConvertibleNotesRelatedPartiesMember" id="Fact001918" name="us-gaap:DebtInstrumentCollateral">Right to convert into the Company&#8217;s ordinary shares equal to the unpaid Principal Amount as of the Maturity Date divided by the five day VWAP Price of the Company&#8217;s ordinary shares immediately preceding the maturity date if the balance is not being repaid by the maturity date</ix:nonNumeric></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  </table>
</ix:nonNumeric><p id="xdx_8A4_zS0riBRCfk0h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 116; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;s stock in accordance with ASC 815-40-15 and meet
the equity requirement in accordance with ASC815-40-25.</span></p>
<!-- Field: Split-Segment; Name: 002 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001935" name="us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"><p id="xdx_808_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_znNduJ6hX6b5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
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<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001937" name="us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock"><p id="xdx_891_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zUNMgy3ZrMT7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B0_zzsPBxUvpmVa" style="display: none">Schedule of other
payables and accrued liabilities</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  </table>
</ix:nonNumeric><p id="xdx_8AE_zNDifJAkkH55" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001956" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80E_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zEuQN5KS4S97" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Related
party balances</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Short term loans &#8211; related parties</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Please see Note 12 for details.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible
notes &#8211; related parties</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
see Note 12 for details.</span></p>

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of related party balances</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
payables &#8211; related parties</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><p style="margin: 0pt">Name of</p>
                                                                    <p style="margin: 0pt">Related Party</p></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Relationship</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Nature</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_493_20231231_zt0UiWCqvk72" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
                                                                                                                                                                                                                                                                                  31, 2023</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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                                                                                                                                                                                                                                                                                  31, 2022</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--OtherLiabilitiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--KelvinChenMember_zENJVqB8v8r7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 18%; text-align: left">Kelvin Chen</td><td style="width: 2%">&#160;</td>
    <td style="width: 22%; text-align: center">CEO and shareholder of the Company</td><td style="width: 2%">&#160;</td>
    <td style="width: 20%; text-align: center">Operating expense paid on behalf of the Company</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2023-12-31_custom_KelvinChenMember" id="Fact001960" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,779</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2022-12-31_custom_KelvinChenMember" id="Fact001961" format="ixt:numdotdecimal" decimals="0" unitRef="USD">546,588</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--OtherLiabilitiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--KentRidgeHealthPteLtdMember_zpolSurpkJw" style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: left">Kent Ridge Health Pte Ltd</td><td>&#160;</td>
    <td style="text-align: center">Shareholders of this entity also are the shareholders of the Company</td><td>&#160;</td>
    <td style="text-align: center">Operating expense paid on behalf of the Company</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2022-12-31_custom_KentRidgeHealthPteLtdMember" id="Fact001964" format="ixt:numdotdecimal" decimals="0" unitRef="USD">762,472</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="vertical-align: top; text-align: left">UG Digital Sdn Bhd</td><td>&#160;</td>
    <td style="text-align: center">UGD, subsidiary of the Company owned 40% of this company</td><td>&#160;</td>
    <td style="text-align: center">Operating expense paid on behalf of the Company</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2023-12-31_custom_UGDigitalSdnBhdMember" id="Fact001966" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,502</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2022-12-31_custom_UGDigitalSdnBhdMember" id="Fact001967" format="ixt:numdotdecimal" decimals="0" unitRef="USD">31,986</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">8i Enterprises Ptd Ltd</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">Shareholders of this entity also are the shareholders of the Company</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">Operating expense paid on behalf of the Company</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2023-12-31_custom_EightiEnterprisesPtdLtdMember" id="Fact001969" format="ixt:numdotdecimal" decimals="0" unitRef="USD">135,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1970">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--OtherLiabilitiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zChc8ihYwr7h" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact001972" format="ixt:numdotdecimal" decimals="0" unitRef="USD">696,495</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact001973" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,341,046</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--OtherLiabilitiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zx48M1LvrFRc" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="display: none; padding-bottom: 2.5pt">Other
payables &#8211; related parties</td><td style="display: none; padding-bottom: 2.5pt">&#160;</td>
    <td style="display: none; text-align: center; padding-bottom: 2.5pt">&#160;</td><td style="display: none; padding-bottom: 2.5pt">&#160;</td>
    <td style="display: none; text-align: center; padding-bottom: 2.5pt">&#160;</td><td style="display: none; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; display: none; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; display: none; text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact001975" format="ixt:numdotdecimal" decimals="0" unitRef="USD">696,495</ix:nonFraction></td><td style="display: none; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="display: none; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; display: none; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; display: none; text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact001976" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,341,046</ix:nonFraction></td><td style="display: none; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A2_zRBVHlRfEqe3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 117; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001978" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_803_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zoM8hHuH3O85" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
15 &#8211; <span id="xdx_829_zmvCwrOmuK18">Shareholders&#8217; equity</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Capital
Contribution</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
September 20, 2022, the Company received capital of $<span id="xdx_908_eus-gaap--Capital_iI_c20220920__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zAO4r8JUO31i" title="Capital contributions"><ix:nonFraction name="us-gaap:Capital" contextRef="AsOf2022-09-20_us-gaap_InvestorMember" id="Fact001980" format="ixt:numdotdecimal" decimals="0" unitRef="USD">600,000</ix:nonFraction></span> from an investor for the issuance in 8i acquisition&#8217;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, &#8220;Distinguishing Liabilities from Equity&#8221; on inception.
On November 17, 2022, Upon the closing of the Business Combination with 8i acquisition, the Company issued <span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_c20221117__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zw2a120yFX6k" title="Ordinary shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-11-17_us-gaap_InvestorMember" id="Fact001982" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">120,000</ix:nonFraction></span> ordinary shares to
this investor and transferred such the subscribed shares deposit liability into equity as capital contribution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Forgiveness
of Debt by a Related Party</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 31, 2022, the Company and Wilke Services Limited (&#8220;Wilke&#8221;) entered into a deed of release of debt (&#8220;Deed&#8221;),
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 $<span id="xdx_900_eus-gaap--DebtInstrumentDecreaseForgiveness_c20220330__20220331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WilkeServicesLimitedMember_z9Dn5d7HZcW6" title="Forgiveness of debt by a related party"><ix:nonFraction name="us-gaap:DebtInstrumentDecreaseForgiveness" contextRef="From2022-03-302022-03-31_custom_WilkeServicesLimitedMember" id="Fact001984" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,763,018</ix:nonFraction></span>. As Wilke is a shareholder of the Company, such debt forgiveness was treated as an addition to the Company&#8217;s
capital during the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i><span style="text-decoration: underline">Ordinary
Shares</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is authorized to issue <span id="xdx_908_eus-gaap--CommonStockSharesAuthorizedUnlimited_c20230101__20231231_zvtTQtDV6QS" title="Ordinary shares, shares authorized"><span style="-sec-ix-hidden: xdx2ixbrl1986">unlimited</span></span> ordinary shares of <span id="xdx_904_eus-gaap--CommonStockNoParValue_iI_do_c20231231_zbFuO526tRwl" title="Ordinary shares, no par value"><ix:nonFraction name="us-gaap:CommonStockNoParValue" contextRef="AsOf2023-12-31" id="Fact001988" format="ixt-sec:numwordsen" decimals="INF" unitRef="USDPShares">no</ix:nonFraction></span> par value. <span id="xdx_909_eus-gaap--CommonStockVotingRights_c20230101__20231231_zZSXt08aGVL2" title="Ordinary shares voting rights"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact001990" name="us-gaap:CommonStockVotingRights">Holders of the Company&#8217;s ordinary shares are entitled
to one vote for each ordinary share</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">-<i>Issuance
of ordinary shares to EHL</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 25, 2022, the Company issued <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220724__20220725_z0LjUE9SmMF2" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-07-242022-07-25" id="Fact001992" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,626,667</ix:nonFraction></span> ordinary shares (<span id="xdx_909_ecustom--OrdinaryShareBeforeReverseRecapitalization_iI_c20220725_zUEqOH2Yv1kd" title="Ordinary share issued before reverse recapitalization"><ix:nonFraction name="EUDA:OrdinaryShareBeforeReverseRecapitalization" contextRef="AsOf2022-07-25" id="Fact001994" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> ordinary share before reverse recapitalization) for total consideration
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
shares and corresponding capital amounts and all per share data related to EHL&#8217;s outstanding ordinary shares prior to the Reverse
Recapitalization have been retroactively adjusted using the <span style="background-color: white">Exchange Ratio</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>-Issuance
of ordinary shares upon the reverse recapitalization (See Note 4)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 17, 2022, upon the consummation of the Business Combination, the Company issued an aggregate total of <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20221117__20221117__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EightiHoldingMember_zyL9VDsN9bJa" title="Number of ordinary shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-11-172022-11-17_custom_EightiHoldingMember" id="Fact001998" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,191,770</ix:nonFraction></span> ordinary shares
to 8i and various service provider.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002000" name="us-gaap:ScheduleOfCommonStockOutstandingRollForwardTableTextBlock"><p id="xdx_89C_eus-gaap--ScheduleOfCommonStockOutstandingRollForwardTableTextBlock_zSSryzi7Zc94" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
following table presents the number of the Company&#8217;s ordinary shares issued upon the Reverse Recapitalization:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BB_zZGh6x6AjoMg" style="display: none">Schedule
of reverse recapitalization</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_496_20221117__20221117_ztsKYx5xZbKe" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Ordinary Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--OrdinarySharesOutstandingPriorToReverseRecapitalization_zz6IFXlIvGE2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 82%; text-align: left">8i ordinary shares outstanding prior to Reverse Recapitalization</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right"><ix:nonFraction name="EUDA:OrdinarySharesOutstandingPriorToReverseRecapitalization" contextRef="From2022-11-172022-11-17" id="Fact002002" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,073,500</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_iN_di_zrRBhog2SFh6" style="vertical-align: bottom; background-color: White">
    <td>Less: redemption of 8i ordinary shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" contextRef="From2022-11-172022-11-17" id="Fact002004" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,033,455</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_402_eus-gaap--ConversionOfStockSharesConverted1_zjPlWV8uiIR5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Conversion of 8i rights</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ConversionOfStockSharesConverted1" contextRef="From2022-11-172022-11-17" id="Fact002006" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">891,725</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_zcLwnnKIbNS3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Shares issued to service providers</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2022-11-172022-11-17" id="Fact002008" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">260,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_iT_zMb38hbRgADi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Total shares issued upon the Reverse Recapitalization</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-11-172022-11-17" id="Fact002010" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,191,770</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zk8d6VX1MQQk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 118; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>-Private
placements </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between
May 16 and May 22, 2023, the Company issued and sold to eight accredited investors an aggregate of <span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230516__20230522__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zDlviicYXkck" title="Ordinary shares sold"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2023-05-162023-05-22_us-gaap_PrivatePlacementMember" id="Fact002012" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">940,000</ix:nonFraction></span> ordinary shares (the &#8220;Placement
Shares&#8221;) at $<span id="xdx_90C_eus-gaap--SaleOfStockPricePerShare_iI_c20230522__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zQVwQyHqKhl8" title="Sale of share price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2023-05-22_us-gaap_PrivatePlacementMember" id="Fact002014" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span> per share for an aggregate to purchase price of $<span id="xdx_902_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20230516__20230522__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zfyqiTSv0tk3" title="Ordinary shares sold, value"><ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" contextRef="From2023-05-162023-05-22_us-gaap_PrivatePlacementMember" id="Fact002016" format="ixt:numdotdecimal" decimals="0" unitRef="USD">940,000</ix:nonFraction></span> 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 &#8220;Securities Act&#8221;), and Rule
506 promulgated thereunder. In July 2023, the Company cancelled <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_c20230701__20230731__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zMYMUtOJaCqc" title="Number of shares cancelled"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations" contextRef="From2023-07-012023-07-31_us-gaap_PrivatePlacementMember" id="Fact002018" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction></span> shares as one of the accredited investors did not pay for the
shares in a timely manner.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2023, the Company issued and sold to two accredited investors an aggregate of <span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230801__20230831__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zufb0GjxsEHk"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2023-08-012023-08-31_us-gaap_PrivatePlacementMember" id="Fact002019" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> ordinary shares (the &#8220;Placement Shares&#8221;)
at $<span id="xdx_904_eus-gaap--SaleOfStockPricePerShare_iI_c20230831__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zmDM1nmqaGfd"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2023-08-31_us-gaap_PrivatePlacementMember" id="Fact002020" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span> per share for an aggregate to purchase price of $<span id="xdx_90B_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20230801__20230831__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zuqILKQDiKv3"><ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" contextRef="From2023-08-012023-08-31_us-gaap_PrivatePlacementMember" id="Fact002021" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></span> 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 &#8220;Securities Act&#8221;), and Rule 506 promulgated thereunder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Conversion
of Debts</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 16, 2023, the Company signed settlement agreement (&#8220;Settlement Agreement&#8221;) with James Tan, pursuant to which the Company
agreed to issue to James Tan an aggregate of <span id="xdx_907_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20230516__20230516__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zR5Z5YNjzVT7" title="Aggregate of restricted ordinary shares issued"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2023-05-162023-05-16_custom_SettlementAgreementMember" id="Fact002023" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">478,200</ix:nonFraction></span> 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. This conversion resulted in $<span id="xdx_903_eus-gaap--ConversionOfStockAmountIssued1_c20230516__20230516__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zpjlcf9Xdjqc" title="Conversion amount"><ix:nonFraction name="us-gaap:ConversionOfStockAmountIssued1" contextRef="From2023-05-162023-05-16_custom_SettlementAgreementMember" id="Fact002025" format="ixt:numdotdecimal" decimals="0" unitRef="USD">210,408</ix:nonFraction></span> modification of the loans as the
five-day VWAP Price of the Company&#8217;s ordinary shares immediately preceding the conversion date is higher than $<span id="xdx_902_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20230516__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zwKEK0EUAWvg" title="Conversion per shares"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2023-05-16_custom_SettlementAgreementMember" id="Fact002027" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span> and reduced
the carrying amount of the convertible debt instrument by $<span id="xdx_90A_eus-gaap--DebtInstrumentConvertibleIfConvertedValueInExcessOfPrincipal_c20230516__20230516__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zFVW3qT6xor6" title="Debt modification amount in conversion"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleIfConvertedValueInExcessOfPrincipal" contextRef="From2023-05-162023-05-16_custom_SettlementAgreementMember" id="Fact002029" format="ixt:numdotdecimal" decimals="0" unitRef="USD">478,200</ix:nonFraction></span> with a corresponding increase in additional paid-in capital of $<span id="xdx_903_eus-gaap--AdjustmentToAdditionalPaidInCapitalConvertibleDebtInstrumentIssuedAtSubstantialPremium_c20230516__20230516__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zQdClPxVzdVl" title="Increase in additional paid-in capital"><ix:nonFraction name="us-gaap:AdjustmentToAdditionalPaidInCapitalConvertibleDebtInstrumentIssuedAtSubstantialPremium" contextRef="From2023-05-162023-05-16_custom_SettlementAgreementMember" id="Fact002031" format="ixt:numdotdecimal" decimals="0" unitRef="USD">688,608</ix:nonFraction></span>.
This transaction also resulted in loss on debt settlement of $<span id="xdx_904_eus-gaap--GainsLossesOnExtinguishmentOfDebt_iN_di_c20230516__20230516__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zBcU1MHx5Xa2" title="Loss on debt settlement"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2023-05-162023-05-16_custom_SettlementAgreementMember" id="Fact002033" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">210,408</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 16, 2023, the Company signed settlement agreements (&#8220;Settlement Agreements 2&#8221;) 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 <span id="xdx_902_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20230516__20230516__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementTwoMember__dei--LegalEntityAxis__custom--ShineLinkLimitedMember_zm5ufUVr4op5" title="Aggregate of restricted ordinary shares issued"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2023-05-162023-05-16_custom_SettlementAgreementTwoMember_custom_ShineLinkLimitedMember" id="Fact002035" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">87,500</ix:nonFraction></span>,
<span id="xdx_90E_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20230516__20230516__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementTwoMember__dei--LegalEntityAxis__custom--MenoraCapitalPteLtdMember_z172PgqXGpij" title="Aggregate of restricted ordinary shares issued"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2023-05-162023-05-16_custom_SettlementAgreementTwoMember_custom_MenoraCapitalPteLtdMember" id="Fact002037" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">119,000</ix:nonFraction></span>, and <span id="xdx_90E_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20230516__20230516__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementTwoMember__dei--LegalEntityAxis__custom--EightIHoldingsTwoPtdLtdMember_zrVT6MyiiFE5" title="Aggregate of restricted ordinary shares issued"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2023-05-162023-05-16_custom_SettlementAgreementTwoMember_custom_EightIHoldingsTwoPtdLtdMember" id="Fact002039" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">82,600</ix:nonFraction></span> 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 8 from Shine Link, Menora, and 8i Holding. These conversions resulted in $<span id="xdx_903_eus-gaap--DebtInstrumentConvertibleIfConvertedValueInExcessOfPrincipal_c20230516__20230516__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementTwoMember_zLJwC6mlIpg9" title="Debt modification amount in conversion"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleIfConvertedValueInExcessOfPrincipal" contextRef="From2023-05-162023-05-16_custom_SettlementAgreementTwoMember" id="Fact002041" format="ixt:numdotdecimal" decimals="0" unitRef="USD">127,204</ix:nonFraction></span> modification
of the convertible notes as the five-day VWAP Price of the Company&#8217;s ordinary shares immediately preceding the conversion date
was higher than $<span id="xdx_905_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20230516__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementTwoMember_zTR6VukF9OKj" title="Conversion per shares"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2023-05-16_custom_SettlementAgreementTwoMember" id="Fact002043" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span> and reduced the carrying amount of the convertible debt instrument by $<span id="xdx_902_eus-gaap--DebtConversionOriginalDebtAmount1_c20230516__20230516__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementTwoMember_znipH8WNhGPe" title="Convertible debt instrument amount"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2023-05-162023-05-16_custom_SettlementAgreementTwoMember" id="Fact002045" format="ixt:numdotdecimal" decimals="0" unitRef="USD">289,100</ix:nonFraction></span> with a corresponding increase in
additional paid-in capital of $<span id="xdx_909_eus-gaap--AdjustmentToAdditionalPaidInCapitalConvertibleDebtInstrumentIssuedAtSubstantialPremium_c20230516__20230516__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementTwoMember_zi7sD9lIqFHe" title="Increase in additional paid-in capital"><ix:nonFraction name="us-gaap:AdjustmentToAdditionalPaidInCapitalConvertibleDebtInstrumentIssuedAtSubstantialPremium" contextRef="From2023-05-162023-05-16_custom_SettlementAgreementTwoMember" id="Fact002047" format="ixt:numdotdecimal" decimals="0" unitRef="USD">416,304</ix:nonFraction></span>. These transactions also resulted in loss on debt settlement of $<span id="xdx_907_eus-gaap--GainsLossesOnExtinguishmentOfDebt_iN_di_c20230516__20230516__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementTwoMember_zJLjSvJziy32" title="Loss on debt settlement"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2023-05-162023-05-16_custom_SettlementAgreementTwoMember" id="Fact002049" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">127,204</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_c20230515__us-gaap--DebtInstrumentAxis__custom--TanTwoThousandTwentyThreeNoteMember_ziNORIkjsuh3" title="Debt principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2023-05-15_custom_TanTwoThousandTwentyThreeNoteMember" id="Fact002051" format="ixt:numdotdecimal" decimals="0" unitRef="USD">700,000</ix:nonFraction></span>. On May 15, 2023, James Tan elected to convert the entire unpaid
principal in the amount of $<span id="xdx_907_eus-gaap--DebtConversionOriginalDebtAmount1_c20230515__20230515__us-gaap--DebtInstrumentAxis__custom--TanTwoThousandTwentyThreeNoteMember_zeEXbDAEwCP" title="Unpaid principal amount conversion"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2023-05-152023-05-15_custom_TanTwoThousandTwentyThreeNoteMember" id="Fact002053" format="ixt:numdotdecimal" decimals="0" unitRef="USD">700,000</ix:nonFraction></span> of the Tan 2023 Note into ordinary shares of the Company at $<span id="xdx_901_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20230515__us-gaap--DebtInstrumentAxis__custom--TanTwoThousandTwentyThreeNoteMember_zzTHclA4IsPb" title="Conversion price per share"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2023-05-15_custom_TanTwoThousandTwentyThreeNoteMember" id="Fact002055" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span> per share in accordance with the
terms of the Tan 2023 Note. On May 16, 2023, the Company issued to James Tan <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230516__20230516__us-gaap--DebtInstrumentAxis__custom--TanTwoThousandTwentyThreeNoteMember_zMohcha6rPOh" title="Number of ordinary shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-05-162023-05-16_custom_TanTwoThousandTwentyThreeNoteMember" id="Fact002057" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">700,000</ix:nonFraction></span> 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 <span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230516__20230516__us-gaap--DebtInstrumentAxis__custom--TanTwoThousandTwentyThreeNoteMember_zAq0XaMNQAj9" title="Resale of ordinary shares"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2023-05-162023-05-16_custom_TanTwoThousandTwentyThreeNoteMember" id="Fact002059" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">700,000</ix:nonFraction></span> ordinary shares for resale. The
Company refers to these <span id="xdx_903_eus-gaap--ConversionOfStockSharesIssued1_c20230516__20230516__us-gaap--DebtInstrumentAxis__custom--TanTwoThousandTwentyThreeNoteMember_zKoN4lYZiT1a" title="Converted shares"><ix:nonFraction name="us-gaap:ConversionOfStockSharesIssued1" contextRef="From2023-05-162023-05-16_custom_TanTwoThousandTwentyThreeNoteMember" id="Fact002061" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">700,000</ix:nonFraction></span> restricted ordinary shares as the &#8220;Converted Shares.&#8221; This conversion resulted in $<span id="xdx_905_eus-gaap--DebtInstrumentConvertibleIfConvertedValueInExcessOfPrincipal_c20230516__20230516__us-gaap--DebtInstrumentAxis__custom--TanTwoThousandTwentyThreeNoteMember_zPOiJSvKw4Te" title="Note modification amount in conversion"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleIfConvertedValueInExcessOfPrincipal" contextRef="From2023-05-162023-05-16_custom_TanTwoThousandTwentyThreeNoteMember" id="Fact002063" format="ixt:numdotdecimal" decimals="0" unitRef="USD">308,000</ix:nonFraction></span>
modification of the convertible notes as the five-day VWAP Price of the Company&#8217;s ordinary shares immediately preceding the conversion
date is higher than $<span id="xdx_90A_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20230516__us-gaap--DebtInstrumentAxis__custom--TanTwoThousandTwentyThreeNoteMember_zOMG1UbFUvvi" title="Conversion per shares"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2023-05-16_custom_TanTwoThousandTwentyThreeNoteMember" id="Fact002065" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span> and reduced the carrying amount of the convertible debt instrument by $<span id="xdx_904_eus-gaap--DebtConversionConvertedInstrumentAmount1_c20230516__20230516__us-gaap--DebtInstrumentAxis__custom--TanTwoThousandTwentyThreeNoteMember_zmYcfrOBrh5g" title="Convertible debt instrument amount"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2023-05-162023-05-16_custom_TanTwoThousandTwentyThreeNoteMember" id="Fact002067" format="ixt:numdotdecimal" decimals="0" unitRef="USD">700,000</ix:nonFraction></span> with a corresponding increase
in additional paid-in capital of $<span id="xdx_902_eus-gaap--AdjustmentToAdditionalPaidInCapitalConvertibleDebtInstrumentIssuedAtSubstantialPremium_c20230516__20230516__us-gaap--DebtInstrumentAxis__custom--TanTwoThousandTwentyThreeNoteMember_ztWs5MJtBPuh" title="Increase in additional paid-in capital"><ix:nonFraction name="us-gaap:AdjustmentToAdditionalPaidInCapitalConvertibleDebtInstrumentIssuedAtSubstantialPremium" contextRef="From2023-05-162023-05-16_custom_TanTwoThousandTwentyThreeNoteMember" id="Fact002069" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,008,000</ix:nonFraction></span>. This transaction also resulted in loss on debt settlement of $<span id="xdx_901_eus-gaap--GainsLossesOnExtinguishmentOfDebt_iN_di_c20230516__20230516__us-gaap--DebtInstrumentAxis__custom--TanTwoThousandTwentyThreeNoteMember_zQHwV75HnrY9" title="Loss on debt settlement"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2023-05-162023-05-16_custom_TanTwoThousandTwentyThreeNoteMember" id="Fact002071" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">308,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 16, 2023, the Company signed settlement agreement (&#8220;Chen Settlement Agreement&#8221;) with Kelvin Chen, the CEO of the Company,
pursuant to which the Company agreed to issue to Kelvin Chen an aggregate of <span id="xdx_90A_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20230516__20230516__us-gaap--TypeOfArrangementAxis__custom--ChenSettlementAgreementMember_zJwofGY7NMfc" title="Ordinary shares issued for debt settlement"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2023-05-162023-05-16_custom_ChenSettlementAgreementMember" id="Fact002073" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">850,306</ix:nonFraction></span> restricted ordinary shares of the Company in full
satisfaction of Kelvin Chen&#8217;s claim for an aggregate amount of $<span id="xdx_90F_eus-gaap--DebtConversionConvertedInstrumentAmount1_c20230516__20230516__us-gaap--TypeOfArrangementAxis__custom--ChenSettlementAgreementMember_znwbP53xIu7h" title="Ordinary shares issued for debt settlement, value"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2023-05-162023-05-16_custom_ChenSettlementAgreementMember" id="Fact002075" format="ixt:numdotdecimal" decimals="0" unitRef="USD">850,306</ix:nonFraction></span> 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&#8217;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 &#8220;Supplemental Agreement&#8221;)
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 $<span id="xdx_90C_eus-gaap--SharePrice_iI_c20230515__us-gaap--TypeOfArrangementAxis__custom--ChenSettlementAgreementMember_zX58VBYSmQV4" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2023-05-15_custom_ChenSettlementAgreementMember" id="Fact002077" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.47</ix:nonFraction></span>
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 <span id="xdx_903_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20230515__20230515__us-gaap--TypeOfArrangementAxis__custom--ChenSettlementAgreementMember__srt--TitleOfIndividualAxis__custom--DrKelvinChenMember_zvauLVmH6zm8"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2023-05-152023-05-15_custom_ChenSettlementAgreementMember_custom_DrKelvinChenMember" id="Fact002078" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">578,439</ix:nonFraction></span> ordinary shares at $<span id="xdx_90C_eus-gaap--SharePrice_iI_c20230515__us-gaap--TypeOfArrangementAxis__custom--ChenSettlementAgreementMember_zWayYhMUzci8" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2023-05-15_custom_ChenSettlementAgreementMember" id="Fact002080" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.47</ix:nonFraction></span> per share, the closing bid
price of EUDA ordinary shares on May 15, 2023. Dr. Chen has agreed to forfeit and surrender <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationForfeited_c20230516__20230516__us-gaap--TypeOfArrangementAxis__custom--ChenSettlementAgreementMember__srt--TitleOfIndividualAxis__custom--DrKelvinChenMember_zy7HvT5IWcif" title="Ordinary shares forfeited"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationForfeited" contextRef="From2023-05-162023-05-16_custom_ChenSettlementAgreementMember_custom_DrKelvinChenMember" id="Fact002082" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">271,867</ix:nonFraction></span> ordinary shares of the <span id="xdx_90A_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20230516__20230516__us-gaap--TypeOfArrangementAxis__custom--ChenSettlementAgreementMember_zkDrgEZ3vrHi" title="Ordinary shares issued for debt settlement"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2023-05-162023-05-16_custom_ChenSettlementAgreementMember" id="Fact002084" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">850,306</ix:nonFraction></span> ordinary
shares issued to him on May 16, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 119; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin: 0pt; break-before: page"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002086" name="EUDA:ScheduleOfIssuanceOfSharesUponConversionOfNotesAndSettlementOfDebtsTableTextBlock"><p id="xdx_893_ecustom--ScheduleOfIssuanceOfSharesUponConversionOfNotesAndSettlementOfDebtsTableTextBlock_zVTTPaADIcYc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables summarize the issuance of shares upon conversion of notes and settlement of debts discussed above:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zOhveynbe1ba" style="display: none">Schedule
of issuance of shares upon conversion of notes and settlement of debts</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49E_20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zQGVNqTY4D8f" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin: 0pt">Settlement</p>
                                                                  <p style="margin: 0pt">Agreement</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49F_20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementTwoMember_z8QpWEY8eaLb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin: 0pt">Settlement</p>
                                                                  <p style="margin: 0pt">Agreement 2</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_497_20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--TanTwoThousandTwentyThreeNoteMember_zLbl5eu0ar3b" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Tan 2023 Note</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_495_20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--ChenSettlementAgreementMember_zwjSAV9P1o6j" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Chen Settlement Agreement</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49A_20230101__20231231_z60125FjZME2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_404_ecustom--RestrictedOrdinarySharesIssuedForSettlements_zW5i9M7ScQI1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 35%; text-align: left">Restricted Ordinary shares issued for settlements</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction name="EUDA:RestrictedOrdinarySharesIssuedForSettlements" contextRef="From2023-01-012023-12-31_custom_SettlementAgreementMember" id="Fact002088" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">478,200</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction name="EUDA:RestrictedOrdinarySharesIssuedForSettlements" contextRef="From2023-01-012023-12-31_custom_SettlementAgreementTwoMember" id="Fact002089" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">289,100</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction name="EUDA:RestrictedOrdinarySharesIssuedForSettlements" contextRef="From2023-01-012023-12-31_custom_TanTwoThousandTwentyThreeNoteMember" id="Fact002090" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">700,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction name="EUDA:RestrictedOrdinarySharesIssuedForSettlements" contextRef="From2023-01-012023-12-31_custom_ChenSettlementAgreementMember" id="Fact002091" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">578,439</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction name="EUDA:RestrictedOrdinarySharesIssuedForSettlements" contextRef="From2023-01-01to2023-12-31" id="Fact002092" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,045,739</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--SharePriceAsOfSettlementDate_zok9jkazXLV8" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Share price as of settlement date</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="EUDA:SharePriceAsOfSettlementDate" contextRef="From2023-01-012023-12-31_custom_SettlementAgreementMember" id="Fact002094" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.44</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="EUDA:SharePriceAsOfSettlementDate" contextRef="From2023-01-012023-12-31_custom_SettlementAgreementTwoMember" id="Fact002095" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.44</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="EUDA:SharePriceAsOfSettlementDate" contextRef="From2023-01-012023-12-31_custom_TanTwoThousandTwentyThreeNoteMember" id="Fact002096" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.44</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="EUDA:SharePriceAsOfSettlementDate" contextRef="From2023-01-012023-12-31_custom_ChenSettlementAgreementMember" id="Fact002097" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.47</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--DebtConversionConvertedInstrumentAmount1_zPZIHKl53Ss3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Fair value of settlement shares</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2023-01-012023-12-31_custom_SettlementAgreementMember" id="Fact002100" format="ixt:numdotdecimal" decimals="0" unitRef="USD">688,608</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2023-01-012023-12-31_custom_SettlementAgreementTwoMember" id="Fact002101" format="ixt:numdotdecimal" decimals="0" unitRef="USD">416,304</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2023-01-012023-12-31_custom_TanTwoThousandTwentyThreeNoteMember" id="Fact002102" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,008,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2023-01-012023-12-31_custom_ChenSettlementAgreementMember" id="Fact002103" format="ixt:numdotdecimal" decimals="0" unitRef="USD">850,306</ix:nonFraction></td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2023-01-01to2023-12-31" id="Fact002104" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,963,218</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--ExtinguishmentOfDebtAmount_iN_di_zb03mxmo7KDj" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Debt settled on May 16, 2023</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ExtinguishmentOfDebtAmount" contextRef="From2023-01-012023-12-31_custom_SettlementAgreementMember" id="Fact002106" format="ixt:numdotdecimal" decimals="0" unitRef="USD">478,200</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ExtinguishmentOfDebtAmount" contextRef="From2023-01-012023-12-31_custom_SettlementAgreementTwoMember" id="Fact002107" format="ixt:numdotdecimal" decimals="0" unitRef="USD">289,100</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ExtinguishmentOfDebtAmount" contextRef="From2023-01-012023-12-31_custom_TanTwoThousandTwentyThreeNoteMember" id="Fact002108" format="ixt:numdotdecimal" decimals="0" unitRef="USD">700,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ExtinguishmentOfDebtAmount" contextRef="From2023-01-012023-12-31_custom_ChenSettlementAgreementMember" id="Fact002109" format="ixt:numdotdecimal" decimals="0" unitRef="USD">850,306</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:ExtinguishmentOfDebtAmount" contextRef="From2023-01-01to2023-12-31" id="Fact002110" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,317,606</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr id="xdx_408_eus-gaap--GainsLossesOnExtinguishmentOfDebt_iN_di_zlGXnHY6b0Xh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Loss on Debt Settlements</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2023-01-012023-12-31_custom_SettlementAgreementMember" id="Fact002112" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">210,408</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2023-01-012023-12-31_custom_SettlementAgreementTwoMember" id="Fact002113" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">127,204</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2115">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2023-01-01to2023-12-31" id="Fact002116" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">645,612</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A2_z9Is5QiLIA3i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Settlement
of Prepaid Forward Contracts</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company issued <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesOther_c20230608__20230608__us-gaap--TypeOfArrangementAxis__custom--PrepaidForwardContractsMember_zKECKYphvpF1" title="Ordinary shares issued in settlement"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesOther" contextRef="From2023-06-082023-06-08_custom_PrepaidForwardContractsMember" id="Fact002118" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,600,000</ix:nonFraction></span> ordinary shares on June 8, 2023 in connection with the settlement of the Prepaid Forward Contracts with a fair
value of $<span id="xdx_901_eus-gaap--StockIssuedDuringPeriodValueOther_c20230608__20230608__us-gaap--TypeOfArrangementAxis__custom--PrepaidForwardContractsMember_zR89z4eiiBk2" title="Value of shares issued in settlement"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueOther" contextRef="From2023-06-082023-06-08_custom_PrepaidForwardContractsMember" id="Fact002120" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,368,000</ix:nonFraction></span>. The fair value was determined by using the Company&#8217;s closing bid price of $<span id="xdx_90F_eus-gaap--SharePrice_iI_c20230608_zSX2fhShhHi3" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2023-06-08" id="Fact002122" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.48</ix:nonFraction></span> per share on June 8, 2023.
Refer to Note 11 for further detail.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Warrants</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the reverse recapitalization, the Company has assumed <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20210803__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zGjuDC5mx1mk" title="Warrants outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-08-03_us-gaap_WarrantMember" id="Fact002124" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,917,250</ix:nonFraction></span> Warrants outstanding, which consisted of <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20210803__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantMember_zTfZxGChh22d" title="Warrants outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-08-03_custom_PublicWarrantMember" id="Fact002126" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,625,000</ix:nonFraction></span> Public
Warrants and <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20210803__us-gaap--StatementEquityComponentsAxis__custom--PrivateWarrantMember_zDIGeroam2bh" title="Warrants outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-08-03_custom_PrivateWarrantMember" id="Fact002128" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">292,250</ix:nonFraction></span> Private Warrants. Both of the Public Warrants and private warrant met the criteria for equity classification.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (&#8220;IPO&#8221;). The warrants will expire <span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zmoidImkssk4" title="Warrants term"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_WarrantMember" format="ixt-sec:durwordsen" id="Fact002130" name="us-gaap:WarrantsAndRightsOutstandingTerm">five years</ix:nonNumeric></span> after the completion of a reverse recapitalization or earlier
upon redemption or liquidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company had <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20231231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantMember_zo8ZexsJEZH" title="Warrants outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2023-12-31_custom_PublicWarrantMember" id="Fact002132" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,625,000</ix:nonFraction></span> Public Warrants outstanding and <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20231231__us-gaap--StatementEquityComponentsAxis__custom--PrivateWarrantMember_z9jSkbJq9nwl" title="Warrants outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2023-12-31_custom_PrivateWarrantMember" id="Fact002134" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">292,250</ix:nonFraction></span> Private Warrants outstanding. Each whole Public
Warrant and Private Warrant entitles the registered holder to purchase one-half share of the Company&#8217;s ordinary share at a price
of $<span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20231231_zNvh0fC5sVM1" title="Warrant to purchase ordinary share, price per share"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2023-12-31" id="Fact002136" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.50</ix:nonFraction></span> per share, subject to the following conditions discussed below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company may redeem the Public Warrants and Private Warrants in whole and not in part, at a price of $<span id="xdx_90D_ecustom--WarrantsRedemptionPrice_c20230101__20231231_zqt0lK6PxBub" title="Warrants redemption price"><ix:nonFraction name="EUDA:WarrantsRedemptionPrice" contextRef="From2023-01-01to2023-12-31" id="Fact002138" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span> per warrant:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
at any time while the warrants are exercisable and prior to their expiration,</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
upon not less than 30 days&#8217; prior written notice of redemption to each warrant holder,</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
if, and only if, the reported last sale price of the ordinary shares equals or exceeds $<span id="xdx_908_eus-gaap--SaleOfStockPricePerShare_iI_c20231231_zRnQds5B7zRl" title="Sale price of the ordinary shares"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2023-12-31" id="Fact002140" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">16.50</ix:nonFraction></span> 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,</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
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 &#8220;Act&#8221;)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &#8220;cashless basis,&#8221; 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 120; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin: 0pt; break-before: page"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002142" name="us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_z11PDtFL43U9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
summary of warrants activity is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_8BE_z4Z9QJGHx1xa" style="display: none">Schedule
of warrant activities</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Warrants <br/> Outstanding</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin: 0pt">Ordinary</p>
                                                                                <p style="margin: 0pt">Shares Issuable</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted <br/> Average <br/> Exercise <br/> Price</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Average <br/> Remaining <br/> Contractual <br/> Life</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>December 31, 2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zH8JcBhHOpml" title="Ordinary Shares Issuable, Beginning balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2144">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice_iS_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zCVd2JvmwyTh" title="Weighted Average Exercise Price, Beginning balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2148">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 40%">Granted</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_ze0o9E0X2Vve" title="Ordinary Shares Issuable, Granted" style="width: 11%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted" contextRef="From2022-01-012022-12-31_us-gaap_WarrantMember" id="Fact002150" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,917,250</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_986_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOrdinarySharesIssuableGranted_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zOMAcUOSbzH9" title="Ordinary Shares Issuable, Granted" style="width: 11%; text-align: right"><ix:nonFraction name="EUDA:ShareBasedCompensationArrangementByShareBasedPaymentAwardOrdinarySharesIssuableGranted" contextRef="From2022-01-012022-12-31_us-gaap_WarrantMember" id="Fact002152" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,458,625</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_984_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantsInPeriodWeightedAverageExercisePrice_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zgZWgD0nC3ia" title="Weighted Average Exercise Price, Granted" style="width: 11%; text-align: right"><ix:nonFraction name="EUDA:ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2022-01-012022-12-31_us-gaap_WarrantMember" id="Fact002154" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.50</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_986_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantsInPeriodWeightedAverageRemainingContractualTerm_dtY_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zyud6n1PvOQ" title="Average Remaining Contractual Life, Granted" style="width: 11%; text-align: right"><ix:nonNumeric contextRef="From2022-01-012022-12-31_us-gaap_WarrantMember" format="ixt-sec:duryear" id="Fact002156" name="EUDA:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantsInPeriodWeightedAverageRemainingContractualTerm">5.00</ix:nonNumeric></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Forfeited</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Forfeited</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Exercised</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zSnM7REbtybc" title="Warrants, Exercised" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2190">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zUqrtlIzhPVb" title="Warrants Outstanding, Ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2023-12-31_us-gaap_WarrantMember" id="Fact002196" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,917,250</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td id="xdx_984_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageRemainingContractualTerm_dtY_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zBfdiDXty1Y5" title="Average Remaining Contractual Life, Outstanding" style="padding-bottom: 2.5pt; text-align: right"><ix:nonNumeric contextRef="From2023-01-012023-12-31_us-gaap_WarrantMember" format="ixt-sec:duryear" id="Fact002202" name="EUDA:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageRemainingContractualTerm">3.88</ix:nonNumeric></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A8_zp7bVrJ0Dv1e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Earnout
shares</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--EarnoutSharesToBeIssued_c20221117__20221117__srt--StatementScenarioAxis__custom--TriggeringEventOneMember_za3Ca3t5mm87" title="Earnout Shares to be issued"><ix:nonFraction name="EUDA:EarnoutSharesToBeIssued" contextRef="From2022-11-172022-11-17_custom_TriggeringEventOneMember" id="Fact002206" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction></span>
    additional Earnout Shares to be issued if during the period beginning on the Closing Date and ending on the first anniversary of
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    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&#8217;s share price is equal to or greater than Twenty Dollars ($<span id="xdx_90F_eus-gaap--SharePrice_iI_c20221117__srt--StatementScenarioAxis__custom--TriggeringEventTwoMember_ziepkl49ubq1" title="Number of additional shares issued"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-11-17_custom_TriggeringEventTwoMember" id="Fact002212" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">20.00</ix:nonFraction></span>) (&#8220;Triggering
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    additional Earnout Shares to be issued if the consolidated audited financial statements of EUDA for the fiscal year commencing January
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--EarnoutSharesToBeIssued_c20221117__20221117__srt--StatementScenarioAxis__custom--TriggeringEventFourMember_zYf1SNlPyPrk" title="Earnout Shares to be issued"><ix:nonFraction name="EUDA:EarnoutSharesToBeIssued" contextRef="From2022-11-172022-11-17_custom_TriggeringEventFourMember" id="Fact002220" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction></span>
    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 $<span id="xdx_904_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_uUSD_c20221117__20221117__srt--StatementScenarioAxis__custom--TriggeringEventFourMember__srt--RangeAxis__srt--MinimumMember_zkDXLFbN8uC5" title="Revenue"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-11-172022-11-17_custom_TriggeringEventFourMember_srt_MinimumMember" id="Fact002222" format="ixt:numdotdecimal" decimals="0" unitRef="USD">40,100,000</ix:nonFraction></span> and (y) net income attributable to EUDA of at least $<span id="xdx_909_eus-gaap--NetIncomeLoss_uUSD_c20221117__20221117__srt--StatementScenarioAxis__custom--TriggeringEventFourMember__srt--RangeAxis__srt--MinimumMember_zBnzxjiZycL9" title="Net income"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-11-172022-11-17_custom_TriggeringEventFourMember_srt_MinimumMember" id="Fact002224" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,100,000</ix:nonFraction></span> (&#8220;Triggering Event 4&#8221;).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 121; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin: 0pt; break-before: page"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002226" name="EUDA:ScheduleOfEarnoutSharesForTriggeringEventTableTextBlock"><p id="xdx_898_ecustom--ScheduleOfEarnoutSharesForTriggeringEventTableTextBlock_zf6uSc8p3Ei" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the Earnout Shares for Triggering Event 1 and 2 was estimated using the following assumptions:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zpYHthqIzf82" style="display: none">Schedule of earnout shares
for triggering event</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid">Closing date</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_496_20221116__20221117_zdZb2DFrVxE7" style="border-bottom: Black 1.5pt solid; text-align: center">November 17, 2022</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_400_ecustom--SharePriceAsOfClosingDate_zgA8VRJGg9n8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 82%">Share price of the Company as of closing date</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="EUDA:SharePriceAsOfClosingDate" contextRef="From2022-11-162022-11-17" id="Fact002228" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.21</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--AverageDailyReturnRate_dp_uPure_zYbhGMnfc7he" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Average daily return rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="EUDA:AverageDailyReturnRate" contextRef="From2022-11-162022-11-17" id="Fact002230" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.02</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_404_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_hsrt--StatementScenarioAxis__custom--TriggeringEventOneMember_zo7ZXefwRs5j" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Daily volatility for Triggering Event 1</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2022-11-162022-11-17_custom_TriggeringEventOneMember" id="Fact002232" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.74</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_40B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_hsrt--StatementScenarioAxis__custom--TriggeringEventTwoMember_zJWUX4e2m56l" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Daily volatility for Triggering Event 2</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2022-11-162022-11-17_custom_TriggeringEventTwoMember" id="Fact002234" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.30</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_404_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_hsrt--StatementScenarioAxis__custom--TriggeringEventTwoMember_zwztUnkGiJD7" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left">Daily volatility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2022-11-162022-11-17_custom_TriggeringEventTwoMember" id="Fact002236" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.30</ix:nonFraction></td><td style="text-align: left">%</td></tr>
<tr id="xdx_40D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_hsrt--StatementScenarioAxis__custom--TriggeringEventOneMember_zySDC5AzQDn9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Risk-free rate for Triggering Event 1</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2022-11-162022-11-17_custom_TriggeringEventOneMember" id="Fact002238" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.75</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_409_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_hsrt--StatementScenarioAxis__custom--TriggeringEventTwoMember_zpqcsAFm2oJ7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Risk-free rate for Triggering Event 2</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2022-11-162022-11-17_custom_TriggeringEventTwoMember" id="Fact002240" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.49</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_400_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_hsrt--StatementScenarioAxis__custom--TriggeringEventTwoMember_zIVBTtXLN8p5" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left">Risk-free rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2022-11-162022-11-17_custom_TriggeringEventTwoMember" id="Fact002242" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.49</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_402_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iE_hsrt--StatementScenarioAxis__custom--TriggeringEventOneMember_zGX8Vp9ikmLi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Grant Price for Trigging Event 1</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2022-11-17_custom_TriggeringEventOneMember" id="Fact002244" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">15.0</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iE_hsrt--StatementScenarioAxis__custom--TriggeringEventTwoMember_z3A0Q8IKF3Yb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Grant Price for Trigging Event 2</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2022-11-17_custom_TriggeringEventTwoMember" id="Fact002246" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">20.0</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iE_hsrt--StatementScenarioAxis__custom--TriggeringEventTwoMember_zcZJNGuy1ho" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left">Grant Price</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2022-11-17_custom_TriggeringEventTwoMember" id="Fact002248" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">20.0</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A6_ze86j01cxail" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result, the Company determined the fair value of the Earnout Shares for Triggering Event 1 and 2 is amounted to $<span id="xdx_90E_ecustom--FairValueOfEarnoutShares_c20230101__20231231__srt--StatementScenarioAxis__custom--TriggeringEventOneMember_z9JkOQxj3lJ1" title="Fair value of earnout shares"><ix:nonFraction name="EUDA:FairValueOfEarnoutShares" contextRef="From2023-01-012023-12-31_custom_TriggeringEventOneMember" id="Fact002250" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,926,610</ix:nonFraction></span> and $<span id="xdx_90A_ecustom--FairValueOfEarnoutShares_c20230101__20231231__srt--StatementScenarioAxis__custom--TriggeringEventTwoMember_zbwUfw5ywpC5" title="Fair value of earnout shares"><ix:nonFraction name="EUDA:FairValueOfEarnoutShares" contextRef="From2023-01-012023-12-31_custom_TriggeringEventTwoMember" id="Fact002252" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,273,019</ix:nonFraction></span>,
respectively, and recorded the same amount in consolidated statements of change in shareholders&#8217; equity (deficit) and consolidated
statements of operations and comprehensive income (loss) as earnout share payment for the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002254" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_808_eus-gaap--IncomeTaxDisclosureTextBlock_zThPESovivx9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
16 &#8211; <span id="xdx_827_zSVNPwtXBrHl">Income taxes</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>British
Virgin Islands</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Singapore</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;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. <span id="xdx_90B_eus-gaap--IncomeTaxExaminationDescription_c20230101__20231231__srt--StatementGeographicalAxis__country--SG_zWHQtAZHldb2" title="Income tax description"><ix:nonNumeric contextRef="From2023-01-012023-12-31_country_SG" id="Fact002256" name="us-gaap:IncomeTaxExaminationDescription">The applicable tax rate is <span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231__srt--StatementGeographicalAxis__country--SG_z2f0sIO2UHn8" title="Foreign income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2023-01-012023-12-31_country_SG" id="Fact002258" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">17</ix:nonFraction>%</span> in Singapore,
with 75% of the first approximately $<span id="xdx_901_eus-gaap--IncomeTaxExpenseBenefit_c20230101__20231231__srt--StatementGeographicalAxis__country--SG__us-gaap--AwardTypeAxis__custom--SeventyFivePercentageMember_zQPXCy3Ck6eh" title="Taxable income"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-012023-12-31_country_SG_custom_SeventyFivePercentageMember" id="Fact002260" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,000</ix:nonFraction></span> (SGD <span id="xdx_90D_eus-gaap--IncomeTaxExpenseBenefit_uSGD_c20230101__20231231__srt--StatementGeographicalAxis__country--SG__us-gaap--AwardTypeAxis__custom--SeventyFivePercentageMember_zkCE8q2wdTK" title="Taxable income"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-012023-12-31_country_SG_custom_SeventyFivePercentageMember" id="Fact002262" format="ixt:numdotdecimal" decimals="0" unitRef="SGD">10,000</ix:nonFraction></span>) taxable income and 50% of the next approximately $<span id="xdx_90A_eus-gaap--IncomeTaxExpenseBenefit_c20230101__20231231__srt--StatementGeographicalAxis__country--SG__us-gaap--AwardTypeAxis__custom--FiftyPercentageMember_zdqFysllb3Ma" title="Taxable income"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-012023-12-31_country_SG_custom_FiftyPercentageMember" id="Fact002264" format="ixt:numdotdecimal" decimals="0" unitRef="USD">144,000</ix:nonFraction></span> (SGD <span id="xdx_902_eus-gaap--IncomeTaxExpenseBenefit_uSGD_c20230101__20231231__srt--StatementGeographicalAxis__country--SG__us-gaap--AwardTypeAxis__custom--FiftyPercentageMember_zXVMhveBjEw4" title="Taxable income"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-012023-12-31_country_SG_custom_FiftyPercentageMember" id="Fact002266" format="ixt:numdotdecimal" decimals="0" unitRef="SGD">190,000</ix:nonFraction></span>) taxable
income are exempted from income tax.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002268" name="us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_zM3jsegwpHh1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
United States and foreign components of loss before income taxes were comprised of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B9_zNng9QhAYLbi" style="display: none">Schedule
of components of loss before income taxes</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" id="xdx_49C_20210101__20211231_z5MhCQQDKz5b" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2021</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
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    <td style="width: 46%">Singapore</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" contextRef="From2023-01-01to2023-12-31" id="Fact002270" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">203,411</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" contextRef="From2022-01-012022-12-31" id="Fact002271" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,942,542</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_40E_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_maILFCOzagc_z0EGnYeUdCmd" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Foreign</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" contextRef="From2023-01-01to2023-12-31" id="Fact002274" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">8,231,370</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_400_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_mtILFCOzagc_z9ewDaPxw0G1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt">Total loss (income) before income taxes</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact002278" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">8,434,781</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2022-01-012022-12-31" id="Fact002279" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">25,028,694</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2021-01-012021-12-31" id="Fact002280" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,669,324</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A9_zwbj6AJx5Pg4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002282" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zuT0t1flrxCe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provision (benefit) for income taxes consisted of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BF_zYMx8X2Jwd49" style="display: none">Schedule
of provision for income taxes</span></p>

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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_495_20230101__20231231_z1ykL6tXdH14" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2023</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49E_20220101__20221231_zs9l7ruqEMx3" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2022</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49B_20210101__20211231_zdNNXx9Vv6o3" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Year</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2021</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--CurrentIncomeTaxExpenseBenefit_maITEBzmQb_zD8NL1CF5Kyh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%">Current</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="-sec-ix-hidden: xdx2ixbrl2284">-</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:CurrentIncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact002285" format="ixt:numdotdecimal" decimals="0" unitRef="USD">27,439</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:CurrentIncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" id="Fact002286" format="ixt:numdotdecimal" decimals="0" unitRef="USD">74,168</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--DeferredIncomeTaxExpenseBenefit_maITEBzmQb_zeldn6NOHCO9" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Deferred</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2288">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40A_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBzmQb_zFRwKsER0DP6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt">Provision (benefit) for income taxes</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2292">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" id="Fact002294" format="ixt:numdotdecimal" decimals="0" unitRef="USD">46,488</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AD_z3pvlohU4Jja" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 122; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin: 0pt; break-before: page"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002296" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_891_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_z7ZCJfKfCNK2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reconciles Singapore statutory rates to the Company&#8217;s effective tax rate:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BB_zk2XM8s4d5B6" style="display: none">Schedule
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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                                                                                 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2022</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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                                                                                 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2021</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_maABC_zHKGhZ0zY83f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left">Singapore statutory income tax rate</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_maABC_z9jTVEjoUQXj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Tax rate difference outside Singapore <span id="xdx_F46_zWEoYFuYSeil">(1)</span></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" contextRef="From2021-01-012021-12-31" id="Fact002304" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.0</ix:nonFraction></td><td style="text-align: left">%</td></tr>
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    <td style="text-align: left">Taxable income below exemption threshold</td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 2.5pt">Effective tax rate</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0C_zcPwfO1lCBu3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0A_zyO4Myb9XKx7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
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  </table>
</ix:nonNumeric><p id="xdx_8AC_zoxa7W3p8CNd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002324" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z6PcA8Wvckvd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the significant components of the aggregate deferred tax assets and liabilities of the Company as of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BD_zRc6K6u66Hic" style="display: none">Schedule
of deferred tax assets and liabilities</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Deferred Tax Assets</td><td>&#160;</td>
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  <tr id="xdx_404_ecustom--DeferredTaxAssetsLeaseLiabilityNet_iI_maDTANzYwk_zuQo9w2IaCDg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Lease liabilities</td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 2.5pt">Total deferred tax assets, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Deferred Tax Liabilities</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="EUDA:DeferredTaxLiabilitiesRightOfUseAssets" contextRef="AsOf2023-12-31" id="Fact002341" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,286</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left; padding-bottom: 2.5pt">Deferred tax assets/liabilities, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2347">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2348">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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  </table>
</ix:nonNumeric><p id="xdx_8A1_zVxnRPSLYOG5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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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 $<span id="xdx_90E_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn5n6_c20231231__srt--ConsolidatedEntitiesAxis__custom--SingaporeSubsidiariesMember_zAu7pfSDxQjg" title="Allowance on deferred tax assets on operating losses"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" contextRef="AsOf2023-12-31_custom_SingaporeSubsidiariesMember" id="Fact002356" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.5</ix:nonFraction></span> million
and $<span id="xdx_901_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn5n6_c20221231__srt--ConsolidatedEntitiesAxis__custom--SingaporeSubsidiariesMember_zG4rOFjeSe5a" title="Allowance on deferred tax assets on operating losses"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" contextRef="AsOf2022-12-31_custom_SingaporeSubsidiariesMember" id="Fact002358" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.5</ix:nonFraction></span> million related to Singapore subsidiaries as of December 31, 2023 and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Uncertain
tax positions</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, 2023 and 2022, the Company did not
have any significant unrecognized uncertain tax positions. The Company did not incur interest and penalties tax for the years ended December
31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<ix:exclude><!-- Field: Page; Sequence: 123; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin: 0pt; break-before: page"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002360" name="EUDA:ScheduleOfTaxesPayableTableTextBlock"><p id="xdx_895_ecustom--ScheduleOfTaxesPayableTableTextBlock_zPDSscGIRk75" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
payable consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B2_zYAdlh03PJxk" style="display: none">Schedule
of taxes payable</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49D_20231231_zF7gmpP1Suoc" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20221231_zBoijApSvXJc" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_40A_ecustom--AccruedGSTTaxesPayableCurrent_iI_maTPCzp1w_z12wlB9HFTJi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="EUDA:AccruedGSTTaxesPayableCurrent" contextRef="AsOf2022-12-31" id="Fact002363" format="ixt:numdotdecimal" decimals="0" unitRef="USD">57,757</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 2.5pt">Totals</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2022-12-31" id="Fact002369" format="ixt:numdotdecimal" decimals="0" unitRef="USD">117,541</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AD_zhRsP8hIuyCc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002371" name="us-gaap:ConcentrationRiskDisclosureTextBlock"><p id="xdx_80A_eus-gaap--ConcentrationRiskDisclosureTextBlock_zN9BkGFlkXec" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
17 &#8211; <span id="xdx_824_zNEMLV32wPQ5">Concentrations risks</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Major customers</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, one customer accounted for <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zCYCjtne0Bth" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_OneCustomerMember" id="Fact002373" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">11.3</ix:nonFraction></span>% of the Company&#8217;s total revenues. For the years ended December
31, 2022 and 2021, no customer accounted for <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoCustomerMember_z1CSvwQOFvZ9" title="Concentration risk percentage"><span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoCustomerMember_zbjddocWrTyc" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_NoCustomerMember" id="Fact002375" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_NoCustomerMember" id="Fact002377" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></ix:nonFraction></span></span>% or more of the Company&#8217;s total revenues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, three customers accounted for <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zGDEtUzsdJ7e" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerOneMember" id="Fact002379" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">23.9</ix:nonFraction></span>%, <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zTgYMe028F73" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerTwoMember" id="Fact002381" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">11.9</ix:nonFraction></span>%, and <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerThreeMember_zWkFa27AXtqe" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerThreeMember" id="Fact002383" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10.6</ix:nonFraction></span>% of the Company&#8217;s total balance of accounts receivable,
respectively. As of December 31, 2022, two customers accounted for <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zvvMnWYcC6mc" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerOneMember" id="Fact002385" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">18.3</ix:nonFraction></span>% and <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zjWdaXJMro5i" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerTwoMember" id="Fact002387" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">11.2</ix:nonFraction></span>% of the Company&#8217;s total balance of accounts receivable,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Major vendors</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, no vendor accounted for <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoVendorMember_zEUgvPYlB6h3" title="Concentration risk percentage"><span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoVendorMember_zrqgXyudugg5" title="Concentration risk percentage"><span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoVendorMember_zJQFLw951uqj" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_custom_TotalPurchasesMember_us-gaap_SupplierConcentrationRiskMember_custom_NoVendorMember" id="Fact002389" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_custom_TotalPurchasesMember_us-gaap_SupplierConcentrationRiskMember_custom_NoVendorMember" id="Fact002391" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_custom_TotalPurchasesMember_us-gaap_SupplierConcentrationRiskMember_custom_NoVendorMember" id="Fact002393" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span>% or more of the Company&#8217;s total purchases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, and 2022, two vendors accounted for <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoVendorsMember_zOO8WBZUuZti" title="Concentration risk percentage"><span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoVendorsMember_zncXqweC1Oug" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_AccountsPayableMember_us-gaap_SupplierConcentrationRiskMember_custom_TwoVendorsMember" id="Fact002395" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_AccountsPayableMember_us-gaap_SupplierConcentrationRiskMember_custom_TwoVendorsMember" id="Fact002397" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></ix:nonFraction></span></span>% or more of the Company&#8217;s total balance of accounts payable. This
did not make the Company vulnerable to concentration risks as the balance is insignificant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Credit risk</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 $<span id="xdx_907_eus-gaap--Deposits_iI_c20231231__us-gaap--ManagingRisksInherentInServicingAssetsAndServicingLiabilitiesByTypeOfRiskAxis__us-gaap--CreditRiskMember_zBQxHzYn2sSi" title="Deposits"><ix:nonFraction name="us-gaap:Deposits" contextRef="AsOf2023-12-31_us-gaap_CreditRiskMember" id="Fact002399" format="ixt:numdotdecimal" decimals="0" unitRef="USD">57,000</ix:nonFraction></span> (SGD <span id="xdx_909_eus-gaap--Deposits_iI_uSGD_c20231231__us-gaap--ManagingRisksInherentInServicingAssetsAndServicingLiabilitiesByTypeOfRiskAxis__us-gaap--CreditRiskMember_z2hHsCTsyQpg" title="Deposits"><ix:nonFraction name="us-gaap:Deposits" contextRef="AsOf2023-12-31_us-gaap_CreditRiskMember" id="Fact002401" format="ixt:numdotdecimal" decimals="0" unitRef="SGD">75,000</ix:nonFraction></span>) per account. As of December 31, 2023 and 2022, the Company had cash balance of $<span id="xdx_90A_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20231231__us-gaap--ManagingRisksInherentInServicingAssetsAndServicingLiabilitiesByTypeOfRiskAxis__us-gaap--CreditRiskMember_zOPA3Ss92d8g" title="Cash balance"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31_us-gaap_CreditRiskMember" id="Fact002403" format="ixt:numdotdecimal" decimals="0" unitRef="USD">177,205</ix:nonFraction></span> and $<span id="xdx_903_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20221231__us-gaap--ManagingRisksInherentInServicingAssetsAndServicingLiabilitiesByTypeOfRiskAxis__us-gaap--CreditRiskMember_zjzsYkzDNPPa" title="Cash balance"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-12-31_us-gaap_CreditRiskMember" id="Fact002405" format="ixt:numdotdecimal" decimals="0" unitRef="USD">56,370</ix:nonFraction></span>
was maintained at DI Scheme banks in Singapore, of $<span id="xdx_908_eus-gaap--BankOverdrafts_iI_c20231231__us-gaap--ManagingRisksInherentInServicingAssetsAndServicingLiabilitiesByTypeOfRiskAxis__us-gaap--CreditRiskMember_zwrHTWs6p7Vi" title="Bank balance"><ix:nonFraction name="us-gaap:BankOverdrafts" contextRef="AsOf2023-12-31_us-gaap_CreditRiskMember" id="Fact002407" format="ixt:numdotdecimal" decimals="0" unitRef="USD">84,870</ix:nonFraction></span> and <span id="xdx_902_eus-gaap--BankOverdrafts_iI_dxL_c20221231__us-gaap--ManagingRisksInherentInServicingAssetsAndServicingLiabilitiesByTypeOfRiskAxis__us-gaap--CreditRiskMember_z9QcIwNpvuug" title="Bank balance::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2409">nil</span></span> was subject to credit risk, respectively. The Federal Deposit Insurance
Corporation (FDIC) standard insurance amount is up to $<span id="xdx_908_eus-gaap--CashFDICInsuredAmount_iI_c20231231_zETPBnwnizL9" title="Cash FDIC"><ix:nonFraction name="us-gaap:CashFDICInsuredAmount" contextRef="AsOf2023-12-31" id="Fact002411" format="ixt:numdotdecimal" decimals="0" unitRef="USD">250,000</ix:nonFraction></span> per depositor per insured bank. As of December 31, 2023 and 2022, the
Company had cash and restricted cash balance of $<span id="xdx_902_eus-gaap--RestrictedCash_iI_c20231231_z4bJEQs6MZgg" title="Restricted cash"><ix:nonFraction name="us-gaap:RestrictedCash" contextRef="AsOf2023-12-31" id="Fact002413" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,820</ix:nonFraction></span> and $<span id="xdx_90B_eus-gaap--RestrictedCash_iI_c20221231_z7UvtFXPHHpd" title="Restricted cash"><ix:nonFraction name="us-gaap:RestrictedCash" contextRef="AsOf2022-12-31" id="Fact002415" format="ixt:numdotdecimal" decimals="0" unitRef="USD">641,461</ix:nonFraction></span> was maintained at banks in the United States, of which <span id="xdx_90D_eus-gaap--RestrictedCash_iI_dxL_c20231231__us-gaap--ManagingRisksInherentInServicingAssetsAndServicingLiabilitiesByTypeOfRiskAxis__us-gaap--CreditRiskMember_z88h1BDZ2SNc" title="Restricted cash::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2417">nil</span></span> and $<span id="xdx_90B_eus-gaap--RestrictedCash_iI_c20221231__us-gaap--ManagingRisksInherentInServicingAssetsAndServicingLiabilitiesByTypeOfRiskAxis__us-gaap--CreditRiskMember_zToZxIDFNrkk" title="Restricted cash"><ix:nonFraction name="us-gaap:RestrictedCash" contextRef="AsOf2022-12-31_us-gaap_CreditRiskMember" id="Fact002419" format="ixt:numdotdecimal" decimals="0" unitRef="USD">391,461</ix:nonFraction></span>
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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002421" name="us-gaap:LesseeOperatingLeasesTextBlock"><p id="xdx_80F_eus-gaap--LesseeOperatingLeasesTextBlock_zpZdpiKDg1d7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
18 &#8211; <span id="xdx_82E_zwhJL7VAca92">Leases</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and 2022, the Company has leased two offices, which were classified as operating leases. In addition, the Company
had two office equipment leases which were classified as finance leases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s lease agreements do not contain any material residual value guarantees or material restrictive covenants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 124; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 <span id="xdx_908_ecustom--OperatingLeasesOfLessorContingentRentalBasisSpreadOnVariableRate_iI_pid_dp_uPure_c20231231_z5lWx0YxeGYb" title="Effective interest rate"><ix:nonFraction name="EUDA:OperatingLeasesOfLessorContingentRentalBasisSpreadOnVariableRate" contextRef="AsOf2023-12-31" id="Fact002423" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9.60</ix:nonFraction></span>%, which is determined using an incremental borrowing rate with similar term in
Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002425" name="EUDA:ScheduleOfOperatingAndFinanceLeaseExpensesTableTextBlock"><p id="xdx_890_ecustom--ScheduleOfOperatingAndFinanceLeaseExpensesTableTextBlock_zXMhMCQWstl6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
and finance lease expenses consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span id="xdx_8BE_zZZO1imremF" style="display: none">Schedule
of operating and finance lease expenses</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Classification</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Operating lease cost</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 20%; text-align: left">Lease expenses</td><td style="width: 2%">&#160;</td>
    <td style="width: 20%; text-align: left">General and administrative</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--OperatingLeaseExpense_c20230101__20231231__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zZ5fuK7b8TSi" title="Lease expenses" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" contextRef="From2023-01-012023-12-31_us-gaap_GeneralAndAdministrativeExpenseMember" id="Fact002427" format="ixt:numdotdecimal" decimals="0" unitRef="USD">123,366</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--OperatingLeaseExpense_c20220101__20221231__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_z1Ra6iGa6Dl3" title="Lease expenses" style="width: 15%; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" contextRef="From2022-01-012022-12-31_us-gaap_GeneralAndAdministrativeExpenseMember" id="Fact002429" format="ixt:numdotdecimal" decimals="0" unitRef="USD">87,692</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--OperatingLeaseExpense_c20210101__20211231__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zzrSQjcue7x5" title="Lease expenses" style="width: 15%; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" contextRef="From2021-01-012021-12-31_us-gaap_GeneralAndAdministrativeExpenseMember" id="Fact002431" format="ixt:numdotdecimal" decimals="0" unitRef="USD">58,602</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Lease expenses &#8211; short-term</td><td>&#160;</td>
    <td style="text-align: left">General and administrative</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Finance lease cost</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Amortization of leased asset</td><td>&#160;</td>
    <td style="text-align: left">General and administrative</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_c20230101__20231231__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zsp0firFuBGe" title="Amortization of leased asset" style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseRightOfUseAssetAmortization" contextRef="From2023-01-012023-12-31_us-gaap_GeneralAndAdministrativeExpenseMember" id="Fact002439" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,148</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Interest on lease liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 1.5pt">Other expense -Interest expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--FinanceLeaseInterestExpense_c20230101__20231231__us-gaap--IncomeStatementLocationAxis__us-gaap--InterestExpenseMember_zPvXZHRl9b2c" title="Interest on lease liabilities" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseInterestExpense" contextRef="From2023-01-012023-12-31_us-gaap_InterestExpenseMember" id="Fact002445" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,584</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--FinanceLeaseInterestExpense_c20210101__20211231__us-gaap--IncomeStatementLocationAxis__us-gaap--InterestExpenseMember_zRSFlSlBfpvb" title="Interest on lease liabilities" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseInterestExpense" contextRef="From2021-01-012021-12-31_us-gaap_InterestExpenseMember" id="Fact002449" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,639</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total lease expenses</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A6_zuLPEGmVqjN9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002457" name="us-gaap:ScheduleOfWeightedAverageNumberOfSharesTableTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfWeightedAverageNumberOfSharesTableTextBlock_znvqQPHtCkpe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average
remaining term and discount rate related to leases were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span id="xdx_8BA_zrEf21jgKvF1" style="display: none">Schedule
of weighted average remaining term and discount rate</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Finance leases</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Weighted-average discount rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table>

</ix:nonNumeric><p id="xdx_8A1_zWpywjyet5A3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002475" name="EUDA:ScheduleOfFutureMinimumLeasePaymentsTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfFutureMinimumLeasePaymentsTableTextBlock_zTLATTdgD28i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the Company&#8217;s minimum lease payments in future periods as of December 31, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span id="xdx_8BB_zlYgezzmMQ0b" style="display: none">Schedule
of future minimum lease payments</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Operating lease</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Finance lease</td><td style="font-weight: bold">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Twelve months ending December 31, 2026</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_c20231231_zUU0XlUyJr6j" title="Operating lease payments, 2026" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2489">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Twelve months ending December 31, 2027</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_c20231231_zsdmQyAXP40j" title="Operating lease payments, 2027" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2495">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Twelve months ending December 31, 2028</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_c20231231_z7NOtjZwlmF2" title="Operating lease payments, 2028" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2501">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: discount</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  </table>

</ix:nonNumeric><p id="xdx_8A6_z4WrxDEjy8Gb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 125; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002525" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_803_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zcXsz5OCAzJk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
19 &#8211; <span id="xdx_82D_zHlMs5lrcYhc">Commitments and contingencies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Contingencies</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Legal</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Company is party to certain legal proceedings, as well as certain asserted and un-asserted claims. Amounts accrued,
as well as the total amount of reasonably possible losses with respect to such matters, individually and in the aggregate, are not deemed
to be material to the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
March 30, 2022, the State Courts of the Republic of Singapore had reached a verdict that </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Company&#8217;s subsidiaries, KRHSG and Melana (Defendants) is liable to compensate Jamie Fan Wei Zhi (Plaintiff), the Company&#8217;s
related party for failing to procure the release of the Plaintiff from the guarantees to secure a credit line from United Overseas Bank
before December 31, 2020. The Defendants agree to compensate the Plaintiff the sum of $<span id="xdx_908_eus-gaap--LossContingencyDamagesSoughtValue_c20220330__20220330_z8buPWjktG01" title="Compensate amount"><ix:nonFraction name="us-gaap:LossContingencyDamagesSoughtValue" contextRef="From2022-03-302022-03-30" id="Fact002527" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,704</ix:nonFraction></span> (SGD <span id="xdx_90A_eus-gaap--LossContingencyDamagesSoughtValue_uSGD_c20220330__20220330_zZGxay9zIruk" title="Compensate amount"><ix:nonFraction name="us-gaap:LossContingencyDamagesSoughtValue" contextRef="From2022-03-302022-03-30" id="Fact002529" format="ixt:numdotdecimal" decimals="0" unitRef="SGD">5,000</ix:nonFraction></span>) per month as guarantor fee starting
from January 1, 2021 until the Defendants procured the release of the Plaintiff as the guarantor of the loan. The Defendants released
the Jamie Fan Wei Zhi as the guarantor of the loan on October 31, 2022. As of December 31, 2022, the Company has paid Jamie Fan Wei Zhi
$<span id="xdx_908_eus-gaap--LossContingencyDamagesPaidValue_c20220101__20221231_zlZpYGAOnARf" title="Legal payment"><ix:nonFraction name="us-gaap:LossContingencyDamagesPaidValue" contextRef="From2022-01-012022-12-31" id="Fact002531" format="ixt:numdotdecimal" decimals="0" unitRef="USD">74,966</ix:nonFraction></span> (SGD <span id="xdx_909_eus-gaap--LossContingencyDamagesPaidValue_uSGD_c20220101__20221231_zzaXOp50PFIa" title="Legal payment"><ix:nonFraction name="us-gaap:LossContingencyDamagesPaidValue" contextRef="From2022-01-012022-12-31" id="Fact002533" format="ixt:numdotdecimal" decimals="0" unitRef="SGD">100,000</ix:nonFraction></span>), and <span id="xdx_909_eus-gaap--LossContingencyAccrualAtCarryingValue_iI_do_c20221231_zJSdXVGxtovd" title="Contingent liability balance outstanding"><ix:nonFraction name="us-gaap:LossContingencyAccrualAtCarryingValue" contextRef="AsOf2022-12-31" id="Fact002535" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></span> more balance outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">On May 12, 2023, there were disagreements between the directors and formers directors of the Company concerning,
among others, the legitimacy of:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">a)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The purported appointment of David Capes (&#8220;Mr. Capes&#8221;) as the Chairmen of the Board of in place of Gerald Lim;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">b)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The purported appointment of Leonard Chee Hyong Chia (&#8220;Leonard&#8221;) to the Board as a replacement director;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">c)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The purported removal of certain individuals as director(s) of the Company by Mr. Capes and Leonard;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">d)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The removal of Mr. Capes as a director of the Company and from all Board committees on which he served on May 11, 2023;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">e)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The dispute by Mr. Capes regarding his removal as a director of the Company;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">f)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The validity of the purported shareholders&#8217; resolutions of the Company dated May 12, 2023 (the &#8220;Resolutions&#8221;); and</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">g)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The various other issues raised by the Board from time to time.</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">U<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pon consultation with
the Company&#8217;s external counsel, the Board determined that the</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resolutions
were <i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">prima facie</i></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">invalid and of
no effect from the outset, and could be subject to</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">legal
challenges</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board notes that Mr. Capes and his associates have not furnished any proof sustaining their allegation that the Resolutions were validly
passed</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board notes that Mr. Capes and his associates have not obtained any valid court order on the validity of the Resolutions</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
As of the date of this report, the Company does not expect the legal challenges among the disagreements between the directors and formers
directors of the Company will have a material adverse effect on the business, financial condition or results of operations of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">The Company also filed a claim against Mr. Capes and one other defendant as a separate case in July 2023 in connection
with unlawfully obstructed access to KRHSG&#8217;s client and clinic management systems, disrupting their business and resulting in losses
to KRHSG in May 2023. The case has been accepted by the Court in September 2023 and the Company believe it has a reasonably good case
against the defendants. As of the date of this report, the case is still ongoing and the contingent gain outcome of this case cannot be
estimated as this time.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and 2022, except as disclosed above, the Company is not currently a party to any material legal proceedings,
investigation or claims. However, the Company may, from time to time, be involved in legal matters arising in the ordinary course of
its business. While the Company is not presently subject to any material legal proceedings, there can be no assurance that such
matters will not arise in the future or that any such matters in which the Company is involved, or which may arise in the ordinary
course of the Company&#8217;s business, will not at some point proceed to litigation or that such litigation will not have a
material adverse effect on the business, financial condition or results of operations of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002537" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_80E_eus-gaap--SubsequentEventsTextBlock_zMubEH5DPc0k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
20 &#8211; <span id="xdx_82D_zY56xu4UBOR6">Subsequent events</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Convertible
Loan dated January 16, 2024 and Automatic Conversion</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 16, 2024, the Company and Gilandi Limited, a British Virgin Islands company (&#8220;Gilandi&#8221;) entered into a Convertible
Loan Agreement pursuant to which Gilandi has agreed to lend to the Company a convertible loan in the principal amount of $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_c20240116__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GilandiLimitedMember_z1c84CGLyMX2" title="Principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2024-01-16_us-gaap_SubsequentEventMember_custom_ConvertibleLoanAgreementMember_custom_GilandiLimitedMember" id="Fact002539" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction></span> to
be paid in two (2) tranches of $<span id="xdx_906_eus-gaap--ConvertibleDebt_iI_c20240131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GilandiLimitedMember__us-gaap--AwardTypeAxis__custom--OneTrancheMember_zIu6eXw4D0aa" title="Principal amount"><span id="xdx_90F_eus-gaap--ConvertibleDebt_iI_c20240331__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GilandiLimitedMember__us-gaap--AwardTypeAxis__custom--TwoTrancheMember_zxxp5zkuCTx6" title="Principal amount"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2024-01-31_us-gaap_SubsequentEventMember_custom_ConvertibleLoanAgreementMember_custom_GilandiLimitedMember_custom_OneTrancheMember" id="Fact002541" format="ixt:numdotdecimal" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2024-03-31_us-gaap_SubsequentEventMember_custom_ConvertibleLoanAgreementMember_custom_GilandiLimitedMember_custom_TwoTrancheMember" id="Fact002543" format="ixt:numdotdecimal" decimals="0" unitRef="USD">250,000</ix:nonFraction></ix:nonFraction></span></span> each by January 31, 2024 and March 31, 2024 (the &#8220;Convertible Loan 1&#8221;). The Convertible
Loan shall bear interests of <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20240116__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GilandiLimitedMember_zHnL68ViTPs5" title="Interests rates"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2024-01-16_us-gaap_SubsequentEventMember_custom_ConvertibleLoanAgreementMember_custom_GilandiLimitedMember" id="Fact002545" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% per annum until <span id="xdx_90B_eus-gaap--DebtInstrumentMaturityDateDescription_c20240116__20240116__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GilandiLimitedMember_zZQGs8apkmMl" title="Maturity date"><ix:nonNumeric contextRef="From2024-01-162024-01-16_us-gaap_SubsequentEventMember_custom_ConvertibleLoanAgreementMember_custom_GilandiLimitedMember" id="Fact002547" name="us-gaap:DebtInstrumentMaturityDateDescription">Mach 31, 2024</ix:nonNumeric></span> (the &#8220;Maturity Date&#8221;). Outstanding balance of the Convertible
Loan on the Maturity Date will automatically convert to the Company&#8217;s ordinary shares at $<span id="xdx_901_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20240116__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GilandiLimitedMember_zESdSHz3gea6" title="Convertible loan conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2024-01-16_us-gaap_SubsequentEventMember_custom_ConvertibleLoanAgreementMember_custom_GilandiLimitedMember" id="Fact002549" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span> per share. On January 17, 2024,
the Company sold and issued to Gilandi convertible note in the principal amount of $<span id="xdx_907_eus-gaap--DebtInstrumentIssuedPrincipal_c20240117__20240117__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GilandiLimitedMember__us-gaap--AwardTypeAxis__custom--OneTrancheMember_z2qpM8ALHP7g" title="Convertible loan amount received"><ix:nonFraction name="us-gaap:DebtInstrumentIssuedPrincipal" contextRef="From2024-01-172024-01-17_us-gaap_SubsequentEventMember_custom_ConvertibleLoanAgreementMember_custom_GilandiLimitedMember_custom_OneTrancheMember" id="Fact002551" format="ixt:numdotdecimal" decimals="0" unitRef="USD">250,000</ix:nonFraction></span> pursuant to the Convertible Loan Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 28, 2024, the Company received the second tranche of $<span id="xdx_906_eus-gaap--DebtInstrumentIssuedPrincipal_c20240328__20240328__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GilandiLimitedMember__us-gaap--AwardTypeAxis__custom--TwoTrancheMember_zIM0o5zUP9Zk"><ix:nonFraction name="us-gaap:DebtInstrumentIssuedPrincipal" contextRef="From2024-03-282024-03-28_us-gaap_SubsequentEventMember_custom_ConvertibleLoanAgreementMember_custom_GilandiLimitedMember_custom_TwoTrancheMember" id="Fact002552" format="ixt:numdotdecimal" decimals="0" unitRef="USD">250,000</ix:nonFraction></span> from Gilandi. Pursuant to the Gilandi Loan Agreement, an aggregate
amount of $<span id="xdx_900_eus-gaap--DebtConversionOriginalDebtAmount1_c20240331__20240331__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GilandiLimitedMember_z6sUU6H3z0C9" title="Debt amount converted"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2024-03-312024-03-31_us-gaap_SubsequentEventMember_custom_ConvertibleLoanAgreementMember_custom_GilandiLimitedMember" id="Fact002554" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction></span> of the loan automatically converted into the Company&#8217;s ordinary shares at $<span id="xdx_90C_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20240331__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z1Sv3MfoBYG3" title="Convertible loan conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2024-03-31_custom_ConvertibleLoanAgreementMember_us-gaap_SubsequentEventMember_us-gaap_CommonStockMember" id="Fact002556" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span> per share on March 31, 2024,
and the Company issued to Gilandi <span id="xdx_906_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pid_c20240331__20240331__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GilandiLimitedMember_zvl7ad9T75Qc" title="Shares issued upon debt conversion"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2024-03-312024-03-31_us-gaap_SubsequentEventMember_custom_ConvertibleLoanAgreementMember_custom_GilandiLimitedMember" id="Fact002558" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> restricted ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Settlement
Agreements with Executive Officers and Executive Director</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 15, 2024, the Company and Kelvin Chen, the Company&#8217;s Chief Executive Officer, entered into a Settlement Agreement (the &#8220;Chen
Settlement Agreement&#8221;) pursuant to which the Company has agreed to issue <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20240315__20240315__us-gaap--TypeOfArrangementAxis__custom--ChenSettlementAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zdhX0uq0XLRa" title="Shares issued for settlement of salaries and compensation"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2024-03-152024-03-15_custom_ChenSettlementAgreementMember_us-gaap_SubsequentEventMember_srt_ChiefExecutiveOfficerMember" id="Fact002560" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">166,653</ix:nonFraction></span> restricted ordinary shares to Mr. Chen (based
on the per share closing price of $<span id="xdx_905_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20240315__us-gaap--TypeOfArrangementAxis__custom--ChenSettlementAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zeFwWpbQ8J95" title="Shares issued during period, per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2024-03-15_custom_ChenSettlementAgreementMember_us-gaap_SubsequentEventMember_srt_ChiefExecutiveOfficerMember" id="Fact002562" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.275</ix:nonFraction></span> as of March 14, 2024) in full satisfaction of $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensation_c20240315__20240315__us-gaap--TypeOfArrangementAxis__custom--ChenSettlementAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zjIzC9m3fuc8" title="Shares issued during period, value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation" contextRef="From2024-03-152024-03-15_custom_ChenSettlementAgreementMember_us-gaap_SubsequentEventMember_srt_ChiefExecutiveOfficerMember" id="Fact002564" format="ixt:numdotdecimal" decimals="0" unitRef="USD">212,484</ix:nonFraction></span> of salaries and other compensation
owed to Mr. Chen as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 15, 2024, the Company and Steven Sobak, the Company&#8217;s Chief Financial Officer, entered into a Settlement Agreement (the &#8220;Sobak
Settlement Agreement&#8221;) pursuant to which the Company has agreed to issue <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20240315__20240315__us-gaap--TypeOfArrangementAxis__custom--SobakSettlementAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zBSFapUuS0i8" title="Shares issued during period"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2024-03-152024-03-15_custom_SobakSettlementAgreementMember_us-gaap_SubsequentEventMember_srt_ChiefFinancialOfficerMember" id="Fact002566" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">75,059</ix:nonFraction></span> restricted ordinary shares to Mr. Sobak (based
on the per share closing price of $<span id="xdx_903_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20240315__us-gaap--TypeOfArrangementAxis__custom--SobakSettlementAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zsxLMC9JToia" title="Shares issued during period, per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2024-03-15_custom_SobakSettlementAgreementMember_us-gaap_SubsequentEventMember_srt_ChiefFinancialOfficerMember" id="Fact002568" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.275</ix:nonFraction></span> as of March 14, 2024) in full satisfaction of $<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensation_c20240315__20240315__us-gaap--TypeOfArrangementAxis__custom--SobakSettlementAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zKmpYuD80qZ1" title="Shares issued during period, value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation" contextRef="From2024-03-152024-03-15_custom_SobakSettlementAgreementMember_us-gaap_SubsequentEventMember_srt_ChiefFinancialOfficerMember" id="Fact002570" format="ixt:numdotdecimal" decimals="0" unitRef="USD">95,700</ix:nonFraction></span> of salaries and other compensation
owed to Mr. Sobak as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 15, 2024, the Company and Alfred Lim, the Company&#8217;s Executive Director, entered into a Settlement Agreement (the &#8220;Lim
Settlement Agreement&#8221;) pursuant to which the Company has agreed to issue <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensation_c20240315__20240315__us-gaap--TypeOfArrangementAxis__custom--LimSettlementAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__srt--DirectorMember_zmuQO9wY0SDa" title="Shares issued for settlement of salaries and compensation"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" contextRef="From2024-03-152024-03-15_custom_LimSettlementAgreementMember_us-gaap_SubsequentEventMember_srt_DirectorMember" id="Fact002572" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">53,649</ix:nonFraction></span> restricted ordinary shares to Mr. Lim (based on
the per share closing price of $<span id="xdx_907_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20240315__us-gaap--TypeOfArrangementAxis__custom--LimSettlementAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__srt--DirectorMember_zCnCWvLh21g9" title="Shares issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2024-03-15_custom_LimSettlementAgreementMember_us-gaap_SubsequentEventMember_srt_DirectorMember" id="Fact002574" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.275</ix:nonFraction></span> as of March 14, 2024) in full satisfaction of $<span id="xdx_901_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensation_c20240315__20240315__us-gaap--TypeOfArrangementAxis__custom--LimSettlementAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__srt--DirectorMember_zHULwLNRPjzh" title="Shares issued for settlement of salaries and compensation, value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation" contextRef="From2024-03-152024-03-15_custom_LimSettlementAgreementMember_us-gaap_SubsequentEventMember_srt_DirectorMember" id="Fact002576" format="ixt:numdotdecimal" decimals="0" unitRef="USD">68,403</ix:nonFraction></span> of salaries and other compensation owed
to Mr. Lim as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 126; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin: 0pt; break-before: page"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Debt
Obligations and Settlement Agreements with Meng Dong (James) Tan</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 26, 2023, the Company borrowed from Meng Dong (James) Tan, a significant shareholder of the Company, an aggregate amount of $<span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_c20230526__us-gaap--TypeOfArrangementAxis__custom--JamesTanSettlementAgreementMember__srt--TitleOfIndividualAxis__custom--MrMengDongTanMember_z53oTD7hVC99" title="Debt principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2023-05-26_custom_JamesTanSettlementAgreementMember_custom_MrMengDongTanMember" id="Fact002578" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,500</ix:nonFraction></span>,
or a total of $<span id="xdx_90D_eus-gaap--DebtInstrumentCarryingAmount_iI_c20230526__us-gaap--TypeOfArrangementAxis__custom--JamesTanSettlementAgreementMember__srt--TitleOfIndividualAxis__custom--MrMengDongTanMember_zSJdT8C7FcP1" title="Debt with unpaid and accured interest"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2023-05-26_custom_JamesTanSettlementAgreementMember_custom_MrMengDongTanMember" id="Fact002580" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,004</ix:nonFraction></span> with unpaid and accrued interests at <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20230526__us-gaap--TypeOfArrangementAxis__custom--JamesTanSettlementAgreementMember__srt--TitleOfIndividualAxis__custom--MrMengDongTanMember_zhgjJiTJRCr2" title="Accrued interests"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2023-05-26_custom_JamesTanSettlementAgreementMember_custom_MrMengDongTanMember" id="Fact002582" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% per annum (the &#8220;James Tan Loan&#8221;). Pursuant to a Settlement
Agreement between the Company and Mr. Tan dated <span id="xdx_90C_eus-gaap--DebtInstrumentMaturityDate_dd_c20230526__20230526__us-gaap--TypeOfArrangementAxis__custom--JamesTanSettlementAgreementMember__srt--TitleOfIndividualAxis__custom--MrMengDongTanMember_zVPu3a6yAAi" title="Maturity date"><ix:nonNumeric contextRef="From2023-05-262023-05-26_custom_JamesTanSettlementAgreementMember_custom_MrMengDongTanMember" format="ixt:datemonthdayyearen" id="Fact002584" name="us-gaap:DebtInstrumentMaturityDate">March 15, 2024</ix:nonNumeric></span> (the &#8220;James Tan Settlement Agreement&#8221;), the Company has agreed
to issue Mr. Tan a convertible note in the aggregate amount of $<span id="xdx_905_eus-gaap--DebtConversionOriginalDebtAmount1_c20230526__20230526__us-gaap--TypeOfArrangementAxis__custom--JamesTanSettlementAgreementMember__srt--TitleOfIndividualAxis__custom--MrMengDongTanMember_zmz2FxfpfX33" title="Debt amount convertible"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2023-05-262023-05-26_custom_JamesTanSettlementAgreementMember_custom_MrMengDongTanMember" id="Fact002586" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,004</ix:nonFraction></span> (the &#8220;James Tan Convertible Note&#8221;) in full satisfaction
of the James Tan Loan, and Mr. Tan has agreed to (i) exchange James Tan Loan for the James Tan Convertible Note; (ii) extend the maturity
date of the James Tan Loan to March 14, 2025; and (iii) allow the outstanding unpaid balance of the James Tan Loan to bear no interest
for the next twelve months until March 14, 2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
May 15, 2023, 8i Enterprises Pte Ltd (&#8220;8iEPL), a company owned by Mr. Tan, has been rendering certain advisory services for the
Company. Pursuant to a certain Settlement Agreement between the Company and 8iEPL dated March 15, 2024 (the &#8220;8iEPL Settlement Agreement&#8221;),
the Company has agreed to pay 8iEPL for a total sum of $<span id="xdx_906_eus-gaap--ProfessionalFees_c20230515__20230515__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember__srt--TitleOfIndividualAxis__custom--EightiEnterprisesPteLtdMember_zSbGQtkKXkG" title="Advisory services payment"><ix:nonFraction name="us-gaap:ProfessionalFees" contextRef="From2023-05-152023-05-15_custom_SettlementAgreementMember_custom_EightiEnterprisesPteLtdMember" id="Fact002588" format="ixt:numdotdecimal" decimals="0" unitRef="USD">180,000</ix:nonFraction></span> for such advisory services (the &#8220;Services Payment&#8221;). Between
May 15, 2023 and February 28, 2024, the Company has borrowed from 8iEPL an aggregate amount of $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_c20230515__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember__srt--TitleOfIndividualAxis__custom--EightiEnterprisesPteLtdMember_zUBu9QrL91z4" title="Debt borrowed"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2023-05-15_custom_SettlementAgreementMember_custom_EightiEnterprisesPteLtdMember" id="Fact002590" format="ixt:numdotdecimal" decimals="0" unitRef="USD">712,254</ix:nonFraction></span>, or a total of $<span id="xdx_90C_eus-gaap--DebtInstrumentCarryingAmount_iI_c20230515__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember__srt--TitleOfIndividualAxis__custom--EightiEnterprisesPteLtdMember_zc4rZ7Qm3KDj" title="Debt with unpaid and accured interest"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2023-05-15_custom_SettlementAgreementMember_custom_EightiEnterprisesPteLtdMember" id="Fact002592" format="ixt:numdotdecimal" decimals="0" unitRef="USD">731,373</ix:nonFraction></span>
with unpaid and accrued interests at <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20230515__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember__srt--TitleOfIndividualAxis__custom--EightiEnterprisesPteLtdMember_zUyE0BJKOST5" title="Accrued interests"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2023-05-15_custom_SettlementAgreementMember_custom_EightiEnterprisesPteLtdMember" id="Fact002594" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% per annum (the &#8220;8iEPL Loan&#8221;). Pursuant to the 8iEPL Settlement Agreement, the Company
has agreed to pay 8iEPL in full satisfaction of both the Services Payment and the 8iEPL Loan in the form a convertible note in the aggregate
amount of $<span id="xdx_90F_eus-gaap--ConvertibleDebt_iI_c20230515__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember__srt--TitleOfIndividualAxis__custom--EightiEnterprisesPteLtdMember_z4FztdWaSVh6" title="Convirtible note agreegate amount"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2023-05-15_custom_SettlementAgreementMember_custom_EightiEnterprisesPteLtdMember" id="Fact002596" format="ixt:numdotdecimal" decimals="0" unitRef="USD">911,373</ix:nonFraction></span> (the &#8220;8iEPL Convertible Note&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Convertible
Loan Agreement dated April 16, 2024</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 16, 2024, the Company and Affluence Resource Pte. Ltd., a Singapore company (&#8220;Affluence&#8221;) entered into a convertible
loan agreement (the &#8220;Convertible Loan Agreement&#8221;) pursuant to which Affluence has agreed to lend to the Company a convertible
loan in the principal amount of $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_c20240416__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AffluenceResourcePteLtdMember_zeQXNCm72CHd" title="Principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2024-04-16_us-gaap_SubsequentEventMember_custom_ConvertibleLoanAgreementMember_custom_AffluenceResourcePteLtdMember" id="Fact002598" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000,000</ix:nonFraction></span> to be paid in two (2) tranches of $<span id="xdx_902_eus-gaap--ConvertibleDebt_iI_c20240418__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AffluenceResourcePteLtdMember__us-gaap--AwardTypeAxis__custom--OneTrancheMember_zPMtM0zt3iZc" title="Principal amount"><span id="xdx_903_eus-gaap--ConvertibleDebt_iI_c20240515__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AffluenceResourcePteLtdMember__us-gaap--AwardTypeAxis__custom--TwoTrancheMember_zpY6HE9K3pw2" title="Loan tranche amount"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2024-04-18_us-gaap_SubsequentEventMember_custom_ConvertibleLoanAgreementMember_custom_AffluenceResourcePteLtdMember_custom_OneTrancheMember" id="Fact002600" format="ixt:numdotdecimal" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2024-05-15_us-gaap_SubsequentEventMember_custom_ConvertibleLoanAgreementMember_custom_AffluenceResourcePteLtdMember_custom_TwoTrancheMember" id="Fact002602" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction></ix:nonFraction></span></span> each by April 18, 2024 and May 15, 2024 (the &#8220;Convertible
Loan 2&#8221;). The Convertible Loan shall bear interest of <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20240416__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AffluenceResourcePteLtdMember_zQNPX5qeSYPj" title="Interests rates"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2024-04-16_us-gaap_SubsequentEventMember_custom_ConvertibleLoanAgreementMember_custom_AffluenceResourcePteLtdMember" id="Fact002604" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></span>% per annum from the date it is remitted to <span id="xdx_90B_eus-gaap--DebtInstrumentMaturityDate_dd_c20240416__20240416__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AffluenceResourcePteLtdMember_ziSBX1rRenr9" title="Maturity Date"><ix:nonNumeric contextRef="From2024-04-162024-04-16_us-gaap_SubsequentEventMember_custom_ConvertibleLoanAgreementMember_custom_AffluenceResourcePteLtdMember" format="ixt:datemonthdayyearen" id="Fact002606" name="us-gaap:DebtInstrumentMaturityDate">April 30, 2025</ix:nonNumeric></span> (the &#8220;Maturity
Date&#8221;) or the date when the Affluence sends the Company a written notice to convert any unpaid principal amount of the Convertible
Loan with accrued interests (the &#8220;Outstanding Sum&#8221;) into ordinary shares of the Company (the &#8220;Conversion Notice&#8221;),
whichever is earlier. <span id="xdx_90E_ecustom--DebtInstrumentConvertibleConversionPriceDescription_c20240416__20240416__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AffluenceResourcePteLtdMember_zRtRQYkI6SXj" title="Debt instrument convertible conversion price description"><ix:nonNumeric contextRef="From2024-04-162024-04-16_us-gaap_SubsequentEventMember_custom_ConvertibleLoanAgreementMember_custom_AffluenceResourcePteLtdMember" id="Fact002608" name="EUDA:DebtInstrumentConvertibleConversionPriceDescription">Anytime on or before May 31, 2024, Affluence may send the Company a Conversion Notice to convert the then Outstanding
Sum into ordinary shares of the Company at $1.00 per share. Anytime after May 31, 2024, Affluence may send the Company a Conversion Notice
to convert the then Outstanding Sum into ordinary shares of the Company at $1.42 per share. The Company has no right of early repayment
of any part of the Convertible Loan without Affluence&#8217;s written consent. Any Outstanding Sum on the Maturity Date will be automatically
converted into ordinary shares of the Company at $1.42 per share.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Second
Supplemental Agreement with Alfred Lim, Executive Director of the Company</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the loan agreement dated February 2, 2023 between the Company and Alfred Lim, the Company&#8217;s Executive Director, Mr. Lim gave
the Company a loan in the amount of $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_c20230202__srt--TitleOfIndividualAxis__custom--AlfredLimMember_zkg1oahyuxZ7" title="Loan principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2023-02-02_custom_AlfredLimMember" id="Fact002610" format="ixt:numdotdecimal" decimals="0" unitRef="USD">128,750</ix:nonFraction></span> (the &#8220;Loan&#8221;) at an interest rate of <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20230202__srt--TitleOfIndividualAxis__custom--AlfredLimMember_zPUAFnyPCQI7" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2023-02-02_custom_AlfredLimMember" id="Fact002612" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% per annum, with a maturity date of <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDate_dd_c20230202__20230202__srt--TitleOfIndividualAxis__custom--AlfredLimMember_zdft96g7dX5e" title="Maturity date"><ix:nonNumeric contextRef="From2023-02-022023-02-02_custom_AlfredLimMember" format="ixt:datemonthdayyearen" id="Fact002614" name="us-gaap:DebtInstrumentMaturityDate">March
31, 2023</ix:nonNumeric></span>. Parties entered into a Supplemental Agreement dated March 31, 2023 to extend the maturity date of the Loan to <span id="xdx_90C_eus-gaap--DebtInstrumentMaturityDate_dd_c20230331__20230331__srt--TitleOfIndividualAxis__custom--AlfredLimMember__us-gaap--TypeOfArrangementAxis__custom--SupplementalAgreementMember_zgkGmvnbtrki" title="Maturity date"><ix:nonNumeric contextRef="From2023-03-312023-03-31_custom_AlfredLimMember_custom_SupplementalAgreementMember" format="ixt:datemonthdayyearen" id="Fact002616" name="us-gaap:DebtInstrumentMaturityDate">December 31,
2023</ix:nonNumeric></span>. On April 16, 2024, the Company and Mr. Lim entered into another Supplemental Agreement to further extend the maturity date of the
Loan to <span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_dd_c20240416__20240416__srt--TitleOfIndividualAxis__custom--AlfredLimMember__us-gaap--TypeOfArrangementAxis__custom--SupplementalAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zES6uZ1R2w35" title="Maturity date"><ix:nonNumeric contextRef="From2024-04-162024-04-16_custom_AlfredLimMember_custom_SupplementalAgreementMember_us-gaap_SubsequentEventMember" format="ixt:datemonthdayyearen" id="Fact002618" name="us-gaap:DebtInstrumentMaturityDate">June 30, 2024</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Fee
Settlement Agreement </span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the business combination transaction of the Company (formerly known as 8i Acquisition Corp) in November 2022, the Company
entered into an agreement dated November 16, 2022 (the &#8220;Agreement&#8221;) with Loeb &amp; Loeb LLP (&#8220;Loeb&#8221;) pursuant
to which Loeb was issued a promissory note in the principal amount of $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_c20221116__us-gaap--TypeOfArrangementAxis__custom--FeeSettlementAgreementMember_zdFWj9mJNdFd" title="Principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-11-16_custom_FeeSettlementAgreementMember" id="Fact002620" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,000</ix:nonFraction></span> (the &#8220;Note&#8221;) and <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20221116__20221116__us-gaap--TypeOfArrangementAxis__custom--FeeSettlementAgreementMember_z1svRposVlli" title="Restricted ordinary shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-11-162022-11-16_custom_FeeSettlementAgreementMember" id="Fact002622" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">60,000</ix:nonFraction></span> restricted ordinary
shares (the &#8220;Shares&#8221;) of the Company at the assumed price of $<span id="xdx_900_eus-gaap--SharePrice_iI_c20221116__us-gaap--TypeOfArrangementAxis__custom--FeeSettlementAgreementMember_z3U5XZ7Fdtae" title="Assumed price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-11-16_custom_FeeSettlementAgreementMember" id="Fact002624" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.00</ix:nonFraction></span> per share. In the event that the Note is repaid in full
in cash on or before its due date on November 16, 2023, Loeb has agreed to return all Shares to the Company for cancellation. On April
25, 2024, the Company and Loeb entered into a Fee Settlement Agreement (the &#8220;Settlement Agreement&#8221;) pursuant to which among
other things, (i) the Company has agreed to repay the Note in full by making cash payments to Loeb in three equal installments of $<span id="xdx_90D_eus-gaap--DebtInstrumentPeriodicPayment_c20221116__20221116__us-gaap--TypeOfArrangementAxis__custom--FeeSettlementAgreementMember_zkYn9Bodr6u1" title="Equal installments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIHNob3J0LXRlcm0gbG9hbnMgKERldGFpbHMpIChQYXJhbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2022-11-162022-11-16_custom_FeeSettlementAgreementMember" id="Fact002626" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,000</ix:nonFraction></span>,
with the first installment due on or prior to April 30, 2024, the second installment on or prior to May 31, 2024 and the third installment
on or prior to June 30, 2024; and (ii) Loeb is entitled to retain the Shares and the sales proceeds of the Shares will not be used to
satisfy the Note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><i><span style="text-decoration: underline">Acquisition of Fortress Cove Limited </span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">On May 6, 2024, the Company entered
into a Share Purchase Agreement with certain persons named therein (the &#8220;Share Purchase Agreement&#8221;) for the acquisition
of all outstanding shares of Fortress Cove Limited (&#8220;Fortress Cove&#8221;), a British Virgin Islands company which is the sole
legal and beneficial owner of the entire share capital of CK Health Plus Sdn Bhd, a Malaysian company (&#8220;CK Health&#8221;) in
the direct sale business of holistic wellness consumer products in Malaysia. Pursuant to the Share Purchase Agreement, EUDA has
agreed to acquire the entire issued capital of Fortress Cove for an aggregate consideration of <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20240506__20240506__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CKHealthPlusSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zQSHcWMJuzSf" title="Newly issued ordinary shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2024-05-062024-05-06_custom_SharePurchaseAgreementMember_custom_CKHealthPlusSdnBhdMember_us-gaap_SubsequentEventMember" id="Fact002628" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000,000</ix:nonFraction></span>
newly issued ordinary shares, valued at approximately $<span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20240506__20240506__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CKHealthPlusSdnBhdMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zwW4wa3sLE8i" title="Newly issued ordinary shares, value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2024-05-062024-05-06_custom_SharePurchaseAgreementMember_custom_CKHealthPlusSdnBhdMember_us-gaap_SubsequentEventMember" id="Fact002630" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">15.0</ix:nonFraction></span>
million based upon the enterprise fair value of CK Health appraised by an independent third-party valuation firm.<span id="xdx_905_ecustom--DescriptionForOrdinarySharesIssuedInSharePurchaseAgreement_c20240506__20240506__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_z2qIl4wDqEnj" title="Description for ordinary shares issued in share purchase agreement">
<ix:nonNumeric contextRef="From2024-05-062024-05-06_us-gaap_SubsequentEventMember_custom_SharePurchaseAgreementMember" id="Fact002632" name="EUDA:DescriptionForOrdinarySharesIssuedInSharePurchaseAgreement">An additional one million ordinary shares will be issued to the persons named in the Share Purchase Agreement if certain financial
performance milestones based on CK Health&#8217;s net income for the fiscal years 2024 and 2025 are met</ix:nonNumeric></span>. The acquisition
closed on May 8, 2024. Meng Dong (James) Tan, a significant shareholder of EUDA is also a 40% shareholder of Fortress Cove
Limited.</p>

</ix:nonNumeric><p id="xdx_814_zIhyPntBiQU6" style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</body>
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[{"type": "20-F", "sequence": "1", "filename": "form20-f.htm", "secsgml_size_bytes": 2572650}]
{"company-data": {"conformed-name": "EUDA Health Holdings Ltd", "cik": "0001847846", "assigned-sic": "8000", "organization-name": "08 Industrial Applications and Services", "irs-number": "000000000", "state-of-incorporation": "D8", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-40678", "film-number": "24927787"}, "business-address": {"street1": "1 PEMIMPIN DRIVE #12-07", "city": "ONE PEMIMPIN", "state": "U0", "zip": "576151", "phone": "65 67880388"}, "mail-address": {"street1": "1 PEMIMPIN DRIVE #12-07", "city": "ONE PEMIMPIN", "state": "U0", "zip": "576151"}, "former-company": {"former-conformed-name": "8i Acquisition 2 Corp.", "date-changed": "20210224"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
20-F
(Mark
One)
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 31
,
2023
.
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report ____
For
the transition period from                  to
Commission
file number:
001-40678
EUDA
HEALTH HOLDINGS LIMITED
(Exact
name of Registrant as specified in its charter)
N/A
(Translation
of Registrant's name into English)
British
Virgin Islands
(Jurisdiction
of incorporation or organization)
1
Pemimpin Drive #12-06
One
Pemimpin
Singapore
576151
+65
6268 6821
(Address
of principal executive offices)
Wei
Wen Kelvin Chen
Chief Executive Officer
1 Pemimpin Drive #12-07
One Pemimpin
Singapore
576151
+65
6268 6821
kelvin@euda.com
(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title
    of each class
Trading
    Symbol(s)
Name
    of each exchange on which registered
Ordinary
    Shares
EUDA
The
    Nasdaq Stock Market LLC
Redeemable
    Warrants
EUDAW
The
    Nasdaq Stock Market LLC
Securities
registered or to be registered pursuant to Section 12(g) of the Act:
None
(Title
of Class)
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title
of Class)
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report.
As
of December 31, 2023, there were
24,627,509
ordinary shares outstanding.
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒
No
If
this annual report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒
No
Note
– Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. ☐ Yes ☒
No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). ☒
Yes
☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of "accelerated filer and large accelerated filer" and "emerging growth company" in Rule
12b-2 of the Exchange Act:
Large
    accelerated filer ☐
Accelerated
    filer ☐
Non-accelerated
    filer
☒
Emerging
    growth company
☒
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act.
☐
†The
term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board
to its Accounting Standards Codification after April 5, 2012.
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark which basis of accounting the registrant has been to prepare the financial statements included in this filing:
U.S. GAAP
☒
International
    Financial Reporting Standards as issued
Other
    ☐
by
    the International Accounting Standards Board ☐
If
"other" has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow. ☐ Item 17 ☐ Item 18
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). ☐ Yes
☒
No
(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ☒
Yes
☐ No
TABLE
OF CONTENTS
INTRODUCTION
1
FORWARD-LOOKING INFORMATION
2
PART I
ITEM
    1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
3
ITEM
    2.
OFFER STATISTICS AND EXPECTED TIMETABLE
3
ITEM
    3.
KEY INFORMATION
3
ITEM
    4.
INFORMATION ON THE COMPANY
20
ITEM
    4.A.
UNRESOLVED STAFF COMMENTS
35
ITEM
    5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
36
ITEM
    6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
45
ITEM
    7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
53
ITEM
    8.
FINANCIAL INFORMATION
56
ITEM
    9.
THE OFFER AND LISTING
56
ITEM
    10.
ADDITIONAL INFORMATION
57
ITEM
    11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
70
ITEM
    12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
70
PART II
ITEM
    13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
72
ITEM
    14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
72
ITEM
    15.
CONTROLS AND PROCEDURES
72
ITEM
    16A.
AUDIT COMMITTEE FINANCIAL EXPERT
74
ITEM
    16B.
CODE OF ETHICS
74
ITEM
    16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
74
ITEM
    16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
74
ITEM
    16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
74
ITEM
    16F.
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
75
ITEM
    16G.
CORPORATE GOVERNANCE
75
ITEM
    16H.
MINE SAFETY DISCLOSURE
79
ITEM
    16I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
79
ITEM
    16J.
INSIDER TRADING POLICIES
79
ITEM
    16K.
CYBERSECURITY
79
PART III
ITEM
    17.
FINANCIAL STATEMENTS
80
ITEM
    18.
FINANCIAL STATEMENTS
80
ITEM
    19.
EXHIBITS
80
i
INTRODUCTION
Unless
otherwise stated in this Annual Report on Form 20-F ("Annual Report" or "Form 20-F"), or the context otherwise
requires, references to "we," "us," "our" "EUDA" or the "Company" are to
EUDA Health Holdings Limited, a British Virgin Islands exempt company and references to:
●
"8i"
    means 8i Acquisition 2 Corp., a BVI business company that changed its name to "EUDA Health Holdings Limited" after the
    Business Combination.
●
"Articles"
    means the Amended and Restated Memorandum and Articles of Association of the Company dated November 17, 2022.
●
"Board"
    means the board of directors of 8i prior to the Closing, and the board of directors of the Company following the Closing.
●
"Business
    Combination" means the transactions contemplated under the SPA relating to the Share Purchase.
●
"Closing"
    means the consummation of the Business Combination.
●
"Closing
    Date" means November 17, 2022, the date of the consummation of the Business Combination.
●
"Code"
    means the Internal Revenue Code of 1986, as amended.
●
"EHL"
    means EUDA Health Limited, a British Virgin Islands business company.
●
"Exchange
    Act" means the Securities Exchange Act of 1934, as amended.
●
"Founder
    Shares" means the outstanding Ordinary Shares held by the Initial Shareholders since November 24, 2021.
●
"GAAP"
    means accounting principles generally accepted in the United States of America.
●
"Initial
    Stockholders" means our Sponsor and all of our officers and directors who hold our Ordinary Shares.
●
"IPO"
    means 8i's initial public offering.
●
"Nasdaq"
    means The Nasdaq Stock Market LLC.
●
"SEC"
    means the U.S. Securities and Exchange Commission.
●
"SPA"
    means the Share Purchase Agreement by and among 8i, 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.
●
"Securities
    Act" means the Securities Act of 1933, as amended.
●
"Share
    Purchase" means the share purchase by 8i of all of the then issued and outstanding shares of EUDA from Watermark pursuant to
    the SPA, resulting in EUDA becoming a wholly owned subsidiary of 8i, and 8i changing its name to "EUDA Health Holdings Limited."
●
"Sponsor"
    means 8i Holdings 2 Pte Ltd, a Singapore limited liability company.
●
"Units"
    means 8i units, each consisting of one ordinary share, one redeemable warrant, and one right to receive one-tenth of an ordinary
    share upon consummation of the Business Combination.
1
FORWARD-LOOKING
INFORMATION
This
Annual Report on Form 20-F contains "forward-looking statements" with respect to our financial condition, results of operations
and business, plans, objectives and strategies. These forward-looking statements can be identified by the fact that they do not relate
only to historical or current facts. Forward-looking statements often use words such as "estimate," "project,"
"predict," "will," "would," "should," "could," "may," "might,"
"anticipate," "plan," "intend," "believe," "expect," "aim," "goal,"
"target," "objective," "commit," "advance," "likely" or similar expressions
that convey the prospective nature of events or outcomes. The forward-looking statements are based on the current expectations of the
Company's management and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak
only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These
forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include,
but are not limited to, those factors described in "Risk Factors," those discussed and identified in public filings made
with the SEC by the Company and the following:
● the
ability to protect our patents and other intellectual property;
● the
ability to maintain the listing of our ordinary shares on Nasdaq;
● the
ability to raise additional capital to fund our operations;
● the
accuracy of our projections and estimates regarding our expenses, capital requirements, cash utilization, and need for additional financing;
● expectations
regarding the Company's strategies and future financial performance, including its future business plans or objectives, prospective
performance and opportunities and competitors, revenues, products, pricing, operating expenses, market trends, liquidity, cash flows
and uses of cash, capital expenditures, and the Company's ability to invest in growth initiatives and pursue acquisition opportunities;
● the
ability to grow and manage growth profitably, and retain key employees;
● limited
liquidity and trading of the Company's securities;
● geopolitical
risk and changes in applicable laws or regulations;
● the
possibility that the Company may be adversely affected by other economic, business, and/or competitive factors;
● risks
relating to the uncertainty of the projected financial information with respect to the Company;
● risks
related to the organic and inorganic growth of the Company's business and the timing of expected business milestones;
● risks
relating to the shift in customer's needs and demands;
● risk
that the COVID-19 global pandemic, and Southeast Asian countries' responses to addressing the pandemic may have an adverse effect
on the Company's business operations, as well as our and their financial condition and results of operations; and
● litigation
and regulatory enforcement risks, including the diversion of management's time and attention and the additional costs and demands
on the Company's resources.
These
and other factors could cause actual results to differ from those implied by the forward-looking statements. Forward-looking statements
are not guarantees of performance and speak only as of the date hereof. The forward-looking statements are based on the current and reasonable
expectations of our management but are inherently subject to uncertainties and changes in circumstances and their potential effects and
speak only as of the date of such statements. There can be no assurance that future developments will be those that have been anticipated
or that we will achieve or realize these plans, intentions or expectations.
All
forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing
cautionary statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by law.
In
addition, statements of belief and similar statements reflect our beliefs and opinions on the relevant subject. These statements are
based upon information available to us as of the date of this filing, and while we believe such information forms a reasonable basis
for such statements, such information may be limited or incomplete, and statements should not be read to indicate that we have conducted
an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and
investors are cautioned not to unduly rely upon these statements.
2
PART
I.
ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not
applicable.
ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not
applicable.
ITEM
3. KEY INFORMATION
A.
[Reserved]
B.
Capitalization
    and Indebtedness
Not
Applicable.
C.
Reasons
    for the Offer and Use of Proceeds
Not
Applicable.
D.
Risk
    Factors
Uncertainties
and risks accompany our strategy to streamline our medical service operations.
In September 2023, the Company decided to streamline its medical service
operations by closing down clinics to reduce overhead costs and further loss from operations as the demand in our services were much lower
in the post Covid-19 era. This decision to streamline certain medical-related business unit represented a strategic shift that had a major
effect on the Company's medical services financial results, and qualifies as discontinued operations under ASC205-20. See "Note
5 – Discontinued Operations" of consolidated financial statements for the fiscal years ended December 31, 2023, 2022 and 2021
for details. As a result, the Company's current and existing operations remained with its property management services. Although
management is actively seeking new investments and medical licenses to acquire or develop other healthcare services, and has plans to
offer medical services in virtual clinics in the future, there is no assurance that it will be successful in its efforts.
On May 6, 2024, the Company entered into a Share
Purchase Agreement to acquire CK Health Plus Sdn Bhd, a Malaysian company ("CK Health") in the direct sale business of holistic
wellness consumer products in Malaysia, for an aggregate consideration of 10,000,000 newly issued ordinary shares, valued at $15.0 million.
The acquisition closed on May 8, 2024. Although the Company plans to integrate
CK Health's holistic wellness consumer products into its portfolio of complementary products and services offered alongside its
proprietary healthcare solutions platform, there is no assurance that the Company can achieve the desired strategic and financial benefits
from this acquisition. See "5A. Operating Results – Recent Development" for details.
Our
independent registered public accounting firm's report contains an explanatory paragraph that expresses substantial doubt about
our ability continue as a "going concern."
The
Company had a net loss of approximately $8.5 million and $25.0 million for the years ended December 31, 2023 and 2022, respectively.
As of December 31, 2023, the Company's negative working capital deficit was approximately $7.9 million, and the Company had cash
of approximately $0.2 million . The Company has experienced recurring losses from operations and negative cash flows from operating
activities since 2020. In September 2023, we have streamlined our medical service operations to minimize any further losses as the demand
in our services were much lower in the post Covid-19 era. 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. There is no assurance that the
Company's capital raising efforts will be successful. Successful transition to attaining profitable operations is dependent upon
achieving a level of revenues adequate to support the Company's cost structure. Further, the Company has incurred and expects to
continue to incur significant professional costs to remain as a publicly traded company. These factors, among others, raise substantial
doubt about the Company's ability to continue as a going concern. The financial statements contained elsewhere in this Form 20-F
do not include any adjustments that might result from the outcome of this uncertainty.
3
EUDA
and our independent registered public accounting firm identified material weaknesses in the Company's internal control over financial
reporting, and if EUDA is unable to achieve and maintain effective internal control over financial reporting, this could have a material
adverse effect on our business.
The
Company produces our consolidated financial statements in accordance with the requirements of U.S. GAAP. Effective internal controls
are necessary for EUDA to provide reliable financial reports to help mitigate the risk of fraud and to operate as a publicly traded company.
Prior to the Business Combination, EUDA was a private company with limited accounting personnel and other resources with which to address
internal controls and procedures. EUDA and our independent registered public accounting firm identified material weaknesses in the Company's
internal controls over financial reporting in connection with the audits of EUDA's financial statements for the year ended December
31, 2023 and 2022. A "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial
reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will
not be prevented or detected on a timely basis.
The
material weaknesses that were identified related to: (i) the lack of sufficient financial reporting and accounting personnel,
especially those with understanding of U.S. GAAP knowledge; (ii) the lack of proper mechanism to identify and assess the experience
and qualification of third-party specialists; and (iii) the lack of appropriate controls in the financial reporting process,
specifically related to account reconciliations and journal entry approvals. As a result of these material weaknesses, the
Company's management concluded that our internal control over financial reporting was not effective as of December 31, 2023
and 2022. EUDA is in the process of developing a plan to remediate these material weaknesses and will continue to identify
additional appropriate remediation measures. However, the material weaknesses will not be considered remediated until the
remediation plan has been fully implemented, the applicable controls are fully operational for a sufficient period of time, and the
Company has concluded, through testing, that the newly implemented and enhanced controls are operating effectively.
At
this time, EUDA cannot predict the success of such efforts or the outcome of future assessments of the remediation efforts. As a public
company, EUDA will be required to further design, document and test the Company's internal controls over financial reporting to
comply with Sarbanes-Oxley Act Section 404. If existing material weaknesses or control deficiencies are not remediated or if material
weaknesses or control deficiencies occur in the future, EUDA may be unable to report the Company's financial results accurately
on a timely basis or help prevent fraud, which could cause EUDA's reported financial results to be materially misstated and result
in the loss of investor confidence or delisting and cause the market price of EUDA's ordinary shares to decline. If we have material
weaknesses in the future, it could affect the financial results that the Company reports or create a perception that those financial
results do not fairly state EUDA's financial position or results of operations. Either of those events could have an adverse effect
on the value of the Company's ordinary shares.
Further,
even if EUDA concludes that our internal control over financial reporting provides reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP, because of its inherent
limitations, internal control over financial reporting may not prevent or detect fraud or misstatements. Failure to implement required
new or improved controls, or difficulties encountered in their implementation, could harm the Company's results of operations or
cause EUDA to fail to meet future reporting obligations.
EUDA
will require additional funding through sale of either debt or equity securities to support its continuing operations and growth of business,
and such funding may not be available on acceptable terms, or at all, and that may adversely impact EUDA's business, financial
condition, results of operations and growth potential.
EUDA's
operations have consumed substantial funds since inception. It will continue to require substantial funding to support its continuing
operations. The Company also intends to continue to make significant investments to support business growth, respond to business challenges
or opportunities, develop new applications and services, enhance existing solution and services, enhance operating infrastructure and
potentially acquire complementary businesses and technologies. EUDA may seek to use equity or debt financings to raise additional funds
to support its continuing operations and support growth initiatives. In February 2023, Alfred Lim, Executive Director of EUDA, provided
a working capital loan in the amount of $128,750 to EUDA. From January to May 2023, James Tan, the former Chief Executive officer of
8i loaned the Company with an aggregate amount of $500,700. In May 2023, EUDA initiated efforts to raise up to $4,000,000 from the sale
of ordinary shares at $1.00 per share. Between May and July, 2023, EUDA raised an aggregate of $790,000 from the sale of 790,000 shares
of restricted ordinary shares at $1.00 per share. Between May and June 2023, as a result of a number of transactions between EUDA and
each of its CEO and two current shareholders who held promissory notes or claims against EUDA, EUDA was able to settle in full its debt
obligations in the aggregate amount of $1,617,606 by issuing a total of 1,345,739 ordinary shares to these three creditors, two of whom
are related parties to EUDA. In March 2024, the Company paid its two executive officers and an executive director an aggregate of 295,361
ordinary shares in lieu of cash compensation to conserve cash. In March 2024, the Company and James Tan entered into a settlement agreement
pursuant to which the Company issued to James Tan convertible note in the aggregate amount of $24,004 in full satisfaction of a then
outstanding loan and extended the maturity date of the then outstanding loan to March 14, 2025. In March 2024, the Company and an affiliate
of James Tan entered into a settlement agreement pursuant to which the Company issued James Tan's affiliate a convertible note
in the aggregate amount of $911,373 in full satisfaction of certain outstanding loans and service payments. (see "Item 7B. Related
Party Transactions"). There are no assurances that related parties will accept shares of the Company as payment for any of their
future loans or services to the Company.
4
If
EUDA raises additional funds through further issuances of equity or convertible debt securities, existing shareholders could suffer significant
dilution, and any new equity securities issued could have rights, preferences and privileges superior or similar to those of holders
of ordinary shares. EUDA could also face additional restrictive covenants relating to capital-raising activities and other financial
and operational matters if EUDA were to secure additional funds from such financing methods, which may make it more difficult for it
to obtain additional capital and to pursue business opportunities, including potential acquisitions. In addition, EUDA may not be able
to obtain additional financing on commercially reasonable terms, if at all, especially during times of economic uncertainty, while failure
to obtain sufficient funding in a timely manner could result in a delay and indefinite postponement of its plans. If EUDA is unable to
obtain adequate financing or financing on terms satisfactory to the Company, it could have a material adverse effect on EUDA's
business, financial condition and results of operations. Any restructuring of EUDA's current debt could also affect the financial
condition of the Company. Failure to properly manage the Company's debt-to-equity ratio could create a disproportionately large
interest payment obligation, thereby adversely affecting the Company's profitability.
The
Company's management team has limited skills related to experience managing a public company. Loss of any senior management or
other key employees could adversely affect its business, financial condition, and results of operations.
The
Company's management team is comprised of Dr. Kelvin Chen, the Chief Executive officer, Steven John Sobak, the Chief Financial
Officer, and Mr. Alfred Lim, an Executive Director. The Company's management team have limited experience managing a publicly traded
company, interacting with public company investors, and complying with the increasingly complex laws, rules and regulations that govern
public companies. As a public company, the Company is subject to significant obligations relating to reporting, procedures and internal
controls, and its management team may not successfully or efficiently manage such obligations. These obligations and scrutiny has required,
and will continue to require, significant attention from the Company's management and could divert their attention away from the
day-to-day management of its business, which could adversely affect its business, financial condition, and results of operations.
EUDA's
future success depends on the Company's ability to continue attracting, developing, motivating and retaining highly qualified and
skilled employees. EUDA's success also depends, to a significant extent, on the continued services of the individual members of
the management team and the Board, who have substantial experience in the industries and in the different jurisdictions in which they
operate. Between January and May 2023, four former independent directors left EUDA's Board. Although highly qualified director
nominees were subsequently identified and appointed to fill the vacancies, there is no guarantee that EUDA can continue to retain its
current directors. As competition for qualified individuals in the industry could intensify, EUDA may incur significant time and costs
to attract and replace key personnel, including Board members.
In
addition, EUDA's loss of any senior management or other key employees on EUDA's inability to recruit and develop mid-level
managers could materially and adversely affect the Company's ability to execute its business plan and find adequate replacements.
All of EUDA's employees are at-will employees, meaning that they may terminate their employment relationship at any time, and their
knowledge of EUDA's business and industry would be extremely difficult to replace. If EUDA fails to retain talented senior management
and other key personnel, or if the Company does not succeed in attracting well-qualified employees or retaining and motivating existing
employees, its business, financial condition and results of operations may be materially adversely affected. There can be no assurance
that any management team member will remain with EUDA. Any loss of the services of key members of the management team could have a material
adverse effect on EUDA's business and operations.
5
If
one or more of EUDA's key personnel are unable to discharge their duties properly, or in the best interest of EUDA, that may impact
EUDA's business, operations and financial performance adversely.
As
previously disclosed, EUDA's Board voted in favor to remove two former directors from the Board because the Board believed that
the conduct of these two former directors were disruptive to the Company's operations. Similarly, if for any reason, one or more
of EUDA's employees are unable to discharge their duties properly or in the best interest of the Company, that may have an adverse
impact on EUDA's reputation, brand and attractiveness to bring in talent. EUDA may as result incur some costs or losses and there
is potential that the Company will lose revenue or future revenue potential. Although it is EUDA's endeavor to ensure that all
of the Company's employees work to their full potential and in a harmonious manner within the Company's organization, there
are always risks associated with one or more employees not discharging their duties properly and going unnoticed for a period of time,
impacting EUDA adversely. Such acts by certain employees may cause employees to lose trust in each other, give rise to conflicts between
employees, and failure to meet their responsibilities. Consequently, EUDA's business may lose revenue and miss out on potential
opportunities. Moreover, in other scenarios, it could result in lawsuits, defamation, or similar negative outcomes. Such cases may require
sanctions from the senior management of EUDA leading up to and including termination of employment.
EUDA
has incurred, and may incur, significantly increased costs and has continued to devote substantial management time as a result of operating
as a public company.
As
a public company, EUDA has incurred significant costs related to legal, accounting, listing, hiring of external consultants and advisors,
and other expenses. EUDA expects that management and other personnel will need to divert attention from operational and other business
matters to devote substantial time to these public company requirements. EUDA may also need to hire additional accounting and financial
staff with appropriate public company experience and technical accounting knowledge and establish an internal audit function.
Operating
as a public company has also made it more expensive to obtain director and officer liability insurance and the Company may be required
to accept reduced coverage or incur substantially higher costs to obtain coverage. This could also make it more difficult for EUDA to
attract and retain qualified people to serve on its board of directors, its board committees or as executive officers.
As
an emerging growth company, EUDA is subject to reduced reporting requirements applicable to emerging growth companies.
EUDA
is an emerging growth company, as defined in the JOBS Act. For as long as EUDA continues to be an emerging growth company, it may take
advantage of exemptions from various reporting requirements that are applicable to other public companies that are not "emerging
growth companies," including exemption from compliance with the auditor attestation requirements of Section 404, reduced disclosure
obligations regarding executive compensation and exemptions from the requirements of holding a nonbinding advisory vote on executive
compensation and shareholder approval of any golden parachute payments not previously approved. The Company will remain an emerging growth
company until the earlier of: (1) December 31, 2027 (the last day of the fiscal year following the fifth anniversary of the consummation
of the Company's initial public offering), (2) the last day of the fiscal year in which we have total annual gross revenue of at
least $1.235 billion, (3) the last day of the fiscal year in which we are deemed to be a large accelerated filer, as defined in the Securities
Exchange Act of 1934, as amended, (the "Exchange Act") or (4) the date on which we have issued more than $1.0 billion in
non-convertible debt during the prior three-year period.
In
addition, under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those
standards apply to private companies. The Company has elected to avail itself of this exemption from new or revised accounting standards
and, therefore, the Company will not be subject to the same new or revised accounting standards as other public companies that are not
emerging growth companies.
Even
after the Company no longer qualifies as an emerging growth company, it may still qualify as a "smaller reporting company,"
which would allow it to take advantage of many of the same exemptions from disclosure requirements including exemption from compliance
with the auditor attestation requirements of Section 404 and reduced disclosure obligations regarding executive compensation in this
proxy statement and the Company's periodic reports and proxy statements.
The
Company cannot predict if investors will find its ordinary shares less attractive because the Company may rely on these exemptions. If
some investors find the Company's ordinary shares less attractive as a result, there may be a less active trading market for the
ordinary shares and its market price may be more volatile.
6
Because
of the Company's public float, the impact of the actions taken by a few shareholders on the price of its ordinary shares may be
amplified by the Company's public float, and such price volatility may make it difficult for prospective investors to assess the
value of the Company's ordinary shares.
The
Company's ordinary shares may be subject to extreme volatility that is seemingly unrelated to the underlying performance of its
business. Recently, companies with comparable public floats and public offering sizes have experienced instances of extreme stock price
run-ups followed by rapid price declines, and such stock price volatility was seemingly unrelated to the respective company's underlying
performance. Although the specific cause of such volatility is unclear, the Company's public float may amplify the impact of the
actions taken by a few shareholders on the price of its ordinary shares, which may cause its share price to deviate, potentially significantly,
from a price that better reflects the underlying performance of its business. Should the Company's ordinary shares experience run-ups
and declines that are seemingly unrelated to the Company's actual or expected operating performance and financial condition or
prospects, prospective investors may have difficulty assessing the rapidly changing value of the Company's ordinary shares. In
addition, investors in the Company's ordinary shares may experience losses, which may be material, if the price of the Company's
ordinary shares declines after this offering or if such investors purchase ordinary shares prior to any price decline.
General
Business-Related Risk Factors
Business
and Operational
EUDA
could incur significant upfront costs in client acquisitions and relationships, and if the Company is unable to maintain and grow these
client relationships over time, EUDA is likely to fail to recover these costs or major part of it, which could have a material adverse
effect on the Company's business, financial condition and results of operations.
EUDA
derives most of its revenue from additional services required from clients and subscription access fees. The costly initial upfront investment
of the Company's business model and the recognition of associated revenue on a ratable basis renders the Company substantially
dependent on achieving economies of scale. Additionally, EUDA devotes significant resources to establish relationships with the Company's
clients and implement solution and related services. Accordingly, EUDA's results of operations will substantially depend on the
Company's ability to deliver a successful experience for both clients and members and continue maintaining and growing its relationship
with the Company. EUDA's client acquisition costs could also increase faster than revenue as the business continues to grow and
expand, and EUDA may be unable to reduce total operating costs through economies of scale such that the Company is unable to achieve
desirable profitability. If EUDA fails to achieve appropriate economies of scale or fails to manage or anticipate the evolution and in
future periods, demand, of the subscription access fee model, the Company's business, financial condition and results of operations
could be materially adversely affected.
The
digital health industry is relatively young, is currently in its early growth stages and is still evolving, and if it develops towards
a mature stage more slowly than EUDA expects, if it encounters a pessimistic outlook or if EUDA's services are not competitive,
the growth of EUDA's business will be adversely affected.
The
digital health industry is relatively young even though it is rapidly evolving, and it is uncertain whether it will achieve and maintain
high levels of demand, consumer acceptance and market adoption. EUDA's success will substantially depend on the willingness of
its clients' members or patients to adopt, and the frequency and extent of their utilization of, EUDA's services and solutions,
as well as on EUDA's ability to demonstrate the value of digital health to employers, health plans, government agencies and other
purchasers of healthcare for beneficiaries. If EUDA's clients, or its members or patients do not acknowledge the benefits of EUDA's
services or platform, or if EUDA's services are not competitive, then the market may not develop at all, or EUDA may develop slower
than it expects. Similarly, individual and healthcare industry concerns or negative publicity regarding patient confidentiality and privacy
in the context of digital health could restrict market acceptance of the Company's healthcare services. An occurrence of any of
these events could have a material adverse effect on its business, financial condition or results of operations.
7
EUDA's
short operating history and the rapidly evolving nature of the industry make it difficult to assess the Company's success and predict
the risks and challenges it may encounter.
As
EUDA's business operations began only in 2019, its short operating history and the evolving nature of the digital health industry
make it difficult to evaluate and assess the success of EUDA's business to date, EUDA's future prospects, and the risks and
challenges that EUDA may encounter. These risks and challenges include EUDA's ability to:
●
attract
    new consumers to use EUDA's products and services;
●
position
    EUDA's platform as a comprehensive healthcare and wellness provider;
●
retain
    consumers purchasing healthcare products and services through EUDA's platform;
●
attract
    new and existing consumers to adopt new offerings on EUDA's platform;
●
increase
    the number of consumers that subscribe to its offerings or the number of subscription programs that EUDA manages;
●
attract
    and retain industry players for inclusion in its platform, such as pharmacies, physicians, digital health providers, and others;
●
comply
    with existing and new laws and regulations applicable to the Company's business and in its industry;
●
anticipate
    and respond to macroeconomic changes, changes in medication pricing and industry pricing benchmarks and changes in the markets in
    which they operate;
●
react
    to challenges from existing and new competitors;
●
maintain
    and enhance the value of its reputation and brand;
●
effectively
    manage its growth;
●
hire,
    integrate and retain talented employees at all levels of its organization;
●
maintain
    and improve the infrastructure underlying its platform, including its mobile apps and website, data protection and cybersecurity;
●
successfully
    update its platform, including expanding the Company's platform and offerings into different healthcare products and services;
    and
●
develop
    and update the Company's mobile apps, features, offerings and services to benefit consumers and members and enhance their experience.
Any
failure to address the risks and difficulties that EUDA faces, including those associated with the challenges listed above and elsewhere
in this "Risk Factors" section, could adversely affect EUDA's business, financial condition, and results of operations.
Further, EUDA's limited historical financial data and the evolving nature of the digital health industry in the Southeast Asian
region could limit the accuracy of any predictions about its future revenue and expenses as it would be if EUDA had a longer operating
history, operated a more predictable business or operated in a less regulated industry. If EUDA's assumptions regarding these risks
and uncertainties, which it uses to plan and operate its business, are incorrect or change, or if EUDA does not address these risks effectively
and efficiently, EUDA's results of operations could differ materially from its expectations and EUDA's business, financial
condition and results of operations would be adversely affected.
EUDA
relies on its corporate clients for a significant portion of its revenue, the loss of which would have a material adverse effect on EUDA's
business, financial condition, and results of operations.
EUDA
has historically relied on its corporate clients and members based in Singapore for a substantial portion of its total revenue. The Company
has a high concentration risk on its corporate clients, which represent a significant portion of its revenue, and could render them unable
to grow its business quickly enough to drive organic growth from individual clients. It is also dependent on its Singapore members as
drivers for growth in that market and has forecasted them to contribute a significant portion of future revenues in the next 5 years.
It also relies on its reputation and recommendations from key clients for the promotion of the Company's solution to potential
new clients. The loss of any of key clients or members, failure to retain some of them or failure to renew or increase subscriptions
could have a significant impact on revenue, growth rate, reputation, and ability to obtain new clients. In addition, clients could cancel
or fail to renew their contracts in the event of a merger or acquisition of companies, thereby reducing the number of EUDA's existing
and potential clients, members and patient populations.
8
A
majority of EUDA's business serves a large population of employees working in the construction industry and similar labor-intensive
industries. Any resurgence of SARS, COVID, or a highly communicable pandemic condition, and the actions taken by health authorities and
policy makers to contain its impacts on public, can affect these industries and in turn would have a material effect on the continuity
our business and operating results.
If
there is a decrease in the number of individuals covered under the Company's platform or health, or if the number of applications
or services to which they subscribe decreases, EUDA's revenue will be adversely affected.
EUDA
currently relies mainly on organic growth driven by an increase in corporate clients. The Company's fees are directly proportional
to the number of individuals to whom corporate clients provide benefits and the number of applications or services subscribed to by its
corporate clients under most of its contracts with them. There are many factors that may lead to a decrease in the number of individuals
covered by EUDA's corporate clients and the number of applications or services subscribed to by the Company's corporate clients,
including, but not limited to, the following:
●
failure
    of corporate clients to adopt or maintain effective business practices;
●
changes
    in the nature or operations of corporate clients;
●
government
    regulations; and
●
increased
    competition or other changes in the benefits marketplace.
If
EUDA is unable to retain the active customers while attracting new customers, it would result in a loss of future revenue and have an
adverse material effect on the Company's business, financial position, and results of operations.
The
digital healthcare industry faces significant risks and challenges from rapid technological changes.
The
digital healthcare market faces rapid technological change, changing consumer requirements, short product lifecycles and evolving industry
standards. EUDA's success will depend on its ability to enhance its solutions with the latest technologies and to develop or to
acquire and market new services to access new consumer populations.
There
is no guarantee that EUDA will possess the resources, either financial or personnel, for the research, design, development and deployment
of new applications, technological requirements, or services, or that they will be able to utilize these resources successfully and avoid
technological or market obsolescence.
Further,
there can be no assurance that technological advances by one or more of EUDA's current or future competitors will not result in
the Company's present or future software-based products and services to become uncompetitive or obsolete.
The
industry that EUDA operates in is highly competitive and rapidly evolving, and if it is not able to compete effectively, its business,
financial condition and results of operations may be adversely impacted.
EUDA
operates in a highly competitive and rapidly evolving industry, and we expect that competition will increase as a result of consolidation
in both the information technology and healthcare industries and also from new entrants in the markets in which we operate. The Company's
future growth and success will depend on its ability to successfully compete with other companies that provide similar services and other
healthcare organizations that seek to build and operate competing services and newer companies that provide similar services at substantially
lower prices.
EUDA
competes on the basis of various factors, including breadth and depth of services, reputation, reliability, quality, innovation, security,
team, technology, platform robustness, price, industry expertise, and experience. If the Company is unable to maintain or improve its
technology, management, healthcare, or regulatory expertise or attract and retain a sufficient number of qualified sales and marketing
leadership and support personnel, the Company will be at a competitive disadvantage. Some competitors, in particular larger technology
or technology-enabled consultative service providers, have greater name recognition, longer operating histories, and significantly greater
resources than the Company does.
9
EUDA's
current or potential competitors may have greater resources financially and logistically than EUDA does, which may allow them to be less
sensitive to changes in client preferences and more aggressive in pricing strategies, any of which could put the Company at a competitive
disadvantage. As a result, competitors may be more adapt in responding to new or changing opportunities, technologies, standards, or
trends and may have the ability to initiate or withstand substantial price competition. In addition, potential corporate clients frequently
have requested competitive bids from the Company and competitors in terms of price and services offered and, if the Company does not
accurately assess potential corporate clients' needs and budgets when submitting proposals, EUDA may appear less attractive than
those competitors, and the Company may not be successful in attracting new business. If EUDA's prospective or current corporate
clients fail to perceive the value of EUDA's products and services, corporate clients could view competitors' products to
be more attractive. Increases in competition in the Company's industry could reduce EUDA's market share and result in price
declines for certain services, which could negatively impact EUDA's business, profitability, and growth prospects.
There
is foreign exchange (FX) risk in EUDA's business as we operate in multiple countries and exchange rates fluctuate, and that may
cause FX-related losses or translation losses for the Company.
As
EUDA operates in multiple countries, EUDA's business could also face foreign exchange risks. To date, the Company's revenue
has been denominated in currencies such as Singapore dollars, and Malaysian ringgit, while EUDA also has intention to expand its operations
in other parts of the Asian region. As its international contracts are denominated in the respective local currencies, EUDA's operating
results might be impacted from fluctuations in the value of reporting currency when translated. As the Company further expands internationally,
its exposure to foreign currency exchange risk may increase as well. However, EUDA plans to move towards creating its own payment ecosystem
through the introduction of its own digital currency in the future and that will help the Company in having a more standardized system
and help reduce FX risks. The Company also has a certain level of natural hedge in the countries in which it operates as its revenues
and major costs in individual markets are both denominated in the same currency.
EUDA's
growth depends on the success of the Company's strategic relationships with third parties and partners.
EUDA
anticipates that it will continue to depend on relationships with third parties, including partner organizations and technology and content
providers to grow the Company's business. Identifying partners, and negotiating and documenting relationships with them, requires
significant time and resources. The Company's competitors may be more effective in incentivizing such potential partners to favor
their products or services over EUDA's. In addition, acquisitions of EUDA's existing and potential partners by competitors
could result in a decrease in the number of EUDA's current and potential clients, as partners may no longer facilitate the adoption
of EUDA's applications and services to potential clients.
If
EUDA is unsuccessful in establishing or maintaining relationships with third parties, the Company's ability to compete in the marketplace
or to grow the Company's revenue could be impaired and the results of operations may suffer. Even if the Company is successful,
it cannot assure investors that these relationships will result in increased client use of its applications or increased revenue. While
EUDA expects that these relationships will continue, it cannot guarantee that they will. Any material changes in government regulations,
or the loss of these affiliations, could impair the Company's ability to provide services to members and clients and could have
a material adverse effect on the Company's business, financial condition and results of operations.
EUDA's
business and growth strategy depends on its ability to maintain and expand a network of qualified providers and partners.
EUDA's
success is substantially dependent upon the Company's continued ability to maintain a network of skilled and qualified digital
health providers. EUDA, through its wholly owned subsidiaries, provides medical services including multi-care specialty care services
and holistic care services. EUDA is also dependent on third-party entities and a related party, which they do not own or control, to
provide healthcare services to consumers. The significant competition in the digital health market for qualified digital health providers
may hinder the Company's ability to recruit or retain physicians and other healthcare professionals and service providers, which
would negatively impact the growth of the Company's digital health offerings and would have a material adverse effect on the Company's
business, financial condition, and results of operations.
10
In
any particular market, providers could demand higher payments or take other actions that could result in higher medical costs, less attractive
services for EUDA's clients or difficulty meeting regulatory or accreditation requirements. EUDA's ability to develop and
maintain satisfactory relationships with third-party providers also may be negatively impacted by other factors not associated with the
Company, such as changes in medical reimbursement levels and other pressures on healthcare providers and consolidation activity among
hospitals, physician groups and healthcare providers. The failure to maintain or to secure new cost-effective provider contracts may
result in a loss of or an inability to grow the Company's membership base, higher costs, healthcare provider network disruptions,
less attractive service for clients and/or difficulty in meeting regulatory or accreditation requirements, any of which could have a
material adverse effect on the Company's business, financial condition and results of operations.
EUDA
relies heavily on technology services provided by third parties and its own systems for providing services to clients and members, and
any failure or interruption in these services could expose the Company to litigation and negatively impact relationships with clients,
its reputation, brand and business.
EUDA
relies heavily on significant IT infrastructure and systems and the ongoing maintenance of the regional and local Internet infrastructure
to provide the necessary data speed, capacity and security to offer viable services. If EUDA's relevant service providers'
infrastructure or systems were to fail for any reason, this may cause EUDA's portals to experience significant downtime or impaired
performance, which could have an impact on the Company's reputation. EUDA's platform may also be exposed to damage or interruption
from system failures, cyber threats (including malware, ransomware, phishing and denial of service (DoS) attacks), telecommunication
provider or third-party supplier failures, inadequate system maintenance, damage to the physical infrastructure associated with the network,
disasters from natural or human causes, or other unforeseen events which may cause unplanned disruption to EUDA's systems. These
technology failures may affect EUDA's ability to deliver consistent, quality services, meet contractual and service level obligations,
attract new customers, or lead to data integrity issues or data loss. While EUDA has backup plans in place, such as switching to text
messages and call services when platforms sense a weak internet connection, significant disruptions to the platform or services could
have a material impact on the Company's reputation and brand and may result in a loss of users of products and services, which
could have a material adverse effect on the Company's business, result of operations, financial performance and financial condition.
Any vulnerabilities or conditions that could potentially interrupt access or flow of information, or violate patient confidentiality
or the Personal Data Protection Act in Singapore could have a material adverse effect on the Company's business and operating results.
EUDA
currently does not hold any issued patents. EUDA's financial and operational success depends highly on the Company's ability
to protect the Company's intellectual property and intellectual property rights and failure to do so will adversely impact the
Company's business and financial performance.
EUDA's
success depends largely on the Company's ability to protect the Company's proprietary software, confidential information
and know-how, technology, and other intellectual property and intellectual property rights. While EUDA generally relies on copyright,
trademark and trade secret laws, confidentiality and invention assignment agreements with employees and third parties, and license and
other agreements with consultants, vendors, and clients, there can be no assurance that EUDA will enter into such agreements or that
the Company or its counterparties have not breached or will not breach their agreements. EUDA also may not have adequate remedies for
any breach or assurances that its trade secrets will not otherwise become known or independently developed by competitors. Additionally,
EUDA monitors the use of open-source software to avoid use-cases that would require the Company to disclose its proprietary source code
or violate applicable open-source licenses, but if engaged in such uses inadvertently, the Company may be required to take remedial action
or release certain of proprietary source code, which could materially and adversely affect the Company's business, financial condition,
and results of operations.
In
addition, a third party could, without authorization, copy or otherwise obtain and use EUDA's products or technology, or develop
similar technology in spite of the agreements and protections put in place. EUDA could also face difficulties enforcing agreement terms
in the various jurisdictions that address non-competition, which might not be enforceable in certain cases.
11
EUDA
currently does not hold any issued patents. As EUDA begins to pursue patents, the Company might not be able to obtain meaningful and
adequate patent protection for its technology. Moreover, if any patents are issued in the future, they might not provide any meaningful
competitive advantages or might be successfully challenged by third parties.
EUDA
may also rely on unpatented proprietary technology and competitors may independently develop the same or similar technology or obtain
access to EUDA's own unpatented technology. While EUDA enters into confidentiality agreements with employees, partners and other
relevant parties to protect its trade secrets and other proprietary information, EUDA cannot assure that these agreements will provide
meaningful protection in the event of any unauthorized use, misappropriation, or disclosure of such trade secrets or other proprietary
information. In addition, enforcing a claim that a party illegally disclosed or misappropriated a trade secret is difficult, expensive,
and time-consuming, and the outcome is unpredictable. If any of EUDA's trade secrets were to be lawfully obtained or independently
developed by a competitor or other third party, EUDA would have no right to prevent them from using that technology or information to
compete. Further, the theft or unauthorized use or publication of EUDA's trade secrets and other confidential business information
could reduce the differentiation of the Company's services and harm the Company's business, the value of investment in development
or business acquisitions could be reduced, and third parties might make claims against the Company related to losses of its confidential
or proprietary information.
EUDA
may also rely on trademarks, service marks, trade names, and brand names to distinguish the Company's services from the services
of competitors. While EUDA has registered or applied to register many of these trademarks, it cannot assure that its trademark applications
will be approved. Third parties may also challenge the Company's applications, or otherwise challenge use of its trademarks. In
the event that EUDA's trademarks are successfully opposed or challenged, the Company could be forced to rebrand the Company's
services, which could result in loss of existing brand value and require EUDA to expend additional resources for advertising and marketing
purposes. Further, EUDA cannot assure that its competitors will not infringe on its trademarks or that the Company will have adequate
resources to enforce its own trademarks.
EUDA's
operations are dependent on its relationships with professional entities, which it may or may not own, to provide physician, healthcare,
and consultation services, and its business would be adversely affected if those relationships were disrupted or discontinued.
EUDA
uses contract physicians for the clinical and professional services provided to the Company's clients and members through its
platform. While EUDA expects that these relationships will continue, EUDA cannot guarantee that they will. In September 2023, EUDA
streamlined its medical service operations by closing down clinics to reduce overhead costs and further loss from operations.
However, management is actively seeking new investments and medical licenses to acquire or develop other healthcare services, and
has plans to offer medical services in virtual clinics in the future.
If
EUDA is not able to develop new competitive and market relevant services that are adopted by clients, or if EUDA fails to innovate in
providing high quality support services required by its clients, EUDA's growth prospects, revenues and operating results could
be materially and adversely affected.
EUDA's
longer-term operating results and revenue growth will depend in part on its ability to successfully develop and sell new services that
existing and potentially new clients want and are willing to purchase. EUDA needs to continuously invest significant resources in research
and development in order to enhance existing services and introduce new high-quality services to clients and prospective clients. If
EUDA is unable to predict or adapt to changes in user preferences or industry or regulatory changes, or if the Company is unable to add
on or modify its services on a timely basis in response to those changes, clients may not renew their agreements with EUDA, and EUDA's
services may be perceived as less competitive or somewhat obsolete. If EUDA's innovations are not responsive to the needs of clients,
are not appropriately timed with market opportunity, or are not effectively brought to market, it could have a material adverse impact
on operating results. EUDA's success also depends on successfully providing high-quality support services to resolve any issues
related to EUDA's services, as they are important for the successful marketing and sale of services and for the renewal of existing
clients. If EUDA does not help clients quickly resolve issues and provide effective ongoing support, the Company's ability to sell
additional services to existing clients would suffer and EUDA's reputation with existing or potential clients would be harmed.
12
If
EUDA fails to maintain brand awareness economically, business might suffer and it could adversely impact the Company's operational
and financial performance.
Maintaining
awareness of EUDA's brand in an economical manner is critical for the promotion of existing services and is an important element
in attracting new clients and in attracting and retaining qualified employees. EUDA's future growth is also expected to be driven
by word of mouth accompanied by enhanced brand awareness. As EUDA seeks to differentiate itself from competitors, the success of brand
awareness initiatives is crucial, which will depend largely on the effectiveness of marketing efforts and on the ability to provide reliable
and useful services at competitive prices.
Additionally,
clients might not associate the different brands EUDA owns under the broader umbrella of the EUDA brand. For example, customers might
not associate a EUDA service as being under the EUDA brand or related to it, which may result in losing integration benefits to its competitors.
Moreover,
third parties' use of trademarks or similar branding could materially harm EUDA's business or result in litigation and other
costs. If EUDA fails to successfully maintain the Company's brand or lower customer acquisition costs to maintain the Company's
brand, EUDA may fail to attract enough new clients or retain existing clients to the extent necessary to realize a sufficient return
on brand-building efforts, and EUDA's business and ability to attract and retain qualified employees could suffer, and thus adversely
impact the Company's operational and financial performance.
EUDA's
marketing efforts depend significantly on EUDA's ability to receive positive references from existing clients.
EUDA's
marketing efforts depend significantly on EUDA's ability to call upon current clients and members to provide positive references
to new and potential clients. The loss or dissatisfaction of any client, especially long-term clients, could substantially harm EUDA's
brand and reputation, inhibit widespread adoption of the Company's solutions and services and impair the Company's ability
to attract new clients and members and retain existing clients and members. Any of these consequences could lower EUDA's annual
net dollar retention rate and/or cause loss of future and potential revenue and thereby have a material adverse effect on EUDA's
business, financial condition and results of operations.
EUDA
relies on third-party vendors to perform certain services provided on EUDA's platform and failure to provide these services adequately
could have an adverse effect on EUDA's business, results of operations and growth prospects.
EUDA
relies in part on third-party vendors to perform certain services provided on its platform, including payment, hosting and video streaming,
and delivery of certain products and services to clients. There is no guarantee that these third-party vendors will perform their obligations
in a timely and cost-effective manner, in compliance with applicable regulations, or in a manner that is in EUDA's and its clients'
best interests, and thus could have an adverse effect on EUDA's reputation and ability to retain and attract clients. There is
also no guarantee that these third-party vendors will be able to continue to provide these services, goods, technology, or intellectual
property rights cost efficiently in a manner consistent with EUDA's business practices. If EUDA fails to replace these services,
goods, technologies, or intellectual property rights in a timely manner or cost-efficiently, EUDA's operating results and financial
condition could be harmed. If EUDA's third-party vendors do not perform their services at a level acceptable to the Company's
clients, or if the Company is unable to leverage its services to a larger group of clients, it could have an adverse effect on EUDA's
business, results of operations, and growth prospects.
13
EUDA's
proprietary software and platform may not operate properly or in accordance with clients' expectations, which could damage EUDA's
reputation, give rise to legal claims against the Company or divert resources from other purposes, any of which could harm EUDA's
business, financial condition and results of operations.
EUDA's
proprietary application platform provides clients, members and providers with the ability to, among other things:
●
register
    for EUDA's services;
●
complete,
    view and edit medical history;
●
request
    a visit (either scheduled or on demand);
●
conduct
    a visit with a healthcare professional (via video or phone);
●
manage
    electronic claims for EUDA's services;
●
register
    for mental wellness related options and services;
●
utilize
    lifestyle related services; and
●
register
    for nutrition, exercises and other similar services and options.
Given
the different services and solutions that EUDA provides, development and updating of the proprietary software is resource intensive and
complex and may involve unforeseen difficulties. EUDA may encounter technical obstacles during the development and updating stages and
may encounter additional problems even as it is in service. If EUDA's services do not function reliably or fail to achieve clients'
and members' expectations in terms of performance, clients could assert liability claims against the Company or attempt to cancel
their contracts, which could damage EUDA's reputation and impair the Company's ability to attract or maintain clients.
EUDA's
sales and implementation cycle can be long and unpredictable and requires considerable time and expenses, which may cause EUDA's
results of operations to fluctuate.
The
sales cycle for EUDA's solutions, from initial contact with a potential lead to contract execution and implementation, varies widely
from client to client. Some of EUDA's clients undertake a significant and prolonged evaluation process to determine whether EUDA's
services and solutions meet their unique healthcare needs, which frequently involves evaluation of not only EUDA's solutions but
also an evaluation of those of EUDA's competitors, which is a process that has in the past resulted in extended sales cycles. EUDA's
sales efforts involve educating clients about the use, technical capabilities and potential benefits of EUDA's solution. Moreover,
EUDA's large enterprise clients often begin to deploy EUDA's solution on a limited basis, but nevertheless demand extensive
configuration, integration services and pricing concessions, which increases EUDA's upfront investment in the sales effort with
no guarantee that these clients will deploy EUDA's solution widely enough across their organization to justify the substantial
upfront investments.
It
is possible that in the future EUDA may experience even longer sales cycles, more complex client needs, higher upfront sales costs and
less predictability in completing some sales as EUDA continues to grow its direct sales force, expand into new territories and market
additional applications and services. If EUDA's sales cycle lengthens or if substantial upfront sales and implementation investments
do not result in sufficient sales to justify investments, it could have a material adverse effect on EUDA's business, financial
condition and results of operations.
If
EUDA cannot implement the Company's solution for clients or resolve any technical issues in a timely manner, the Company may lose
clients and the Company's reputation may be harmed, and which may adversely impact the Company's operational and financial
performance.
EUDA's
clients utilize a variety of data formats, applications and infrastructure and the Company's solution must support clients'
data formats and integrate with complex enterprise applications and infrastructures. EUDA could incur additional expenses to ensure the
Company's platform is compatible to support clients' or members' data or integrate with its existing applications and
infrastructure. Additionally, EUDA does not control clients' implementation schedules and could face a delay in implementation
if clients do not allocate the necessary resources to meet its implementation responsibilities or if it faces unanticipated implementation
difficulties. If the client implementation process is not executed successfully or if execution is delayed, EUDA could incur significant
costs, clients could become dissatisfied and decide not to continue utilization of the Company's solution or not to implement the
Company's solution beyond an initial period prior to their term commitment. Moreover, competitors with more efficient operating
models with lower implementation costs could potentially jeopardize client relationships.
14
EUDA's
clients and members depend on support services to resolve technical issues relating to the Company's solution and services, and
may be unable to respond quickly enough to accommodate short-term increases in member demand for support services, particularly as the
Company increases the size of the Company's client and membership bases. EUDA also may be unable to modify the format of the Company's
support services to compete with changes in support services provided by competitors. It is difficult to predict member demand for technical
support services, and if member demand increases significantly, EUDA may be unable to provide satisfactory support services to members.
Further, if EUDA is unable to address member needs in a timely fashion or further develop and enhance the Company's solution, or
if a client or member is not satisfied with the quality of work performed by EUDA or with the technical support services rendered, EUDA
could incur additional costs to address the situation or be required to issue credits or refunds for amounts related to unused services,
the Company's profitability may be impaired and clients' dissatisfaction with the Company's solution could damage the
Company's ability to expand the number of applications and services purchased by such clients. These clients may not renew their
contracts, or may seek to terminate their relationship or renew on less favorable terms. Moreover, negative publicity related to client
relationships, regardless of its accuracy, may further damage EUDA's business by affecting the Company's reputation or ability
to compete for new business with current and prospective clients. If any of these were to occur, EUDA's revenue may decline, and
the Company's business, financial condition and results of operations could be adversely affected.
Future
sales and business to clients based in different countries or EUDA's international operations may expose the Company to risks inherent
in international sales that, if realized, could adversely affect its business.
Over
the longer term, EUDA may require significant resources and management attention for international expansion, which will subject EUDA
to differing regulatory, economic and political risks. EUDA's international expansion efforts may not be successful in creating
demand for EUDA's products and services outside of the Southeast Asian region, or in effectively selling the Company's solutions
in the international markets EUDA may enter, due to the Company's limited experience with these international operations. In addition,
EUDA will face risks in doing business internationally that could adversely affect EUDA's business, including, but not limited
to, the following:
●
the
    need to localize and adapt EUDA's solutions for each specific countries the Company seeks to expand into, including translation
    into foreign languages and associated expenses;
●
different
    data privacy laws of the various jurisdictions in which EUDA may operate;
●
difficulties
    in staffing and managing foreign operations;
●
contrasting
    pricing environments, longer payment cycles and collections issues;
●
exposure
    to new and multiple sources of competition;
●
laws
    and business practices favoring local competitors and trade partners;
●
complexity
    of various governmental laws and regulations, including employment, healthcare, tax, privacy and data protection laws and regulations;
●
increased
    financial accounting and reporting burdens and complexities;
●
restrictions
    on fund transfers;
●
foreign
    exchange risks from fluctuations in value of currencies;
●
adverse
    tax consequences; and
●
unstable
    economic and political conditions of the economies in which EUDA may operate.
EUDA
relies on third-party platforms such as the Apple App Store and Google Play App Store to distribute its platform and offerings.
EUDA's
apps are accessed and operated through third-party platforms or marketplaces, including the Apple App Store and Google Play App Store.
As such, EUDA depends on continued relationships with these providers and any other emerging platform providers that are widely adopted
by consumers for the expansion and prospects of EUDA's business and apps. EUDA is subject to the standard terms and conditions
that these providers have for all application developers that govern the content, promotion, distribution and operation of apps on their
platforms or marketplaces, which the providers can change unilaterally on little or no notice.
15
EUDA's
business would be harmed if these changes were to: prevent or limit EUDA's access to the platforms; cause a decline in popularity
among users; modify algorithms or communication channels available to developers; change respective terms of service or other policies;
increase applicable fees; or require EUDA to modify or update its apps and technology to ensure compatibility and access for the platform's
users.
If
alternative providers increase in popularity, EUDA could be adversely impacted if the Company fails to create compatible versions of
its apps in a timely manner, or if the Company fails to establish a relationship with such alternative providers. If EUDA's providers
do not perform their obligations in accordance with platform agreements, EUDA could be adversely impacted.
In
the past, some of these platforms or marketplaces have been unavailable for short periods of time. The occurrence of such an event, or
users encountering issues that impact their ability to download or access apps and other information, could have a material adverse effect
on EUDA's brand and reputation, as well as EUDA's business, financial condition and operating results.
Legal
(Compliance/Security)
EUDA
could incur significant costs as a result of any claim or lawsuit of infringement of another party's intellectual property rights.
There
has been significant litigation in different parts of the world involving patents and other intellectual property rights in recent years.
Companies that are in the internet and technology industries are increasingly bringing and becoming subject to lawsuits alleging infringement
of proprietary rights, particularly patent rights, and EUDA's competitors and other third parties may hold patents or have pending
patent applications that could be related to EUDA's business. As the Company applies for its own patents in the future, EUDA's
expects that it may receive notices in the future that claim EUDA or its clients, who are using EUDA's` solution, have misappropriated
or misused other parties' intellectual property rights, particularly as competition grows and the functionality of applications
amongst competitors overlap. If EUDA is sued or served a legal notice by a third party that claims that EUDA's technology infringes
its rights, the litigation, whether or not successful, could be extremely costly to defend, divert EUDA's management's time,
attention and resources, damage EUDA's reputation and brand and substantially harm EUDA's business.
The
Company has invested significant time and resources to create its own proprietary software platform. Development of the current software
and solutions has been undertaken by employees in Vietnam, Indonesia and Singapore, with whom the Company has non-disclosure agreements.
The
software integrates open-source software code and database systems, and leverages on application programming interface (API) connectors
to deliver an integrated user experience. The software includes multiple critical trade secrets of the business as well as representing
a significant volume of code to be understood if it is to be replicated.
A
number of key content resources have been developed to help scale the effective communication of its proposition to the market. Copyright
exists in content or written materials that EUDA has created and owns. The copyright also exists in the software codebase created, especially
important for those aspects of the software exposed to users such as the application interface.
In
addition, in some instances, EUDA has agreed to indemnify clients against certain third-party claims, which may include claims that EUDA's
software solution infringes the intellectual property rights of third parties.
16
EUDA's
business could be adversely affected by any significant disputes between the Company and the Company's clients as to the applicability
or scope of the Company's indemnification obligations to them. The results of any intellectual property litigation to which EUDA
may become a party, or for which EUDA is required to provide indemnification, may require the Company to do one or more of the following:
●
cease
    offering or using technologies that incorporate the challenged intellectual property;
●
make
    substantial payments for legal fees, settlement payments or other costs or damages;
●
obtain
    a license, which may not be available on reasonable terms, to sell or use the relevant technology; or
●
redesign
    technology to avoid infringement.
If
EUDA is required to make substantial payments or undertake any of the other actions noted above as a result of any intellectual property
infringement claims or lawsuits against the Company or any obligation to indemnify the Company's clients for such claims, such
payments or costs could have a material adverse effect on the Company's business, financial condition and results of operations.
Breach
of the Company's intellectual property may also require the Company to commence legal actions, which could be costly and time consuming.
Failure to defend the Company's position or intellectual property could reduce the Company's market position and have similar
adverse effects on the Company's business, financial conditions, and results of operations.
If
the Company fails to develop or license technology for any allegedly infringing aspect of the Company's business in the future,
the Company would be forced to limit its services and may be unable to compete effectively. Any of these events could materially harm
the Company's business, financial condition, and results of operations.
If
the Company's arrangements and agreements with the Company's partners or its customers are found to violate laws and regulations
relevant to the digital health industry, the Company's business, financial condition and its ability to operate in those jurisdictions
could be adversely impacted.
As
EUDA's businesses operate internationally, the Company must adhere to the various laws and regulation of the respective jurisdictions,
which includes laws governing remote healthcare, the practice of medicine and healthcare delivery in general which are subject to change
and interpretation. Failure to adhere to these regulations could put the Company at risk of statutory actions and cessation of operations
and fines, litigation and compensation claims from patients and customers which could have material adverse effect on the Company's
business, financial condition, and results of operations.
The
digital health services EUDA offers are subject to laws, rules and policies governing the practice of medicine and relevant medical council
oversight.
The
Company's ability to provide and promote the Company's digital health offerings in each of the jurisdictions that the Company
operates in is dependent upon the individual jurisdiction's treatment of digital health, under such jurisdiction's laws,
rules and policies governing the practice of medicine, which are subject to changing political, regulatory, and other influences. Some
medical boards relevant to the jurisdictions that the Company operates in may have established rules or interpreted existing rules in
a manner that limits or restricts the Company's ability to conduct or optimize its business.
The
Company's digital health offerings offer patients and users the ability to see a board-certified medical professional for advice,
diagnosis, and treatment of routine health conditions on a remote basis. The nature of such services and the provision of medical care
and treatment by board-certified medical professionals could subject the Company and certain of the Company's affiliated physicians
and healthcare professionals to complaints, inquiries, and compliance orders by national and other relevant medical boards in the future.
Such complaints, inquiries or compliance orders may result in disciplinary actions taken by these medical boards against the licensed
physicians who provide services through the Company's digital health offerings, which could include suspension, restriction or
revocation of the physician's medical license, probation, required continuing medical education courses, monetary fines, administrative
actions, and other conditions. Regardless of outcome, these complaints, inquiries or compliance orders could have an adverse impact on
the Company's digital health offerings and its platform generally due to defense actions related and settlement costs, diversion
of management resources, negative publicity, reputational harm and other factors. Any loss of specific licensure, such as medical staff
or clinic, as well as loss of license or accreditation required for provision of professional building or residential management or security
services could also have a material adverse effect on the Company's business and operating results.
17
Due
to the uncertain regulatory environment, certain government authorities or relevant boards may determine that the Company is in violation
of their laws and regulations, or such laws and regulations may evolve over time. In the event that the Company must remedy such violations,
the Company may be required to modify its offerings in such jurisdictions in a manner that undermines its offerings or business, the
Company may become subject to fines or other penalties or, if the Company determines that the requirements to operate in compliance in
such jurisdictions are overly burdensome, the Company may elect to terminate its operations in such jurisdictions. In each case, the
Company's revenue may decline, and the Company's business, financial condition and results of operations could be materially
adversely affected.
The
digital health industry faces evolving government regulations, and failure to comply with these changes may result in increased costs
or adversely affect the Company's results of operations.
The
uncertainty of the regulatory climate of the Company's industry may subject the Company's operations to direct and indirect
adoption, expansion or reinterpretation of various laws and regulations. The Company may be required to change its practices at undeterminable
future laws and regulation and possibly incur significant initial monetary and annual expense to adhere to the new regulatory changes.
These additional monetary expenditures may increase future overhead, which could have a material adverse effect on the Company's
results of operations.
The
Company has identified what the Company believes are the areas of government regulation that, if changed, would be costly to the Company.
These include rules governing the practice of medicine by physicians; licensure standards for doctors and behavioral health professionals;
laws limiting the corporate practice of medicine; cybersecurity and privacy laws; laws and rules relating to the distinction between
independent contractors and employees; and tax and other laws encouraging employer-sponsored health insurance. There could be laws and
regulations applicable to the Company's business that it has not identified or that, if changed, may be costly to the Company,
and it cannot predict all the ways in which implementation of such laws and regulations may affect it.
Additionally,
the introduction of new services may require EUDA to comply with additional, yet undetermined, laws and regulations. This may require
EUDA to obtain additional appropriate medical board licenses or certificates, increase the Company's security measures and expend
additional resources to monitor developments in applicable rules and ensure compliance. The failure to adequately comply with these future
laws and regulations may delay or possibly prevent some of EUDA's products or services from being offered to clients and members,
which could have a material adverse effect on the Company's business, financial condition, and results of operations.
Inaccurate
or incomplete information and data provided to EUDA's clients through the Company's platform could adversely impact the Company's
business reputation, financial condition, and results of operations.
The
healthcare and digital health industries are highly data-driven, and EUDA aggregates, processes, and analyzes healthcare-related data
and information for use by the Company's clients. As the healthcare industry faces the issue of data fragmentation, inconsistency,
and incompletion, the overall quality of data received is often poor while the degree or amount of data which is knowingly or unknowingly
absent or omitted can be material. EUDA could also encounter data issues and errors during data integrity checks. If the analytical data
that the Company provides to its clients and members are based on incorrect or incomplete data or if it makes mistakes in the capture,
input, or analysis of these data, EUDA's reputation may suffer and its ability to attract and retain clients may be materially
harmed.
In
addition, EUDA assists clients with the management and submission of data to governmental entities. These processes and submissions are
governed by complex data processing and validation policies and regulations, and may expose EUDA to liabilities regarding storage, handling,
submission, delivery, or display of health information or other data that was wrongful or erroneous if the Company fails to adhere to
the policies and regulations. Although EUDA maintains insurance coverage, this coverage may prove to be inadequate or could cease to
be available to the Company on acceptable terms, if at all. EUDA could incur substantial costs and diversion of management time, attention,
and resources even if such claims are unsuccessful. A claim brought against EUDA that is uninsured or under-insured could harm EUDA's
business, financial condition, and results of operations.
18
If
EUDA's security measures fail to ensure protection of clients' data, services may be deemed insecure and as a result the
Company could incur significant liabilities, reputational harm, and loss of sales and clients.
Services
provided on EUDA's platforms are highly dependent on artificial intelligence and blockchain technology, devices such as the wearable
technologies offered by EUDA or its partners, which involve the storage and transmission of clients' proprietary information, sensitive
or confidential data, including valuable intellectual property and personal information of employees, clients and others, as well as
protected health information, or PHI, of clients' patients. Due to the extreme sensitivity of the information EUDA stores and transmits,
the security features of the Company's computers and systems, network, and communications systems infrastructure are critical to
the success of the Company's business. A breach or failure in the Company's security measures could occur from a variety
of circumstances and events, including third-party action, employee negligence or error, malfeasance, computer viruses, cyber-attacks
or ransom related attacks by computer hackers, failures during the process of upgrading or replacing software and databases, power outages,
hardware failures, telecommunication failures, user errors, or catastrophic events.
As
cyber threats continue to evolve with the proliferation of new technologies and the increased sophistication and activities of perpetrators
of cyber-attacks, EUDA may be required to expend additional resources to continue to enhance information security measures or to investigate
and remediate any information security vulnerabilities. If EUDA's security measures fail or are breached, it could result in unauthorized
persons accessing sensitive client or patient data (including PHI) and a loss of or damage to the Company's data, resulting in
an inability to access data sources, process data, or provide services to the Company's clients. The occurrence of such failures
or breaches of EUDA's security measures, or any inability to effectively resolve such failures or breaches in a timely manner,
could severely damage the Company's reputation, adversely affect client or investor confidence in the Company, and reduce the demand
for its services from existing and potential clients. In addition, EUDA could face litigation, damages for contractual breaches, monetary
penalties, or regulatory actions for violation of applicable laws or regulations and incur significant costs for remedial measures to
prevent future occurrences and mitigate past violations. While EUDA has outsourced security measures to a third-party agency as preventive
measures to protect the integrity of the Company's clients' and members' information, this solution might not be comprehensive
enough to ensure the safety of such data. Although EUDA maintains adequate insurance coverage covering certain security and privacy damages
and claim expenses, EUDA may not carry insurance or maintain coverage sufficient to compensate for all liability and in any event, insurance
coverage would not address the reputational damage that could result from a security lapse or a breach related incident.
EUDA
may experience cyber-security and other breaches that may remain undetected for an extended period as cyber-attack techniques constantly
evolve. EUDA also may not be able to comprehensively anticipate such cyber security threats as they may not be recognized until the breach
occurs. As such, EUDA may be unable to implement adequate preventive measures and the Company's actions would be limited to being
reactive in nature. EUDA also cannot ensure the complete integrity or security of such data in the Company's systems in the event
that the Company's clients authorize or enable third party access to the information stored on the Company's platforms and
systems. If an actual or perceived breach of EUDA's security occurs, or if EUDA is unable to effectively resolve such breaches
in a timely manner, the market perception of the effectiveness of the Company's security measures could be harmed and it could
lose sales and clients, which could have a material adverse effect on the Company's business, operations, and financial results.
EUDA could also be subjected to litigation from clients and providers in the event of such security breaches and that could result in
substantial costs and a diversion of management's attention and resources, which could have a material adverse effect on the Company's
business, financial condition, or results of operations.
Although
EUDA uses best efforts to maintain insurance coverage the Company deems adequate to address cyber-security, EUDA may find such coverage
lacking or unavailable in certain instances which could have material adverse effect on the Company's business, financial condition
and results of operations.
19
ITEM
4. INFORMATION ON THE COMPANY
EUDA's
mission is to make high-quality, personalized healthcare affordable and accessible for all its patients. It aims to provide one stop
healthcare and wellness services through its proprietary platform, EUDA. EUDA currently has operations in Singapore and has plans to
expand across Southeast Asia. Its operations in Singapore includes provision of medical urgent care and property management services.
In
January 2020, EUDA acquired 100% of the equity interests in Super Gateway Group Limited ("SGGL"), a property management service
company that services shopping malls, business office building, or residential apartments. EUDA aimed to build an Omni-channel health
care and products platform in economies of scale and cross-sell opportunities and allows our management services section to expand into
new and different verticals of management services in the medical field.
Headquartered
in Singapore and established in 2019, EUDA aims to be a leading next-generation Southeast Asian healthcare-technology provider, integrating
a full continuum of healthcare services with healthcare data analytics to drive high-quality and efficient care for their patients. The
proprietary platform, EUDA, is its core holistic, connected platform, through which it also offers a mobile application platform for
its users. What makes EUDA unique is the integration of Artificial Intelligence (AI) and Machine Learning (ML), which provides real-time
actionable analytics functionality that enables EUDA's users to make quick analysis and accurate diagnosis as well as business
decisions. The platform gathers numerous data points and performs predictive analysis, where it can compare events and results over time
to identify trends across various segments and provide accurate insights, analysis, and predictions regarding healthcare. Its AI applications
supported on the EUDA platform include smart triage, smart match, smart claims supports and image recognition, as well as predictive
algorithms that can read and analyze MRIs and X-rays. EUDA's robust unique proprietary technology platform reduces the time taken
for diagnostics yet continues to promote standardization of diagnostics, which effectively eliminates inefficiencies. Through EUDA's
software platform, it aims to deliver data-driven, personalized quality insights to patients while they are at the doctor's office
in order to provide them with different healthcare and treatment choices.
In September 2023, the Company decided to streamline its medical service
operations by closing down clinics to reduce overhead costs and further loss from operations as the demand in our services were much lower
in the post Covid-19 era. This decision to streamline certain medical-related business unit represented a strategic shift that had a major
effect on the Company's medical services financial results, and qualifies as discontinued operations under ASC205-20. See "Note
5 – Discontinued Operations" of consolidated financial statements for the fiscal years ended December 31, 2023, 2022 and 2021
for details. As a result, the Company's current and existing operations remained with its property management services. As a result,
the Company's current and existing operations remained with its property management services. However, management is actively seeking
new investments and medical licenses to acquire or develop other healthcare services, and has plans to offer medical services in virtual
clinics in the future.
On
May 6, 2024, the Company entered into a Share Purchase Agreement with certain persons named therein (the "Share Purchase Agreement")
for the acquisition of all outstanding shares of Fortress Cove Limited, a British Virgin Islands company which is the sole legal and
beneficial owner of the entire share capital of CK Health Plus Sdn Bhd, a Malaysian company ("CK Health") in the direct sale
business of holistic wellness consumer products in Malaysia. Pursuant to the Share Purchase Agreement, we have agreed to acquire the
entire issued capital of CK Health for an aggregate consideration of 10,000,000 newly issued ordinary shares, valued at $15.0 million.
An additional one million ordinary shares will be issued to the persons named in the Share Purchase Agreement if certain financial performance
milestones based on CK Health's net income for the fiscal years 2024 and 2025 are met. The acquisition closed on
May 8, 2024. EUDA aims to provide a series of products and services through its network and
offer an array of complementary products and services to deepen their relationship with its members from assessing the condition, evaluating
the risk level to providing personalized support services.
EUDA
utilizes both an inside and outside direct sales force to execute on the qualified marketing programs, partnering with client services
to ensure the prospect is educated on the breadth of EUDA's capabilities and demonstrable value proposition. Medical and clinical
partners also play an important role in marketing and selling EUDA's products to its customer base. These partners may shorten
the sales cycle and lower the customer acquisition costs. For example, through the Clinic Management System (CMS) partners, EUDA is able
to embed its technology into existing health system technology infrastructure which, as a competitive differentiator, may lead to a higher
win rate.
EUDA's
sales and marketing department is primarily responsible for planning and developing its overall marketing strategy, conducting market
research, coordinating the sales and marketing activities to attract new customers and maintain and strengthen relationships with existing
customers, managing the efforts in relation to tender bids and negotiating the terms of EUDA's Property Management Service and
Security Service contracts. The team will explore and establish information channels for business development and market research purposes.
Such information channels include websites or other platforms on which property developers or property owners' associations announce
tender opportunities, uncovering business opportunities by way of recommendation or frequent communication with customers and other industry
players, and organizing promotional events to showcase EUDA's service offerings.
20
Furthermore,
EUDA implements various incentive measures to encourage the sales teams to obtain property management service contracts of properties
developed by third-party developers through research and analysis of and communication with target customers in the real estate industry
and taking advantage of EUDA's resources and expertise. In addition, various communication channels are adopted to explore more
opportunities to provide EUDA's Property Management Services that are customized and tailored to the specific localities to bring
convenience to local property owners and residents. EUDA continually seeks business cooperation opportunities with third-party merchants
to enhance the width and depth of its services.
Revenues
from EUDA's property management services decreased from approximately $3.8 million for the year ended December 31, 2022 to approximately
$3.7 million for the year ended December 31, 2023. We do not have any property management services provided to any medical
clinics. EUDA generates revenue primarily from services in connection with medical services fees and property management service fees. Property management service fees are obtained from contractually recurring revenue from common area management and security
management services which it provides to retail and residential properties.
Management
believes that EUDA's platform will eventually provide a full continuum of healthcare services integrated with healthcare data analytics
to drive improved outcomes for patients. To achieve this, EUDA aims to continuously build towards a consumer-centric digital ecosystem
to allow clients and patients to gain access to quality healthcare while keeping costs affordable. EUDA incorporates AI and ML on the
platform and implements relevant solutions to a wide variety of healthcare and homecare services that it currently provides. AI-driven
advancement will be increasingly visible throughout the healthcare journey including a strong potential for interactive virtual assistants
to improve patient experience and clinician operational workflow. EUDA believes in incorporating technology into the traditional medical
services market and creating an end-to-end ecosystem that provides a comprehensive suite of healthcare and wellness services adds great
value.
In
the wake of the COVID-19 pandemic as nations went into various degrees of lockdown, there was also a permanent and massive digital adoption
spurt and an acceleration in the telehealth and digital-health sector. According to Markets & Markets, the global telehealth and
telemedicine market is expected to reach USD 191.7 billion by 2025 from an estimated USD 38.7 billion in 2020, due to the following reasons:
(1) a rising and aging population (2) the need to expand healthcare access; (3) the growing prevalence of chronic diseases and conditions:
(4) a shortage of physicians, (5) advancements in telecommunications, and (6) government support and increasing awareness.
Between
2000 and 2017, global health spending grew by 3.9% a year, outpacing global economic growth as global GDP grew by 3.0%. The World Health
Organization has reported that as the growth of cost in healthcare per capita continues to outpace the growth in GDP per capita, the
burden of healthcare cost could ultimately grow faster than the economic power to sustain such costs. Particularly in Southeast Asia,
the rise in the cost of healthcare is expected to accelerate given the rapid demographic shift in a larger proportion of an aging population,
according to Solidiance. As the working age population ages, EUDA believes the prevalence of smoking, overweight and obesity will also
translate into a high prevalence of severe non-communicable diseases in the future, adding further pressure and costs to healthcare.
There
is an impetus to ensure that healthcare remains more affordable and accessible and in pursuit of this, many technological innovations
have been sprouting up in various healthcare verticals. Yet, there remain gaps in the fragmented infrastructure of the healthcare industry
which has led to cost and quality inefficiencies. EUDA had taken various steps and measures to integrate technology into various aspects
of the healthcare system and aims to bridge the gap between various siloed healthcare verticals to form a comprehensive healthcare and
wellness ecosystem. Management believes that EUDA's platform will eventually improve consumers access to an even higher-quality
and more affordable healthcare options that were previously constrained by geographic locations, physician availability, office hours
and costs. Digital-health providers that are part of their network had and will continue to undergo a rigorous screening and training
process. Additionally, EUDA is currently in partnerships with reputable specialist providers to ensure quality care for their patients,
providers on the EUDA network, including medical institutions such as clinics and hospitals, government health agencies and insurers.
They are working towards providing providers on their network with greater convenience and flexibility in their operations, training,
and support to ensure professional development and through their network of consumers, enabling them to increase income opportunities.
The network of providers can also form unique partnerships to further increase their reach of products and services through complementary
offerings.
21
Industry
Challenges
Lack
of Access to Healthcare
During
the outbreak of the COVID-19 pandemic, many Asia-Pacific countries experienced first-hand suffering from a lack of resilient health systems
to provide timely and quality care. The impact varied across nations and populations but there has been a disproportionate impact upon
the most vulnerable populations. While the number of doctors per 1,000 people varies widely across Asia-Pacific countries and territories,
it is generally lower than the OECD average and is unlikely to meet rising health needs. Patients have faced challenges gaining access
to affordable and timely health care especially in communities that are traditionally underserved, such as those in remote or rural areas
with few health facilities and medical staff. The shortage of skilled health professionals also has an adverse impact on the quality
of care offered in health institutions.
Aging
population to strain healthcare resources
According
to the Economic Research Institute for ASEAN and East Asia, the East and South-East Asia Region currently has the largest number, about
37% of the world's population, aged 65 or above and this trend is expected to continue over the next three decades. By 2025, 10%
of Asia's population will be people aged 65 years old and above, which is a 14% growth over 2021. This increase is driven by reduced
fertility rates and higher life expectancy. By 2025, there will be close to half a billion people aged 65 or above in the Asia-Pacific
Region.
As
the number of people aged 65 or above increases, there will be a demand for primary care services to screen, assess and manage chronic
illnesses and comorbidities, potentially straining healthcare resources. This demographic change also indicates that there may be fewer
medical providers to deliver patient care and this shortage will necessitate a change in the existing model for medical care.
Healthcare
cost has outpaced economic growth
According
to the World Health Organization, between 2000 and 2017, global health spending grew by 3.9% a year while the global GDP grew by only
3.0% a year. The increase in health spending was even faster in low-income countries, where it rose 7.8% a year between 2000 and 2017
while the economy grew by 6.4% a year. In middle income countries, health spending grew more than 6% a year. In high income countries,
the average annual growth was 3.5%, about twice as fast as economic growth. If this trend persists, healthcare could grow to a share
of the economy and government budgets in ways that are unsustainable, and governments are unlikely to allocate a higher proportion of
their budgets to healthcare spending.
Coupled
with an aging population, this would mean that a relatively smaller workforce will have to produce the economic wealth to sustain the
ever-growing demand for healthcare due to a relatively larger elder population. This will be exacerbated by the future elder population
being composed of the working population today, which sees a prevalence of smoking, overweight and obesity rates that may result in a
high occurrence of severe non-communicable diseases in the future.
Consulting
firm Solidiance has reported that even at present rates, the cost of healthcare in Southeast Asia's major economies (Malaysia,
Singapore, Philippines, Vietnam, Thailand, and Indonesia) is expected to outpace both GDP and population growth, leading to an estimated
total healthcare cost of more than US$ 750 billion by 2025, an added burden of US$ 320 billion higher than the total spending of US$
420 billion back in 2017. Given that public sector is heavily involved in the provision of healthcare, governments are expected to make
payments on the majority of this incremental spend. This may cause a crisis in the healthcare systems in several nations unless policy
makers are able to develop a more efficient healthcare model for the future.
22
Poor
Medical Experience
Asia-Pacific
has been burdened with a problem of an aging population, which is further accentuated by the lack of proper healthcare facilities in
developing countries such as Indonesia. One of the key healthcare industry challenges is the limited availability of efficient and quality
healthcare services. Patients and doctors are increasingly frustrated by the long wait times, in addition to the high costs associated
with traditional medical consultations. There is an increased demand for more convenience, more emphasis on wellness and preventative
services, and generally, more control over a person's own healthcare. The COVID-19 pandemic has driven consumers to demand one-stop
solutions for not only their medical needs, but also their overall wellness and educational information on the treatment options. According
to a survey by Bain & Company, 72% of the people in Asia Pacific consider wait times to be one of the primary pain points in the
healthcare system. Furthermore, the time taken for available traditional medical care services has increased the frustration of not only
the aging population but young adults as well. For example, in Indonesia, the average time taken to visit a doctor is 4 hours whereas
the average time spent in a doctor consultation is only 10 minutes. This clearly highlights a huge gap in the market which requires the
industry leaders to pivot and explore better digital-health services in order to improve the healthcare landscape in the region.
Opportunities
for EUDA
Primed
for healthcare disruption
Driven
by shifting demographics, technological innovations and limited healthcare resources, the Asia-Pacific region is primed for healthcare
disruption and digital health ecosystems. McKinsey & Co. estimates that today, digital health impacts more than a billion lives,
and estimates show that digital health in Asia could collectively create up to US$ 100 billion in value by 2025, up from US$ 37 billion
in 2020. Furthermore, the rising rate of internet users in Asia-Pacific provides a solid platform for the digital healthcare landscape
to address the key challenges and burden on the healthcare system in the region. In Southeast Asia alone, the COVID-19 pandemic has also
accelerated Internet usage, with 40 million new users in 2020 alone and over 400 million users in the region. The internet penetration
rate in Southeast Asia was 69% as of 2021.
The
pandemic has lowered commercial barriers for health-tech as this sector sees continued funding by financial and strategic investors which
could further fuel technological innovations. The Asia-Pacific region is also expected to present an immense commercial opportunity for
the healthcare sector as regional healthcare expenditure in APAC is projected to grow by 11.5% annually to US$ 115.9 billion by 2025,
according to a report by L.E.K. Regulators have also begun to recognize the efficacy of Telemedicine, eliminating regulatory barriers
and increased policy support to establish and enforce regulation especially during the pandemic. Healthcare investment in Asia-Pacific
will also continue to outpace other regions. According to Bain & Company, there was US$ 15.8 billion in healthcare private equity
buyout deal value, with a growth rate of 38% between 2013 and 2018, compared with 29% for the rest of the world.
Accelerated
consumer adoption of Health-Tech
Bain
& Co. estimates that in Southeast Asia, Health-tech usage has grown by 400% in 2020 and has retained its users post-lockdown. As
telehealth played crucial roles during the various degrees of lockdown, it has accelerated consumer adoption of health-tech. Within Indonesia,
as the healthcare system remains under pressure from the pandemic with hospitals struggling with the surge of patients, the government
turned to provide remote services by telehealth firms such as Alodokter and Halodoc and included free consultations and medication delivery.
This allows for prescriptions to be issued and delivered to non-critical patients eliminating the time spent on travel and waiting for
a consultation. At the same time, telehealth has alleviated the load on healthcare systems and prioritized hospitals for patients with
more critical symptoms.
23
Telemedicine
also enables communities in rural and underserved urban areas to gain access to healthcare by overcoming distance and time barriers between
healthcare providers and patients. Remote care and diagnosis via telemedicine will reduce patients' distance travelled for specialist
care and related expense, especially critical for countries with a large, dispersed population such as Indonesia. Emerging health ecosystems
have already impacted more than a billion lives in Asia.
Platform
to improve health and wellness of all participants
Chronic
diseases remain a significant burden on healthcare systems globally. These progressive diseases are significant causes of illness and
death and can last for extended periods of time and require long-term treatment. These could be managed through chronic disease management
and some public and private payers have begun leveraging digital technologies to nudge consumers to monitor their health and lower the
long-term cost of care.
Competitive
Strengths
EUDA
believes that the following competitive strengths helped differentiate it from its competitors:
●
Unique
    business model that encompasses the full spectrum of healthcare & wellness services
: Its unique ecosystem-based business
    model integrates a full continuum of healthcare services with healthcare data analytics to drive improved outcomes for patients.
    EUDA is an all-encompassing healthcare management platform purpose-built to power the entire ecosystem of value-based care for both
    businesses and individual consumers. EUDA operates on a unified platform to deliver better care for their patients, improving their
    overall journey with EUDA. The platform allows healthcare providers and employers to give patients more personalized affordable care
    and improved healthcare outcomes utilizing data and technology. EUDA offers a comprehensive suite of services for both healthcare
    and wellness services in order to recognize the needs of their customers at every step of their journey.
24
EUDA's
    services are divided into four verticals, namely, Healthcare, Lifestyle & Wellness, Health Plans and Enablement. This ensures
    that the entire patient journey within the EUDA platform itself has been fully captured and EUDA is strategically aligned to provide
    end to end solutions for their patients. This begins from customer acquisition and runs all the way to prescriptions to the delivery
    of medications and ultimately provision of continuous care.
EUDA's
    healthcare solutions include services ranging from 24/7 medical urgent care to digital pharmacy solutions as well as diagnostic and
    monitoring services. Subsequently, EUDA will be able to digitally connect their patients requiring support for mental health to their
    panel of therapists and psychologists. Furthermore, in line with their commitment to cover the entire spectrum of care and wellness
    services, their wellness vertical includes services such as an e-commerce one-stop shop marketplace for the sale of health and supplement
    products including dietary snacks, home care services such as home nursing care and home consultation services, and also a men's
    and women's health which covers a suite of targeted wellness content. Lastly, under the health plans vertical, EUDA will be
    providing monthly subscription packages that covers corporations as well as individuals for a selection of telehealth services such
    as teleconsultation, online pharmacy and health screenings. Therefore, through their spectrum of services, EUDA will be addressing
    the needs of multiple consumer segments and hence, take a holistic approach that improves health outcomes.
-
Creating
    superior user experience through their wide array of technological capabilities
: EUDA's integrated platform is a one-stop
    healthcare hub that will centralize all of its existing and future programs into a single, user-friendly application, providing its
    customers access to its services in real-time 24/7. One of its key differentiating factors arises from the proprietary technology
    platform is to enhance the speed and efficacy of care. Regardless of the nature of the malaise or injury, EUDA's proprietary
    technology can recognize, analyze, and determine the type of treatment required instantly. The software platform will allow members
    to be able to enjoy better care coordination, receive remote consultation and enables clients to reach out to the local assistance
    centers for medical assistance as well as to receive precautionary reminders and any potential disaster warnings.
25
By
    using such integrated technology, EUDA aims to provide a premium experience to each of its members as they progress through different
    stages of their health care journey. The ability to deliver efficient, high-quality care is done through leveraging their proprietary
    AI and ML capabilities. It seamlessly guides the intake of members, facilitating assessment of inquiries, collection of relevant
    data and review of medical records with the sole aim of safely navigating its members to the right healthcare resources together
    with the right clinical expertise. This ultimately leads to better outcomes and more efficient utilization of resources. Furthermore,
    valuable data is collated throughout the process, that in turn feeds back into improving the performance of its machine intelligence.
In
    addition to the merits of EUDA's technological capabilities, EUDA will be able to run secure and effective solutions such as
    the blockchain that will cover the entire healthcare process. EUDA will be utilizing blockchain's ability to keep an incorruptible,
    decentralized, and transparent log of all patient data. While blockchain is transparent, it is also private, concealing the identity
    of any individual with complex and secure codes that can protect the sensitivity of medical data. The decentralized nature of the
    technology also allows patients, doctors, and healthcare providers to share the same information quickly and safely.
Therefore,
    EUDA believes its investment in technology ultimately will enable it to provide a better user experience at a lower cost of service,
    giving it an added advantage over its competitors.
-
Strong
    presence and wide network of partners to complement its Always-On approach
: EUDA provides 24/7 concierge-level care coordination
    services for its high-risk members. As a digital health company, EUDA strongly believes in advocating the presence of healthcare
    at any time and any place as needed by its customers. Its coordination specialists are trained to cover all emergency, primary and
    specialty services and provide the highest level of personalized medical concierge level services at the push of a button. Furthermore,
    EUDA is working to strengthen its capability through its geographical presence and wide network of relationships with medical partners.
EUDA
    currently operates in Singapore and has a sizeable number of medical partners across the healthcare spectrum ranging from ambulatory
    service providers and General Practitioner (GP) clinics to hospitals and specialist consultants. This allows them to provide to their
    clients, which consists of a range of corporate clients coming from various industries, as well as households. The widest range of
    urgent care options are usually based around pricing, proximity, choice of treatment and medications. Therefore, EUDA's relationships
    with medical partners give it a great competitive edge as it is able to provide top notch round-the-clock healthcare services based
    on the requirements expected from its clients.
Led
    by a team of visionary leaders
: Another key differentiating factor for EUDA is the rich blended nature of the management team.
    EUDA's management team comprises of executives with extensive experience in Healthcare, Technology, Insurance & Consumer
    Experience segments. The wide array of industries captured by EUDA's management team allows EUDA to deliver superior products
    and services to its customers as the management team possesses an in-depth understanding of the pain points prevalent in the industry.
    The combination has also enabled us to address the market gap in the healthcare industry with an innovative data driven all-in-one
    healthcare platform.
Rapidly
    diversifying and growing service verticals to improve monetization channels
: EUDA believes that its competitive advantage is
    its wide array of service verticals that allows it to serve the needs of multiple consumer segments. The diverse nature of its offerings
    allows EUDA to expand its market reach both horizontally and vertically. The cross-selling of services further lends itself to a
    sustainable and ever-expanding business model. EUDA aspires to make the EUDA ecosystem a perpetually growing platform in terms of
    the addition of health and wellness verticals. EUDA has a wide array of additional health verticals in its roadmap and is determined
    to realize providing digital health access to specialist health and wellness verticals in the Southeast Asia region. Segments that
    are currently in development include: Digital Pharmacy, Medical Tourism, Chronic Disease Management, Mental Health, Diagnostics and
    Monitoring, Marketplace, Women's Health, Corporate & Individual Health Plans and EUDA Society (Doctor's Insurance).
    With the expansion of its service verticals, EUDA hopes to provide a more comprehensive platform customers and expand its monetization
    channels to increase synergies between their business segments. However, due to budgetary and other financial issues during the first
    five months of 2023, the timeline for the development of such health verticals have been pushed back to the second quarter of 2024
    at the earliest.
26
EUDA's
Growth Strategy
EUDA's
growth strategies include the following:
Drive
Greater Adoption with their Existing Clients
●
EUDA
    intends to drive greater adoption among existing patients by expanding the populations to which it offers services. Health plans
    may offer the option of digital health to a subset of their total membership and over time expand this service to more members. Health
    systems may start with a single hospital or region and then expand system wide. EUDA also plans to increase adoption within Singapore.
    EUDA believes in continually increasing awareness of and loyalty to its solution by adding new and complementary products and services,
    third-party connections, and other strategic alliances, so as to grow its solution towards becoming the single source for on-demand
    healthcare for its clients.
●
Clients
    have also embedded digital care more fully into their operations, where they plan to continually refine and enhance their user experience.
    Hence, they will be using targeted patient and medical provider engagement campaigns, best practices training as well as operational
    support to further drive an increase in usage across their platform. EUDA is also building robust data repositories to strengthen
    its predictive models and multi-channel marketing strategies to provide a more complete picture of its clients, enhancing its ability
    to lead targeted and purposeful campaigns, and it plans to invest heavily in marketing technologies that allow us to increase client
    touchpoints. Lastly, EUDA plans to actively engage clients in benefit design, worksite marketing and executive sponsorship strategies
    to drive awareness about its services.
Increase
Penetration by Adding New Clients within its Core Verticals
●
EUDA
    had and will continue to invest in its direct sales force and channel management capabilities to sustain growth and client support.
    As its clientele stems mainly from the realm of blue-chip companies, it represents a significant opportunity for new client growth
    with large employers. EUDA further believes in forging ahead to compete with the market leaders in the digital health industry, given
    its unique positioning strategy to capitalize on the Business to Business to Consumer, or B2B2C. Growth is expected to be generated
    by word of mouth amongst corporations accompanied by enhanced brand awareness. EUDA believes the B2B2C model will bring about higher
    growth with lower cost of customer acquisition in comparison to a direct Business to Consumer, or B2C model. EUDA will also direct
    resources into new marketing technologies and campaigns to support their sales force in lead generation along with new client generation
    and implementations.
Invest
in New Clinical Specialties
●
EUDA
    currently offers its client's access across a wide range of areas from chronic disease management, medical tourism, mental
    health to men's and women's health such as hair loss and contraception. It plans to also offer direct access to behavioral
    health professionals who treat conditions such as anxiety and smoking cessation. It plans to leverage on its highly scalable platform
    by expanding into new clinical specialties, such as standalone dermatology services, second opinions and chronic conditions such
    as diabetes, and by focusing on expanding its services amongst current clients such as by offering behavioral health as a commercial
    service to their clients. As EUDA expands its clinical offerings, it plans to further eliminate gaps in continuity of care in order
    to provide coordinated care along the healthcare delivery continuum.
27
Expand
Across Care Settings and Use Cases
●
EUDA
    intends to expand its solutions across additional care settings and explore ancillary opportunities that will broaden its business.
    EUDA believes its services have wide applicability across new use cases, including home care, post discharge, wellness, screening
    and chronic care. It takes a holistic approach to improve outcomes for its clients and provide wellness and prevention through Health,
    and Nutritional modules. It is also looking to provide campus clinics and workplace health services as well as medical emergency
    assistance.
●
EUDA
    is also currently extending the number, range and functionality of their benefits applications, and will hope to continue to respond
    quickly to evolving market needs with innovative solutions, including broadened health kiosk access, mobile applications, biometric
    devices and at-home testing.
Invest
in Digitalization and Innovation for Digital Care Capabilities
●
EUDA
    is constantly investing in AI technology that is designed to help expand patient engagement while improving efficiencies, reducing
    the cost of care and promoting better care coordination. For example, there will be an AI deployment enabling a patient-provider
    matching tool, allowing patients to input their preference for doctors, timing and area of specialist onto the EUDA platform and
    its platform will synthesize patient's preference to ensure best matches to boost efficiency and user experience.
●
Continued
    investment in interoperability, including remote patient monitoring, advanced analytics and lab services as well as the home delivery
    of pharmaceuticals, is expected to allow EUDA to expand use cases. Its investments in interoperability with other technologies have
    also allowed it to partner with innovative companies to develop unique products and services. Its strategic partnership will allow
    its services to be accessed directly through the EUDA interfaces. EUDA believes these partnerships will differentiate their offering
    and add new capabilities to drive demand and add value for its clients.
Leverage
Existing Sales Channels and Penetrate New Medical Provider Markets
●
EUDA
    has developed a highly effective distribution network to target large employers and it is committing incremental sales and marketing
    resources to the small-medium enterprises to increase its penetration within this market. Additionally, EUDA intends to further penetrate
    the medical provider market, notably hospitals and group physician practices, as it believes its solution offers the medical community
    an attractive platform from which to generate substantial income by acquiring new patients and to better participate in emerging
    risk-sharing and value-based payment models. With expanded access to available health insurance, it also intends to pursue health
    insurance companies about their services, hence, insurance companies may represent an attractive new sales channel.
Expand
into International Markets
●
As
    regulatory and reimbursement systems around the world evolve, EUDA sees a significant opportunity to expand internationally. It is
    also exploring joint international offerings with existing partners, as well as with strategic acquisitions to further boost their
    geographical footprints in Southeast Asia.
Pursue
Focused Acquisitions
●
EUDA's
    comprehensive platform and know-how enable it to selectively pursue strategic and complementary businesses to support its clients'
    needs. Its acquisition strategy is centered on acquiring technologies, products, capabilities, clinical specialties and distribution
    channels that are highly scalable and rapidly growing. EUDA will continue to evaluate and pursue acquisition opportunities that are
    complementary to their business. See "5A. Operating Results - Recent Development."
28
Intellectual
Property Rights
EUDA
owns or otherwise have rights to the trademarks and service marks, used in conjunction with the marketing and sale of its products and
services. This includes trademarks, such as EUDA, Euda and euda, which are protected under applicable intellectual property laws and
are EUDA's property and the property of its subsidiaries. Solely for convenience, EUDA's trademarks and trade names referred
to in this Annual Report may appear without the ® or ™ symbols, but such references are not intended to indicate, in any way,
that EUDA will not assert, to the fullest extent under applicable law, its rights or the right of the applicable licensor to these trademarks
and trade names.
Save
for the trademarks and domain name disclosed in this Annual Report, EUDA's business and profitability is not materially dependent
on any trademark, patent, domain name or other intellectual property. EUDA holds no issued patent and EUDA is not aware of any infringement
(a) by EUDA of any intellectual property rights owned by any third parties; or (b) by any third party of any intellectual property rights
owned by EUDA. To the best of EUDA's knowledge, there had not been any pending or threatened claim made against EUDA, nor have
there been any claim made by EUDA against third parties, with respect to the infringement of intellectual property rights owned by EUDA
or third parties.
EUDA
currently does not hold any patents, but retains intellectual property rights in its technology and platform (which are used in managing
and delivering consultations) by including contractual provisions in each service agreement with its customers, which provide that background
intellectual property rights either (i) owned or licensed by EUDA or (ii) developed outside of the respective services agreement, belong
to EUDA. This includes significant know-how in understanding how to leverage cloud components deployed in the current platform, other
third-party technologies, and EUDA's own technology, to deliver a first-class digital healthcare service.
EUDA
Ecosystem
Consumer-centric
digital ecosystems are emerging across the world in response to these fundamental forces disrupting healthcare. Such ecosystems are designed
to seamlessly deliver the right care in the right setting at the right time by integrating three critical components: (a) a network of
health-service providers across care settings, (b) a system of intelligence that leverages behavioral, social, and health data to analyze
patients' needs and selects the appropriate provider, and (c) a technology backbone that enables data and insights to flow between
care providers.
In
order to capitalize on this industry trend, EUDA is building a healthcare ecosystem that encompasses the full spectrum of healthcare
and offers a comprehensive suite of health and wellness solutions. EUDA is an all-encompassing healthcare management platform purpose-built
to power the entire ecosystem of value-based care for both businesses and individuals. EUDA offers healthcare solutions that strengthen
the delivery of holistic medical care. It operates on a unified platform to streamline comprehensive patient-centered care and disease
management, unmatched data integration, broad-spectrum collaboration, patient engagement and configurable analytics and reporting.
EUDA's
ecosystem is strategically aligned to provide comprehensive solutions for their patients. This begins when a person signs up for their
service and runs all the way to prescriptions, the delivery of medication and providing continuous care. The software will be powered
by ML and AI capabilities that will cover the full spectrum of a patient's visit cycle from E-triage, GP consult, E-medical certificates,
and medical prescriptions.
EUDA's
AI and ML driven chatbot service will be supported by its extensive database that drives the e-triage process. The ML function learns
and improves the accuracy of outcomes as the database expands with more data inputs.
Moreover,
its patients are connected to the EUDA ecosystem through the EUDA mobile application. This, in turn, enables its users to connect to
certified doctors 24/7 through the convenience of video consultations via either phone or tablet. The application provides patients with
quick and easy communication with doctors who are readily available for addressing any medical issues. If medically necessary, doctors
can also quickly prescribe medication and connect patients with the pharmacy of their choice. Furthermore, the inbuilt data analytics
functionality gives user insights on improving health through health management modules and encourages program participation for targeted
lifestyle rewards and campaigns with selected partners.
29
Unique
Value Proposition
EUDA
provides a unique value proposition to its users through the utilization of its core resources and competencies:
-
Superior
    capabilities of Artificial Intelligence and Machine Learning
: EUDA's technology platform leverages on at least 1,000 common
    diagnostic patterns and represents a repository of valuable healthcare information of its clients that can be analyzed and dissected
    through data analytics to ensure optimal therapeutic outcomes for its patients. ML can also be used to better understand human behavior,
    habits, and interactions to realize continuously improved outcomes.
-
Always-On
    Approach
: The coordinator specialists provide 24/7 concierge-level care coordination services for their high-risk members and
    cover all emergency, primary and specialty services.
-
Expanding
    Network of medical partners
: EUDA's network consists of various medical partners across the healthcare spectrum ranging
    from ambulatory service providers and GP Clinics to Hospitals and Specialist Consultants. By leveraging on their expanding network,
    EUDA is able to offer its clients the widest possible range of urgent care options based around pricing, proximity, choice of treatment
    and medications.
-
Ensuring
    real-time quality of their service providers
: EUDA's service network is composed of accredited medical professionals who
    are continuously trained to maintain a high standard of care. The roster of medical professionals is continuously reviewed and updated
    to ensure the highest quality of healthcare resources are made available to its clients. Each of the medical practitioners in EUDA's
    roster has on average 15 years of experience.
EUDA
plans to establish its presence beyond Singapore, across the Southeast Asia region. Its strategy continues to be targeted at underdeveloped
health and wellness verticals to first establish its presence before dedicating more resources to capture more market share.
EUDA's
Solutions
EUDA's
platform will provide a full continuum of healthcare services integrated with healthcare data analytics to drive improved outcomes for
patients. Its services can be broken down into four spectrums: Healthcare, Lifestyle & Wellness, Health Plans, and Enablement all
on a single platform. The convenience of expanding existing offerings to provide services from Primary to Post-surgery care as well as
ongoing preventive healthcare for clients, regardless of the level of healthcare required, is unparalleled in the healthcare services
Southeast Asia market.
EUDA
currently provides 2 services namely Medical Urgent Care and Property Management Services.
30
●
Medical
    Urgent Care
EUDA's
Medical Urgent Care service aims to deliver top-notch healthcare assistance and medical evacuation to offer individual and corporate
client's peace of mind around the clock. The proprietary technology enables EUDA to provide the members with a seamlessly integrated
medical assistance operation, reducing any possible delays in execution of cases. Regardless of the severity of the injury, the platform
can recognize, analyze, and determine the type of treatment required instantly, mitigating any health-related risks and associated costs.
EUDA
continues to invest in the existing EUDA platform to develop new technologies, products, modules, programs, and capabilities to meet
the broadening needs of its clients. EUDA is also looking to partner with its clients and/or other stakeholders to build new features,
modules, and programs. This includes the ongoing development of its digital tools program capabilities.
EUDA
plans to expand the reach of its digital platforms into new areas by investing in new technologies such as AI and its digitally enabled
technology with the goal of improving the patient-physician consult experience, enhancing the company's health service offerings,
improving healthcare delivery efficiency and providing one avenue for the collection, organization and structuring of data.
●
Property
    Management Services (Home Care Services)
The
Property Management Service covers the management of properties such as condominiums and shopping malls, which are part of the retail
and residential properties we service. Categorized under Home Care Service line from 2023 onwards, this service line together with the
Security Service will eventually evolve to provide home-based medical services to households. The home care service line will be a medical
integrated property management services in homes and offices that comes with general home care and specialized care service curated based
on member's needs. Services include but not limited to are remote monitoring, continuous care management, chronic disease management,
post-surgery care, infusion, and preventative service. EUDA aims to also integrate the Security Service with its core business of providing
users with an integrated platform offering medical services by eventually training and providing security personnel at public events
for medical support.
Marketplace
Internet
penetration and the proliferation of online mobile applications has marked a significant shift in the global retail landscape to e-commerce
platforms. Consumer shopping habits have been molded with increasing digitalization as they can now explore a plethora of options and
products at the simple touch of a finger. E-commerce has transformed the entire retail value chain from the selection of products to
the transaction process and finally receiving the actual product. This has also had a trickle-down effect on health and wellness products
as more and more consumers are turning to the internet as a marketplace to address and fulfil their needs.
In
order to capitalize on this industry uptick, and as part of its wider ecosystem, EUDA operates a Digital Health Marketplace (DHM), a
smart online retail platform specializing in consumer health and wellness. This platform is powered by smart capabilities for members
to compare and find the most cost-efficient product. The DHM represents an online marketplace that aims to simplify clients and end-users'
access to health and wellness-based consumer products.
31
Under
the DHM, EUDA operates in three main segments that are outside the realm of prescription medicine:
●
Dietary
    Supplements
: The dietary supplements market came under the limelight as a result of the COVID-19 pandemic which drove a massive
    awareness for personal health and immunity-boosting supplements. According to Grand View Research, the global dietary supplements
    market was valued at US$ 151.9 billion in 2021 and is expected to expand at a CAGR of 8.9% between 2022 to 2030. In terms of demographics,
    working adults accounted for 46.6% of the overall revenue in 2021 as a result of significant lifestyle changes and hectic work schedules
    due to the shift to work-from-home amidst the pandemic. Southeast Asia is one of the key markets which is expected to see significant
    growth during the forecast owing to the growing middle class and the increasing expenditure on health-enhancing products. EUDA is
    well-poised to capitalize on this untapped potential with its data driven DHM and its growing presence in the Southeast Asia market.
●
Skincare
:
    The demand for skincare products, especially through online outlets, saw a massive increase during the pandemic period as there was
    a rising cognizance of the various benefits of using personal care products. Moreover, within the skincare segment, the demand for
    natural and organic skincare products proved to be more lucrative. According to Mordor Intelligence, the Global Skincare Products
    Market was valued at US$ 140.92 billion in 2020 and is forecast to grow at a CAGR of 4.69% from 2021 to 2026. EUDA is strategically
    positioned to capture the robust growth due to its strategic presence in the region as well its reliable and credible network of
    partners.
●
Healthy
    Snacks
: Health consciousness has been one of the major drivers behind the exponential growth of the healthcare industry, especially
    the healthy snacks industry. The preference for a quality lifestyle and ensuring that the nutritional needs of the body are met has
    boosted the demand for healthy snacks. According to Fortune Global Insights, the global healthy snacks market was valued at USD$
    78.13 billion in 2019 and is projected to reach USD$ 108.11 billion by 2027, exhibiting a CAGR of 4.2% during the forecast period.
    Another key contributor to the growth of this market is the increasing prevalence of chronic and acute diseases which have driven
    the shift to healthier lifestyle choices. Health-conscious consumers are expected to increase as the need for healthier lifestyle
    becomes more prevalent and therefore, with EUDA's DHM, it will augment the online retail space for the healthy snacks industry.
EUDA's
ecosystem facilitates patients who are looking for healthier lifestyles to utilize the marketplace for their nutritional supplementation
at the click of a button. EUDA marketplace is an online e-commerce function of the EUDA application and website that provides consumers
with the tools to optimize their wellness e-commerce experience and maximize their health savings through making qualified and informed
decisions in their shopping experience. The platform will offer on-demand and subscription-based services for health and wellness products,
supplementing the service of care with technology, both at the front and back end. The AI-assisted bot will offer suggestive content
and products to boost user's well-being. EUDA platform not only enables consumers to make informed decisions but also helps them
understand, manage and purchase products through educational content in accordance with their individual needs and benefits.
EUDA's
Marketplace will improve the lives of their patients by providing convenience, lowering prices and offering discounts and wide range
of products for the consumer health and wellness industry. They aim to leverage their expanding network of medical partners to further
promote the need for health-consciousness and using superior dietary supplements for a healthier lifestyle as they continue to steer
through the pandemic.
Legal
Proceedings
On
March 30, 2022, the State Courts of the Republic of Singapore had reached a verdict that
the
Company's subsidiaries, KRHSG and Melana (Defendants) is liable to compensate Jamie Fan Wei Zhi (Plaintiff), the Company's
related party for failing to procure the release of the Plaintiff from the guarantees to secure a credit line from United Overseas Bank
before December 31, 2020. The Defendants agree to compensate the Plaintiff the sum of $3,704 (SGD 5,000) per month as guarantor fee starting
from January 1, 2021 until the Defendants procured the release of the Plaintiff as the guarantor of the loan. The Defendants released
the Jamie Fan Wei Zhi as the guarantor of the loan on October 31, 2022. As of December 31, 2022, the Company has paid Jamie Fan Wei Zhi
$74,966 (SGD 100,000), and no more balance outstanding.
On
May 12, 2023, there were disagreements between the directors and formers directors of the Company concerning, among others, the legitimacy
of:
a)
The
    purported appointment of David Capes ("Mr. Capes") as the Chairmen of the Board of in place of Gerald Lim;
b)
The
    purported appointment of Leonard Chee Hyong Chia ("Leonard") to the Board as a replacement director;
c)
The
    purported removal of certain individuals as director(s) of the Company by Mr. Capes and Leonard;
d)
The
    removal of Mr. Capes as a director of the Company and from all Board committees on which he served on May 11, 2023;
e)
The
    dispute by Mr. Capes regarding his removal as a director of the Company;
f)
The
    validity of the purported shareholders' resolutions of the Company dated May 12, 2023 (the "Resolutions"); and
g)
The
    various other issues raised by the Board from time to time.
Upon
consultation with the Company's external counsel, the Board determined that the Resolutions were
prima facie
invalid and
of no effect from the outset, and could be subject to legal challenges. The Board notes that Mr. Capes and his associates have not furnished
any proof sustaining their allegation that the Resolutions were validly passed. The Board notes that Mr. Capes and his associates have
not obtained any valid court order on the validity of the Resolutions. As of the date of this report, the Company does not expect the
legal challenges among the disagreements between the directors and formers directors of the Company will have a material adverse effect
on the business, financial condition or results of operations of the Company.
The
Company also filed a claim against Mr. Capes and one other defendant as a separate case in July 2023 in connection with unlawfully obstructed
access to KRHSG's client and clinic management systems, disrupting their business and resulting in losses to KRHSG in May 2023.
The case has been accepted by the Court in September 2023 and the Company believe it has a reasonably good case against the defendants.
As of the date of this report, the case is still ongoing and the contingent gain outcome of this case cannot be estimated as this time.
As
of December 31, 2023 and 2022, except as disclosed above, the Company is not currently a party to any material legal proceedings, investigation
or claims. However, the Company may, from time to time, be involved in legal matters arising in the ordinary course of its business.
While the Company is not presently subject to any material legal proceedings, there can be no assurance that such matters will not arise
in the future or that any such matters in which the Company is involved, or which may arise in the ordinary course of the Company's
business, will not at some point proceed to litigation or that such litigation will not have a material adverse effect on the business,
financial condition or results of operations of the Company.
Employees
We
had 106 full-time employees as of December 31, 2023, including our two named executive officers. None of our employees are covered by
collective bargaining agreements, and we have not experienced any strikes or work stoppages related to labor relations issues. We believe
we have good relations with our employees.
32
Share
Purchase Agreement
On
the Closing Date, the Company consummated the previously announced 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 EUDA was effected by the purchase by 8i of all of the issued and outstanding
shares of EUDA from the Seller (the "Share Purchase"), resulting in EUDA 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." The
transactions contemplated under the SPA relating to the Share Purchase are referred to herein as the "Business Combination."
Pursuant
to the terms of the SPA, upon the consummation of the Business Combination (the "Closing"), any and all outstanding units
of 8i, composed of one ordinary share of 8i, no par value (the "8i Ordinary Shares"), one warrant (the "8i Warrants"),
with every two 8i Warrants entitling the registered holder to purchase one 8i Ordinary Share, and one right to receive one-tenth (1/10)
of one 8i Ordinary Share upon the consummation of an initial business combination (the "Rights") (collectively, the "Units")
were separated into their component parts and the 8i Ordinary Shares and 8i Warrants were re-designated on a one-for-one basis, and the
Rights were converted (at the rate of one-tenth (1/10) of a share for each outstanding Right), into ordinary shares of EUDA Health Holdings
Limited, no par value (the "Company Shares"). The Company's shareholders of record (the "Shareholders")
are entitled to one vote for each Company Share held on all matters to be voted on by Shareholders. Shareholders have no conversion,
preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the Company Shares. The
Company Shares and warrants (the "Warrants") are listed on the Nasdaq Stock Market LLC ("Nasdaq") under the symbols
"EUDA" and "EUDAW," respectively.
Amended
and Restated Registration Rights Agreement.
At the closing, the Company entered into an amended and restated registration rights
agreement (as amended, the "Amended and Restated Registration Rights Agreement") with certain existing stockholders of the
Company and with the Seller with respect to their shares of the Company acquired before or pursuant to the Share Purchase, and including
the shares issuable on conversion of the warrants issued to the Sponsor in connection with the Company's initial public offering
and any shares issuable on conversion of working capital loans from the Sponsor (as defined in the SPA) to the Company (collectively,
the "Registrable Securities"). The agreement amends and restates the registration rights agreement the Company entered into
on November 22, 2021 in connection with its initial public offering. Pursuant to the terms of the Amended and Restated Registration Rights
Agreement, no later than fourteen (14) calendar days from the Closing, the Company is to file with the SEC a registration statement on
Form S-3 (or Form S-1) covering the resale of all or such maximum portion of the Registrable Securities as permitted by the SEC. The
Amended and Restated Registration Rights Agreement does not contain liquidating damages or other cash settlement provisions resulting
from delays in registering the Company's securities. The Company will bear the expenses incurred in connection with the filing
of any such registration statements.
Lock-up
Agreement.
In connection with the Closing, the Seller and its designees entered into lock-up agreements agreeing, subject to
certain exceptions, not to (i) offer, sell contract to sell, pledge or otherwise dispose of, directly or indirectly, any Lockup Shares
(as defined below), (ii) enter into a transaction that would have the same effect, (iii) enter into any swap, hedge or other arrangement
that transfers, in whole or in part, any of the economic consequences of ownership of the Lock-Up Shares or otherwise or engage in any
short sales or other arrangement with respect to the Lock-Up Shares or (iv) publicly announce any intention to effect any transaction
specified in clause (i) or (ii) until the date that is 18 months after the Closing Date (the "Lock-up Period," which may,
upon written agreement of the Company and the Seller, be reduced for one or more holders of the Lockup Shares). The term "Lockup
Shares" mean the Purchaser Shares (as defined in the SPA) and the Earnout Shares (as defined in the SPA), if any, delivered as
earnout payment, whether or not earned prior to the end of the Lock-up Period, and including any securities convertible into, or exchangeable
for, or representing the rights to receive ordinary shares of the Company after the Closing.
33
Indemnification
Agreements
At
Closing the Company entered into indemnification agreements with each of its directors and executive officers. Each indemnification agreement
provides for indemnification and advancement by the Company of certain expenses and costs relating to claims, suits or proceedings arising
from service as an officer, director, employee, agent or fiduciary of the Company to the fullest extent permitted by applicable law.
Seller
Release
At
Closing, the Company entered into a release (the
"Seller Release"
) whereby Seller agreed to release 8i, EUDA,
and all of their respective past and present officers, directors, managers, stockholders, members, employees, agents, predecessors, subsidiaries,
affiliates, estates, successors, assigns, partners and attorneys (each, a
"Released Party"
) to the maximum
extent permitted by applicable law, from any and all claims, obligations, rights, liabilities or commitments of any nature whatsoever
against 8i, EUDA, or any of the Released Parties, arising at or prior to the Closing, or related to any act, omission or event occurring,
or condition existing, at or prior to the Closing. The Seller does not release 8i, EUDA, or any of the Released Parties from claims arising
after the date of the Seller Release, any of the other ancillary agreements to the SPA, or any organizational or governing documents
or, of any indemnification agreements with, 8i or any of its subsidiaries.
Corporate
Information
Our
principal executive office is 1 Pemimpin Drive #12-06, One Pemimpin Singapore 576151. The phone number is +65 6268 6821. Our website
is www.euda.com. The information contained on our website is not a part of this annual report.
SEC
maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file
electronically with the SEC on
www.sec.gov
. You can also find more information about us on the SEC's website. However,
as a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly
reports and proxy statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing profit
recovery provisions contained in Section 16 of the Exchange Act.
Facilities
Our
headquarters are located in Singapore, where we leased one principal executive office. Our corporate headquarters is located in 1 Pemimpin
Drive ##12-06, One Pemimpin Singapore 576151, where we lease and occupy approximately 1,679 square feet of office space.
In
addition, our subsidiary Melana International Pte. Ltd. leases and occupies approximately 3,714 square feet of combined office space
at 60 Kaki Bukit Place #03-01 Singapore, 415979 for general business operations.
We
believe our properties are suitable for the purposes for which they are being used and fit our needs.
34
C.
Organizational
    Structure
The
following diagram illustrates our corporate structure as of the date of this annual report.
D.
Property,
    Plants and equipment
Our
headquarters are located in Singapore, where we leased one principal executive office. Our corporate headquarters is located in 1 Pemimpin
Drive ##12-06, One Pemimpin Singapore 576151, where we lease and occupy approximately 1,679 square feet of office space.
Our
subsidiary Kent Ridge Health Pte Ltd leases and occupies approximately 1,679 square feet of combined office space at 1 Pemimpin Drive
#12-06, One Pemimpin Singapore 576151 for general business operations.
In
addition, our subsidiary Melana International Pte. Ltd. leases and occupies approximately 3,714 square feet of combined office space
at 60 Kaki Bukit Place #03-01 Singapore, 415979 for general business operations.
We
believe our properties are suitable for the purposes for which they are being used and fit our needs.
ITEM
4A. UNRESOLVED STAFF COMMENTS
Not
Applicable.
35
ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated
financial statements that appear in this annual report. In addition to historical consolidated financial information, the following discussion
contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those
discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below
and elsewhere in this annual report, particularly in "Risk Factors." All amounts in included in the fiscal years ended December
31, 2023, 2022 and 2021 ("Annual Financial Statements") are derived from our audited consolidated financial statements included
elsewhere in this annual report. These Annual Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting
Principles, or U.S. GAAP.
5A.
Operating Results
Overview
Summary
of Business
On
September 8, 2023, the Board of Directors held a Board meeting and all Members of Board of Directors has thoroughly reviewed the current
market conditions and strategic considerations, and reached a resolution to streamline certain medical-related business units in
the best interests of the Company and its shareholders. The Company has assessed the Board's resolution about the streamlining
of certain medical-related business unit and determined that it qualifies as discontinued operations under ASC205-20 because it represented
a strategic shift that had a major effect on the Company's medical services financial results. As a result, the Company's
current and existing operations remained with its property management services. However, management is actively seeking new investments
and medical licenses to acquire or develop other healthcare services.
Exiting
discontinued operations often incurs restructuring costs, including severance payments, contract terminations, and asset impairments.
These one-time expenses can strain liquidity, especially if they are higher than initially anticipated. Exiting discontinued operations
and transitioning to a new strategic focus may require time and resources, diverting attention away from revenue-generating activities.
The transition period may result in temporary liquidity constraints as the Company adjusts its operations and reallocates resources.
Discontinuing certain operations is often part of a broader strategic realignment aimed at enhancing long-term profitability and shareholder
value. While strategic realignment may improve the Company's overall financial health, short-term liquidity may be impacted during the
transition period.
Recent Development
On May 6, 2024, we entered into a Share
Purchase Agreement with certain persons named therein (the "Share Purchase Agreement") for the acquisition of all
outstanding shares of Fortress Cove Limited ("Fortress Cove"), a British Virgin Islands company which is the sole legal
and beneficial owner of the entire share capital of CK Health Plus Sdn Bhd, a Malaysian company ("CK Health") in the
direct sale business of holistic wellness consumer products in Malaysia. Pursuant to the Share Purchase Agreement, we have agreed to
acquire the entire issued capital of Fortress Cove for an aggregate consideration of 10,000,000 newly issued ordinary shares, valued
at approximately $15.0 million based upon the enterprise fair value of CK Health appraised by an independent third-party valuation firm. An additional one million ordinary shares will be issued to the persons named in the Share Purchase
Agreement if certain financial performance milestones based on CK Health's net income for the fiscal years 2024 and 2025 are
met. The acquisition closed on May 8, 2024. Meng Dong (James) Tan, a significant shareholder of EUDA is also a 40% shareholder of
Fortress Cove Limited.
Principal
Factors Affecting Our Financial Performance
Retention
of Key Management Team Members
Another
key differentiating factor for us is the rich blended nature of our management team. Our management team comprises executives with extensive
experience in the property management segments. The wide array of industries captured by our management team allows us to deliver superior
products and services to our customers as the management team possesses an in-depth understanding of the pain points prevalent in the
industry. The combination has also enabled us to address the market gap in the property management industry. However, the loss of any
of our key executive team member might affect our quality of services clients are currently receiving and might lead to our clients to
seek service from other property management providers.
Key
Personnel Discharge of their Duties
If
for any reason, one or more of our employees are unable to discharge their duties properly or in the best interest of us in the property
management sector, that may have an adverse impact on our reputation and our brand and our attractiveness to retain our shopping malls,
business office buildings, or residential apartments clients. We may as result potentially lose future revenue from our existing clients
to retain our property management services.
Key
Components of Results of Operations
Revenues
We
generated revenues from Property management services. The Property Management Services covers the management and security services for
properties such as condominiums, residential apartments, business office buildings and shopping malls.
36
Results
of Operations
The
tables in the following discussion summarize our consolidated statements of operations for the periods indicated. This information should
be read together with our consolidated financial statements included elsewhere in this report. The operating results in any period are
not necessarily indicative of the results that may be expected for any future period.
For the Years Ended
December 31,
2023
2022
2021
Revenue
$
3,706,458
$
3,764,295
$
4,558,520
Cost of revenue
2,864,383
2,894,296
3,308,536
Gross profit
842,075
869,999
1,249,984
Selling expenses
533,562
935,565
333,663
General and administrative expenses
4,269,567
5,815,046
1,476,314
Earnout share payment
-
5,199,629
-
Impairment loss of long-lived assets
-
1,139,016
-
Loss from operations
(3,961,054
)
(12,219,257
)
(559,993
)
Other (expense) income, net
(4,473,727
)
(12,809,437
)
2,229,317
(Loss) income before provision for income taxes
(8,434,781
)
(25,028,694
)
1,669,324
Provision (benefit) for income taxes
-
(20,789
)
46,488
Net (loss) income from continuing operations
(8,434,781
)
(25,007,905
)
1,622,836
Net (loss) income from discontinued operations
(1,601,323
)
58,659
(722,440
)
Net (loss) income
$
(10,036,104
)
$
(24,949,246
)
$
900,396
Fiscal
Year Ended December 31, 2023 Compared to Fiscal Year Ended December 31, 2022
For the years ended
December 31,
Percentage
2023
2022
Change
Change
Revenue
$
3,706,458
$
3,764,295
$
(57,837
)
(1.5
)%
Cost of revenue
2,864,383
2,894,296
$
(29,913
)
(1.0
)%
Gross profit
842,075
869,999
$
(27,924
)
(3.2
)%
Selling expenses
533,562
935,565
$
(402,003
)
(43.0
)%
General and administrative expenses
4,269,567
5,815,046
$
(1,545,479
)
(26.6
)%
Earnout share payment
-
5,199,629
$
(5,199,629
)
(100.0
)%
Impairment loss of long-lived assets
-
1,139,016
$
(1,139,016
)
(100.0
)%
Loss from operations
(3,961,054
)
(12,219,257
)
$
(8,258,203
)
(67.6
)%
Other expense, net
(4,473,727
)
(12,809,437
)
$
(8,335,710
)
(65.1
)%
Loss before provision for income taxes
(8,434,781
)
(25,028,694
)
$
(16,539,532
)
(66.1
)%
Benefit for income taxes
-
(20,789
)
$
(20,789
)
(100.0
)%
Net loss from continuing operations
(8,434,781
)
(25,007,905
)
$
(16,573,124
)
(66.3
)%
Net (loss) income from discontinued operations
(1,601,323
)
58,659
$
(1,659,982
)
(2,829.9
)%
Net loss
$
(10,036,104
)
$
(24,949,246
)
$
(14,913,142
)
(59.8
)%
Revenue
Our
revenue from property management services decreased by approximately $58,000 or 1.5%, to approximately $3.7 million for the year ended
December 31, 2023 from approximately $3.8 million for the year ended December 31, 2022. Property management services revenue decreased
mainly due to the decrease of property management units that we managed without our security guard services offset by the increase of
property management units that we managed with our security guard services. The number of properties managed without security guard service
decreased from 37 units for the year ended December 31, 2022 to 34 units for the year ended December 31, 2023. The number of properties
managed with security guard services increased from 12 units for the year ended December 31, 2022 to 15 units for the year ended December
31, 2023.
Our
percentage of property management services revenue from each property type are summarized as follows:
For the Year Ended
For the Year Ended
December 31, 2023
December 31, 2022
Residential Apartments
70
%
60
%
Commercial Units
30
%
40
%
Historically,
we provided more property management services in the residential apartments than in the commercial units during the year ended December
31, 2023 and 2022.
Cost
of Revenue
Our
cost of revenues from property management services has no significant movement and decreased by approximately $30,000, or 1.0%, to approximately
$2.9 million for the year ended December 31, 2023 from approximately $2.9 million for the year ended December 31, 2022. The decrease
in cost of revenues from property management services is in line with our decrease of revenues from property management services, which
was mainly due to the decreased number of property management units that we managed without security guard service and the decreased
number of property management employees that cause decreased in salary by approximately 1.0%.
Gross
Profit
The
gross profit percentage was 22.7% and 23.1% for the year ended December 31, 2023 and 2022, respectively. The decrease of gross profit
percentage of 0.4% was primarily attributable to increase in salary and benefits of the property management employees per employee. Although
the number of employees in the property management operations was reduced due to the decrease in properties managed, salaries of property
management employees increased due to performance and inflation adjustment to retain more qualified employees and we did not pass on
the cost of such adjustments to the customers, which significantly lowered the gross profit percentage for property management.
37
Operating
Expenses
Total
operating expenses decreased by approximately $8.3 million, or 63.3%, to approximately $4.8 million for the year ended December 31, 2023
from approximately $13.1 million for the year ended December 31, 2022. The decrease was mainly attributable to the decrease of selling
expenses of approximately $0.4 million, decrease of general and administrative ("G&A") expenses of approximately $1.6
million, decrease of earnout share payment of approximately $5.2 million and decrease of impairment loss on long-lived assets of approximately
$1.1 million.
A
decrease of approximately $0.4 million in selling expenses was mainly attributable to the decrease of approximately $0.4 million in marketing
expenses as management initiated its operating strategy to minimizing its marketing related expenses during the year ended December 31,
2023 as compared to 2022.
A
decrease of approximately $1.6 million in general and administrative expenses was mainly attributable to the decrease of provision of
credit losses of approximately $2.7 million offset by the increase of approximately $1.0 million in professional fees in 2023 as compared
to the same period in 2022 and the increase of approximately $0.1 million in other G&A expenses such as management salary and office
expenses.
In 2022, we wrote off approximately $2.2 million of the uncollectible balance of receivable
from divestment from PT Bumi Lestari Berkah Melimpah, an unrelated third party and the balance from loan to PT total Prima Indonesia
as we determined these balances will not be recovered in the future. We did not have such wrote-off during 2023. The increase in legal
fees of $1.0 million is mainly due to the public listing expenses incurred related to becoming a U.S. publicly traded listing company
during 2023.
A
decrease of approximately $5.2 million earnout share payment was attributable to the 4.0 million earnout shares issued for the year ended
December 31, 2022 whereas no earnout shares were issued for the year ended December 31, 2023.
A
decrease of approximately $1.1 million in impairment loss on long-lived assets as the goodwill and intangible assets recognized through
acquisition of Super Gateway Group Limited in January 2020 was fully impaired for the year ended December 31, 2022. We did not have any
intangible assets for impairment in 2023.
Other
Expenses, Net
Our
other expense, net is summarized as follows:
For the Year
Ended
December 31,
2023
For the Year
Ended
December 31, 2022
Change
Change (%)
Other expense, net
Interest expense, net
$
(23,225
)
$
(93,782
)
$
(70,557
)
(75.2
)%
Change in fair value of prepaid forward purchase liabilities
(1,303,658
)
(12,911,503
)
$
(11,607,845
)
(89.9
)%
Loss on settlement of prepaid forward contracts
(2,635,816
)
-
$
2,635,816
100.0
%
Loss on debt settlement
(645,612
)
-
$
(645,612
)
(100.0
)%
Other income, net
134,584
195,848
$
(61,264
)
(31.3
)%
Total other expense, net
$
(4,473,727
)
$
(12,809,437
)
$
(8,335,710
)
(65.1
)%
Total
other expense, net were amounted to approximately $4.5 million for the year ended December 31, 2023 while total other expense, net were
amounted to approximately $12.8 million for the year ended December 31, 2022. The significant changes were mainly due to the following:
Interest
expenses, net
The
decrease of interest expenses of approximately $70,000 was mainly attributable to the decrease in interest bearing convertible notes
during the year ended December 31, 2023 as compared to the same period in 2022.
Change
in prepaid forward purchase liabilities
We
entered into two equity prepaid forward transactions in November 2022, which required for fair value accounting. Due to our stock price
has significantly dropped after our Company listed in NASDAQ on November 17, 2022, the fair value of the prepaid forward purchase liabilities
increased significantly in the year ended December 31, 2023 as compared to 2022, which we resulted in a loss from change in fair value
of prepaid forward purchase liabilities amounted approximately $12.9 million for the year ended December 31, 2022. For the year ended
December 31, 2023, we incurred a loss from change in fair value of prepaid forward purchase liabilities amounted approximately $1.3 million
because our stock price was not as volatility as compared to the fair value evaluation period in 2022 and resulted in lesser degree of
a loss from change in fair value of prepaid forward purchase liabilities.
38
Loss
on settlement of prepaid forward contracts
We
incurred a loss on our settlement of prepaid forward contracts that amounted to approximately $2.6 million for the year ended December
31, 2023 as we entered into amendments to the Prepaid Forward Agreements to amend the definition of "Maturity Consideration"
to settle the prepaid forward contracts with the issuance of 1,600,000 ordinary shares.
Loss
on debt settlement
We
incurred a loss on our debt settlements that amounted to approximately $0.6 million for the year ended December 31, 2023 as we entered
into five settlement agreements to settle our debt incurred with various lenders and converted the balance with the issuance of our ordinary
shares to the lenders.
Other
income
The
decrease of other income of approximately $61,000 was mainly attributable to the decreased amount of compensation scheme received from
the Inland Revenue Authority of Singapore.
Benefit
for Income Taxes
Our
benefit for income taxes decreased by approximately $21,000 for the year ended December 31, 2023 as compared to the year ended
December 31, 2022. Our benefit for income taxes amounted to $0 and approximately $21,000 for the year ended December 31, 2023 and
2022, respectively. The decrease in benefit for income taxes is mainly due to we have no deferred income tax benefit to be
realized in 2023.
Net
Loss from Continuing Operations
We
had a net loss from continuing operations of approximately $8.4 million and $25.0 million for the years ended December 31, 2023 and 2022,
respectively. Changes of net loss from continuing operations for the year ended December 31, 2023 as compared to the same period in 2022
was predominately due to the reasons as discussed above.
Net
(Loss) Income from Discontinued Operations
We
had a net loss from discontinued operations of approximately $1.6 million for the year ended December 31, 2023 and a net income of approximately
$$59,000 for the same period in 2022. Changes from net income of discontinued operations for the year ended December 31, 2022 to net
loss for the same period in 2023 was predominately due to the decrease in revenue of approximately $5.1 million which lead to decrease
in gross profit of approximately $2.3 million offset by the decrease in operating expenses of approximately $0.5 million in our medical
services unit for the year ended December 31, 2023 as compared to the same period in 2022. In September 2023, we have streamlined our
medical service operations to minimize any further losses as the demand in our services were much lower in the post Covid-19 era. As
a result, our Board has thoroughly reviewed the current market conditions and strategic considerations, and reached to a resolution that
streamlining certain of our medical service units are in the best of our interests and our shareholders.
Net
Loss
We
had a net loss of approximately $10.0 million and $25.0 million for the years ended December 31, 2023 and 2022, respectively. Changes
of net loss for the year ended December 31, 2023 as compared to the same period in 2022 was predominately due to the reasons as discussed
above.
Fiscal
Year Ended December 31, 2022 Compared to Fiscal Year Ended December 31, 2021
For the years ended
December 31,
Percentage
2022
2021
Change
Change
Revenue
$
3,764,295
$
4,558,520
$
(794,225
)
(17.4
)%
Cost of revenue
2,894,296
3,308,536
$
(414,240
)
(12.5
)%
Gross profit
869,999
1,249,984
$
(379,985
)
(30.4
)%
Selling expenses
935,565
333,663
$
601,902
180.4
%
General and administrative expenses
5,815,046
1,476,314
$
4,338,732
293.9
%
Earnout share payment
5,199,629
-
$
5,199,629
100.0
%
Impairment loss of long-lived assets
1,139,016
-
$
1,139,016
100.0
%
Loss from operations
(12,219,257
)
(559,993
)
$
11,659,264
2,082.0
%
Other (expense) income, net
(12,809,437
)
2,229,317
$
(15,038,754
)
(674.6
)%
(Loss) income before provision for income taxes
(25,028,694
)
1,669,324
$
(26,698,018
)
(1,599.3
)%
(Benefit) provision for income taxes
(20,789
)
46,488
$
(67,277
)
(144.7
)%
Net (loss) income from continuing operations
(25,007,905
)
1,622,836
$
(26,630,741
)
(1,641.0
)%
Income (loss) from discontinued operations
58,659
(722,440
)
$
781,099
108.1
%
Net (loss) income
(24,949,246
)
900,396
$
(25,849,642
)
(2,870.9
)%
39
Revenue
Our
revenue from property management services decreased by approximately $0.8 million, or 17.4%, to approximately $3.8 million for the year
ended December 31, 2022 from approximately $4.6 million for the year ended December 31, 2021. Property management services revenue decreased
mainly due to the decrease of property management units that we managed without our security guard services and the decrease of property
management units that we managed with our security guard services. The number of properties managed without security guard service decreased
from 39 units for the year ended December 31, 2021 to 37 units for the year ended December 31, 2022. The number of properties managed
with security guard services decreased from 13 units for the year ended December 31, 2021 to 12 units for the year ended December 31,
2022. Currently, we do not have any property management services provided to any medical clinics.
Our
percentage of property management services revenue from each property type are summarized as follows:
For the Year Ended
For the Year Ended
December 31, 2022
December 31, 2021
Residential Apartments
60
%
59
%
Commercial Units
40
%
41
%
Historically,
we provided more property management services in the residential apartments than in the commercial units during the year ended December
31, 2022 and 2021.
Cost
of Revenue
Our
cost of revenues from property management services decreased by approximately $0.4 million, or 12.5%, to approximately $2.9 million for
the year ended December 31, 2022 from approximately $3.3 million for the year ended December 31, 2021. The decrease in cost of revenues
from property management services is in line with our decrease of revenues from property management services which was mainly due to
the decreased number of property management units that we managed and the decreased number of property management employees offset by
the increase of salary and benefits of the property management employees per individual employee.
Gross
Profit
The
percentage was 23.1% and 27.4% for the year ended December 31, 2022 and 2021, respectively. The decrease of gross profit percentage of
4.3% was primarily attributable to increase of salary and benefits of the property management employees per employee. Although we had
reduced the number employees in the property management operations due to the decrease of property that we managed, we increased the
salary of property management employees on performance and inflation adjustment to retain more qualified employees and did not pass on
the cost of such adjustments to our customers, which significantly lowered our gross profit percentage for property management.
Operating
Expenses
Total
operating expenses increased by approximately $11.3 million, or 623.2%, to approximately $13.1 million for the year ended December 31,
2022 from approximately $1.8 million for the year ended December 31, 2021. The increase was mainly attributable to the increase of selling
expenses of approximately $0.6 million, increase of general and administrative expenses of approximately $4.3 million, increase of earnout
share payment of approximately $5.2 million and increase of impairment loss on long-lived assets of approximately $1.1 million.
An
increase of approximately $0.6 million in selling expenses was mainly attributable to the increase of approximately $0.6 million in marketing
expenses as managements were trying to expand its business by spending more on advertisement and marketing activities.
An
increase of approximately $4.3 million in general and administrative expenses was mainly attributable to an approximately $1.4 million
increases in professional fees, including but not limited to, attorney, auditors and consulting expenses incurred in relation to the
Business Combination in 2022. The increase was also attributable to an approximately $2.8 million increase in provision for bad debt,
which was resulted from write-off of the uncollectible balance of receivable from divestment from BPT, an unrelated third party and the
balance from loan to PT total Prima Indonesia as we determined this balance will not be recovered in the future. The increase was also
attributable to the increase in other miscellaneous G&A expenses of approximately $0.1 million.
In
addition, we incurred approximately $5.2 million of earnout payment upon assessing the fair value of the Earnout Share during the year
ended December 31, 2022 in connection with the Business Combination.
An
increase of approximately $1.1 million in impairment loss on long-lived assets as we fully impaired the remaining balance of goodwill
and intangible assets recognized through acquisition of Super Gateway Group Limited in January 2020.
40
Other
(Expense) Income, net
Our
other (expense) income, net is summarized as follows:
For the Year
Ended
December 31,
2022
For the Year
Ended
December 31, 2021
Change
Change (%)
Other (expense) income, net
Interest expense, net
$
(93,782
)
$
(1,639
)
$
92,143
5,621.9
%
Change in prepaid forward purchase liabilities
(12,911,503
)
-
12,911,503
100.0
%
Other income
195,848
313,894
$
(118,046
)
(37.6
)%
Investment income
-
1,917,062
$
(1,917,062
)
(100.0
)%
Total other (expense) income, net
$
(12,809,437
)
$
2,229,317
$
(15,038,754
)
(674.6
)%
Total
other expense, net was amounted to approximately $12.8 million for the year ended December 31, 2022 while total other income, net were
amounted to approximately $2.2 million for the year ended December 31, 2021. The changes were mainly due to the following:
Interest
expense, net
The
increase was due to the Company entered into interest bearing convertible notes for the year ended December 31, 2022 and the Company
did not has such interest bearing convertible notes in 2021.
Change
in prepaid forward purchase liabilities
We
incurred a loss from change in prepaid forward purchase liabilities amounted approximately $12.9 million for the year ended December
31, 2022 as we entered into two equity prepaid forward transactions in November 2022, which required for fair value accounting. Due to
our stock price has significantly dropped after the Business Combination in November 2022, the fair value of the prepaid forward purchase
liabilities also decreased significantly.
Other
income
The
decrease of other income was because we obtained less government grant for the year ended December 31, 2022 as compared to the same period
in 2021.
Investment
income
We
had investment income of approximately $1.9 million from the Affordable Home Program investment in Indonesia during the year ended December
31, 2021 while no investment income was recognized during the same period in 2022.
Provision
(Benefit) for Income Taxes
Our
provision for income taxes decreased by approximately $67,000 for the year ended December 31, 2022 as compared to the year ended December
31, 2021. Our (benefit) provision for income taxes amounted to approximately $(21,000) and $46,000 for the year ended December 31, 2022
and 2021, respectively. The decrease in provision for income taxes is mainly due to increase of our deferred tax benefit as we wrote
off our deferred tax liability as a result of the impairment of our intangible asset in 2022. During the year ended December 31, 2021,
we have incurred provision for income tax from our profitable subsidiaries.
Net
(Loss) Income from Continuing Operations
We
had a net (loss) income from continuing operations of approximately $(25.0) million and $1.6 million for the years ended December 31,
2022 and 2021, respectively. Changes of net (loss) income from continuing operations for the year ended December 31, 2022 as compared
to the same period in 2021 was predominately due to the reasons as discussed above.
Net
Income (Loss) from Discontinued Operations
We
had a net income (loss) from discontinued operations of approximately $59,000 and $(0.7) million for the years ended December 31, 2022
and 2021, respectively. Changes of net loss from discontinued operations for the year ended December 31, 2022 as compared to the same
period in 2021 was predominately due to the decrease in gross profit of approximately $0.5 million offset by the decrease in operating
expenses of approximately $1.3 million in our medical services unit in 2022 as compared to 2021. In September 2023, we have streamlined
our medical service operations to minimize any further losses as the demand in our services were much lower after the Post Covid-19 era.
As a result, our Board has thoroughly reviewed the current market conditions and strategic considerations, and reached to a resolution
that streamlining certain of our medical service units is in the best of our interests and our shareholders.
Net
(Loss) Income
We
had a net loss of approximately $24.9 million for the year ended December 31, 2022, while we had a net income of approximately $0.9 million
for the year ended December 31, 2021. Changes from net income for the year ended 2021 to net loss for the same period in 2022 was predominately
due to the reasons as discussed above.
41
5B.
Liquidity and Capital Resources
Liquidity
and Capital Resources
In
assessing liquidity, we monitor and analyze cash on-hand and operating and capital expenditure commitments. Our liquidity needs are to
meet working capital requirements, operating expenses and capital expenditure obligations. Debt financing in the form of short-term borrowings
from banks, private lenders, third parties and related parties and cash generated from operations have been utilized to finance working
capital requirements. As of December 31, 2023, our working capital deficit was approximately $7.9 million, and we had cash of approximately
$0.2 million.
We
have experienced recurring losses from operations and negative cash flows from operating activities since 2020. In addition, we had,
and may potentially continue to have, an ongoing need to raise additional cash from outside sources to fund our expansion plan and related
operations. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support
our cost structure. In connection with our 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 our ability to continue
as a going concern within one year after the date that our unaudited condensed consolidated financial statements are issued. The management's
plan in addressing this uncertainty is through the following sources:
●
other
    available sources of financing from Singapore banks and other financial institutions or private lenders;
●
equity
    financing.
In
light of the disparity between the exercise price of the warrants and our current trading price, it is very unlikely that any potential
proceeds from the exercise of our warrants will be realized in the near future. We are in active discussions with underwriters regarding
a potential financing transaction through the issuance of convertible or equity financing to improve our liquidity and capital resource
needs. However, there is no assurance that management will be successful in our financing plans. Should we need to seek additional capital
prior to the potential convertible notes financing transaction, we may continue to go to our related parties for additional financial
support. We can make no assurances that required financings will be available for the amounts needed, or on terms commercially acceptable
to us, 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 us and would materially adversely affect our ability to continue
as a going concern.
Discontinued operations may entail contingent liabilities,
such as legal claims, tax clearance and etc. The resolution of these liabilities could require cash
outflows, impacting the Company's liquidity and financial flexibility. If proceeds from discontinued operations are used to repay debt
obligations, the Company's liquidity may improve in the long term by reducing interest expenses and debt service requirements. However,
the immediate impact on liquidity will depend on the timing and amount of debt repayment.
The
accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business and, as such, the financial statements do not include any adjustments
relating to the recoverability and classification of recorded amounts or amounts and classification of liabilities that might be necessary
should we be unable to continue in existence.
The
following table provides summary information about our net cash flow for financial statement periods presented in this report:
For the Years Ended December 31,
2023
2022
2021
Net cash used in operating activities from continuing operations
$
(3,213,862
)
$
(87,800
)
$
(386,272
)
Net cash provided by (used in) operating activities from discontinued operations
295,967
(1,439,028
)
830,192
Net cash used in investing activities from continuing operations
-
(246,664
)
(374,398
)
Net cash provided by (used in) investing activities from discontinued operations
-
(21,542
)
18,215
Net cash provided by financing activities from continuing operations
2,724,383
1,008,144
710,690
Net cash (used in) provided by financing activities from discontinued operations
(371,888
)
1,480,803
(879,063
)
Effect of exchange rate changes
(21,531
)
(99,424
)
19,865
Net change in cash and cash equivalents
$
(586,931
)
$
594,489
$
(60,771
)
Principal
demands for liquidity are for working capital and general corporate purposes.
Operating
Activities
Net
cash used in operating activities was approximately $2.9 million for the year ended December 31, 2023 and was primarily attributable
to (i) approximately $8.4 million in net loss from continuing operations as discussed above, (ii) approximately $34,000 increase in accounts
receivable due to less collections, and offset by (i) approximately $62,000 decrease in prepaid expenses and other current assets, (ii)
approximately $0.5 million increase in other payables and accrued liabilities mainly resulted from accrued professional fees, (iii) approximately
$80,000 increase in taxes payable, (iv) approximately $1.3 million in change in fair value of prepaid forward purchase liabilities, (v)
approximately $2.6 million increased in loss on settlement of prepaid forward contracts, (vi) approximately $0.6 million in loss on debt
settlement, and (vii) approximately $0.3 million net cash provided by operating activities from discontinued operations.
42
Net
cash used in operating activities was approximately $1.5 million for the year ended December 31, 2022 and was primarily attributable
to (i) approximately $25.0 million in net loss from continuing operations as discussed above, (ii) approximately $48,000 in deferred
tax benefits, (iii) approximately $38,000 decrease in taxes payable, (iv) approximately $43,000 payments on operating lease liability,
and (v) approximately $1.4 million net cash used in operating activities from discontinued operations, offset by (i) approximately $0.1
million decrease in accounts receivables, (ii) approximately $1.6 million decrease in other receivables mainly resulted from the collection
of our investment income, (iii) approximately $1.1 million increase in other payables and accrued liabilities mainly resulted from accrued
professional fees, (iv) approximately $12.9 million in change in fair value of prepaid forward purchase liabilities, (v) approximately
$2.8 million in provision for doubtful accounts due to write-off of the balance of receivable from divestment from BPT, an unrelated
third party and the balance from loan to PT total Prima Indonesia, (vi)
approximately $5.2 million
in earn out payment upon assessing the fair value of the Earnout Share,
(vii) approximately $1.1 million in impairment loss on
goodwill and intangible assets, and (viii) approximately $0.2 million in non-cash items such as depreciation and amortization expenses.
Net cash provided by operating activities was approximately $0.4 million for the year ended December 31, 2021 and was primarily attributable
to (i) a net income of approximately $1.6 million from continuing operations as discussed above, (ii) approximately $0.2 million in non-cash
items such as depreciation and amortization expenses, and (iii) approximately $0.8 million net cash provided by operating activities
from discontinued operations, offset by (i) approximately $1.9 million of investment income from the Affordable Home Program investment
in Indonesia, (ii) approximately $0.1 million increase in accounts receivable, (iii) approximately $0.1 million increase in other payables
and accrued liabilities, and (iv) approximately $62,000 decrease in operating lease liability.
Investing
Activities
There
was no net cash provided by investing activities for the year ended December 31, 2023.
Net
cash used in investing activities was approximately $0.3 million for the year ended December 31, 2022, which was primarily attributable
to loan to third party of approximately $0.2 million and net cash used in investing activities from discontinued operations of approximately
$22,000.
Net
cash used in investing activities was approximately $0.4 million for the year ended December 31, 2021, which was primarily attributable
to the loan to third party of approximately $0.4 million offset by net cash provided by investing activities from discontinued operations
of approximately $18,000.
Financing
Activities
Net
cash provided by financing activities was approximately $2.7 million for the year ended December 31, 2023 and was primarily attributable
to (i) approximately $0.8 million issuance of ordinary shares through private placements, (ii) approximately $1.2 million proceeds from
short-term loans-related patties, (iii) approximately $0.5 million borrowings from other payables - related parties, and (iv) approximately
$0.5 million in borrowings from discontinued operations entities, offset by (i) net cash used in financing activities from discontinued
operations of approximately $0.4 million, and (ii) approximately $6,000 payments of finance lease liabilities.
Net
cash provided by financing activities was approximately $2.5 million for the year ended December 31, 2022 and was primarily attributable
to (i) approximately $0.3 million repayments from other receivable – related parties, (ii) $0.5 million issuance of ordinary shares,
(iii) approximately $0.6 million receipt of subscribed shares deposit, (iv) approximately $1.3 million proceeds from Reverse Recapitalization,
(v) net cash provided by financing activities from discontinued operations of approximately $1.5 million, (vi) approximately $1.4 million
borrowings from other payables - related parties, offset by (i) approximately $1.8 million of repayments to discontinued operations entities,
(ii) approximately $1.3 million payments of merger costs, and (iii) approximately $7,000 payments of finance lease liabilities.
Net
cash used in financing activities was approximately $0.2 million for the year ended December 31, 2021 and was primarily attributable
to (i) approximately $7,000 payments of finance lease liabilities, and (ii) net cash used in financing activities from discontinued operations
of approximately $0.9 million, offset by (i) approximately $0.1 million repayments to short-term loans – third parties, (ii) approximately
$0.2 million from borrowings from other payables – related parties, and (iii) approximately $0.3 million in borrowings from discontinued
operations entities.
In
light of the significant number of redemptions and the unlikelihood that the Company will receive significant proceeds from exercises
of the Warrants because of the disparity between the exercise price of the Warrants and the current trading price of the ordinary shares,
the Company is likely to have to seek additional capital in the near future in order to support our continued business operations. If
the trading price of our ordinary shares experiences a further decline following or as a result of this offering, it will negatively
impact our ability to raise additional capital on favorable terms, if at all.
Commitments
and Contingencies
In
the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business,
that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20,
"Loss Contingencies", we will record accruals for such loss contingencies when it is probable that a liability has been incurred
and the amount of loss can be reasonably estimated.
Inflation
Inflation
in the Singapore have not materially affected our results of operations. Although we have not been materially affected by inflation in
the past, we may be affected if Singapore experience higher rates of inflation in the future.
43
Off-Balance
Sheet Arrangements
We
have no off-balance sheet arrangements including arrangements that would affect our liquidity, capital resources, market risk support
and credit risk support or other benefits.
5C.
Research and Development, Patents and Licenses, etc.
See
"Item 4. Information on the Company—B. Business Overview—Intellectual Property."
5D.
Trend Information
Other
than as disclosed elsewhere in this annual report and below, we are not aware of any trends, uncertainties, demands, commitments or events
that are reasonably likely to have a material effect on our revenues, income from continuing operations, profitability, liquidity or
capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or
financial condition.
5E.
Critical Accounting Estimates
Financial
statements and accompanying notes have been prepared in accordance with U.S. GAAP. The preparation of these financial statements and
accompanying notes requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and
expenses, and related disclosure of contingent assets and liabilities. Estimates are based on historical experience and on various other
assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about
the carrying values of assets and liabilities that are not readily apparent from other sources. Certain accounting estimates are particularly sensitive because of our significance to financial statements and because of the possibility
that future events affecting the estimate may differ significantly from management's current judgments. We believe that the following
most significant estimates and judgments that effect the reported amount of assets, liabilities, revenues and expenses, and related disclosure
in the preparation of our financial statements.
●
Allowance
                                            for credit losses
●
Income
                                            taxes
Allowance
for credit losses
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 days, in the normal course of business. Management reviews the adequacy of the allowance for credit losses 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.
On January 1, 2023, the Company adopted 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.
We
used a modified retrospective approach and the adoption does not have an impact on our consolidated financial statements. Our accounts
receivable are within the scope of ASC Topic 326. To estimate expected credit losses, we have identified the relevant risk characteristics
of the receivables which include size and nature. Receivables with similar risk characteristics have been grouped into pools. For each
pool, we consider the past collection experience, current economic conditions and future economic conditions (external data and macroeconomic
factors). This is assessed at each quarter based on our specific facts and circumstances. There have been no significant changes in the
assumptions since adoption. Account balances are charged off against the allowance after all means of collection have been exhausted
and the potential for recovery is considered remote. We continue to evaluate the reasonableness of the valuation allowance policy and
update it if necessary.
Income
taxes
We
account 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. Our assumptions on valuation allowance includes our
subsidiaries historical operating result and likelihood of whether we expect we can realize such deferred tax assets in the near future.
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 more-likely-than-not of being realized on examination. For tax positions not meeting the "more likely than not" test,
no tax benefit is recorded.
44
Item
6. Directors, Senior Management and Employees
A.
Directors
    and Senior Management
Name
Age
Position(s)
Wei
    Wen Kelvin Chen
40
Chief
    Executive Officer, Executive Director
Steven
    John Sobak
77
Chief
    Financial Officer
Alfred
    Lim
73
Executive
    Director
Eric
    Lew
51
Chairman
    of the Board
Kong-Yew
    Wong
49
Director
Kent
    Kwong Yeow Liew
69
Director
Wei
Wen Kelvin Chen
. Dr. Wei Wen Kelvin Chen brings over 20 years of expertise as a software executive, operation's leader
and strategy professional within the healthcare sector. Since 2019, he has served as the Chief Executive Officer and founder as well
as the Executive Director at EUDA. Previously, from 2012 to 2017, Dr. Chen worked at Healthway Medical Group (Healthway), the largest
listed healthcare company in Singapore with more than 100 medical clinics. While at Healthway, he started off as the Group Marketing
Manager (from 2012 to 2014), was promoted to the Head of the Adult Specialist and CMO department (from 2014 to 2015), General Manager
of the Specialist Division (2015) and eventually served as the Vice President (from 2015 to 2017), where he was responsible for the enterprise's
operations and growth, contributing to its exceptional revenue growth in 2015. Dr. Chen was instrumental in restructuring exercise and
strategizing the Healthcare and Corporate Sales division to achieve the annual targets set by the board of Healthway, While at Healthway,
Dr. Chen saw the gaps within the traditional healthcare infrastructure and an opportunity for technological innovation to propel digitalization
across the entire health ecosystem, spurring him to establish Kent Ridge Health. Dr. Chen started his career with the Singapore Police
Force (SPF) as a police officer, where the experience of managing operations formed the foundations of his management skills. He served
as SPF's IT consultant on emerging technologies, managing information systems and operations. In this role, he was instrumental
in facilitating the overhaul of SPF's transition from outdated organization-wide technologies to cutting edge, cost-effective business
solutions that dramatically improved efficiency, decreased expenses, and optimized data integrity and safety. Dr. Chen holds a Doctorate
in Business Administration from the University of South Australia and a Bachelor of Science, with honors, in Computer Science from the
University of Greenwich.
Steven
John Sobak
. Mr. Steven John Sobak has been serving as EUDA's Chief Financial Officer since March 2022 and has over 45 years
in healthcare administrative experience covering most aspects of hospital management in both the public and private sectors, in general
acute and various specialty facilities. Within Singapore and Malaysia, he has served as Chief Executive Officer, Chief Financial Officer,
and Chief Operating Officer at various hospitals ranging from 100 to over 1,500 beds. Over the years he has worked in the US, Saudi Arabia,
Singapore, Malaysia and with consulting assignments in China and India. Since 2014, Mr. Sobak has been an Independent Healthcare Consultant
for new, greenfield and brownfield projects as well as other potential ventures in Singapore, where he offered healthcare related consulting
and advisory services of both. He provided guidance and feasibility study preparations for projects in China to gather required information,
guidance and direction for managing the planning, construction and pre-opening requirements. From June 2010 to July 2016, he served as
the Chief Operating Officer (June 2010 to January 2016) and Senior Director of National Neuroscience Institute (January 2016 to July
2016). Prior to that, Mr. Sobak was the Chief Executive Officer of Singapore Cord Blood Bank from January 2009 through June 2015. Concurrently,
he was the Senior Instructor at Business Continuity Management Institute. From October 1969 through January 2014, he held various positions
at Singapore Management University - Singhealth, Healthcura Consulting Pvt Ltd, KK Women's and Children's Hospital, United
Engineers Group (Medical Hall Ltd), Southern Hospital Group, Tan Tock Seng Hospital Pte Ltd and Hospital Corporation of America/International
Inc. At various times in his career, he had direct operational responsibility for many departments such as Finance, Purchasing, Corporate
Communications, Quality Service Management (QSM), Legal, Facilities and Maintenance Operations, Bio-Medical Services, IT, and more. He
introduced the concept of Pre-Admission Patient Financial Counseling in 1989, which was subsequently adopted by all hospitals in Singapore.
He has supervised and been responsible for various Divisions within the Executive, Allied Health, Outpatient, Operational Support, etc.
He has also authored / co-authored and published two books on healthcare related topics. Mr. Sobak holds a Master's Degree in Finance
and a Bachelor's Degree in Management, both from Wayne State University.
45
Alfred
Lim.
Mr. Alfred Lim is our Executive Director who has over 44 years of experience in international trade business, covering
the Asia Pacific region. He started his career in 1978 with May & Baker Ltd/Rhone Poulenc Singapore Pte Ltd, one of Europe's
top chemicals and pharmaceutical companies, before moving on to Neste Chemicals Trading Singapore Pte Ltd in 1990, where he was the Managing
Director responsible for sales and marketing to companies in United States, Europe, and Asia. Between 1994 to 2002, he was the managing
director of Borealis Singapore Pte Ltd, managing the company's Asia Pacific offices and distributors. Under Mr. Lim's remit,
Borealis Singapore was awarded the International Trade Award from Ministry of Finance, Approved International Trader status from Ministry
of Trade & Industry and Singapore 1,000 Ranking for Highest Returns on Shareholders' Funds for year 1998/1999. In 2002, Mr
Lim co-founded Akashi Sdn Bhd, a Malaysian distributor for chemicals which was later sold to East Asiatic Chemicals/Brenntag. From 2006
to 2018, Mr. Lim acted as a senior consultant to An Duong Group, setting up a distributor network in Vietnam for international bathroom
product brands. Since 2018, he has been a consultant to Roca Group, the world's largest sanitary ware manufacturer for Vietnam.
Alfred received his Bachelor of Science (Honors) degree in Chemistry from the University of Singapore in 1976, Graduate diploma in Marketing
from Singapore Institute of Management in 1986.
Eric
Lew
. Mr. Eric Lew is our independent director who has over 25 years of business experience. Mr. Lew started his career as an
auditor with KPMG LLP for nearly 3 years before joining Wong Fong Industries Ltd where he served for 16 years as the Executive Director
and remains as a board member. He served as the Executive Chairman of Y Ventures Group Ltd from March 2019 to July 2022, where his role
was to drive the e-commerce group's strategic direction and growth and to provide mentorship to management. Mr. Lew has served
on the board of Eggriculture Foods Ltd since January 2023. He also serves on Executive Committee Board of WMRAS (Waste Management and
Recycle Association of Singapore), the Board of Directors of Northlight School, and the NTU Nanyang Business School Alumni Board. In
2016, Mr. Lew was nominated for the Straits Times' Singaporean of the Year for his contribution to small and medium-sized entities
(SMEs) and innovation in Singapore. Mr. Lew has a Bachelor's Degree in Accountancy with a Minor in Banking and Finance from the
Nanyang Technological University of Singapore.
Kong-Yew
Wong
. Dr. Kong-Yew Wong is our independent director who has been serving as the Group CEO at D'Mace Pty Ltd (Australian)
since September 2021, responsible for the company's corporate governance, strategic directions and performance. He has also served
as the lead consultant in several initiatives with ASEAN and UNWTO. Dr. Wong has also been serving as the Executive Director of E-Plus
Ltd. in Australia since November 2020. He is also an international keynote speaker with appearances at major international conference
in Asia, and features in newspapers and TV news (with personal interview at Astro Awani, Berita, TV2 etc). From April 2017 to September
2020, Dr. Wong served as the CEO at DYBIOTECH Bhd., a privately-held company in Malaysia that promotes beauty tourism to Malaysia. Dr.
Wong received his Bachelor of Business Administration degree in Economics from Western Michigan University in December 1996. He received
his Master of Economics from Universiti Putra Malaysia in December 2000. Dr. Wong received his Ph.D. degree in Economics from Strathclyde
University in December 2004.
Kent
Kwong Yeow Liew
.
Mr. Kent Kwong Yeow Liew is our independent director who has more than 25 years of experience in several
multi-national organizations, such as Matsushita Denki, General Motors, Intel as well as Urmet Telecoms Italy. He served as a Director
8i Enterprises Acquisition Corp., a blank check company listed on Nasdaq, from March 2018 until September 2020 when it consummated its
business combination with Diginex Ltd, and of Moxian, Inc. from March 2014 to August 2016. Mr. Liew served as the President, Chief Executive
Officer and director of Rebel Group, Inc., a Singapore company, from February 2013 to January 2015. In 2006, Mr. Liew was instrumental
in setting up the first manufacturing plant of Urmet Telecommunications S.p.A in China and fine-tuning its supply chain. Prior to that,
Mr. Liew was the General Manager of Aztech Singapore Pte. Ltd's plant in China from 2001 through 2005. From 1992 through 2001,
he served as the Head of Operations of the manufacturing facilities of Phoenix Mecano S E Asia Pte. Ltd in Singapore. Mr. Liew received
his certificate in Electrical Engineering from Singapore Technical Education in 1974. He also completed the management study programs
in City and Guilds regarding Electrical and Electronics in 1974, Industrial Training Board at MOE Singapore in 1976, Matsushita DENKI
Management Development Program in 1978, General Motors Institute in 1983 and Intel University in 1987. Mr. Liew is fluent in English
and Chinese.
46
B.
Compensation
For
the fiscal year ended December 31, 2023, we paid Dr. Kelvin Chen, our Chief Executive Officer and Executive Director, Mr. Steve Sobak,
our Chief Financial Officer, and Mr. Alfred Lim, our Executive Director, an aggregate of approximately US$376,587 in ordinary shares
at $1.275 per share pursuant to certain settlement agreements between the Company and each of these individuals dated March 15, 2024.
For the fiscal year ended December 31, 2022, we paid Dr. Kelvin Chen, Mr. Sobak and a former Chief Technology Officer who left the Company
on May 12, 2023, an aggregate of $637,000 in cash. None of our executive officers or Executive Director received any bonus or other compensation
for the fiscal years 2023 and 2022.
None
of our independent directors received any compensation from the Company for fiscal years 2023 and 2022. 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 $316,971 and $340,756 for the years ended December 31, 2023 and 2022, respectively.
C.
Board
    practices
Board
of Directors
Our
board of directors consists of five directors, consisting of three independent directors and two executive directors. A director is not
required to hold any shares in our company to qualify to serve as a director. A director may vote with respect to any contract, proposed
contract or arrangement in which he is interested, and if he does so his vote shall be counted and he may be counted in the quorum at
any meeting of our directors at which any such contract or proposed contract or arrangement is considered, and (a) such director shall,
immediately after becoming aware of the fact that he is interested in a transaction entered into or to be entered into by the Company,
disclose such interest to the board of directors, and (b) if such contract or arrangement is a transaction with a related party, such
transaction has been approved by the audit committee. The directors may exercise all the powers of the company to borrow money, to mortgage
or charge its undertaking and property, and to issue debentures or other securities whenever money is borrowed or as security for any
debt, liability or obligation of the company or of any third party. None of our non-executive directors has a service contract with us
that provides for benefits upon termination of service.
Nasdaq
requires that a majority of our board must be composed of "independent directors." Currently, Eric Lew, Dr. Kong-Yew Wong,
and Kent Kwong Yeow Liew would each be considered an "independent director" under the Nasdaq listing rules, which is defined
generally as a person other than an officer or employee of the company or its subsidiaries or any other individual having a relationship,
which, in the opinion of the company's board of directors would interfere with the director's exercise of independent judgment
in carrying out the responsibilities of a director. Our independent directors will have regularly scheduled meetings at which only independent
directors are present.
47
Audit
Committee
Under
the Nasdaq listing standards and applicable SEC rules, we are required to have three members of the audit committee all of whom must
be independent. Our audit committee of the board of directors consists of Eric Lew, Kong-Yew Wong and Kent Kwong Yeow Liew, each of whom
is an independent director under Nasdaq's listing standards. Eric Lew is the Chairperson of the audit committee. The audit committee's
duties, which are specified in our Audit Committee Charter, include, but are not limited to:
●
reviewing
    and discussing with management and the independent auditor the annual audited financial statements, and recommending to the board
    whether the audited financial statements should be included in our Form 10-K;
●
discussing
    with management and the independent auditor significant financial reporting issues and judgments made in connection with the preparation
    of our financial statements;
●
discussing
    with management major risk assessment and risk management policies;
●
monitoring
    the independence of the independent auditor;
●
verifying
    the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible
    for reviewing the audit as required by law;
●
reviewing
    and approving all related-party transactions;
●
inquiring
    and discussing with management our compliance with applicable laws and regulations;
●
pre-approving
    all audit services and permitted non-audit services to be performed by our independent auditor, including the fees and terms of the
    services to be performed;
●
appointing
    or replacing the independent auditor;
●
determining
    the compensation and oversight of the work of the independent auditor (including resolution of disagreements between management and
    the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work;
●
establishing
    procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls
    or reports which raise material issues regarding our financial statements or accounting policies; and
●
approving
    reimbursement of expenses incurred by our management team in identifying potential target businesses.
The
audit committee will at all times be composed exclusively of "independent directors" who are "financially literate"
as defined under Nasdaq listing standards. Nasdaq listing standards define "financially literate" as being able to read and
understand fundamental financial statements, including a company's balance sheet, income statement and cash flow statement.
In
addition, we must certify to Nasdaq that the committee has, and will continue to have, at least one member who has past employment experience
in finance or accounting, requisite professional certification in accounting, or other comparable experience or background that results
in the individual's financial sophistication. The board of directors has determined that Eric Lew qualified as an "audit
committee financial expert," as defined under rules and regulations of the SEC.
Corporate
Governance and Nominating Committee
Our
corporate governance and nominating committee (the "nominating committee") of the board of directors consists of Kent Kwong
Yeow Liew, Eric Lew and Kong-Yew Wong, each of whom is an independent director under Nasdaq's listing standards. Kent Kwong Yeow
Liew is the Chairperson of the nominating committee. The nominating committee is responsible for overseeing the selection of persons
to be nominated to serve on our board of directors. The nominating committee considers persons identified by its members, management,
shareholders, investment bankers and others.
48
Guidelines
for Selecting Director Nominees
The
guidelines for selecting nominees, which are specified in the Nominating Committee Charter, generally provide that persons to be nominated:
●
should
    have demonstrated notable or significant achievements in business, education or public service;
●
should
    possess the requisite intelligence, education and experience to make a significant contribution to the board of directors and bring
    a range of skills, diverse perspectives and backgrounds to its deliberations; and
●
should
    have the highest ethical standards, a strong sense of professionalism and intense dedication to serving the interests of the shareholders.
The
nominating committee will consider a number of qualifications relating to management and leadership experience, background and integrity
and professionalism in evaluating a person's candidacy for membership on the board of directors. The nominating committee may require
certain skills or attributes, such as financial or accounting experience, to meet specific board needs that arise from time to time and
will also consider the overall experience and makeup of its members to obtain a broad and diverse mix of board members. The board of
directors will also consider director candidates recommended for nomination by our shareholders during such times as they are seeking
proposed nominees to stand for election at the next annual meeting of shareholders (or, if applicable, a special meeting of shareholders).
Our shareholders that wish to nominate a director for election to the Board should follow the procedures set forth in our memorandum
and articles of association, as amended. The nominating committee does not distinguish among nominees recommended by shareholders and
other persons.
Compensation
Committee
Our
compensation committee of the board of directors consists of Kong-Yew Wong, Eric Lew and Kent Kwong Yeow Liew, each of whom is an independent
director under Nasdaq's listing standards. Kong-Yew Wong is the Chairperson of the compensation committee. The compensation committee's
duties, which are specified in our Compensation Committee Charter, include, but are not limited to:
●
reviewing
    and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer's compensation,
    evaluating our Chief Executive Officer's performance in light of such goals and objectives and determining and approving the
    remuneration (if any) of our Chief Executive Officer's based on such evaluation;
●
reviewing
    and approving the compensation of all of our other executive officers;
●
reviewing
    our executive compensation policies and plans;
●
implementing
    and administering our incentive compensation equity-based remuneration plans;
●
assisting
    management in complying with our proxy statement and annual report disclosure requirements;
●
approving
    all special perquisites, special cash payments and other special compensation and benefit arrangements for our executive officers
    and employees;
●
if
    required, producing a report on executive compensation to be included in our annual proxy statement; and
●
reviewing,
    evaluating and recommending changes, if appropriate, to the remuneration for directors.
Duties
of Directors
Under
British Virgin Islands law, every director of a British Virgin Islands company in exercising his powers or performing his duties shall
act honestly and in good faith and in what the director believes to be in the best interests of the company. Additionally, the director
shall exercise the care, diligence and skill that a reasonable director would exercise in the same circumstances taking into account
the nature of the company, the nature of the decision and the position of the director and his responsibilities. In addition, British
Virgin Islands law provides that a director shall exercise his powers as a director for a proper purpose and shall not act, or agree
to the company acting, in a manner that contravenes the BVI Business Companies Act or the memorandum of association or articles of association
of the company. Our company has the right to seek damages if a duty owed by our directors is breached. A shareholder may in certain limited
exceptional circumstances have the right to seek damages in our name if a duty owed by the directors is breached.
49
Our
board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions
and powers of our board of directors include, among others:
●
convening
    shareholders' meetings;
●
declaring dividends and distributions;
●
appointing officers and determining
  the term of office of the officers;
●
exercising the borrowing
  powers of our company and mortgaging the property of our company; and
●
approving the transfer of
  shares in our company, including the registration of such shares in our share register.
Terms
of Directors and Officers
Our
directors may be elected by a resolution of our board of directors, or by a resolution of our shareholders, save that the directors may
only appoint a person as a director by resolution of our board of directors to replace a director to fill a casual vacancy arising on
the resignation, disqualification or death of a director. A director will continue to hold office until, among other things, (i) his
death; (ii) his resignation, (iii) his disqualification to act as a director under section 111 of the BVI Business Companies Act , or
(iv) the effective date of his removal by resolution of the board of directors or resolution of our shareholders. Our officers are elected
by and serve at the discretion of the board of directors.
Interested
Transactions
A
director may, subject to any separate requirements for Audit Committee approval under applicable laws or applicable Nasdaq Listing Rules,
vote on a matter relating to the transaction in which he or she is interested, provided that the interest of any directors in such transaction
is disclosed by him or her to all other directors.
Related
Party Transactions Policy
Immediately
following the Closing of the Business Combination, the Company's board of directors adopted a written Related Party Transactions
Policy that sets forth our policies and procedures regarding the identification, review, consideration and oversight of "related
party transactions." For purposes of our policy only, a "related party transaction" is a transaction, arrangement or
relationship (or any series of similar transactions, arrangements or relationships) in which (i) we (including any of our subsidiaries,
if any) we are or will be a participant, (ii) the aggregate amount involved exceeds or may be expected to exceed $100,000, and (iii)
a related party has or will have a direct or indirect material interest.
Subject
to certain limitations, transactions involving compensation for services provided to us as an employee or director will not be considered
related party transactions under this policy. A related party is any executive officer, director, nominee to become a director or a holder
of more than 5% of any class of our voting securities (including our ordinary shares), including any of their immediate family members
and affiliates, including entities owned or controlled by such persons. A related party is also someone who has a position or relationship
with any firm, corporation or other entity that engages in the transaction if (i) such person is employed or is a general partner or
principal or in a similar position with significant decision making influence, or (ii) the direct or indirect ownership by such person
and all other foregoing persons, in the aggregate, is 10% or greater in another person which is party to the transaction.
50
Under
the policy, any related party, or any director, officer or employee of ours who knows of the transaction, must report the information
regarding the proposed related party transaction to our audit committee for review. To identify related party transactions in advance,
we will rely on information supplied by our executive officers, directors and certain significant shareholders. In considering related
party transactions, our audit committee will take into account the relevant available facts and circumstances, which may include, but
are not limited to:
●
whether
    the transaction was undertaken in the ordinary course of business of the Company;
●
whether
    the transaction was initiated by the Company, a subsidiary, a controlled company of the Company, or the related party;
●
whether
    the transaction with the related party is proposed to be, or was, entered into on terms no less favorable to the Company than terms
    that could have been reached with an unrelated third party;
●
the
    approximate dollar value of the transaction involved, particularly as it relates to the related party; and
●
any
    other information regarding the transaction or the related party that would be material to the Company's shareholders in light
    of the circumstances of the particular transaction.
All
related party transactions may be consummated or continued only if approved or ratified by our audit committee. No director or member
of our audit committee may participate in the review, approval or ratification of a transaction with respect to which he or she is a
related party, except that such member may be counted for purposes of a quorum and shall provide such information with respect to the
transaction as may be reasonably requested by other members of our audit committee.
D.
Employees
As
of December 31, 2023, EUDA had 106 full-time employees, all of whom are based in Singapore.
The
following table sets forth the number of its employees by function as of December 31, 2023.
Function:
Senior Management
5
Accounting and Finance
10
Sales & Marketing
4
Operations
86
Human Resource
1
Total
106
E.
Share
    Ownership
The
following table sets forth information regarding the beneficial ownership of our ordinary shares by:
●
each
    person or "group" (as such term is used in Section 13(d)(3) of the Exchange Act) known by us to be the beneficial owner
    of more than 5% of our ordinary shares;
●
each
    of our current executive officers and directors; and
●
all
    executive officers and directors of the Company as a group.
51
The
beneficial ownership of ordinary shares of the Company is based on 25,127,509 ordinary shares issued and outstanding as of May 2,
2024.
Beneficial
ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security
if he, she or it possesses sole or shared voting or investment power over that security, including options and warrants that are currently
exercisable or exercisable within sixty (60) days.
Unless
otherwise indicated, the Company believes that all persons named in the table below have sole voting and investment power with respect
to the voting securities beneficially owned by them. Unless otherwise indicated, the address of each individual below is 1 Pemimpin Drive
#12-06, One Pemimpin Singapore 576151.
Name
    of Beneficial Owner
Number
                                            of
Ordinary
                                            Shares
of
                                            EUDA Health
Holdings
                                            Limited
Beneficially
Owned
%
                                            of
Ownership
Five Percent
    Holders
Watermark Developments
    Limited
(1)
9,660,000
38.4
%
Meng Dong (James) Tan
(2)
6,502,525
25.9
%
Directors
    and Executive Officers
Wei Wen Kelvin Chen
(3)
1,139,092
4.5
%
Steven John Sobak
(4)
78,504
*
Alfred Lim
(5)
53,649
*
Eric Lew
-
-
Kong-Yew Wong
-
-
Kent Kwong Yeow Liew
3,000
*
All Directors
    and Executive Officers of the Company as a Group (6 persons)
1,274,246
5.0
%
*
Less than 1%
(1)
9,660,000
    ordinary shares were issued to Watermark Developments Limited at closing of the Business Combination, of which at closing of the
    Business Combination (a) approximately 25.6% are beneficially owned by Fan Pingli through Wilke Services Limited, at Suite 9, Ansuya
    Estate, Revolution Avenue Victoria, Mahe, Seychelles, (b) approximately 11.1% are beneficially owned by Kelvin Chen, through Interglobe
    Venture Inc, at Ground Floor, Coastal Building, Wickhams Cay II, PO Box 3169, Road Town, Tortola, British Virgin Islands, (c) approximately
    10.9% are beneficially owned by Hartanto through Mount Locke Limited, at Suite 9, Ansuya Estate, Revolution Avenue Victoria, Mahe,
    Seychelles, (d) approximately 10.9% are beneficially owned by Koh Yong Pau through Pine Alliance Limited, at Vistra Corporate Services
    Centre, Wickhams Cay II Road Town, Tortola VG 1110 British Virgin Islands, (e) approximately 10.9% are beneficially owned by Kng
    Pong Sai through Scotgold Holdings Limited, at Vistra Corporate Services Centre, Wickhams Cay II Road Town, Tortola VG 1110 British
    Virgin Islands, and (f) approximately 10.9% are beneficially owned by Janic Pacific Limited, at Vistra Corporate Services Centre,
    Wickhams Cay II Road Town, Tortola VG 1110 British Virgin Islands. The remaining shareholders of Watermark Developments Limited each
    own less than 5% of Watermark Developments Limited. The address of Watermark Developments Limited is c/o Vistra Corporate Services
    Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.
(2)
Includes
    2,223,850 shares held by 8i Capital Limited of which Mr. Tan is the sole shareholder and director and therefore has the sole voting
    and dispositive power over these shares. The address for 8i Capital Limited is c/o 6 Eu Tong Sen Street #08-13 Singapore 059817.
(3)
Includes
    166,653 ordinary shares to be issued pursuant to Settlement Agreement between the Company and Dr. Kelvin Chen dated March 15, 2024.
    Dr. Kelvin Chen beneficially owns 100,000 ordinary shares of Watermark, which owns 9,660,000 Company Ordinary Shares.
(4)
Includes
    75,059 ordinary shares to be issued pursuant to Settlement Agreement between the Company and Mr. Sobak dated March 15, 2024. Mr.
    Sobak beneficially owns 535 ordinary shares of Watermark, which owns 9,660,000 Company Ordinary Shares.
(5)
Includes
    53,649 ordinary shares to be issued pursuant to Settlement Agreement between the Company and Mr. Lim dated March 15, 2024.
52
Item
7. Major Shareholders and Related Party Transactions
A.
Major
    Shareholders
See
"Item 6. Directors, Senior Management and Employees— E. Share Ownership."
B.
Related
    Party Transactions
Debt
Obligations and Settlement Agreements with Meng Dong (James) Tan – May 2023
On
November 17, 2022, the Company issued to Meng Dong (James) Tan, a significant shareholder of the Company, an interest-free convertible
promissory note in the aggregate principal amount of $700,000 (the "Tan 2022 Note"). Pursuant to the Tan 2022 Note, on November
17, 2023, the maturity date, James Tan would have the right to convert the unpaid principal amount of the Tan 2022 Note into ordinary
shares of the Company based on the five day volume weighted average price of the Company's ordinary shares immediately preceding
the maturity date.
Pursuant
to a loan agreement dated January 9, 2023, James Tan loaned the Company an additional $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.
Pursuant
to a second loan agreement with the Company dated 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 disclosed in Item 3.02 hereunder (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 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. We
refer to these 700,000 restricted ordinary shares as the "Converted Shares."
53
As
of the date of this report, the Tan 2023 Note has been converted in full into the Converted Shares and is no longer outstanding.
In
order to facilitate the Company's capital raising efforts, the Board, at a meeting on May 16, 2023 (the "May 2023 Board Meeting")
approved and authorized execution of a Settlement Agreement with James Tan (the "Tan Settlement Agreement"), 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 issued to James Tan
an aggregate of 478,200 restricted ordinary shares pursuant to the Tan Settlement Agreement, in full settlement of all obligations of
the Company under the Tan First Loan and the Tan Second Loan.
Debt
Obligations and Settlement Agreements with 8i Holdings 2 Pte Ltd – May 2023
On
November 17, 2022, the Company issued to 8i Holdings 2 Pte Ltd. ("8i Holdings 2"), a company owned by Mr. Meng Dong (James)
Tan, an interest-free convertible promissory note in the aggregate principal amount of $82,600 (the "8i Note"). Pursuant
to the 8i Note, on November 17, 2023, the maturity date, 8i Holdings 2 would have the right to convert the unpaid principal amount of
the 8i Note into ordinary shares of the Company based on the five day volume weighted average price of the Company's ordinary shares
immediately preceding the maturity date.
At
the May 2023 Board Meeting, the Board approved and authorized execution of a Settlement Agreement with 8i Holdings 2 (the "8i Settlement
Agreement") pursuant to which the Company agreed to issue 82,600 restricted ordinary shares of the Company to 8i Holdings 2 in
full satisfaction of all obligations of the Company under the 8i Note. On May 16, 2023, the Company issued to 8i Holdings 2 an aggregate
of 82,600 restricted ordinary shares pursuant to the 8i Settlement Agreement.
Debt
Obligations and Settlement Agreements with Kelvin Chen, our CEO – May and June 2023
Kent
Ridge Healthcare Singapore Pte Ltd. ("KRHSG") is a wholly-owned subsidiary of EUDA. Since KRHSG's inception in November
2017 until the Business Combination in November 2022 (as previously disclosed in the Form 8-K filed on November 23, 2022), Dr. Kelvin
Chen, KRHSG's founder, provided funding to pay for its start-up expenses and working capital. At the May 2023 Board Meeting, the
Board approved and authorized execution of a Settlement Agreement with Dr. Kelvin Chen (the "Chen Settlement Agreement")
pursuant to which the Company agreed to issue to Dr. Kelvin Chen 850,306 restricted ordinary shares of the Company in full satisfaction
of Dr. Kelvin Chen's claim for an aggregate amount of $850,306 (or approximately S$1,136,264.06) provided to KRHSG from time to
time since inception. On May 16, 2023, the Company issued to Mr. Chen an aggregate of 850,306 restricted ordinary shares pursuant to
this Settlement Agreement.
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), EUDA, KRHSG 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 forfeited and surrendered 271,867 ordinary shares of the 850,306 ordinary shares issued to
him on May 16, 2023.
54
Settlement
Agreements with Executive Officers and Executive Director – March 2024
On
March 15, 2024, the Company and Dr. Kelvin Chen, the Company's Chief Executive Officer, entered into a Settlement Agreement (the
"Chen Settlement Agreement") pursuant to which the Company has agreed to issue 166,653 restricted ordinary shares to Mr.
Chen (based on the per share closing price of $1.275 as of March 14, 2024) in full satisfaction of $212,483.96 of salaries and other
compensation owed to Mr. Chen as of December 31, 2023.
On
March 15, 2024, the Company and Steven Sobak, the Company's Chief Financial Officer, entered into a Settlement Agreement (the "Sobak
Settlement Agreement") pursuant to which the Company has agreed to issue 75,059 restricted ordinary shares to Mr. Sobak (based
on the per share closing price of $1.275 as of March 14, 2024) in full satisfaction of $95,700.05 of salaries and other compensation
owed to Mr. Sobak as of December 31, 2023.
On
March 15, 2024, the Company and Alfred Lim, the Company's Executive Director, entered into a Settlement Agreement (the "Lim
Settlement Agreement") pursuant to which the Company has agreed to issue 53,649 restricted ordinary shares to Mr. Lim (based on
the per share closing price of $1.275 as of March 14, 2024) in full satisfaction of $68,403.25 of salaries and other compensation owed
to Mr. Lim as of December 31, 2023.
Debt
Obligations and Settlement Agreements with Meng Dong (James) Tan – March 2024
As
previously disclosed on a Form 8-K filed on May 26, 2023, the Company borrowed from Meng Dong (James) Tan, a significant shareholder
of the Company, an aggregate amount of $22,500, or a total of $24,004 with unpaid and accrued interests at 8% per annum (the "James
Tan Loan"). Pursuant to a Settlement Agreement between the Company and Mr. Tan dated March 15, 2024 (the "James Tan Settlement
Agreement"), the Company has agreed to issue Mr. Tan a convertible note in the aggregate amount of $24,004 (the "James
Tan Convertible Note") in full satisfaction of the James Tan Loan, and Mr. Tan has agreed to (i) exchange James Tan Loan for the
James Tan Convertible Note; (ii) extend the maturity date of the James Tan Loan to March 14, 2025; and (iii) allow the outstanding unpaid
balance of the James Tan Loan to bear no interest for the next twelve months until March 14, 2025.
Since
May 15, 2023, 8i Enterprises Pte Ltd ("8iEPL), a company owned by Mr. Tan, has been rendering certain advisory services for the
Company. Pursuant to a certain Settlement Agreement between the Company and 8iEPL dated March 15, 2024 (the "8iEPL Settlement Agreement"),
the Company has agreed to pay 8iEPL for a total sum of $180,000 for such advisory services (the "Services Payment"). Between
May 15, 2023 and February 28, 2024, the Company has borrowed from 8iEPL an aggregate amount of $712,254, or a total of $731,373
with unpaid and accrued interests at 8% per annum (the "8iEPL Loan"). Pursuant to the 8iEPL Settlement Agreement, the Company
has agreed to pay 8iEPL in full satisfaction of both the Services Payment and the 8iEPL Loan in the form a convertible note in the aggregate
amount of $911,373 (the "8iEPL Convertible Note").
Any
principal amount and accrued interests under the James Tan Convertible Note and the 8iEPL Convertible Note may be converted into ordinary
shares of the Company at $1.27 per share (the "Conversion Shares") at the payee's option at any time and from time
to time, and the Company has agreed to file a registration statement for the resale of the Conversion Shares no later than 30 days following
the receipt of the payee's conversion notice.
Second Supplemental Agreement with Alfred Lim,
Executive Director of the Company
Pursuant to the loan agreement dated February 2, 2023
between the Company and Alfred Lim, the Company's Executive Director, Mr. Lim gave the Company a loan in the amount of $128,750
(the "Loan") at an interest rate of 8% per annum, with a maturity date of March 31, 2023. Parties entered into a Supplemental
Agreement dated March 31, 2023 to extend the maturity date of the Loan to December 31, 2023. On April 16, 2024, the Company and Mr. Lim
entered into another Supplemental Agreement to further extend the maturity date of the Loan to June 30, 2024.
Acquisition of Fortress Cove Limited
On May 6, 2024, the Company entered into a Share Purchase
Agreement with certain persons named therein (the "Share Purchase Agreement") for the acquisition of all outstanding shares
of Fortress Cove Limited ("Fortress Cove"), a British Virgin Islands company which is the sole legal and beneficial owner
of the entire share capital of CK Health Plus Sdn Bhd, a Malaysian company ("CK Health") in the direct sale business of holistic
wellness consumer products in Malaysia. Pursuant to the Share Purchase Agreement, EUDA has agreed to acquire the entire issued capital
of Fortress Cove for an aggregate consideration of 10,000,000 newly issued ordinary shares, valued at approximately $15.0 million based
upon the enterprise fair value of CK Health appraised by an independent third-party valuation firm. An additional one million ordinary
shares will be issued to the persons named in the Share Purchase Agreement if certain financial performance milestones based on CK Health's
net income for the fiscal years 2024 and 2025 are met. The acquisition closed on May 8, 2024. Meng Dong (James) Tan, a significant shareholder
of EUDA is also a 40% shareholder of Fortress Cove Limited.
C.
Interests
    of Experts and Counsel
Not
applicable.
55
ITEM
8. FINANCIAL INFORMATION
A.
Consolidated
    Statements and Other Financial Information
We
have appended consolidated financial statements filed as part of this annual report.
Legal
Proceedings
As
the date of this annual report, we are not a party to, and we are not aware of any threat of, any legal proceeding that, in the opinion
of our management, is likely to have a material adverse effect on our business, financial condition or operations.
Dividend
We
did not pay any dividends to our shareholders in 2023 and 2022. We are able to distribute earnings from our operating subsidiaries, to
the parent company and U.S. investors and settle amounts owed, although we currently do not have any dividend policy.
B.
Significant
    Changes
Except
as disclosed elsewhere in this annual report, we have not experienced any significant changes since the date of our audited consolidated
financial statements included in this annual report.
ITEM
9. THE OFFER AND LISTING
A.
Offering
    and Listing Details.
See
"C. Markets."
B.
Plan
    of Distribution
Not
applicable.
C.
Markets
Our
ordinary shares and warrants are listed on the NASDAQ under the symbols "EUDA" and "EUDAW", respectively.
D.
Selling
    Shareholders
Not
applicable.
E.
Dilution
Not
applicable.
56
F.
Expenses
    of the Issue
Not
applicable.
ITEM
10. ADDITIONAL INFORMATION
A.
Share
    Capital
Description
of Shares
We
are a company incorporated in the British Virgin Islands with limited liability and our affairs are governed by our Amended and Restated
Memorandum and Articles of Association, the BVI Business Companies Act (the "
BVI Act
"), the common law of the British
Virgin Islands, our corporate governance documents and rules and regulations of the stock exchange on which our ordinary shares are traded.
Rights
and Obligations of Shareholders
Each
of ordinary shares confers on its holder:
●
the
  right to one vote on any resolution of the members;
●
the
  right to an equal share in any distribution; and
●
the
  right to an equal share in the distribution of the surplus of the Company.
Voting
Rights
. Each ordinary share is entitled to one (1) vote on all matters subject to vote at general meetings of the Company on a poll.
Dividends
.
The holders of shares are entitled to such dividends as may be declared by the directors of the Company at such time and of such an amount
as the directors think fit if they are satisfied, on reasonable grounds, that immediately after the distribution, the value of Company
assets exceeds the Company's liabilities and the Company will be able to pay its debts as they fall due.
Pre-emptive
rights
. There are no pre-emptive rights applicable to the issue by the Company of new shares under either the BVI Act or our Amended
and Restated Memorandum and Articles of Association.
B.
Memorandum
    and Articles of Association
We
are a British Virgin Islands company incorporated with limited liability and our affairs are governed by the provisions of our amended
and restated memorandum of association and articles of association, as amended and restated from time to time, and by the provisions
of applicable British Virgin Islands laws.
Our
memorandum of association and articles of association authorize the issuance of an unlimited number of share of one class of no par value.
The
following is a summary of the material provisions of our ordinary shares and our amended and restated memorandum of association and articles
of association.
Ordinary
Shares
All
of our issued and outstanding ordinary shares are fully paid and non-assessable. Holders of our ordinary shares who are non-residents
of the British Virgin Islands may freely hold and vote their shares.
57
Subject
to our amended and restated memorandum and articles of association (and, for greater clarity, without prejudice to any special rights
conferred thereby on the holders of any other shares), an ordinary share of our company confers on the holder:
●
the
  right to one vote on any resolution of the members;
●
the
  right to an equal share in any distribution; and
●
the
  right to an equal share in the distribution of the surplus of the Company.
Limitation
on Liability and Indemnification Matters
Under
British Virgin Islands laws, each of our directors and officers, in performing his or her functions, is required to act honestly and
in good faith with a view to our best interests and exercise the care, diligence and skill that a reasonably prudent person would exercise
in comparable circumstances. Such limitation of liability does not affect the availability of equitable remedies such as injunctive relief
or rescission. These provisions will not limit the liability of directors under United States federal securities laws.
We
may indemnify any of our directors or anyone serving at our request as a director of another entity against all expenses, including legal
fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative
or investigative proceedings. We may only indemnify a director if he or she acted honestly and in good faith with the view to our best
interests and, in the case of criminal proceedings, the director had no reasonable cause to believe that his or her conduct was unlawful.
The decision of our board of directors as to whether the director acted honestly and in good faith with a view to our best interests
and as to whether the director had no reasonable cause to believe that his or her conduct was unlawful, is in the absence of fraud sufficient
for the purposes of indemnification, unless a question of law is involved. The termination of any proceedings by any judgment, order,
settlement, conviction or the entry of no plea does not, by itself, create a presumption that a director did not act honestly and in
good faith and with a view to our best interests or that the director had reasonable cause to believe that his or her conduct was unlawful.
If a director to be indemnified has been successful in defense of any proceedings referred to above, the director is entitled to be indemnified
against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred by
the director or officer in connection with the proceedings.
We
may purchase and maintain insurance in relation to any of our directors or officers against any liability asserted against the directors
or officers and incurred by the directors or officers in that capacity, whether or not we have or would have had the power to indemnify
the directors or officers against the liability as provided in our amended and restated memorandum of association and articles of association.
We
incorporate by reference into this annual report the description of our Amended and Restated Memorandum and Articles of Association dated
November 17, 2022 (the "
Articles
") which was filed with our Form 8-K on November 23, 2022, and are included as Exhibit
1.1 to this Report.
C.
Material
    Contracts
In
addition to the material contracts described in "
Item 4. Information on the Company,
" and "
Item 7. Major
Shareholders and Related Party Transactions—B. Related Party Transactions
", we have entered into the following material
contracts for the fiscal years ended December 31, 2023 and 2022, and through the date of this Report:
Convertible
Loan Agreements
On
April 16, 2024, we entered into a Convertible Loan Agreement with Affluence Resource Pte. Ltd., a Singapore company ("Affluence")
pursuant to which Affluence has agreed to lend to the Company a convertible loan in the principal amount of $1,000,000 to be paid in
two (2) tranches of $500,000 each by April 18, 2024 and May 15, 2024 (the "Convertible Loan"). The Convertible Loan shall
bear interest of 12% per annum from the date it is remitted to April 30, 2025 (the "Maturity Date") or the date when the
Affluence sends the Company a written notice to convert any unpaid principal amount of the Convertible Loan with accrued interests (the
"Outstanding Sum") into ordinary shares of the Company (the "Conversion Notice"), whichever is earlier. Anytime
on or before May 31, 2024, Affluence may send the Company a Conversion Notice to convert the then Outstanding Sum into ordinary shares
of the Company at $1.00 per share. Anytime after May 31, 2024, Affluence may send the Company a Conversion Notice to convert the then
Outstanding Sum into ordinary shares of the Company at $1.42 per share. The Company has no right of early repayment of any part of the
Convertible Loan without Affluence's written consent. Any Outstanding Sum on the Maturity Date will be automatically converted
into ordinary shares of the Company at $1.42 per share.
58
On
January 16, 2024, we entered into a Convertible Loan Agreement with Gilandi Limited, a British Virgin Islands company ("Gilandi")
pursuant to which Gilandi has agreed to lend to the Company a convertible loan in the principal amount of $500,000 to be paid in two
(2) tranches of $250,000 each by January 31, 2024 and March 31, 2024 (the "Gilandi Convertible Loan"). The Gilandi Convertible
Loan shall bear interests of 8% per annum until Mach 31, 2024. Outstanding balance of the Gilandi Convertible Loan on March 31, 2024
will automatically convert to the Company's ordinary shares at $1.00 per share. On January 17, 2024, the Company sold and issued
to Gilandi convertible note in the principal amount of $250,000 pursuant to the Gilandi Convertible Loan Agreement. On March 28, 2024,
the Company received the second tranche of $250,000 from Gilandi. Pursuant to the Gilandi Loan Agreement, an aggregate amount of $500,000
of the loan automatically converted into the Company's ordinary shares at $1.00 per share on March 31, 2024, and the Company issued
to Gilandi 500,000 restricted ordinary shares in full satisfaction of the Gilandi Convertible Loan.
Amendment
to Convertible Promissory Note
In
connection with the closing of the Business Combination, we issued to Maxim Group LLC (the "Holder") a convertible promissory
note in the aggregate amount of $2,113,125 (the "Note"). The Note bears no interest and at the option of the Holder, may
convert into shares of the Company at the fixed conversion price of $5.00 per share. On February 29, 2024, the Company and the Holder
entered into an amendment of the Note (the "Note Amendment") pursuant to which the Holder has agreed not to exercise the
"Voluntary Conversion" provision of the Note. The Note Amendment provides for, among other things, change of the maturity
date from November 17, 2023 to July 31, 2024, and that in the event that any amounts due under the Note remain outstanding on July 31,
2024, such amounts will automatically convert into the Company's ordinary shares at the fixed conversion price of $1.50 per share.
Fee Settlement Agreement
In connection with the business combination transaction
of the Company (formerly known as 8i Acquisition Corp) in November 2022, the Company entered into an agreement dated November 16, 2022
(the "Agreement") with Loeb & Loeb LLP ("Loeb") pursuant to which Loeb was issued a promissory note in the
principal amount of $300,000 (the "Note") and 60,000 restricted ordinary shares (the "Shares") of the Company
at the assumed price of $5.00 per share. In the event that the Note is repaid in full in cash on or before its due date on November 16,
2023 (the "Due Date"), Loeb agreed to return all Shares to the Company for cancellation. The Note remained unpaid and outstanding
on the Due Date. On April 25, 2024, the Company and Loeb entered into a Fee Settlement Agreement (the "Settlement Agreement")
pursuant to which among other things, (i) the Company has agreed to repay the Note in full by making cash payments to Loeb in three equal
installments of $100,000, with the first installment due on or prior to April 30, 2024, the second installment on or prior to May 31,
2024 and the third installment on or prior to June 30, 2024; and (ii) Loeb is entitled to retain the Shares and the sales proceeds of
the Shares will not be used to satisfy the Note.
Amendments
to Prepaid Forward Agreements
As
disclosed on the Form 8-Ks filed by EUDA on November 7, 2022 and November 14, 2022, EUDA and certain institutional investors (the "Sellers")
entered into agreements (the "Prepaid Forward Agreements") for equity prepaid forward transactions (the "Prepaid Forward
Transactions"). On June 8, 2023, EUDA and 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 EUDA to be issued to the each Seller by EUDA. Pursuant to the Prepaid Forward Agreements, the maturity
date of 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 EUDA'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 EUDA'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 EUDA's
trust account to the Sellers upon consummation of EUDA'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 EUDA upon the Maturity Date.
59
Debt
Obligations and Settlement Agreements with Fook Meng Chan
On
November 17, 2022, the Company issued to Shine Link Limited ("Shine Link"), a company owned by Fook Meng Chan, a current
shareholder, an interest-free convertible promissory note in the aggregate principal amount of $119,0000 ("Shine Link Note").
Pursuant to the Shine Link Note, on November 17, 2023, the maturity date, Shine Link would have the right to convert the unpaid principal
amount of the Shine Link Note into ordinary shares of the Company based on the five day volume weighted average price of the Company's
ordinary shares immediately preceding to the maturity date. At the May Board Meeting, the Board approved and authorized execution of
a Settlement Agreement with Shine Link (the "Shine Link Settlement Agreement") pursuant to which the Company agreed to issue
to Shine Link 119,000 restricted ordinary shares of the Company in full satisfaction of obligations under the Shine Link Note. On May
16, 2023, the Company issued to Shine Link an aggregate of 119,000 restricted ordinary shares pursuant to the Shine Link Settlement Agreement.
On
November 17, 2022, the Company issued to Menora Capital Pte Ltd ("Menora"), a company owned by Fook Meng Chan, a current
shareholder, an interest-free convertible promissory note in the aggregate principal amount of $87,500 ("Menora Note"). Pursuant
to the Menora Note, on November 17, 2023, the maturity date, Menora would have the right to convert the unpaid principal amount of the
Menora Note into ordinary shares of the Company based on the five day volume weighted average price of the Company's ordinary shares
immediately preceding to the maturity date. At the May Board Meeting, the Board approved and authorized execution of a Settlement Agreement
with Menora (the "Menora Settlement Agreement") pursuant to which the Company agreed to issue to Menora 87,500 restricted
ordinary shares of the Company in full satisfaction of all obligations under the Menora Note. On May 16, 2023, the Company issued to
Menora an aggregate of 87,500 restricted ordinary shares pursuant to the Menora Settlement Agreement.
Private
Placements
Between
May and August 2023, the Company entered into securities purchase agreements with ten accredited investors pursuant to which the Company
has agreed to sell an aggregate of 990,000 ordinary shares at $1.00 per share. In July 2023, one investor terminated his securities purchase
agreement for the purchase of 200,000 ordinary shares. As a result, the Company sold an aggregate of 790,000 ordinary shares for an aggregate
purchase price of $790,000 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.
Cadence
Health Pte. Ltd. ("Cadence")
Cadence
had the same shareholders as EUDA prior to the Business Combination and until April 2022, was a related party clinic service vendor of
EUDA. As of December 31, 2022, EUDA had an aggregate receivable amount of $266,653 with Cadence which has since been repaid. For the
year ended December 31, 2022, EUDA incurred and owed to Cadence an aggregate medical service fee of $496,383. Beginning in April 2022,
EUDA directly utilized third party clinic service providers and no longer used Cadence.
Indemnification
Agreements
At
the Closing of the Business Combination, the Company entered into indemnification agreements with each of its directors and executive
officers. Each indemnification agreement provides for indemnification and advancement by the Company of certain expenses and costs relating
to claims, suits or proceedings arising from service as an officer, director, employee, agent or fiduciary of the Company to the fullest
extent permitted by applicable law. We believe that these indemnification agreements are necessary to attract and retain qualified persons
as directors and officers.
Forgiveness
of debt by a related party
On
March 31, 2022, the Company and Wilke Services Limited ("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 shareholder also is a shareholder of the Company under common control, such debt forgiveness
were treated as an addition to the Company's capital during the year ended December 31, 2022.
60
Amended
and Restated Registration Rights Agreement
In
connection with the closing of the Business Combination, the Company entered into an amended and restated registration rights agreement
with certain existing shareholders of the Company and with the Seller with respect to their ordinary shares of the Company acquired before
or pursuant to the Share Purchase, and including the shares issuable on conversion of the warrants issued to the Sponsor in connection
with the Company's initial public offering and any shares issuable on conversion of working capital loans from the Sponsor to the
Company . The Company further amended the amended and restated registration rights agreement (as amended, the "Amended and Restated
Registration Rights Agreement") to include certain noteholders with respect to the ordinary shares of the Company issuable upon
conversion of the Convertible Notes made in connection with the closing of the Business Combination. Those securities are referred to
herein collectively as the "Registrable Securities." Pursuant to the terms of the Amended and Restated Registration Rights
Agreement, filed with the SEC a registration statement on F-1 (333-268994) covering the resale of all Registrable Securities and it was
declared effective on September 21, 2023.
D.
Exchange
    Controls
See
"Item 3. Key Information — D. Risk factors — Risks Related to our Business and Industry
E.
Taxation
The
following summary of the material BVI and U.S. federal income tax consequences of ownership of our ordinary shares and Warrants to acquire
our ordinary shares, sometimes referred to collectively in the summary as our "securities," is based upon laws and relevant
interpretations thereof in effect as of the date of this Report, all of which are subject to change. This summary does not deal with
all possible tax consequences relating to an investment in our securities, such as the tax consequences under state, local and other
tax laws.
BVI
Taxation
Under
the laws of the British Virgin Islands as currently in effect, a holder of the securities who is not a resident of the British Virgin
Islands is not liable for British Virgin Islands tax on dividends paid with respect to the securities and all holders of the securities
are not liable to the British Virgin Islands for tax on gains realized during that year on the sale or disposal of such ordinary shares.
The British Virgin Islands does not impose a withholding tax on dividends paid by a company incorporated or re-registered under the BVI
Act.
There
are no capital gains, gift or inheritance taxes levied by the British Virgin Islands on companies incorporated under the BVI Act. In
addition, shares of companies incorporated under the BVI Act are not subject to transfer taxes, stamp duties or similar charges.
There
is no income tax treaty or convention currently in effect between the United States and the British Virgin Islands.
U.S.
Federal Income Taxation
The
following is a discussion of certain U.S. federal income tax consequences for U.S. holders and non-U.S. holders (each as defined
below) relating to the acquisition, ownership and disposition of our ordinary shares and warrants to acquire ordinary shares.
This
section does not address any aspect of U.S. federal gift or estate tax, or the state, local or non-U.S. tax consequences of an
investment in our securities, nor does it provide any actual representations as to any tax consequences of the acquisition,
ownership or disposition of our securities.
The
discussion below of the U.S. federal income tax consequences to "U.S. Holders" will apply to a beneficial owner of our securities
that is for U.S. federal income tax purposes:
●
an
    individual citizen or resident of the United States;
●
a
    corporation (or other entity treated as a corporation) that is created or organized (or treated as created or organized) in or under
    the laws of the United States, any state thereof or the District of Columbia;
●
an
    estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or
●
a
    trust if (i) a U.S. court can exercise primary supervision over the trust's administration and one or more U.S. persons are
    authorized to control all substantial decisions of the trust, or (ii) it has a valid election in effect under applicable U.S. Treasury
    regulations to be treated as a U.S. person.
If
a beneficial owner of our securities is not described as a U.S. Holder and is not an entity treated as a partnership or other pass-through
entity for U.S. federal income tax purposes, such owner will be considered a "Non-U.S. Holder." The material U.S. federal
income tax consequences of the acquisition ownership and disposition of our securities applicable specifically to Non-U.S. Holders are
described below under the heading "Non-U.S. Holders."
This
discussion is based on the Internal Revenue Code of 1986, as amended (the "Code"), its legislative history, Treasury regulations
promulgated thereunder, published rulings and court decisions, all as currently in effect. These authorities are subject to change or
differing interpretations, possibly on a retroactive basis.
61
This
discussion assumes that the ordinary shares and warrants will trade separately and does not address all aspects of U.S. federal income
taxation that may be relevant to any particular holder based on such holder's individual circumstances. In particular, this discussion
considers only holders who own and hold our securities as capital assets within the meaning of Section 1221 of the Code, and does not
address the potential application of the alternative minimum tax. In addition, this discussion does not address the U.S. federal income
tax consequences to holders that are subject to special rules, including:
●
financial
    institutions or financial services entities;
●
broker-dealers;
●
taxpayers
    that are subject to the mark-to-market accounting rules under Section 475 of the Code;
●
tax-exempt
    entities;
●
governments
    or agencies or instrumentalities thereof;
●
insurance
    companies;
●
regulated
    investment companies;
●
real
    estate investment trusts;
●
expatriates
    or former long-term residents of the United States;
●
persons
    that actually or constructively own 5 percent or more of our voting shares;
●
persons
    that acquired our securities pursuant to an exercise of employee share options, in connection with employee share incentive plans
    or otherwise as compensation;
●
persons
    that hold our securities as part of a straddle, constructive sale, hedging, conversion or other integrated transaction;
●
persons
    whose functional currency is not the U.S. dollar;
●
controlled
    foreign corporations; or
●
passive
    foreign investment companies.
This
discussion does not address any aspect of U.S. federal non-income tax laws, such as gift or estate tax laws, state, local or non-U.S.
tax laws or, except as discussed herein, any tax reporting obligations of a holder of our securities. Additionally, this discussion does
not consider the tax treatment of partnerships or other pass-through entities or persons who hold our securities through such entities.
If a partnership (or other entity classified as a partnership for U.S. federal income tax purposes) is the beneficial owner of our securities,
the U.S. federal income tax treatment of a partner in the partnership generally will depend on the status of the partner and the activities
of the partnership. This discussion also assumes that any distributions made (or deemed made) by us on our securities shares and any
consideration received (or deemed received) by a holder in consideration for the sale or other disposition of our securities will be
in U.S. dollars.
We
have not sought, and will not seek, a ruling from the IRS of an opinion of counsel as to any U.S. federal income tax consequence described
herein. The IRS may disagree with the descriptions herein, and its determination may be upheld by a court. Moreover, there can be no
assurance that future legislation, regulations, administrative rulings or court decisions will not adversely affect the accuracy of the
statements in this discussion.
THIS
DISCUSSION IS ONLY A SUMMARY OF THE MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR
SECURITIES. IT DOES NOT PROVIDE ANY ACTUAL REPRESENTATIONS AS TO ANY TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF
OUR SECURITIES AND WE HAVE NOT OBTAINED ANY OPINION OF COUNSEL WITH RESPECT TO SUCH TAX CONSEQUENCES. AS A RESULT, EACH PROSPECTIVE INVESTOR
IN OUR SECURITIES IS URGED TO CONSULT ITS OWN TAX ADVISOR WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES TO SUCH INVESTOR OF THE ACQUISITION,
OWNERSHIP AND DISPOSITION OF OUR SECURITIES, INCLUDING THE APPLICABILITY AND EFFECT OF ANY STATE, LOCAL, AND NON-U.S. TAX LAWS, AS WELL
AS U.S. FEDERAL TAX LAWS AND ANY APPLICABLE TAX TREATIES.
62
U.S.
Holders
Tax
Reporting
Certain
U.S. Holders may be required to file an IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) to report a transfer
of property (including cash) to us. Substantial penalties may be imposed on a U.S. Holder that fails to comply with this reporting requirement.
Each U.S. Holder is urged to consult with its own tax advisor regarding this reporting obligation.
Taxation
of Distributions Paid on Ordinary Shares
Subject
to the passive foreign investment company ("PFIC") rules discussed below, a U.S. Holder generally will be required to include
in gross income as dividends the amount of any cash dividend paid on our ordinary shares. A cash distribution on such shares generally
will be treated as a dividend for U.S. federal income tax purposes to the extent the distribution is paid out of our current or accumulated
earnings and profits (as determined under U.S. federal income tax principles). Such dividends paid by us will be taxable to a corporate
U.S. holder at regular rates and will not be eligible for the dividends-received deduction generally allowed to domestic corporations
in respect of dividends received from other domestic corporations. Distributions in excess of such earnings and profits generally will
be applied against and reduce the U.S. Holder's basis in its ordinary shares (but not below zero) and, to the extent in excess
of such basis, will be treated as gain from the sale or exchange of such ordinary shares. With respect to non-corporate U.S. Holders,
dividends may be subject to the lower applicable long-term capital gains tax rate (see "— Taxation on the Disposition of
Securities" below) if our ordinary shares are readily tradeable on an established securities market in the United States and certain
other requirements are met. U.S. Holders should consult their own tax advisors regarding the availability of the lower rate for any cash
dividends paid with respect to our ordinary shares.
We
currently intend to retain all available funds and any future earnings to fund the growth and development of our business. We have never
declared or paid any cash dividends on our capital stock. We do not intend to pay cash dividends to our shareholders in the foreseeable
future. Investors should not purchase our ordinary shares with the expectation of receiving cash dividends. Any future determination
to declare dividends will be made at the discretion of our board of directors and will depend on our financial condition, operating results,
capital requirements, general business conditions, and other factors that our board of directors may deem relevant.
Taxation
on the Disposition of Securities
Upon
a sale or other taxable disposition of our securities, and subject to the PFIC rules discussed below, a U.S. Holder generally will recognize
capital gain or loss in an amount equal to the difference between the amount realized and the U.S. Holder's adjusted tax basis
in the securities.
The
regular U.S. federal income tax rate on capital gains recognized by U.S. Holders generally is the same as the regular U.S. federal income
tax rate on ordinary income, except that under tax law currently in effect long-term capital gains recognized by non-corporate U.S. Holders
are generally subject to U.S. federal income tax at reduced rates. Capital gain or loss will constitute long-term capital gain or loss
if the U.S. Holder's holding period for the securities exceeds one year. The deductibility of capital losses is subject to various
limitations. U.S. Holders who recognize losses with respect to a disposition of our securities should consult their own tax advisors
regarding the tax treatment of such losses.
Exercise,
Lapse or Redemption of a Warrant
Subject
to the PFIC rules discussed below, a U.S. Holder generally will not recognize gain or loss upon the acquisition of an ordinary share
from the exercise of two warrants for cash. An ordinary share acquired pursuant to the exercise of two warrants for cash generally will
have a tax basis equal to the U.S. Holder's tax basis in the warrant, increased by the amount paid to exercise the warrant. The
holding period of such ordinary share generally would begin on the day after the date of exercise of the warrant and will not include
the period during which the U.S. Holder held the warrant. If a warrant is allowed to lapse unexercised, a U.S. Holder generally will
recognize a capital loss equal to such holder's tax basis in the warrant.
63
The
tax consequences of a cashless exercise of warrants are not clear under current tax law. A cashless exercise may be tax-free, either
because the exercise is not a realization event (i.e., not a transaction in which gain or loss is realized) or because the exercise is
treated as a recapitalization for U.S. federal income tax purposes. In either tax-free situation, a U.S. Holder's basis in the
ordinary shares received would equal the holder's basis in the warrants. If the cashless exercise were treated as not being a realization
event, a U.S. Holder's holding period in the ordinary shares should be treated as commencing on the date following the date of
exercise of the warrants. If the cashless exercise were treated as a recapitalization, the holding period of the ordinary shares received
would include the holding period of the warrants. It is also possible that a cashless exercise could be treated as a taxable exchange
in which gain or loss would be recognized. In such event, a U.S. Holder could be deemed to have surrendered a number of warrants with
a fair market value equal to the exercise price for the number of warrants deemed exercised. For this purpose, the number of warrants
deemed exercised would be equal to the amount needed to receive on exercise the number of ordinary shares issued pursuant to the cashless
exercise. In this situation, the U.S. Holder would recognize capital gain or loss in an amount equal to the difference between the fair
market value of the warrants deemed surrendered to pay the exercise price and the U.S. Holder's tax basis in the warrants deemed
surrendered. Such gain or loss would be long-term or short-term depending on the U.S. Holder's holding period in the warrants.
In this case, a U.S. Holder's tax basis in the ordinary shares received would equal the sum of the fair market value of the warrants
deemed surrendered and the U.S. Holder's tax basis in the warrants deemed exercised. A U.S. Holder's holding period for the
ordinary shares should commence on the date following the date of exercise of the warrants. There may also be alternative characterizations
of any such taxable exchange that would result in similar tax consequences, except that a U.S. Holder's gain or loss would be short-term.
Due to the absence of authority on the U.S. federal income tax treatment of a cashless exercise, there can be no assurance which, if
any, of the alternative tax consequences described above would be adopted by the IRS or a court of law. Accordingly, U.S. Holders should
consult their tax advisors regarding the tax consequences of a cashless exercise of the warrants.
We
intend to treat the exercise of a warrant occurring after giving notice of an intention to redeem the warrant as described in Section
"
Warrants
" of Part "
Description of Securities
" of this prospectus as if we redeemed such warrant
with ordinary shares, which should be treated as a recapitalization for U.S. federal income tax purposes. Accordingly, a U.S. Holder
should not recognize any gain or loss on the deemed redemption of warrants for ordinary shares. A U.S. Holder's aggregate tax basis
in the ordinary shares received in the redemption should equal the U.S. Holder's aggregate tax basis in the warrants so redeemed
and the holding period for the ordinary shares received in redemption of such U.S. Holder's warrants should include the U.S. Holder's
holding period for the redeemed warrants. However, if the redemption were instead to be characterized for U.S. federal income tax purposes
as a cashless exercise of the warrant (which we do not expect), then the tax treatment would instead be treated as described above in
the second paragraph under "
Exercise, Lapse or Redemption of a Warrant
".
Subject
to the PFIC rules described below, if we redeem warrants for cash pursuant to the redemption provisions described in Section "
Warrants
"
of Part "
Description of Securities
" of this prospectus or if we purchase warrants in an open-market transaction, such
redemption or purchase generally will be treated as a taxable disposition to the U.S. Holder, taxed as described above under "
Taxation
on the Disposition of Securities
."
Possible
Constructive Distributions
The
terms of each warrant provide for an adjustment to the number of ordinary shares for which the warrant may be exercised or to the exercise
price of the warrant in certain events, as discussed in Section "
Warrants
" of Part "
Description of Securities
"
of this prospectus. An adjustment which has the effect of preventing dilution generally is not taxable. The U.S. Holders of the warrants
would, however, be treated as receiving a constructive distribution from us if, for example, the adjustment increases such U.S. Holders'
proportionate interest in our assets or earnings and profits (e.g., through an increase in the number of ordinary shares that would be
obtained upon exercise or through a decrease in the exercise price of the warrant) as a result of a distribution of cash or other property
such as other securities to the holders of ordinary shares which is taxable to the U.S. Holders of such ordinary shares as described
under "
Taxation of Distributions Paid on Ordinary Shares
" above. Such constructive distribution would be subject to
tax as described under that section in the same manner as if the U.S. Holders of the warrants received a cash distribution from us equal
to the fair market value of the increase in the interest. For certain information reporting purposes, we are required to determine the
date and amount of any such constructive distributions. Proposed Treasury regulations, which we may rely on prior to the issuance of
final regulations, specify how the date and amount of constructive distributions are determined.
64
Unearned
Income Medicare Tax
Under
current tax law, U.S. Holders that are individual, estates or trusts and whose income exceeds certain thresholds generally will be subject
to a 3.8% Medicare contribution tax on unearned income, including, among other things, dividends on, and gains from the sale or other
disposition of, our securities, subject to certain limitations and exceptions. Under current regulations, in the absence of a special
election, such unearned income generally would not include income inclusions under the qualified election fund ("QEF") rules
discussed below under "Passive Foreign Investment Company Rules," but would include distributions of earnings and profits
from a QEF. U.S. Holders should consult their own tax advisors regarding the effect, if any, of such tax on their ownership and disposition
or our securities.
Passive
Foreign Investment Company Rules
A
foreign (i.e., non-U.S.) corporation will be a PFIC for U.S. federal income tax purposes if at least 75% of its gross income in a taxable
year of such foreign corporation, including its
pro rata
share of the gross income of any corporation in which it is considered
to own at least 25% of the shares by value, is passive income. Alternatively, a foreign corporation will be a PFIC if at least 50% of
its assets in a taxable year of the foreign corporation, ordinarily determined based on fair market value and averaged quarterly over
the year, including its
pro rata
share of the assets of any corporation in which it is considered to own at least 25% of the shares
by value, are held for the production of, or produce, passive income. Passive income generally includes dividends, interest, rents and
royalties (other than certain rents or royalties derived from the active conduct of a trade or business) and gains from the disposition
of passive assets.
If
we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder of our
securities and, in the case of our ordinary shares, the U.S. Holder did not make a timely QEF election for our first taxable year as
a PFIC in which the U.S. Holder held (or was deemed to hold) such ordinary shares, a QEF election along with a deemed sale (or purging)
election, or a "mark-to-market" election, each as described below, such holder generally will be subject to special rules
for regular U.S. federal income tax purposes with respect to:
●
any
    gain recognized by the U.S. Holder on the sale or other disposition of our securities; and
●
any
    "excess distribution" made to the U.S. Holder (generally, any distributions to such U.S. Holder during a taxable year
    of the U.S. Holder that are greater than 125% of the average annual distributions received by such U.S. Holder in respect of our
    securities during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder's holding period for
    our securities).
Under
these rules,
●
the
    U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for our securities;
●
the
    amount allocated to the U.S. Holder's taxable year in which the U.S. Holder recognized the gain or received the excess distribution,
    or to the period in the U.S. Holder's holding period before the first day of our first taxable year in which we are a PFIC,
    will be taxed as ordinary income;
●
the
    amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will be taxed
    at the highest tax rate in effect for that year and applicable to the U.S. Holder; and
●
the
    interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each such other
    taxable year of the U.S. Holder.
65
In
general, if we are determined to be a PFIC, a U.S. Holder may avoid the PFIC tax consequences described above in respect to our ordinary
shares by making a timely QEF election (or a QEF election along with a purging election). Pursuant to the QEF election, a U.S. Holder
generally will be required to include in income its
pro rata
share of our net capital gains (as long-term capital gain) and other
earnings and profits (as ordinary income), on a current basis, in each case whether or not distributed, in the taxable year of the U.S.
Holder in which or with which our taxable year ends if we are treated as a PFIC for that taxable year. A U.S. Holder may make a separate
election to defer the payment of taxes on undistributed income inclusions under the QEF rules, but if deferred, any such taxes will be
subject to an interest charge.
A
U.S. Holder may not make a QEF election with respect to its warrants to purchase ordinary shares. As a result, if a U.S. Holder sells
or otherwise disposes of such warrants (other than upon exercise of such warrants), any gain recognized generally will be subject to
the special tax and interest charge rules treating the gain as an excess distribution, as described above, if we were a PFIC at any time
during the period the U.S. Holder held the warrants. If a U.S. Holder that exercises such warrants properly makes a QEF election with
respect to the newly acquired ordinary shares (or has previously made a QEF election with respect to our ordinary shares), the QEF election
will apply to the newly acquired ordinary shares, but the adverse tax consequences relating to PFIC shares, adjusted to take into account
the current income inclusions resulting from the QEF election, will continue to apply with respect to such newly acquired ordinary shares
(which generally will be deemed to have a holding period for purposes of the PFIC rules that includes the period the U.S. Holder held
the warrants or rights), unless the U.S. Holder makes a purging election under the PFIC rules. The purging election creates a deemed
sale of such shares at their fair market value. The gain recognized by the purging election will be subject to the special tax and interest
charge rules treating the gain as an excess distribution, as described above. As a result of the purging election, the U.S. Holder will
increase the adjusted tax basis in its ordinary shares acquired upon the exercise of the warrants by the gain recognized and will also
have a new holding period in such ordinary shares for purposes of the PFIC rules.
The
QEF election is made on a shareholder-by-shareholder basis and, once made, can be revoked only with the consent of the IRS. A U.S. Holder
generally makes a QEF election by attaching a completed IRS Form 8621 (Information Return by a Shareholder of a Passive Foreign investment
Company or Qualified Electing Fund), including the information provided in a PFIC annual information statement, to a timely filed U.S.
federal income tax return for the tax year to which the election relates. Retroactive QEF elections generally may be made only by filing
a protective statement with such return and if certain other conditions are met or with the consent of the IRS. U.S. Holders should consult
their own tax advisors regarding the availability and tax consequences of a retroactive QEF election under their particular circumstances.
In
order to comply with the requirements of a QEF election, a U.S. Holder must receive a PFIC annual information statement from us. If we
determine we are a PFIC for any taxable year, we will endeavor to provide to a U.S. Holder upon request such information as the IRS may
require, including a PFIC annual information statement, in order to enable the U.S. Holder to make and maintain a QEF election .
However, there is no assurance that we will have timely knowledge of our status as a PFIC in the future or of the required information
to be provided.
If
a U.S. Holder has made a QEF election with respect to our ordinary shares, and the special tax and interest charge rules do not apply
to such shares (because of a timely QEF election for our first taxable year as a PFIC in which the U.S. Holder holds (or is deemed to
hold) such shares or a purge of the PFIC taint pursuant to a purging election, as described above), any gain recognized on the sale of
our ordinary shares generally will be taxable as capital gain and no interest charge will be imposed. As discussed above, for regular
U.S. federal income tax purposes, U.S. Holders of a QEF generally are currently taxed on their
pro rata
shares of its earnings
and profits, whether or not distributed. In such case, a subsequent distribution of such earnings and profits that were previously included
in income generally should not be taxable as a dividend to such U.S. Holders. The adjusted tax basis of a U.S. Holder's shares
in a QEF will be increased by amounts that are included in income, and decreased by amounts distributed but not taxed as dividends, under
the above rules. Similar basis adjustments apply to property if by reason of holding such property the U.S. Holder is treated under the
applicable attribution rules as owning shares in a QEF.
66
Although
a determination as to our PFIC status will be made annually, an initial determination we are a PFIC will generally apply for subsequent
years to a U.S. Holder who held our securities while we were a PFIC, whether or not we meet the test for PFIC status in those subsequent
years. A U.S. Holder who makes the QEF election discussed above for our first taxable year as a PFIC in which the U.S. Holder holds (or
is deemed to hold) our ordinary shares, however, will not be subject to the PFIC tax and interest charge rules discussed above in respect
to such shares. In addition, such U.S. Holder will not be subject to the QEF inclusion regime with respect to such shares for any of
our taxable years that end within or with a taxable year of the U.S. Holder and in which we are not a PFIC. On the other hand, if the
QEF election is not effective for each of our taxable years in which we are a PFIC and the U.S. Holder holds (or is deemed to hold) our
ordinary shares, the PFIC rules discussed above will continue to apply to such shares unless the holder files on a timely filed U.S.
federal income tax return (including extensions) a QEF election and a purging election to recognize under the rules of Section 1291 of
the Code any gain that the U.S. Holder would otherwise recognize if the U.S. Holder had sold our shares for their fair market value on
the "qualification date." The qualification date is the first day of our tax year in which we qualify as a QEF with respect
to such U.S. Holder. The purging election can only be made if such U.S. Holder held our shares on the qualification date. The gain recognized
by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as
described above. As a result of the purging election, the U.S. Holder will increase the adjusted tax basis in our shares by the amount
of the gain recognized and will also have a new holding period in the shares for purposes of the PFIC rules.
Alternatively,
if a U.S. Holder, at the close of its taxable year, owns (or is deemed to own) shares in a PFIC that are treated as marketable shares,
the U.S. Holder may make a mark-to-market election with respect to such shares for such taxable year. If the U.S. Holder makes a valid
mark-to-market election for the first taxable year of the U.S. Holder in which the U.S. Holder holds (or is deemed to hold) our ordinary
shares and for which we are determined to be a PFIC, such holder generally will not be subject to the PFIC rules described above in respect
to its ordinary shares as long as such shares continue to be treated as marketable shares. Instead, in general, the U.S. Holder will
include as ordinary income for each year that we are treated as a PFIC the excess, if any, of the fair market value of its ordinary shares
at the end of its taxable year over the adjusted basis in its ordinary shares. The U.S. Holder also will be allowed to take an ordinary
loss in respect of the excess, if any, of the adjusted basis of its ordinary shares over the fair market value of its ordinary shares
at the end of its taxable year (but only to the extent of the net amount of previously included income as a result of the mark-to-market
election). The U.S. Holder's adjusted tax basis in its ordinary shares will be adjusted to reflect any such income or loss amounts,
and any further gain recognized on a sale or other taxable disposition of the ordinary shares in a taxable year in which we are treated
as a PFIC will be treated as ordinary income. Special tax rules may also apply if a U.S. Holder makes a mark-to-market election for a
taxable year after the first taxable year in which the U.S. Holder holds (or is deemed to hold) its ordinary shares and for which we
are treated as a PFIC. Currently, a mark-to-market election may not be made with respect to our warrants.
The
mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with
the Securities and Exchange Commission, including the Nasdaq Global Market, or on a foreign exchange or market that the IRS determines
has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. U.S. Holders should consult
their own tax advisors regarding the availability and tax consequences of a mark-to-market election in respect to our ordinary shares
under their particular circumstances.
If
we are a PFIC and, at any time, have a foreign subsidiary that is classified as a PFIC, U.S. Holders of our shares generally would be
deemed to own a portion of the shares of such lower-tier PFIC, and generally could incur liability for the deferred tax and interest
charge described above if we receive a distribution from, or dispose of all or part of our interest in, the lower-tier PFIC or the U.S.
Holders otherwise were deemed to have disposed of an interest in the lower-tier PFIC. Upon request, we will endeavor to cause any lower-tier
PFIC to provide to a U.S. Holder the information that may be required to make or maintain a QEF election with respect to the lower-tier
PFIC. However, there is no assurance that we will have timely knowledge of the status of any such lower-tier PFIC. In addition, we may
not hold a controlling interest in any such lower-tier PFIC and thus there can be no assurance we will be able to cause the lower-tier
PFIC to provide the required information. A mark-to-market election generally would not be available with respect to such lower-tier
PFIC. U.S. Holders are urged to consult their own tax advisors regarding the tax issues raised by lower-tier PFICs.
67
A
U.S. Holder that owns (or is deemed to own) shares in a PFIC during any taxable year of the U.S. Holder, may have to file an IRS Form
8621 (whether or not a QEF or mark-to-market election is or has been made) with such U.S. Holder's U.S. federal income tax return
and provide such other information as may be required by the U.S. Treasury Department.
The
rules dealing with PFICs and with the QEF and mark-to-market elections are very complex and are affected by various factors in addition
to those described above. Our U.S. counsel expresses no opinion with respect to our PFIC status for any taxable year. Accordingly, U.S.
Holders of our securities should consult their own tax advisors concerning the application of the PFIC rules to our securities under
their particular circumstances.
Non-U.S.
Holders
Dividends
(including constructive dividends) paid or deemed paid to a Non-U.S. Holder in respect to our securities generally will not be subject
to U.S. federal income tax, unless the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business
within the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed
base that such holder maintains or maintained in the United States).
In
addition, a Non-U.S. Holder generally will not be subject to U.S. federal income tax on any gain attributable to a sale or other disposition
of our securities unless such gain is effectively connected with its conduct of a trade or business in the United States (and, if required
by an applicable income tax treaty, is attributable to a permanent establishment or fixed base that such holder maintains or maintained
in the United States) or the Non-U.S. Holder is an individual who is present in the United States for 183 days or more in the taxable
year of sale or other disposition and certain other conditions are met (in which case, such gain from United States sources generally
is subject to tax at a 30% rate or a lower applicable tax treaty rate).
Dividends
and gains that are effectively connected with the Non-U.S. Holder's conduct of a trade or business in the United States (and, if
required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base that such holder maintains or
maintained in the United States) generally will be subject to regular U.S. federal income tax at the same regular U.S. federal income
tax rates applicable to a comparable U.S. Holder and, in the case of a Non-U.S. Holder that is a corporation for U.S. federal income
tax purposes, may also be subject to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate.
Backup
Withholding and Information Reporting
In
general, information reporting for U.S. federal income tax purposes should apply to distributions made on our ordinary shares within
the United States to a U.S. Holder (other than an exempt recipient) and to the proceeds from sales and other dispositions of our securities
by a U.S. Holder (other than an exempt recipient) to or through a U.S. office of a broker. Payments made (and sales and other dispositions
effected at an office) outside the United States will be subject to information reporting in limited circumstances. In addition, certain
information concerning a U.S. Holder's adjusted tax basis in its securities and whether any gain or loss with respect to such securities
in long-term or short-term may be required to be reported to the IRS, and certain holders may be required to file an IRS Form 8938 (Statement
of Specified Foreign Financial Assets) to report their interest in our securities.
Moreover,
backup withholding of U.S. federal income tax, currently at a rate of 24%, generally will apply to dividends paid on our securities to
a U.S. Holder (other than an exempt recipient) and the proceeds from sales and other dispositions of our securities by a U.S. Holder
(other than an exempt recipient), in each case who:
●
fails
    to provide an accurate taxpayer identification number;
●
is
    notified by the IRS that backup withholding is required; or
●
fails
    to comply with applicable certification requirements.
68
A
Non-U.S. Holder generally may eliminate the requirement for information reporting and backup withholding by providing certification of
its foreign status, under penalties of perjury, on a duly executed applicable IRS Form W-8 or by otherwise establishing an exemption.
We
will withhold all taxes required to be withheld by law from any amounts otherwise payable to any holder of our securities, including
tax withholding required by the backup withholding rules. Backup withholding is not an additional tax. Rather, the amount of any backup
withholding will be allowed as a credit against a U.S. Holder's or a Non-U.S. Holder's U.S. federal income tax liability
and may entitle such holder to a refund, provided that the requisite information is timely furnished to the IRS. Holders are urged to
consult their own tax advisors regarding the application of backup withholding and the availability of and procedure for obtaining an
exemption from backup withholding in their particular circumstances.
F.
Dividends
    and Paying Agents
Not
Applicable.
G.
Statement
    by Experts
Not
Applicable.
H.
Documents
    on Display
We
are subject to the periodic reporting and other informational requirements of the Exchange Act. Under the Exchange Act, we are required
to file reports and other information with the SEC. Specifically, we are required to file annually a Form 20-F within four months after
the end of each fiscal year, which is December 31. Copies of reports and other information, when so filed, may be inspected without charge
and may be obtained at prescribed rates at the public reference facilities maintained by the Securities and Exchange Commission at 100
F Street, N.E., Room 1580, Washington, D.C. 20549. The public may obtain information regarding the Washington, D.C. Public Reference
Room by calling the Commission at 1 -800-SEC-0330. The SEC also maintains a website at
www.sec.gov
that contains reports, proxy
and information statements, and other information regarding registrants that make electronic filings with the SEC using its EDGAR system.
As a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly
reports and proxy statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing profit
recovery provisions contained in Section 16 of the Exchange Act.
In
accordance with Nasdaq Stock Market Rule 5250(d), we will post this annual report on our website www.euda.com. In addition, we will provide
hardcopies of our annual report to shareholders free of charge upon request.
69
I.
Subsidiary
    Information
Not
applicable.
ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
applicable.
ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
A.
Debt
    Securities
Not
Applicable.
B.
Warrants
    and Rights
Warrants
Every
two warrants entitle the registered holder to purchase one ordinary share at a price of $11.50 per share, subject to adjustment as discussed
below. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares. This means that
only an even number of warrants may be exercised at any given time by a warrant holder. However, except as set forth below, no warrants
will be exercisable for cash unless we have an effective and current registration statement covering the ordinary shares issuable upon
exercise of the warrants and a current prospectus relating to such ordinary shares. If an exemption from registration is not available,
holders will not be able to exercise their warrants on a cashless basis. The warrants will expire five years after the completion of
our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.
We
may call the warrants for redemption, in whole and not in part, at a price of $0.01 per warrant:
●
at
    any time while the warrants are exercisable,
●
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, for any 20 trading days within
    a 30 trading day period ending on the third business day prior to the notice of redemption to warrant holders (the "Force-Call
    Provision"), and
●
if,
    and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at
    the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date
    of redemption.
The
right to exercise will be forfeited unless the warrants are exercised prior to the date specified in the notice of redemption. On and
after the redemption date, a record holder of a warrant will have no further rights except to receive the redemption price for such holder's
warrant upon surrender of such warrant.
The
redemption criteria for our warrants have been established at a price which is intended to provide warrant holders a reasonable premium
to the initial exercise price and provide a sufficient differential between the then-prevailing share price and the warrant exercise
price so that if the share price declines as a result of our redemption call, the redemption will not cause the share price to drop below
the exercise price of the warrants.
If
we call the warrants for redemption as described above, our management will have the option to require all holders that wish to exercise
warrants to do so on a "cashless basis." In such event, each holder would pay the exercise price by surrendering the whole
warrants for that number of ordinary shares equal to the quotient obtained by dividing (x) the product of the number of ordinary shares
underlying the warrants, multiplied by the difference between the exercise price of the warrants and the "fair market value"
(defined below) by (y) the fair market value. The "fair market value" shall mean the average reported last sale price of
the ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent
to the holders of warrants. Whether we will exercise our option to require all holders to exercise their warrants on a "cashless
basis" will depend on a variety of factors including the price of our ordinary shares at the time the warrants are called for redemption,
our cash needs at such time and concerns regarding dilutive share issuances.
70
The
exercise price and number of ordinary shares issuable on exercise of the warrants may be adjusted in certain circumstances including
in the event of a share capitalizations, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However,
the warrants will not be adjusted for issuances of ordinary shares at a price below their respective exercise prices.
The
warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full
payment of the exercise price, by certified or official bank check payable to us, for the number of warrants being exercised. The warrant
holders do not have the rights or privileges of holders of ordinary shares and any voting rights until they exercise their warrants and
receive ordinary shares. After the issuance of ordinary shares upon exercise of the warrants, each holder will be entitled to one vote
for each share held of record on all matters to be voted on by shareholders.
Except
as described above, no warrants will be exercisable and we will not be obligated to issue ordinary shares unless at the time a holder
seeks to exercise such warrant, a prospectus relating to the ordinary shares issuable upon exercise of the warrants is current and the
ordinary shares have been registered or qualified or deemed to be exempt under the securities laws of the state of residence of the holder
of the warrants. Under the terms of the warrant agreement, we have agreed to use our best efforts to meet these conditions and to maintain
a current prospectus relating to the ordinary shares issuable upon exercise of the warrants until the expiration of the warrants. However,
we cannot assure you that we will be able to do so and, if we do not maintain a current prospectus relating to the ordinary shares issuable
upon exercise of the warrants, holders will be unable to exercise their warrants and we will not be required to settle any such warrant
exercise. If the prospectus relating to the ordinary shares issuable upon the exercise of the warrants is not current or if the ordinary
shares is not qualified or exempt from qualification in the jurisdictions in which the holders of the warrants reside, we will not be
required to net cash settle or cash settle the warrant exercise, the warrants may have no value, the market for the warrants may be limited
and the warrants may expire worthless.
Warrant
holders may elect to be subject to a restriction on the exercise of their warrants such that an electing warrant holder (and his, her
or its affiliates) would not be able to exercise their warrants to the extent that, after giving effect to such exercise, such holder
(and his, her or its affiliates) would beneficially own in excess of 9.8% of the ordinary shares issued and outstanding. Notwithstanding
the foregoing, any person who acquires a warrant with the purpose or effect of changing or influencing the control of our company, or
in connection with or as a participant in any transaction having such purpose or effect, immediately upon such acquisition will be deemed
to be the beneficial owner of the underlying ordinary shares and not be able to take advantage of this provision.
No
fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive
a fractional interest in a share (as a result of a subsequent share capitalizations payable in ordinary shares, or by a split up of the
ordinary shares or other similar event), we will, upon exercise, round up or down to the nearest whole number the number of ordinary
shares to be issued to the warrant holder.
C.
Other
    Securities
Not
applicable.
71
PART
II.
ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
None.
ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
Material
Modifications to the Rights of Security Holders
Not
Applicable.
Use
of Proceeds
Not
Applicable.
ITEM
15. CONTROLS AND PROCEDURES
Evaluation
of disclosure controls and procedures
. Our Chief Executive Officer and our Chief Financial Officer have evaluated the effectiveness
of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period
covered by this Annual Report on Form 20-F. Our disclosure controls and procedures are designed to ensure that information we are required
to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time
periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our
chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.
Management's
Annual Report on Internal Control over Financial Reporting
Management
is responsible for establishing and maintaining adequate internal control over financial reporting at the Company. The Company's
internal control over financial reporting is a process designed under the supervision of the Chief Executive Officer and Chief Financial
Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external reporting purposes in accordance with generally accepted accounting principles, and includes those policies and procedures
that:
●
Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of
the assets of the Company;
●
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with
authorizations of management and directors of the Company; and
●
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's
assets that could have a material effect on the financial statements.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
Our
Chief Executive Officer and the Chief Financial Officer conducted an evaluation of the effectiveness of our internal control over financial
reporting as of December 31, 2023, based on the framework and criteria established in Internal Control – Integrated Framework,
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Because
of the material weakness in our internal control over financial reporting discussed below, our Chief Executive
Officer and Chief Financial Officer concluded that, as of December 31, 2023, our disclosure controls and procedures were not effective.
In light of this fact, our Chief Executive Officer and Chief Financial Officer have performed additional analyses, reconciliations, and
other post-closing procedures and have concluded that, notwithstanding the material weakness in our internal control over financial reporting,
the consolidated financial statements for the periods covered by and included in this Annual Report on Form 20-F fairly present, in all
material respects, our financial position, results of operations and cash flows for the periods presented in conformity with GAAP.
72
A
"material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting such
that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented
or detected on a timely basis. A "significant deficiency" is a deficiency or a combination of deficiencies in internal control
over financial reporting that is less severe than a material weakness, yet important enough to merit attention by those responsible for
oversight of the Company's financial reporting.
The material weaknesses that was identified related to: (i) the lack of
sufficient financial reporting and accounting personnel, especially those with understanding of U.S. GAAP knowledge; (ii) the lack of
proper mechanism to identify and assess the experience and qualification of third-party specialists; and (iii) the lack of appropriate controls
in the financial reporting process, specifically related to account reconciliations and journal entry approval. As a result of these material
weaknesses, the Company's management concluded that our internal control over financial reporting was not effective as of December
31, 2023. EUDA is in the process of developing a plan to remediate this material weakness and will continue to identify additional appropriate
remediation measures. However, the material weakness will not be considered remediated until the remediation plan has been fully implemented,
the applicable controls are fully operational for a sufficient period of time, and the Company has concluded, through testing, that the
newly implemented and enhanced controls are operating effectively.
Remediation
Plan.
Management and our Audit Committee are currently reviewing and determining
a plan to remediate the material weakness described above and to enhance our overall control environment. We will not consider the material
weaknesses remediated until our enhanced control is operational for a sufficient period of time and tested, enabling management to conclude
that the enhanced controls are operating effectively. Our remediation plan includes (1) hiring of additional finance and accounting staff
with qualifications and work experiences in U.S. GAAP and SEC reporting requirements to formalize and strengthen the key internal control
over financial reporting; (2) allocating sufficient resources to prepare and review financial statements and related disclosures in accordance
with U.S.GAAP and SEC reporting requirements; (3) hiring of qualified consultant to assess Sarbanes-Oxley Act compliance readiness, to
assess where we can improve our overall internal control over financial reporting function, and to assist us in implementing improvements
where necessary; (4) setting up an effective internal mechanism to perform background check, identify and assess the qualification of
the engaged third-party specialists; (5) consulting with experienced valuation specialist on a timely basis; (6) establish a formal review
and approval process by developing a documented procedure for reviewing and approving account reconciliations and journal entries; (7)
clearly define the roles and responsibilities of individuals involved in the review and approval process; (8) enhance documentation and
record-keeping by creating standardized templates for account reconciliations and journal entry approvals, and maintaining a central repository
for all reconciliations and approved journal entries; and (9) consider implementing an integrated financial management system with built-in
controls, ensuring that the accounting system provides adequate safeguards against unauthorized access and manipulation of financial data.
At
this time, EUDA cannot predict the success of such efforts or the outcome of future assessments of the remediation efforts. As a public
company, EUDA is required to further design, document and test the Company's internal controls over financial reporting to comply
with Sarbanes-Oxley Act Section 404. If existing material weaknesses or control deficiencies are not remediated or if material weaknesses
or control deficiencies occur in the future, EUDA may be unable to report the Company's financial results accurately on a timely
basis or help prevent fraud, which could cause EUDA's reported financial results to be materially misstated and result in the loss
of investor confidence or delisting and cause the market price of EUDA's ordinary shares to decline. If we have material weaknesses
in the future, it could affect the financial results that the Company reports or create a perception that those financial results do
not fairly state EUDA's financial position or results of operations. Either of those events could have an adverse effect on the
value of the Company's ordinary shares.
Inherent
limitation on the effectiveness of internal control.
The effectiveness of any system of internal control over financial reporting,
including ours, is subject to inherent limitations, including the exercise of judgment in designing, implementing, operating, and evaluating
the controls and procedures, and the inability to eliminate misconduct completely. Accordingly, in designing and evaluating the disclosure
controls and procedures, management recognizes that any system of internal control over financial reporting, including ours, no matter
how well designed and operated, can only provide reasonable, not absolute assurance of achieving the desired control objectives. In addition,
the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required
to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs. Moreover, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate. We intend to continue to monitor and upgrade our internal
controls as necessary or appropriate for our business but cannot assure you that such improvements will be sufficient to provide us with
effective internal control over financial reporting.
73
ITEM
16.A. AUDIT COMMITTEE FINANCIAL EXPERT
Our
board of directors has determined that Eric Lew, independent director and member of our audit committee, is an audit committee financial
expert.
ITEM
16.B. CODE OF ETHICS
Our
board of directors has adopted a code of ethics that applies to all of the directors, officers and employees of us and our subsidiaries,
whether they work for us on a full-time, part-time, consultative, or temporary basis. Certain provisions of the code apply specifically
to our chief executive officer, chief financial officer, senior finance officer, controller, senior vice presidents, vice presidents
and any other persons who perform similar functions for us. We have posted a copy of our code of business conduct and ethics on our website
at www.euda.com.
ITEM
16.C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The
following table sets forth the aggregate fees by the categories specified below in connection with certain professional services rendered
by Marcum Asia CPAs LLP, our independent registered public accounting firm, for the periods indicated.
2023
2022
Audit fees
(1)
724,000
755,000
Audit related fees
(2)
-
-
Tax fees
(3)
-
-
All Other Fees
(4)
-
-
Total
724,000
755,000
Notes:
(1)
Audit
    Fees. Audit fees consist of fees for the audit of our annual financial statements and the reviews of our interim financial
    statements. Audit fees for each period also include related services that are normally provided in connection with registration
    statements.
(2)
Audit-related
    Fees. Audit-related fees consist of fees billed for assurance and related services that are reasonably related to performance of the
    audit or review of our financial statements and are not reported under "Audit Fees." These services include attest
    services that are not required by statute or regulation and consultation concerning financial accounting and reporting standards.
(3)
Tax
    Fees. Tax fees consist of fees billed for professional services rendered by our independent registered public accounting
firm for tax compliance, tax advice, and tax planning.
The
policy of our audit committee is to pre-approve all audit and non-audit services provided by Marcum Asia CPAs LLP, including audit services
and audit-related services as described above.
ITEM
16.D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
There
have been no exemptions from listing standards required to be disclosed in response to this Item.
ITEM
16.E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
None.
74
ITEM
16.F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
Effective
September 1, 2022, Friedman LLP ("Friedman"), our then independent registered public accounting firm, combined with Marcum
LLP and continued to operate as an independent registered public accounting firm. On November 22, 2022, approved by the Company's
board of directors, we engaged Marcum Asia CPAs LLP ("Marcum Asia") to serve as our independent registered public accounting
firm. The services previously provided by Friedman are now provided by Marcum Asia.
Pursuant
to applicable rules, the Company makes the following additional disclosures:
(a) During
the period from December 31, 2021 through November 22, 2022 there were no disagreements with Friedman on any matter of accounting principles
or practices, financial statement disclosure, or auditing scope or procedure, which if not resolved to Friedman's satisfaction would
have caused it to make reference thereto in connection with its reports on the financial statements for such year. During the period from
December 31, 2021 through November 22, 2022 other than the material weaknesses in the Company's internal control over financial
reporting, there were no events of the type described in Item 304(a)(1)(v) of Regulation S-K.
(b) During
the period from December 31, 2021 through November 22, 2022 the Company did not consult with Marcum Asia with respect to any matter whatsoever
including without limitation with respect to any of (i) the application of accounting principles to a specified transaction, either completed
or proposed; (ii) the type of audit opinion that might be rendered on the Company's financial statements; or (iii) any matter that
was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K) or an event of the type described in Item
304(a)(1)(v) of Regulation S-K.
ITEM
16.G. CORPORATE GOVERNANCE
Differences
in Corporate Law
We
were incorporated under, and are governed by, the laws of the British Virgin Islands. The corporate statutes of the State of Delaware
and the British Virgin Islands are similar, and the flexibility available under British Virgin Islands law has enabled us to adopt memorandum
of association and articles of association that will provide shareholders with rights that do not vary in any material respect from those
they would enjoy if we were incorporated under the Delaware General Corporation Law, or Delaware corporate law. Set forth below is a
summary of some of the differences between provisions of the BVI Act applicable to us and the laws application to companies incorporated
in Delaware and their shareholders.
Director's
Fiduciary Duties
Under
Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its stockholders. This duty
has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care
that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and
disclose to stockholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires
that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate
position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation
and its stockholders take precedence over any interest possessed by a director, officer or controlling stockholder and not shared by
the stockholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and
in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by
evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director
must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.
British
Virgin Islands law provides that every director of a British Virgin Islands company in exercising his powers or performing his duties
shall act honestly and in good faith and in what the director believes to be in the best interests of the company. Additionally, the
director shall exercise the care, diligence and skill that a reasonable director would exercise in the same circumstances taking into
account the nature of the company, the nature of the decision and the position of the director and his responsibilities. In addition,
British Virgin Islands law provides that a director shall exercise his powers as a director for a proper purpose and shall not act, or
agree to the company acting, in a manner that contravenes the BVI Act or the memorandum of association or articles of association of
the company.
75
Amendment
of Governing Documents
Under
Delaware corporate law, with very limited exceptions, a vote of the stockholders is required to amend the certificate of incorporation.
Under British Virgin Islands law and our memorandum of association and articles of association, (i) our shareholders may amend our memorandum
of association and articles of association by a resolution of shareholders, or (ii) our board of directors may amend our memorandum of
association and articles of association by a resolution of directors without a requirement for a resolution of shareholders so long as
the amendment does not:
●
restrict the rights of the
  shareholders to amend the memorandum of association and articles of association;
●
change the percentage of
  shareholders required to pass a resolution of shareholders to amend the memorandum of association and articles of association;
●
amend the memorandum of association
  and articles of association in circumstances where the memorandum of association and articles of association cannot be amended by the
  shareholders; or
●
amend the provisions of memorandum
  of association or the articles of association pertaining to "rights, privileges, restrictions and conditions attaching to shares,"
  "rights not varied by the issue of shares pari passu," "variation of class rights" and "amendment of
  memorandum and articles of association".
Written
Consent of Directors
Under
Delaware corporate law, directors may act by written consent only on the basis of a unanimous vote. Under British Virgin Islands law,
directors may pass a written resolution (a) by such majority of the votes of the directors entitled to vote on the resolution as may
be specified in the memorandum of association or articles of association or (b) in the absence of any provision in the memorandum of
association or the articles of association, by all the directors entitled to vote on the resolution. Our articles of association provide
that a resolution consented to in writing by the directors may be passed by all directors or of all members of the committee, as the
case may be.
Written
Consent of Shareholders
Under
Delaware corporate law, unless otherwise provided in the certificate of incorporation, any action to be taken at any annual or special
meeting of stockholders of a corporation, may be taken by written consent of the holders of outstanding stock having not less than the
minimum number of votes that would be necessary to take such action at a meeting. As permitted by British Virgin Islands law, subject
to the memorandum or articles of association, an action that may be taken by members of the company at a meeting of shareholders may
also be taken by a resolution of shareholders consented to in writing. Our articles of association provide that shareholders may approve
corporate matters by way of a resolution consented to at a meeting of shareholders or in writing by shareholders holding in excess of
50% of votes entitled to vote thereon.
Shareholder
Proposals
Under
Delaware corporate law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies
with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person
authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings. British Virgin Islands
law and our articles of association provide that our directors shall call a meeting of the shareholders if requested in writing to do
so by shareholders entitled to exercise 30% or more of our outstanding voting shares in respect of the matter for which the meeting is
requested.
Sale
of Assets
Under
Delaware corporate law, a vote of the stockholders is required to approve the sale of assets only when all or substantially all assets
are being sold. In the British Virgin Islands, shareholder approval is required when more than 50% of the company's total assets
by value are being disposed of or sold.
Dissolution;
Winding Up
Under
Delaware corporate law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders
holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved
by a simple majority of the corporation's outstanding shares. Delaware corporate law allows a Delaware corporation to include in
its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. As permitted
by British Virgin Islands law and our articles of association, we may be voluntarily liquidated under Part XII of the BVI Act by resolution
of directors and resolution of shareholders if we have no liabilities or we are able to pay our debts as they fall due and the value
of our assets equals or exceeds our liabilities.
76
Redemption
of Shares
Under
Delaware corporate law, any stock may be made subject to redemption by the corporation at its option or at the option of the holders
of such stock provided there remains outstanding shares with full voting power. Such stock may be made redeemable for cash, property
or rights, as specified in the certificate of incorporation or in the resolution of the board of directors providing for the issue of
such stock. As permitted by British Virgin Islands law, and our memorandum of association and articles of association, shares may be
repurchased, redeemed or otherwise acquired by us. Our directors must determine that immediately following the redemption or repurchase
we will be able to pay our debts as they fall due and the value of our assets exceeds our liabilities.
Variation
of Rights of Shares
Under
Delaware corporate law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares
of such class, unless the certificate of incorporation provides otherwise. As permitted by British Virgin Islands law, and our memorandum
of association and articles of association, if our share capital is divided into more than one class of shares, we may vary the rights
attached to any class only with the consent in writing of holders of not less than three-fourths of the issued shares of that class and
holders of not less than three-fourths of the issued shares of any other class of shares which may be affected by the variation.
Removal
of Directors
Under
Delaware corporate law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority
of the outstanding shares entitled to vote, unless the certificate provides otherwise. As permitted by British Virgin Islands law and
our memorandum of association and articles of association, directors may be removed with or without cause by resolution of directors
or resolution of shareholders.
Mergers
Under
the BVI Act, two or more companies may merge or consolidate in accordance with the statutory provisions. A merger means the merging of
two or more constituent companies into one of the constituent companies, and a consolidation means the uniting of two or more constituent
companies into a new company. In order to merger or consolidate, the directors of each constituent company must approve a written plan
of merger or consolidation which must be authorized by a resolution of shareholders.
Shareholders
not otherwise entitled to vote on the merger or consolidation may still acquire the right to vote if the plan of merger or consolidation
contains any provision which, if proposed as an amendment to the memorandum association or articles of association, would entitle them
to vote as a class or series on the proposed amendment. In any event, all shareholders must be given a copy of the plan of merger or
consolidation irrespective of whether they are entitled to vote at the meeting or consent to the written resolution to approve the plan
of merger or consolidation.
Inspection
of Books and Records
Under
Delaware corporate law, any shareholder of a corporation may for any proper purpose inspect or make copies of the corporation's
stock ledger, list of shareholders and other books and records. Holders of our shares have no general right under British Virgin Islands
law to inspect or obtain copies of our list of shareholders or our corporate records.
Conflict
of Interest
The
BVI Act provides that a director shall, after becoming aware that he is interested in a transaction entered into or to be entered into
by the company, disclose that interest to the board of directors of the company. The failure of a director to disclose that interest
does not affect the validity of a transaction entered into by the director or the company, so long as the director's interest was
disclosed to the board prior to the company's entry into the transaction or was not required to be disclosed (for example where
the transaction is between the company and the director himself or is otherwise in the ordinary course of business and on usual terms
and conditions). As permitted by British Virgin Islands law and our memorandum of association and articles of association, a director
interested in a particular transaction may vote on it, attend meetings at which it is considered, and sign documents on our behalf which
relate to the transaction.
77
Transactions
with Interested Shareholders
Delaware
corporate law contains a business combination statute applicable to Delaware public corporations whereby, unless the corporation has
specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging
in certain business combinations with an "interested shareholder" for three years following the date that such person becomes
an interested shareholder. An interested shareholder generally is a person or group who or that owns or owned 15% or more of the target's
outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered
bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to
the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination
or the transaction that resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware
public corporation to negotiate the terms of any acquisition transaction with the target's board of directors.
British
Virgin Islands law has no comparable provision. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware
business combination statute. However, although British Virgin Islands law does not regulate transactions between a company and its significant
shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with
the effect of constituting a fraud on the minority shareholders.
Independent
Directors
There
are no provisions under Delaware corporate law or under the BVI Act that require a majority of our directors to be independent.
Cumulative
Voting
Under
Delaware corporate law, cumulative voting for elections of directors is not permitted unless the company's certificate of incorporation
specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors
since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases
the shareholder's voting power with respect to electing such director. There are no prohibitions to cumulative voting under the
laws of the British Virgin Islands, but our memorandum of association and articles of association do not provide for cumulative voting
Anti-takeover
Provisions in Our Memorandum of association and articles of association
Some
provisions of our memorandum of association and articles of association may discourage, delay or prevent a change in control of our company
or management that shareholders may consider favorable, including provisions that authorize our board of directors to issue shares in
manner, on the terms and conditions and for the issue prices that the directors may determine.
Foreign
Private Issuer Exemption
As
a British Virgin Islands company listed on the Nasdaq Capital Market, we are subject to the Nasdaq Stock Market Rules corporate governance
listing standards. However, Nasdaq Stock Market Rules permit a foreign private issuer like us to follow the corporate governance practices
of its home country. Certain corporate governance practices in British Virgin Island, which is our home country, may differ significantly
from the Nasdaq Stock Market Rules. While we voluntarily follow most Nasdaq corporate governance rules, we may choose to take advantage
of the following exemptions afforded to foreign private issuers:
●
exemption
                                            from the requirement to obtain shareholder approval for certain issuances of securities,
                                            including shareholder approval prior to certain dilutive events, including a transaction
                                            other than a public offering involving the sale of 20% or more of the issuer's ordinary
                                            shares outstanding prior to the transaction for less than the greater of book or market value
                                            of the shares, or the issuance of ordinary shares issuable upon conversion of the convertible
                                            notes; and
●
exemption
                                            from the requirement that our board of directors shall have regularly scheduled meetings
                                            at which only independent directors are present as set forth in Nasdaq Rule 5605(b)(2).
78
We
intend to follow our home country practices in lieu of the foregoing requirements. Although we may rely on home country corporate governance
practices in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), we must comply with Nasdaq's Notification
of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and have an audit committee that satisfies Rule 5605(c)(3),
consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). Although we currently intend to comply
with the Nasdaq corporate governance rules applicable other than as noted above, we may in the future decide to use the foreign private
issuer exemption with respect to some or all the other Nasdaq corporate governance rules. As a result, our shareholders may be afforded
less protection than they otherwise would under the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers.
We may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.
We
intend to take all actions necessary for it to maintain compliance as a foreign private issuer under the applicable corporate governance
requirements of the Sarbanes-Oxley Act, the rules adopted by the SEC and the Nasdaq corporate governance rules and listing standards.
Because
we are a foreign private issuer, its directors and senior management are not subject to short-swing profit and insider trading reporting
obligations under Section 16 of the Exchange Act. They will, however, be subject to the obligations to report changes in share ownership
under Section 13 of the Exchange Act and related SEC rules.
ITEM
16.H. MINE SAFETY DISCLOSURE
Not
applicable.
ITEM
16.I.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not
applicable.
ITEM
16J. INSIDER TRADING POLICIES
The
Company has adopted an Insider Trading Policy governing the purchase, sale and other dispositions of the Company's securities by
directors, senior management and employees that is reasonably designed to promote compliance with applicable insider trading laws, rules
and regulations, and all applicable listing standards. A copy of the policy is filed as Exhibit [●] hereto.
ITEM
16K. CYBERSECURITY
EUDA
has adopted a Cyber Security Policy to identify, assess, manage, mitigate, and respond to cybersecurity threats. The purpose of the policy
is to establish a framework for managing cyber risks effectively, complying with relevant regulations, and protecting the Company's
digital assets from unauthorized access, disclosure, alteration, or destruction. This policy is integrated within the Company's
enterprise risk management system. The policy addresses the corporate information technology environment, third-party service providers,
and external-facing applications.
EUDA's
cybersecurity incident response process will involve a multi-functional approach for investigating, containing, and mitigating incidents,
including reporting findings to senior management and other key stakeholders, including if appropriate the audit committee and the board,
and keeping them informed and involved as appropriate. While we have not, as of the date of this Form 20-F, experienced a cybersecurity
threat or incident that has had a material impact on our business or operations, there can be no guarantee that we will not experience
an incident that results in a material impact to our business or operations in the future. In addition, cybersecurity threats are constantly
evolving and increasing in sophistication, which increases the difficulty of successfully defending against them or implementing adequate
preventative measures.
Our
information security team, which reports to the Chief Executive Officer, stays informed about and oversees prevention, detection, mitigation,
and remediation efforts through regular communication and reporting channels within our organization.
79
PART
III.
ITEM
17. FINANCIAL STATEMENTS
We
have elected to provide financial statements pursuant to Item 18.
ITEM
18. FINANCIAL STATEMENTS
The
consolidated financial statements of Euda Health Holdings Ltd. and its subsidiaries are included at the end of this annual report.
ITEM
19. EXHIBITS
80
EXHIBIT
INDEX
Incorporated
    by Reference
Exhibit
Description
Schedule/
    Form
File
    Number
Exhibits
Filing
    Date
2.1*
Description of Capital Stock.
3.1
Amended and Restated Memorandum and Articles of Association of EUDA Health Holdings Limited
S-1
333-268994
3.1
December 23, 2022
4.1*
Insider Trading Policy
8.1*
List of Subsidiaries.
10.13
Settlement Agreement with Mr. Meng Dong (James) Tan, dated May 16, 2023
8-K
001-40678
10.1
May 26, 2023
10.14
Settlement Agreement with 8i Holdings 2 Pte Ltd., dated May 16, 2023
8-K
001-40678
10.2
May 26, 2023
10.15
Settlement Agreement with Shine Link Limited, dated May 16, 2023
8-K
001-40678
10.3
May 26, 2023
10.16
Settlement Agreement with Menora Capital Pte Ltd, dated May 16, 2023
8-K
001-40678
10.4
May 26, 2023
10.17
Settlement Agreement with Kelvin Chen, dated May 16, 2023
8-K
001-40678
10.5
May 26, 2023
10.17.1
Supplemental Agreement with Kelvin Chen, dated June 6, 2023
8-K
001-40678
10.1
June 9, 2023
10.18
Amendment to Prepaid Forward Agreement dated June 8, 2023
8-K
001-40678
10.2
June 9, 2023
10.19
Amendment to Prepaid Forward Agreement dated June 8, 2023
8-K
001-40678
10.3
June 9, 2023
10.1
Convertible Loan Agreement between the Company and Gilandi Limited, dated January 16, 2024.
6-K
001-40678
10.1
January 23, 2024
10.2
Amendment No. 1 to Convertible Promissory Note dated February 29, 2024
6-K
001-40678
10.1
March 5, 2024
10.3
Settlement Agreement between the Company and Kelvin Chen, dated March 15, 2024
6-K
001-40678
10.1
April 4, 2024
10.4
Settlement Agreement between the Company and Steven Sobak, dated March 15, 2024
6-K
001-40678
10.2
April 4, 2024
10.5
Settlement Agreement between the Company and Alfred Lim, dated March 15, 2024
6-K
001-40678
10.3
April 4, 2024
10.6
Settlement Agreement between the Company and Meng Dong (James) Tan, dated March 15, 2024
6-K
001-40678
10.4
April 4, 2024
10.7
Settlement Agreement between the Company and 8i Enterprises Pte Ltd, dated March 15, 2024
6-K
001-40678
10.5
April 4, 2024
10.8
Form of Convertible Note
6-K
001-40678
10.6
April 4, 2024
10.9
Convertible Loan Agreement between the Company and Affluence Resource Pte. Ltd. dated April 16, 2024
6-K
001-40678
10.1
April 22, 2024
10.10
Loan Agreement between the Company and Alfred Lim dated February 2, 2023
6-K
001-40678
10.2
April 22, 2024
10.11
Supplemental Agreement between the Company and Alfred Lim dated March 31, 2023
6-K
001-40678
10.3
April 22, 2024
10.12
Supplemental Agreement between the Company and Alfred Lim dated April 16, 2024
6-K
001-40678
10.4
April 22, 2024
16.1
Letter from UHY LLP to the SEC dated November 23, 2022
8-K
001-40678
16.1
November 23, 2022
31.1*
Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*
Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
97*
Clawback Policy
101.INS*
Inline XBRL Instance Document - the instance document
    does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH*
Inline XBRL Taxonomy Extension Schema Document
101.CAL*
Inline XBRL Taxonomy Extension Calculation Linkbase
    Document
101.DEF*
Inline XBRL Taxonomy Extension Definition Linkbase
    Document
101.LAB*
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*
Inline XBRL Taxonomy Extension Presentation Linkbase
    Document
104.1*
Cover Page Interactive Data File (embedded within the
    Inline XBRL)
*
Filed herewith.
**
Furnished herewith.
81
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements for filing its annual report on Form 20-F and that it has duly caused
and authorized the undersigned to sign this annual report on its behalf.
EUDA
    Health Holdings Limited
By:
/s/
    Wei Wen Kelvin Chen
Name:
Wei
    Wen Kelvin Chen
Title:
Chief
    Executive Officer
Date:
M
ay
8, 2024
82
EUDA
HEALTH HOLDINGS LIMITED
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
Report of Independent Registered Public Accounting Firm
(PCAOB ID No.
5395
)
F-1
Report of Independent Registered Public Accounting Firm
(PCAOB ID No.
711
)
F-2
Consolidated Balance Sheets as of December 31, 2023 and 2022
F-3
Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December
31, 2023, 2022 and 2021
F-4
Consolidated Statements of Changes in Shareholders' Equity (Deficit) for the Years Ended December
31, 2023, 2022 and 2021
F-5
Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021
F-6
Notes to Consolidated Financial Statements
F-7
83
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Shareholders and Board of Directors of
EUDA
Health Holdings Limited
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of EUDA Health Holdings Limited (the "Company") as of December
31, 2023 and 2022, the related consolidated statements of operations and comprehensive loss, changes in shareholders' deficit and
cash flows for each of the two years in the period ended December 31, 2023, and the related notes (collectively referred to as the "financial
statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the
Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the two years in the period
ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
Explanatory
Paragraph – Going Concern
The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As more
fully described in Note 2, the Company has a significant working capital deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability
to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The consolidated financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
As
part of our audit of the financial statements as of and for the year ended December 31, 2022, we also audited the adjustments to the
2021 financial statements to retrospectively apply the change in accounting related to the reverse recapitalization described in Note
4. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any
procedures to the 2021 financial statements, other than with respect to the retrospective adjustments and, accordingly, we do not express
an opinion or any other form of assurance on the 2021 financial statements as a whole.
/s/
Marcum Asia CPAs
LLP
Marcum
Asia CPAs LLP
We
have served as the Company's auditor since 2022 (such date takes into account the acquisition of certain assets of Friedman LLP
by Marcum Asia CPAs LLP effective September 1, 2022)
New
York, NY
May 8, 2024
NEW YORK OFFICE • 7 Penn Plaza • Suite 830
• New York, New York • 10001
Phone 646.442.4845 • Fax 646.349.5200 •
www.marcumasia.com
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and Shareholders of
EUDA
Health Limited
Opinion
on the Consolidated Financial Statements
We
have audited, before the effects of the adjustments to retrospectively apply the change in accounting related to the reverse
recapitalization described in Note 4, the related consolidated statement of operations and comprehensive income of EUDA Health Limited (the "Company"), changes in
shareholders' equity, and cash flows for the year ended December 31, 2021, and the related notes (collectively referred to as
the consolidated financial statements). In our opinion, except for the effects of the adjustments to retrospectively apply the
change in accounting related to the reverse recapitalization described in Note 4, the consolidated financial statements present
fairly, in all material respects, the results of its operation
and its cash flow for the year ended December 31, 2021, in conformity with accounting principles generally accepted in the United
States of America.
We
were not engaged to audit, review or apply any procedures to the adjustments to retrospectively apply the change in accounting related
to the reverse recapitalization as described in Note 4, accordingly, we do not express an opinion or any other form of assurance about
whether such adjustments are appropriate and have been properly applied. Those adjustments were audited by other auditor.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due
to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audit provides a reasonable basis for our opinion.
/s/
Friedman LLP
We
served as the Company's auditor in 2022
New
York, New York
June
3, 2022, except for Note 3 which is dated July 25, 2022
F-
2
EUDA
HEALTH HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
December 31,
December 31,
2023
2022
ASSETS
CURRENT ASSETS
Cash
$
189,005
$
57,541
Restricted cash
-
641,461
Accounts receivable, net
237,474
192,851
Other receivables
1,711
2,687
Prepaid expenses and other current assets
192,412
155,374
Forward purchase receivables
-
21,892,527
Current assets of discontinued operations
102,839
2,084,037
Total Current Assets
723,441
25,026,478
PROPERTY AND EQUIPMENT, NET
6,732
11,526
PROPERTY AND EQUIPMENT, NET OF DISCONTINUED OPERATIONS
-
20,102
TOTAL PROPERTY AND EQUIPMENT, NET
6,732
31,628
OTHER ASSETS
Prepaid expenses - non-current
380,073
478,061
Operating lease right-of-use assets
168,278
36,474
Finance lease right-of-use assets
31,984
16,345
Other assets of discontinued operations
-
40,054
Total Other Assets
580,335
570,934
Total Assets
$
1,310,508
$
25,629,040
LIABILITIES AND SHAREHOLDERS' DEFICIT
CURRENT LIABILITIES
Short term loans - related parties
$
759,442
$
-
Promissory note
-
170,000
Convertible notes
2,413,125
2,619,625
Convertible notes - related parties
-
782,600
Accounts payable
1,289
-
Other payables and accrued liabilities
1,887,412
1,199,810
Other payables - related parties
696,495
1,341,046
Operating lease liability
121,776
36,474
Finance lease liabilities
5,071
7,186
Prepaid forward purchase liabilities
-
20,321,053
Taxes payable
208,655
117,541
Current liabilities of discontinued operations
2,624,068
2,525,721
Total Current Liabilities
8,717,333
29,121,056
OTHER LIABILITIES
Operating lease liability - non-current
46,501
-
Finance lease liabilities - non-current
28,610
15,015
Total Other Liabilities
75,111
15,015
Total Liabilities
8,792,444
29,136,071
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' DEFICIT
Ordinary shares,
no
par value,
unlimited
shares authorized,
24,627,509
shares and
20,191,770
shares
    outstanding as of December 31, 2023 and 2022
27,430,187
21,308,969
Accumulated deficit
(
34,743,270
)
(
24,703,789
)
Accumulated other comprehensive loss
(
185,468
)
(
125,689
)
Total Euda Health Holdings Limited Shareholders' Deficit
(
7,498,551
)
(
3,520,509
)
Noncontrolling interests
16,615
13,478
Total Shareholders' Deficit
(
7,481,936
)
(
3,507,031
)
Total Liabilities and Shareholders' Deficit
$
1,310,508
$
25,629,040
The
accompanying notes are an integral part of these consolidated financial statements.
F-
3
EUDA
HEALTH HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Years Ended
December 31,
December 31,
December 31,
2023
2022
2021
REVENUES
Property management services
$
3,706,458
$
3,764,295
$
4,558,520
Total Revenues
3,706,458
3,764,295
4,558,520
COST OF REVENUES
Property management services
2,864,383
2,894,296
3,308,536
Total Cost of Revenues
2,864,383
2,894,296
3,308,536
GROSS PROFIT
842,075
869,999
1,249,984
OPERATING EXPENSES:
Selling
533,562
935,565
333,663
General and administrative
4,269,567
5,815,046
1,476,314
Earnout share payment
-
5,199,629
-
Impairment loss on long-lived assets
-
1,139,016
-
Total Operating Expenses
4,803,129
13,089,256
1,809,977
LOSS FROM OPERATIONS
(
3,961,054
)
(
12,219,257
)
(
559,993
)
OTHER INCOME (EXPENSE)
Interest expense, net
(
23,225
)
(
93,782
)
(
1,639
)
Change in fair value of prepaid forward purchase liabilities
(
1,303,658
)
(
12,911,503
)
-
Loss on settlement of prepaid forward contracts
(
2,635,816
)
-
-
Loss on debt settlement
(
645,612
)
-
-
Investment income
-
-
1,917,062
Other income, net
134,584
195,848
313,894
Total Other (Expense) Income, net
(
4,473,727
)
(
12,809,437
)
2,229,317
(LOSS ) INCOME BEFORE INCOME TAXES
(
8,434,781
)
(
25,028,694
)
1,669,324
PROVISION (BENEFIT) FOR INCOME TAXES
-
(
20,789
)
46,488
NET (LOSS) INCOME FROM CONTINUING OPERATIONS
(
8,434,781
)
(
25,007,905
)
1,622,836
NET LOSS FROM DISCONTINUED OPERATIONS, net of income taxes
(
1,601,323
)
58,659
(
722,440
)
NET (LOSS) INCOME
(
10,036,104
)
(
24,949,246
)
900,396
Less: Net income (loss) attributable to noncontrolling interest from continuing operations
3,377
(
65,124
)
35,567
NET (LOSS ) INCOME ATTRIBUTABLE TO EUDA HEALTH HOLDINGS LIMITED
$
(
10,039,481
)
$
(
24,884,122
)
$
864,829
NET (LOSS) INCOME
$
(
10,036,104
)
$
(
24,949,246
)
$
900,396
FOREIGN CURRENCY TRANSLATION ADJUSTMENT
(
60,019
)
(
131,941
)
17,009
TOTAL COMPREHENSIVE (LOSS) INCOME
(
10,096,123
)
(
25,081,187
)
917,405
Less: Comprehensive income (loss) attributable to noncontrolling interest
3,137
(
65,340
)
35,584
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EUDA HEALTH HOLDINGS LIMITED
$
(
10,099,260
)
$
(
25,015,847
)
$
881,821
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES*
Basic and diluted
22,900,631
12,029,656
9,253,333
(LOSS) INCOME PER SHARE
Basic and diluted - continuing operations
$
(
0.37
)
$
(
2.07
)
$
0.17
Basic and diluted - discontinued operations
$
(
0.07
)
$
0.00
$
(
0.08
)
Total
$
(
0.44
)
$
(
2.07
)
$
0.09
*
Giving retroactive effect to reverse recapitalization
  effected on November 17, 2022
The
accompanying notes are an integral part of these consolidated financial statements.
F-
4
EUDA
HEALTH HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CHANGE IN SHAREHOLDERS' EQUITY (DEFICIT)
Retained
Accumulated
earnings
other
Ordinary shares
(accumulated
comprehensive
Noncontrolling
Shares*
Capital
deficit)
income (loss)
interest
Total
BALANCE, December 31, 2021
9,253,333
334,863
(
684,496
)
(
10,956
)
43,234
(
317,355
)
Net income
-
-
864,829
-
35,567
900,396
Foreign currency translation adjustment
-
-
-
16,992
17
17,009
BALANCE, December 31, 2021
9,253,333
$
334,863
$
180,333
$
6,036
$
78,818
$
600,050
Net loss
-
-
(
24,884,122
)
-
(
65,124
)
(
24,949,246
)
Capital contributions
120,000
600,000
-
-
-
600,000
Forgiveness of debt by a related party
-
2,763,018
-
-
-
2,763,018
Earnout shares payment
-
5,199,629
-
-
-
5,199,629
Issuance of ordinary shares
4,626,667
500,000
-
-
-
500,000
Issuance of ordinary shares upon the Reverse Recapitalization
6,191,770
11,911,459
-
-
-
11,911,459
Foreign currency translation adjustment
-
-
-
(
131,725
)
(
216
)
(
131,941
)
BALANCE, December 31, 2022
20,191,770
$
21,308,969
$
(
24,703,789
)
$
(
125,689
)
$
13,478
$
(
3,507,031
)
Net (loss) income
-
-
(
10,039,481
)
-
3,377
(
10,036,104
)
Issuance of ordinary shares through private placements
790,000
790,000
-
-
-
790,000
Issuance of ordinary shares upon conversion of convertible notes
989,100
1,424,304
-
-
-
1,424,304
Issuance of ordinary shares upon settlement of debts
1,056,639
1,538,914
-
-
-
1,538,914
Issuance of ordinary shares upon settlement of prepaid forward contracts
1,600,000
2,368,000
-
-
-
2,368,000
Foreign currency translation adjustment
-
-
-
(
59,779
)
(
240
)
(
60,019
)
BALANCE, December 31, 2023
24,627,509
$
27,430,187
$
(
34,743,270
)
$
(
185,468
)
$
16,615
$
(
7,481,936
)
*
Giving retroactive effect
  to reverse recapitalization effected on November 17, 2022
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
EUDA
HEALTH HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
For the Years Ended
December 31,
December 31,
December 31,
2023
2022
2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income
$
(
10,036,104
)
$
(
24,949,246
)
$
900,396
Net (loss) income from discontinued operations
(
1,601,323
)
58,659
(
722,440
)
Net (loss) income from continuing operations
(
8,434,781
)
(
25,007,905
)
1,622,836
Adjustments to reconcile net loss to net cash (used in) provided by operating activities of continuing operations:
Depreciation
4,886
5,499
5,008
Amortization of intangible assets
-
115,907
162,825
Amortization of operating right-of-use asset
106,314
42,662
58,602
Amortization of finance right-of-use assets
8,148
7,948
8,153
Provision for credit losses
2,463
2,759,817
-
Deferred taxes expenses (benefits)
-
(
48,228
)
(
27,680
)
Investment income
-
-
(
1,917,062
)
Gain on termination of finance lease
(
7,174
)
-
-
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
1,303,658
12,911,503
-
Loss on settlement of prepaid forward contracts
2,635,816
-
-
Loss on debt settlement
645,612
-
-
Gain from forgiveness on promissory note
(
10,000
)
-
-
Change in operating assets and liabilities
Accounts receivable
(
33,966
)
141,955
(
92,902
)
Other receivables
1,000
1,587,372
5,832
Prepaid expenses and other current assets
61,629
21,899
(
12,817
)
Accounts payable
1,269
-
-
Other payables and accrued liabilities
519,709
1,115,385
(
142,903
)
Taxes payable
87,869
(
37,597
)
5,960
Operating lease liability
(
106,314
)
(
42,662
)
(
62,124
)
Net cash used in operating activities from continuing operations
(
3,213,862
)
(
87,800
)
(
386,272
)
Net cash provided by (used in) operating activities from discontinued operations
295,967
(
1,439,028
)
830,192
Net cash (used in) provided by operating activities
(
2,917,895
)
(
1,526,828
)
443,920
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of equipment
-
-
(
1,101
)
Loan to third party
-
(
246,664
)
(
373,297
)
Net cash used in investing activities from continuing operations
-
(
246,664
)
(
374,398
)
Net cash provided by (used in) investing activities from discontinued operations
-
(
21,542
)
18,215
Net cash provided by (used in) investing activities
-
(
268,206
)
(
356,183
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of ordinary shares
-
500,000
-
Capital contributions
-
600,000
-
Issuance of ordinary shares through private placements
790,000
-
-
Proceeds from the Reverse Recapitalization
-
1,324,961
-
Payments of merger costs
-
(
1,305,580
)
-
Repayments from other receivable - related parties
-
272,489
37,164
Proceeds from short-term loans - third parties
-
-
148,834
Proceeds from short-term loans - related parties
1,237,642
-
-
Borrowings from other payables - related parties
208,917
1,404,915
243,982
Payment of finance lease liabilities
(
5,945
)
(
6,502
)
(
6,686
)
Borrowings from (repayments to) discontinued operations entities
493,769
(
1,782,139
)
287,396
Net cash provided by financing activities from continuing operations
2,724,383
1,008,144
710,690
Net cash provided by (used in) financing activities from discontinued operations
(
371,888
)
1,480,803
(
879,063
)
Net cash provided by financing activities
2,352,495
2,488,947
(
168,373
)
EFFECT OF EXCHANGE RATE CHANGES
(
21,531
)
(
99,424
)
19,865
NET CHANGE IN CASH AND RESTRICTED CASH
(
586,931
)
594,489
(
60,771
)
CASH AND RESTRICTED CASH, beginning of the year
784,485
189,996
250,767
CASH AND RESTRICTED CASH, end of the year
197,554
784,485
189,996
Less: Cash and restricted cash from discontinued operations
(
8,549
)
(
85,483
)
(
66,586
)
Cash and restricted cash from continuing operations, end of year
$
189,005
$
699,002
$
123,410
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income tax
$
42,900
$
156,339
$
30,185
Cash paid for interest
$
17,520
$
19,588
$
110,835
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Initial recognition of operating right-of-use assets and lease liabilities
$
236,705
$
105,350
$
125,834
Initial recognition of financing right-of-use assets and lease liabilities
$
36,204
$
-
$
-
Derecognition of financing right-of-use assets upon lease termination
$
12,918
$
-
$
-
Derecognition of financing lease liabilities upon lease termination
$
19,297
$
-
$
-
Issuance of ordinary shares upon conversion of convertible notes
$
1,424,304
$
-
$
-
Issuance of ordinary shares upon settlement of debts
$
1,538,914
$
-
$
-
Issuance of ordinary shares upon settlement of prepaid forward contracts
$
2,368,000
$
-
$
-
Reclassification of other payables and accrued liabilities upon settlement of a promissory note
$
160,000
$
-
$
-
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
$
-
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
EUDA
HEALTH HOLDINGS LIMITED AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(In
U.S. dollars, unless stated otherwise)
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.
F-
7
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.
Recent
development
In
September 2023, the Company's Board of Directors (the "Board") resolved on the plan to streamline its medical
services practice, which was carried out through the entities of Kent Ridge Healthcare Singapore Pte. Ltd., EUDA Private Limited,
Zukitek Vietnam Private Limited Liability Company, Singapore Emergency Medical Assistance Private Limited, EUDA Doctor Private
Limited, Kent Ridge Hill Private Limited, Zukitech Private Limited, KR Digital Pte. Ltd., and Zukihealth Sdn. Bhd. as the Company is
in the process of transitioning its business to other medical service fields. The streamlining of the Company's medical
services practice was accounted for as a discontinued operation because it represented a strategic shift that had a major effect on the
Company's operations and financial results in accordance with ASC 205-20-45.
Accordingly,
assets, liabilities, results of operations, and cash flows related to
its medical service practice
have
been reflected in the accompanying consolidated financial statements as discontinued operation for all periods presented. The consolidated
balance sheets as of December 31, 202
3
and
202
2
, consolidated statements
of
operations and
comprehensive
income
(loss) and consolidated statements
of cash flows for the years ended December 31, 202
3
,
2022 and 202
1
have been adjusted
to reflect this change
(see Note 5).
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
100
% owned by EUDA
●
Incorporated on
June 8, 2021
●
A holding Company
Kent Ridge Healthcare Singapore Pte. Ltd. ("KRHSG")
(1)
●
A Singapore company
100
% owned by EHL
●
Incorporated on
November 9, 2017
●
Multi-care specialty group offering range of specialty care services to patients.
EUDA Private Limited ("EUDA PL")
(1)
●
A Singapore company
100
% owned by EHL
●
Incorporated on
April 13, 2018
●
A digital health company that provides a platform to serve the healthcare industry
Zukitek Vietnam Private Limited Liability Company ("ZKTV PL")
(1)
●
A Vietnam company
100
% owned by EUDA PL
●
Incorporated on
May 2, 2019
●
A Research and Development Company
F-
8
Singapore
    Emergency Medical Assistance Private Limited ("SEMA")
(1)
●
A
    Singapore company
100
%
    owned by EHL
●
Incorporated
March 18, 2019
●
A
    holding company
The
    Good Clinic Private Limited ("TGC")
(1) (2)
●
A
    Singapore company
100
%
    owned by SEMA
●
Incorporated
    on
April 8, 2020
●
Medical
    facility general practice clinic that provides holistic care for various illnesses
EUDA
    Doctor Private Limited ("ED PL")
(1) (4)
●
A
    Singapore company
100
%
    owned by EHL
●
Incorporated
    on
December 1, 2021
●
A
    platform solution for doctors and physicians to find, connect, and collaborate with trusted peers, specialists, and other professionals
●
Operation
    has not been commenced
Kent
    Ridge Hill Private Limited ("KR Hill PL") (1) (4)
●
A
    Singapore company
100
%
    owned by EHL
●
Incorporated
    on
December 1, 2021
●
A
    B2B2C pharmaceutical and OTC drugs e-commerce platform to promote its drug products
●
Operation
    has not been commenced
Kent
    Ridge Health Limited ("KRHL")
●
A
    British Virgin Islands company
100
%
    owned by EHL
●
Incorporated
    on
June 8, 2021
●
A
    holding company
Zukitech
    Private Limited  ("ZKT PL")
(1) (4)
●
A
    Singapore company
100
%
    owned by KRHL
●
Incorporated
    on
June 13, 2019
●
A
    holding company
Super
    Gateway Group Limited ("SGGL")
●
A
    British Virgin Islands company
100
%
    owned by KRHL
●
Incorporated
    on
April 18, 2008
●
A
    holding company
Universal
    Gateway International Pte. Ltd. ("UGI")
●
A
    Singapore company
98.3
%
    owned by SGGL
●
Incorporated
    on
September 30, 2000
●
Registered
    capital of RMB
5,000,000
●
A
    holding company
Melana
    International Pte. Ltd. ("Melana")
●
A
    Singapore company
100
%
    owned by UGI
●
Incorporated
    on
September 9, 2000
●
Property
    management service that services shopping malls, business office building, or residential apartments
Tri-Global
    Security Pte. Ltd. ("Tri-Global")
●
A
    Singapore company
100
%
    owned by UGI
●
Incorporated
    on
August 10, 2000
●
Property
    security service that services shopping malls, business office building, or residential apartments
UG
    Digitech Private Limited ("UGD")
●
A
    Singapore company
100
%
    owned by UGI
●
Incorporated
    on
August 16, 2001
●
A
    holding company
Nosweat
    Fitness Company Private Limited ("NFC")
(4)
●
A
    Singapore company
100
%
    owned by KRHL
●
Incorporated
    on
July 6, 2021
●
A
    virtual personal training platform for fitness enthusiasts
●
Operation
    has not been commenced
True
    Cover Private Limited ("TCPL")
(4)
●
A
    Singapore company
100
%
    owned by KRHL
●
Incorporated
    on
December 1, 2021
●
A
    B2B e-claims healthcare insurance platform
●
Operation
    has not been commenced
F-
9
KR
                                            Digital Pte. Ltd. ("KR Digital")
(1) (4)
●
A
    Singapore company
100
%
    owned by KRHL
●
Incorporated
    on
December 29, 2021
●
Development
    of software and applications
●
Operation
    has not been commenced
Zukihealth
                                                                     Sdn. Bhd. ("Zukihealth")
(1) (3)
●
A
    Malaysian company
100
%
    owned by KR Digital
●
Incorporated
    on
February 15, 2018
●
Distribution
    of health care supplement products
●
Operation
    has not been commenced
(1)
These
    entities were presented as a discontinued operation in accompanying consolidated financial statements.
(2)
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
.
(3)
On
    April 19, 2022, the Company acquired
100
% equity interest of KR Digital Pte Ltd, ("KR Digital"), a Singapore Company,
    from Mr. Kelvin Chen, the Company's Chief Executive Office ("CEO") and shareholder for total consideration of SG$
1
.
    Prior to the acquisition of KR Digital, on April 15, 2022, KR Digital acquired
100
% equity interest of Zukihealth Sdn Bhd, ("Zukihealth"),
    a Malaysia corporation, from Mr. Kelvin Chen, the Company's CEO and shareholder for total consideration of SG$
1
. Both KR Digital
    and Zukihealth have no operations prior to the acquisition in April 2022. KR Digital, through Zukihealth, was expected to carry out
    the distribution of health care products business.
(4)
On
    December 4, 2023, these entities were struck off and dissolved.
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, 2023, the
Company's working capital deficit was approximately $
8.0
million, and the Company had cash of approximately $
0.2
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; 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.
F-
10
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.
Note
3 –
Summary of significant accounting policies
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 credit losses, 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 conduct its businesses and maintain its books and records in the local currency,
Singapore Dollars ("SGD"), 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.
F-
11
Translation
of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:
As of and for the Year Ended
December 31, 2023
As of and for the Year Ended
December 31, 2022
For the Year Ended
December 31, 2021
Period-end SGD: US$1 exchange rate
1.32
1.34
1.35
Period-average SGD: US$1 exchange rate
1.34
1.38
1.34
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 uses the management approach in determining its operating segments. The management approach considers the internal reporting
used by the Company's chief operating decision maker ("CODM"). The Company's CODM has been identified as the
CEO who reviews the financial information of separate operating segments when making decisions about allocating resources and assessing
performance of the Company. Management has determined that the Company has two operating segments, which is the medical services
segment and property management services segment.
As described in Note
5,
in September 2023, the Board resolved on the plan to streamline its medical services practice, which business was carried through subsidiaries
of KRHSG, EUDA PL, ZKTV PL, SEMA, ED PL, KR Hill PL, ZKT PL, KR Digital, and Zukihealth, as the Company is in the process of transitioning
its business to other medical service fields. The streamlining of the Company's medical services practice was accounted for as
a discontinued operation because it represented a strategic shift that had a major effect on the Company's consolidated financial
statements in accordance with ASC 205-20-45. Upon the completion of the streamlining, the Company reorganized its business to become
a single reportable segment: property management services. This segment structure reflects the financial information and reports
used by the Company's management, specifically its Chief Operating Decision Maker ("CODM"), to make decisions regarding
the Company's business, including resource allocations and performance assessments. All assets and continuing operations of the
Company are physically located or domiciled in Singapore. Consequently, no geographic information is presented.
Cash
and restricted cash
Cash
represents 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. In March 2023, such restriction
has been lifted and the remaining cash held in bank account has been transferred to the Company's operating bank account and
classified as cash as of December 31, 2023.
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 credit losses
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.
On January 1, 2023, the Company adopted 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
Company used a modified retrospective approach and the adoption does not have an impact on the Company's consolidated financial
statements. The Company's accounts receivable and other receivables are within the scope of ASC Topic 326. To estimate expected
credit losses, the Company has identified the relevant risk characteristics of the receivables which include size and nature. Receivables
with similar risk characteristics have been grouped into pools. For each pool, the Company considers the past collection experience,
current economic conditions and future economic conditions (external data and macroeconomic factors). This is assessed at each quarter
based on the Company's specific facts and circumstances. There have been no significant changes in the assumptions since adoption.
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.Allowance for credit losses amounted to $
2,504
and
nil
related to accounts receivable was recorded as of December 31, 2023 and 2022, respectively.
F-
12
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.
Allowance for credit
losses amounted to
nil
and $
2,209,825
related to other receivables was recorded as of December 31, 2023 and 2022,
respectively.
Prepaid
expenses and other current assets
Prepaid
expenses and other current assets primarily include prepaid expenses paid to services providers, and other deposits. Management
regularly reviews the aging of such balances and changes in payment and realization trends and records allowances when management
believes collection or realization of amounts due are at risk. Accounts considered uncollectable are written off against allowances
after exhaustive efforts at collection are made. As of December 31, 2023 and 2022,
no
allowance for doubtful account related to prepaid expenses and other current assets 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
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, 2023, 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:
Categories
Useful
    life
Customer
    relationships
6
years
F-
13
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. The Company did
no
t have any intangible
assets as of December 31, 2023.
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.
The Company did
no
t have any goodwill as of December 31, 2023.
F-
14
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.
For the years ended December 31, 2023, 2022 and 2021,
nil
, $
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
nil
and $
21,892,527
as of December 31, 2023 and 2022,
respectively, 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.
Refer to
Note 11 for further detail.
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
nil
and $
20,321,053
as of December 31, 2023 and 2022, respectively. 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.
F-
15
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 the revenue stream is as follows:
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, 2023 and 2022, 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, 2023 and 2022, the Company did not have any contract liability.
Disaggregated
information of revenues by products/services are as follows:
For the Years Ended
December 31, 2023
December 31, 2022
December 31, 2021
Property management service – common area management
$
2,628,073
$
2,919,335
$
3,508,663
Property management service – security management
1,078,385
844,960
1,049,857
Total revenues
$
3,706,458
$
3,764,295
$
4,558,520
Cost
of revenues
Property
Management Services
Cost
of revenues mainly consists of labor expenses incurred attributable to property management service.
F-
16
Disaggregated
information of cost of revenues by products/services are as follows:
For the Years Ended
December 31, 2023
December 31, 2022
December 31, 2021
Property management services – common area management
$
1,983,009
$
2,210,703
$
2,461,981
Property management services – security management
881,374
683,593
846,555
Total cost of revenues
$
2,864,383
$
2,894,296
$
3,308,536
Advertising
costs
Advertising
is mainly through online and offline promotion activities. Advertising costs amounted to $
455,260
, $
855,863
and $
270,361
for the years
ended December 31, 2023, 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 $
316,971
, $
340,756
and $
349,333
for the years ended December 31, 2023, 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 approximately $
8.3
(SGD
11.25
) for each employee
.
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
8
%,
7
%,
7
% for the years
ended December 31, 2023, 2022 and 2021, respectively, 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.
F-
17
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 more-likely-than-not 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,
2023, 2022 and 2021.
As of December 31, 2023, the tax returns of the Company's Singapore
entities for the calendar year from 2020 through 2023 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.
Discontinued
operations
A
discontinued operation may include a component of an entity or a group of components of an entity, or a business or nonprofit activity.
A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operation if
the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results
when any of the following occurs: (1) the component of an entity or group of components of an entity meets the criteria to be classified
as held for sale; (2) the component of an entity or group of components of an entity is disposed of by sale; (3) the component of an
entity or group of components of an entity is disposed of other than by sale (for example, by abandonment or in a distribution to owners
in a spinoff).
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.
F-
18
The
Company calculates basic and diluted (loss)/earnings per share for continuing operations as follows:
For the Years Ended December 31
2023
2022
2021
Numerator
Net (loss) income from continuing operations
$
(
8,434,781
)
$
(
25,007,905
)
$
1,622,836
Less: Net income (loss) attributable to noncontrolling interest from continuing operations
3,377
(
65,124
)
35,567
Net (loss)/income attributable to common shareholders, basic
$
(
8,438,158
)
$
(
24,942,781
)
$
1,587,269
Denominator
Weighted average number of shares outstanding, basic and diluted
22,900,631
12,029,656
9,253,333
(Loss)/earnings per share, basic and diluted
$
(
0.37
)
$
(
2.07
)
$
0.17
The
Company calculates basic and diluted (loss)/earnings per share for discontinued operations as follows:
For the Years Ended December 31
2023
2022
2021
Numerator
Net (loss)/income attributable to common shareholders, basic
$
(
1,601,323
)
$
58,659
$
(
722,440
)
Denominator
Weighted average number of shares outstanding, basic and diluted
22,900,631
12,029,656
9,253,333
(Loss)/earnings per share, basic and diluted
$
(
0.07
)
$
0.00
$
(
0.08
)
As
of December 31, 2023, the Company had dilutive securities from the outstanding convertible notes and warrants convertible into
422,625
and
4,458,625
of the Company's ordinary shares, respectively, that were not included in the computation of dilutive loss per share
because the inclusion of such convertible notes and warrants would be anti-dilutive.
As
of December 31, 2022, the Company had dilutive securities from the outstanding convertible notes and warrants convertible into
1,411,725
and
4,458,625
of the Company's ordinary shares, respectively, that were not included in the computation of dilutive loss per share
because the inclusion of such convertible notes and warrants would be anti-dilutive.
As
of December 31, 2021, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted
into ordinary shares and then share in the loss of the Company. As a result, dilutive income per ordinary share is the same as basic
loss per ordinary shares for the period.
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.
F-
19
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
Company did not have any financial assets or liabilities that were accounted for at fair value on a recurring basis as of December 31,
2023.
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
December 31, 2022
Level 1
Level 2
Level 3
Prepaid forward purchase liabilities
$
20,321,053
$
-
$
-
$
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 years ended December 31, 2023 and 2022:
Prepaid forward
purchase liabilities
Beginning balance as of November 17, 2022
$
7,409,550
Change in fair value of prepaid forward purchase liabilities
12,911,503
Balance as of December 31, 2022
$
20,321,053
Change in fair value of prepaid forward purchase liabilities
1,303,658
Derecognition of prepaid forward purchase liabilities
(
21,624,711
)
Balance as of December 31, 2023
$
-
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.
F-
20
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, 2023, 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.
Comparability
and reclassification adjustments
The
Company has reclassified certain comparative balances in the consolidated balance sheets as of December 31, 2022 and certain
comparative amounts in the consolidated statements of operations and comprehensive (loss)/income for the years ended December 31,
2022 and 2021 to conform to the current year's presentation. The assets and liabilities of the discontinued operations have
been classified as current assets of discontinued operations, property and equipment, net of discontinued operation
s,
other assets of discontinued operations and current liabilities of
discontinued operations in the consolidated balance sheets as of December 31, 2022. The results of discontinued operations for the
years ended December 31, 2022 and 2021 have been reflected separately in the consolidated statements of operations and comprehensive
(loss)/income as a single line item for all periods presented in accordance with U.S. GAAP. Cash flows from discontinued operations
of the three categories for the years ended December 31, 2022 and 2021 were separately presented in the consolidated statements of
cash flows for all periods presented in accordance with U.S. GAAP.
F-
21
Recently
adopted accounting pronouncements
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.
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.
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
July 2023, the FASB issued Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable
Segment Disclosures" (ASU 2023-07"), which modifies the rules on segment reporting to (1) require entities to disclose for
each reportable segment the significant expense categories and amounts that are regularly provided to the chief operating decision maker
("CODM") and included in the reported measure(s) of a segment's profit or loss, (2) require that a public entity disclose,
on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition, (3) require
entities to provide all annual disclosures about a reportable segment's profit or loss and assets currently required by Topic 280
in interim periods, (4) clarify if the CODM uses more than one measure of a segment's profit or loss in assessing segment performance,
(5) require entities to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s),
and (6) require entities that has a single reportable segment provide all disclosures required by the amendments in this Update and all
existing segment disclosures in Topic 280. The guidance is effective for fiscal years beginning after December 15, 2023, and interim
periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-07 should be applied retrospectively
to all prior periods presented in the financial statements. The Company is currently evaluating the potential impact of adopting this
new guidance on its consolidated financial statements and related disclosures.
F-
22
In
December 2023, the FASB issued Accounting Standards Update No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures"
("ASU 2023-09"), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories
in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between
domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU
2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among
other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual
financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis,
but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on
its consolidated financial statements and related disclosures.
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.
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;
F-
23
●
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
F-
24
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
.
Note
5 –
Discontinued operations
In
September 2023, the Board resolved on the plan to streamline its medical services practice, which was carried out through the
entities of KRHSG, EUDA PL, ZKTV PL, SEMA, ED PL, KR Hill PL, ZKT PL, KR Digital, and Zukihealth, as the Company is in the process
of transitioning its business to other medical service fields. The streamlining of the Company's medical services practice was
accounted for as a discontinued operation because it represented a strategic shift that had a major effect on the Company's
operations and financial results in accordance with ASC 205-20-45.
Reconciliation
of the carrying amounts of major classes of assets and liabilities from discontinued operations in the consolidated balance sheets as
of December 31, 2023 and 2022 are as follows:
December 31, 2023
December 31, 2022
ASSETS
CURRENT ASSETS
Cash
$
8,549
$
85,483
Accounts receivable, net
66,618
1,658,652
Other receivables
7,509
4,778
Due from related parties
1,228
267,863
Prepaid expenses and other current assets
18,935
67,261
TOTAL CURRENT ASSETS OF DISCONTINUED OPERATIONS
102,839
2,084,037
PROPERTY AND EQUIPMENT, NET
-
20,102
OPERATING LEASE RIGHT-OF-USE ASSETS
-
40,053
TOTAL ASSETS OF DISCONTINUED OPERATIONS
$
102,839
$
2,144,192
LIABILITIES
CURRENT LIABILITIES
Short term loans - bank and private lender
$
192,717
$
204,240
Accounts payable
1,943,218
1,635,484
Other payables and accrued liabilities
251,902
393,004
Other payables - related parties
236,231
180,899
Operating lease liability
-
43,486
Taxes payable
-
68,608
TOTAL CURRENT LIABILITIES OF DISCONTINUED OPERATIONS
2,624,068
2,525,721
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS
$
2,624,068
$
2,525,721
F-
25
Reconciliation
of the amounts of major classes of income and losses from discontinued operations in the consolidated statements of operations for the
years ended December 31, 2023, 2022 and 2021 are as follows:
For the Years Ended December 31,
2023
2022
2021
REVENUE
$
992,791
$
6,076,415
$
5,986,030
COST OF REVENUE
800,185
3,592,217
2,991,661
GROSS PROFIT
192,606
2,484,198
2,994,369
OPERATING EXPENSES
Selling
217,122
967,299
924,779
General and administrative
1,562,114
1,338,202
2,608,559
Research and development
19,187
17,209
129,265
TOTAL OPERATING EXPENSES
1,798,423
2,322,710
3,662,603
(LOSS) INCOME FROM OPERATIONS
(
1,605,817
)
161,488
(
668,234
)
OTHER INCOME (EXPENSE), NET
5,532
(
64,618
)
(
52,553
)
(LOSS) INCOME BEFORE INCOME TAXES
(
1,600,285
)
96,870
(
720,787
)
PROVISION FOR INCOME TAXES
1,038
38,211
1,653
NET (LOSS) INCOME ATTRIBUTABLE TO
    EUDA
$
(
1,601,323
)
$
58,659
$
(
722,440
)
Reconciliation
of the amount of cash flows from discontinued operations in the consolidated statements of cash flows for
the years ended December 31, 2023, 2022 and 2021 are as follows:
For the Years Ended December 31,
2023
2022
2021
Net cash provided by (used in) operating activities from discontinued operations
$
295,967
$
(
1,439,028
)
$
830,192
Net cash provided by (used in) investing activities from discontinued operations
$
-
$
(
21,542
)
$
18,215
Net cash (used in) provided by financing activities from discontinued operations
$
(
371,888
)
$
1,480,803
$
(
879,063
)
Note
6 –
Accounts receivable, net
As of
December 31, 2023
As of
December 31, 2022
Accounts receivable
$
239,978
$
192,851
Allowance for credit losses
(
2,504
)
-
Total accounts receivable, net
$
237,474
$
192,851
As
of December 31, 2023 and 2022, the Company had allowance for credit losses of $
2,504
and
nil
, respectively. For the years ended December
31, 2023, 2022 and 2021, the Company did not write off any allowance for credit losses against the account receivable balance.
F-
26
Movements
of allowance for credit losses from accounts receivable are as follows:
For the Year
Ended
December 31, 2023
For the Year
Ended
December 31, 2022
For the Year
Ended
December 31, 2021
Beginning balance
$
-
$
-
$
-
Addition
2,463
-
-
Exchange rate effect
41
-
-
Ending balance
$
2,504
$
-
$
-
Note
7 –
Other receivables
As of
December 31, 2023
As of
December 31, 2022
Employee advance and others
$
1,711
$
2,687
Allowance for credit losses
-
-
Total other receivables
$
1,711
$
2,687
Movements
of allowance for credit losses from other receivables are as follows:
For the Year
Ended
December 31, 2023
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
$
-
$
-
$
-
Note
8 –
Property and equipment, net
Property
and equipment, net consist of the following:
As of
December 31, 2023
As of
December 31, 2022
Office equipment
$
76,285
$
75,153
Leasehold improvement
2,250
2,217
Subtotal
78,535
77,370
Less: accumulated depreciation
(
71,803
)
(
65,844
)
Total
$
6,732
$
11,526
Depreciation
expense for the years ended December 31, 2023, 2022 and 2021 amounted to $
4,886
, $
5,499
and $
5,008
, respectively.
F-
27
Note
9 –
Intangible assets, net
Intangible
assets consisted of the following:
As of
December 31, 2023
As of
December 31, 2022
Customer relationships
$
-
$
650,102
Less: Accumulated amortization
-
(
477,584
)
Less: Impairment
-
(
167,787
)
Exchange rate effect
-
(
4,731
)
Total intangible assets, net
$
-
$
-
Amortization
expense for the years ended December 31, 2023, 2022 and 2021 amounted to
nil
, $
115,907
and $
162,825
, respectively. The management performed
quantitative assessment and determined to fully impair the carrying value of intangible assets due to the Company's limited business
development and uncertain surrounding economic environment. For the years ended December 31, 2023, 2022 and 2021, the Company recorded
nil
, $
167,787
and
nil
impairment loss related to intangible assets, respectively.
Note
10 –
Goodwill
The
changes in the carrying amount of goodwill from Melana reporting unit and Tri-Global reporting unit are as follows:
Melana
Tri-Global
Total
Balance as of December 31, 2021
$
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
$
-
$
-
$
-
For
the years ended December 31, 2023, 2022 and 2021, the Company record
nil
, $
971,229
and
nil
impairment loss on goodwill, respectively.
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.
F-
28
-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 on November 17, 2022, the fair value of the prepaid forward purchase liability was $
7,409,550
.
As of December 31, 2023, June 8, 2023 (settlement date) and December 31, 2022, the prepaid forward purchase liabilities amounted to
nil
,
$
21,624,711
and $
20,321,053
, respectively. For the years ended December 31, 2023 and 2022, the change of fair value of the prepaid forward
purchase liability was amounted to a loss of $
1,303,658
and $
12,911,503
, respectively.
On
June 8, 2023,
the Company
and the Seller 1 and Seller 2 entered into amendments to the Prepaid
Forward Agreement 1 and Prepaid Forward Agreement 2 (together, the "Amendments"), to amend the definition of "Maturity
Consideration," such that, Maturity Consideration shall consist of
800,000
ordinary shares of EUDA to be issued to the each Seller
by the Company. Pursuant to the Prepaid Forward Agreement 1 and Prepaid Forward Agreement 2, the maturity date of 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 the 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. These
1,600,000
ordinary shares were issued on June 8,
2023 pursuant to the agreement. As a result, the Company recognized $
2,635,816
loss of settlement on the Prepaid Forward Agreements for
the year ended December 31, 2023.
Note
12 –
Credit facilities
Short
term loans – related parties
Outstanding
balances on short term loans from related parties consist of the following:
Lender Name
Maturities
Interest Rate
Collateral/
Guarantee
December 31, 2023
December 31, 2022
Meng
    Dong (James) Tan (2)
December 31, 2023
(1)
8.0
%
None
$
23,634
$
-
Alfred Lim (3)
December 31, 2023, extended to June 30, 2024
8.0
%
None
138,119
-
8i
Enterprises Pte. Ltd(4)
December 31, 2023
(1)
8.0
%
None
597,689
-
Total
$
759,442
$
-
(1)
Converted
    the loan balances into the Company's ordinary shares in March 2024. See Note 20.
(2)
Mr. Meng Dong (James) Tan, the Company's related party has more than 10% ownership of the Company.
(3)
Mr. Alfred Lim is an executive director of the Company.
(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 Enterprises Pte. Ltd. Mr. Tan has sole
voting and dispositive power over the shares.
F-
29
Promissory
note
Outstanding
balances on promissory note consist of the following:
Lender Name
Maturities
Interest Rate
Collateral/
Guarantee
As of
December 31, 2023
As of
December 31, 2022
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. As of December 31, 2023, the balance owed to KC amounted to $
60,000
and classified as other payables and accrued
liabilities in the accompanying consolidated balance sheets.
Convertible
notes – third parties
Outstanding
balances on convertible notes consist of the following:
Lender Name
Maturities
Interest Rate
Collateral/
Guarantee
December 31,
    2023
December 31,
    2022
Maxim Group LLC ("Maxim")
July 31, 2024
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
$
2,113,125
Menora Capital Pte Ltd ("Menora")
November
    17, 2023
(1)
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
(2)
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
300,000
Shine Link Limited ("Shine Link")
November
    17, 2023
(1)
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
$
2,413,125
$
2,619,625
(1)
Converted
  the note balances into the Company's ordinary shares in May 2023. See Note 15 for detail.
(2)
The maturity date is being extended into three equal installments of $
100,000
, with the first installment
  due on or prior to April 30, 2024, the second installment on or prior to May 31, 2024 and the third installment on or prior to June
  30, 2024. See Note 20 for detail.
F-
30
Convertible
notes – related parties
Lender
Name
Maturities
Interest
Rate
Collateral/
Guarantee
December 31,
2023
December 31, 2022
8i Holdings 2 Ptd Ltd ("8i Holding")
(1)
November
    17, 2023
(3)
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
(3)
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.
3)
Converted the note balances into
    the Company's ordinary shares in May 2023. See Note 15 for detail.
F-
31
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.
Note
13 –
Other payables and accrued liabilities
As of
December 31, 2023
As of
December 31, 2022
Accrued expenses
(i)
$
823,345
$
491,549
Accrued payroll
811,680
548,359
Accrued interests
(ii)
249,867
157,032
Others
2,520
2,870
Total other payables and accrued liabilities
$
1,887,412
$
1,199,810
(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 right-of-use leases and short-term loan – third
    parties.
Note
14 –
Related party balances and transactions
Related
party balances
Short term loans – related parties
Please see Note 12 for details.
Convertible
notes – related parties
Please
see Note 12 for details.
Other
payables – related parties
Name of
Related Party
Relationship
Nature
As of
December
                                                                                                                                                                                                                                                                                  31, 2023
As of
December
                                                                                                                                                                                                                                                                                  31, 2022
Kelvin Chen
CEO and shareholder of the Company
Operating expense paid on behalf of the Company
$
2,779
$
546,588
Kent Ridge Health Pte Ltd
Shareholders of this entity also are the shareholders of the Company
Operating expense paid on behalf of the Company
547,214
762,472
UG Digital Sdn Bhd
UGD, subsidiary of the Company owned 40% of this company
Operating expense paid on behalf of the Company
11,502
31,986
8i Enterprises Ptd Ltd
Shareholders of this entity also are the shareholders of the Company
Operating expense paid on behalf of the Company
135,000
-
Total
$
696,495
$
1,341,046
F-
32
Note
15 –
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 Services Limited ("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 is a shareholder of the Company, such debt forgiveness was 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:
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
F-
33
-Private
placements
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. In July 2023, the Company cancelled
200,000
shares as one of the accredited investors did not pay for the
shares in a timely manner.
In
August 2023, the Company issued and sold to two accredited investors an aggregate of
50,000
ordinary shares (the "Placement Shares")
at $
1.00
per share for an aggregate to purchase price of $
50,000
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.
Conversion
of Debts
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. This conversion resulted in $
210,408
modification of the loans 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 by $
478,200
with a corresponding increase in additional paid-in capital of $
688,608
.
This transaction also resulted in loss on debt settlement of $
210,408
.
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 8 from Shine Link, Menora, and 8i Holding. These conversions resulted in $
127,204
modification
of the convertible notes as the five-day VWAP Price of the Company's ordinary shares immediately preceding the conversion date
was higher than $
1.00
and reduced the carrying amount of the convertible debt instrument by $
289,100
with a corresponding increase in
additional paid-in capital of $
416,304
. These transactions also resulted in loss on debt settlement of $
127,204
.
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 resulted in $
308,000
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 by $
700,000
with a corresponding increase
in additional paid-in capital of $
1,008,000
. This transaction also resulted in loss on debt settlement of $
308,000
.
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.
F-
34
The
following tables summarize the issuance of shares upon conversion of notes and settlement of debts discussed above:
Settlement
Agreement
Settlement
Agreement 2
Tan 2023 Note
Chen Settlement Agreement
Total
Restricted Ordinary shares issued for settlements
478,200
289,100
700,000
578,439
2,045,739
Share price as of settlement date
$
1.44
$
1.44
1.44
$
1.47
Fair value of settlement shares
$
688,608
$
416,304
1,008,000
$
850,306
$
2,963,218
Debt settled on May 16, 2023
$
(
478,200
)
$
(
289,100
)
(
700,000
)
$
(
850,306
)
$
(
2,317,606
)
Loss on Debt Settlements
$
210,408
$
127,204
308,000
$
-
$
645,612
Settlement
of Prepaid Forward Contracts
The
Company issued
1,600,000
ordinary shares on June 8, 2023 in connection with the settlement of the Prepaid Forward Contracts with a fair
value of $
2,368,000
. The fair value was determined by using the Company's closing bid price of $
1.48
per share on June 8, 2023.
Refer to Note 11 for further detail.
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, 2023, 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.
F-
35
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:
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
Granted
-
-
$
-
-
Forfeited
-
-
$
-
-
Exercised
-
-
$
-
-
December 31, 2023
8,917,250
4,458,625
$
11.50
3.88
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.
F-
36
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.
Note
16 –
Income taxes
British
Virgin Islands
KRHL
and SGGL are incorporated in the British Virgin Islands and are not subject to tax on income or capital gains under current British Virgin
Islands law. In addition, upon payments of dividends by these entities to their shareholders, no British Virgin Islands withholding tax
will be imposed.
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 approximately $
8,000
(SGD
10,000
) taxable income and 50% of the next approximately $
144,000
(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, 2023
For the Year
Ended
December 31, 2022
For the Year
Ended
December 31, 2021
Singapore
$
(
203,411
)
$
(
3,942,542
)
$
2,187,900
Foreign
(
8,231,370
)
(
21,086,152
)
(
518,576
)
Total loss (income) before income taxes
$
(
8,434,781
)
$
(
25,028,694
)
$
1,669,324
The
provision (benefit) for income taxes consisted of the following:
For the Year
Ended
December 31, 2023
For the Year
Ended
December 31, 2022
For the Year
Ended
December 31, 2021
Current
$
-
$
27,439
$
74,168
Deferred
-
(
48,228
)
(
27,680
)
Provision (benefit) for income taxes
$
-
$
(
20,789
)
$
46,488
F-
37
The
following table reconciles Singapore statutory rates to the Company's effective tax rate:
For the Year
Ended
December 31, 2023
For the Year
Ended
December 31, 2022
For the Year
Ended
December 31, 2021
Singapore statutory income tax rate
17.0
%
17.0
%
17.0
%
Tax rate difference outside Singapore
(1)
(
16.6
)%
(
14.2
)%
0.0
%
Taxable income below exemption threshold
0.0
%
0.0
%
(
0.5
)%
Change in valuation allowance
(
0.4
)%
(
1.9
)%
1.7
%
Others
(2)
0.0
%
(
0.8
)%
(
15.4
)%
Effective tax rate
0.0
%
0.1
%
2.8
%
(1)
It
    is mainly due to tax rate difference of the entities incorporated in 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, 2023
December 31, 2022
Deferred Tax Assets
Valuation allowance for credit losses
$
426
$
-
Net operating loss carryforwards
544,385
502,382
Lease liabilities
20,574
41
Less: valuation allowance
*
(
545,099
)
(
502,382
)
Total deferred tax assets, net
$
20,286
$
41
Deferred Tax Liabilities
Right of use assets
$
(
20,286
)
$
(
41
)
Total deferred tax liabilities
(
20,286
)
(
41
)
Deferred tax assets/liabilities, net
$
-
$
-
*
The
    valuation allowance on all deferred tax assets increased by $
42,717
from
    December 31, 2022 to December 31, 2023.
As
of December 31, 2023 and 2022, the Company had net operating losses carry forward (including temporary taxable difference of bad debt
expense) of approximately $
3.2
million and $
3.0
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 $
0.5
million
and $
0.5
million related to Singapore subsidiaries as of December 31, 2023 and 2022, respectively.
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, 2023 and 2022, the Company did not
have any significant unrecognized uncertain tax positions. The Company did not incur interest and penalties tax for the years ended December
31, 2023 and 2022.
F-
38
Taxes
payable consist of the following:
December 31, 2023
December 31, 2022
GST taxes payable
$
192,956
$
57,757
Income taxes payable
15,699
59,784
Totals
$
208,655
$
117,541
Note
17 –
Concentrations risks
(a)
Major customers
For
the year ended December 31, 2023, one customer accounted for
11.3
% of the Company's total revenues. 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, 2023, three customers accounted for
23.9
%,
11.9
%, and
10.6
% of the Company's total balance of accounts receivable,
respectively. As of December 31, 2022, two customers accounted for
18.3
% and
11.2
% of the Company's total balance of accounts receivable,
respectively.
(b)
Major vendors
For
the years ended December 31, 2023, 2022 and 2021, no vendor accounted for
10
% or more of the Company's total purchases.
As
of December 31, 2023, and 2022, two vendors accounted for
10
% or more of the Company's total balance of accounts payable. This
did not make the Company vulnerable to concentration risks as the balance is insignificant.
(c)
Credit risk
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, 2023 and 2022, the Company had cash balance of $
177,205
and $
56,370
was maintained at DI Scheme banks in Singapore, of $
84,870
and
nil
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, 2023 and 2022, the
Company had cash and restricted cash balance of $
10,820
and $
641,461
was maintained at banks in the United States, of which
nil
and $
391,461
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.
Note
18 –
Leases
As
of December 31, 2023 and 2022, the Company has leased two offices, 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.
F-
39
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
9.60
%, which is determined using an incremental borrowing rate with similar term in
Singapore.
Operating
and finance lease expenses consist of the following:
For the Years Ended
Classification
December 31, 2023
December 31, 2022
December 31, 2021
Operating lease cost
Lease expenses
General and administrative
$
123,366
$
87,692
$
58,602
Lease expenses – short-term
General and administrative
-
-
-
Finance lease cost
Amortization of leased asset
General and administrative
8,148
7,948
8,153
Interest on lease liabilities
Other expense -Interest expenses
2,584
1,276
1,639
Total lease expenses
$
134,098
$
96,916
$
68,394
Weighted-average
remaining term and discount rate related to leases were as follows:
As of
As of
December 31, 2023
December 31, 2022
Weighted-average remaining term
Operating lease
1.29
years
0.30
years
Finance leases
4.42
years
2.00
years
Weighted-average discount rate
Operating lease
7.35
%
5.25
%
Finance leases
9.60
%
5.25
%
The
following table sets forth the Company's minimum lease payments in future periods as of December 31, 2023:
Operating lease
Finance lease
payments
payments
Total
Twelve months ending December 31, 2024
$
132,210
$
7,959
$
140,169
Twelve months ending December 31, 2025
47,545
7,959
55,504
Twelve months ending December 31, 2026
-
7,959
7,959
Twelve months ending December 31, 2027
-
7,959
7,959
Twelve months ending December 31, 2028
-
10,603
10,603
Total lease payments
179,755
42,439
222,194
Less: discount
(
11,478
)
(
8,758
)
(
20,236
)
Present value of lease liabilities
$
168,277
$
33,681
$
201,958
F-
40
Note
19 –
Commitments and contingencies
Contingencies
Legal
From
time to time, the Company is party to certain legal proceedings, as well as certain asserted and un-asserted claims. Amounts accrued,
as well as the total amount of reasonably possible losses with respect to such matters, individually and in the aggregate, are not deemed
to be material to the consolidated financial statements.
On
March 30, 2022, the State Courts of the Republic of Singapore had reached a verdict that
the
Company's subsidiaries, KRHSG and Melana (Defendants) is liable to compensate Jamie Fan Wei Zhi (Plaintiff), the Company's
related party for failing to procure the release of the Plaintiff from the guarantees to secure a credit line from United Overseas Bank
before December 31, 2020. The Defendants agree to compensate the Plaintiff the sum of $
3,704
(SGD
5,000
) per month as guarantor fee starting
from January 1, 2021 until the Defendants procured the release of the Plaintiff as the guarantor of the loan. The Defendants released
the Jamie Fan Wei Zhi as the guarantor of the loan on October 31, 2022. As of December 31, 2022, the Company has paid Jamie Fan Wei Zhi
$
74,966
(SGD
100,000
), and
no
more balance outstanding.
On May 12, 2023, there were disagreements between the directors and formers directors of the Company concerning,
among others, the legitimacy of:
a)
The purported appointment of David Capes ("Mr. Capes") as the Chairmen of the Board of in place of Gerald Lim;
b)
The purported appointment of Leonard Chee Hyong Chia ("Leonard") to the Board as a replacement director;
c)
The purported removal of certain individuals as director(s) of the Company by Mr. Capes and Leonard;
d)
The removal of Mr. Capes as a director of the Company and from all Board committees on which he served on May 11, 2023;
e)
The dispute by Mr. Capes regarding his removal as a director of the Company;
f)
The validity of the purported shareholders' resolutions of the Company dated May 12, 2023 (the "Resolutions"); and
g)
The various other issues raised by the Board from time to time.
U
pon consultation with
the Company's external counsel, the Board determined that the
Resolutions
were
prima facie
invalid and of
no effect from the outset, and could be subject to
legal
challenges
.
The
Board notes that Mr. Capes and his associates have not furnished any proof sustaining their allegation that the Resolutions were validly
passed
.
The
Board notes that Mr. Capes and his associates have not obtained any valid court order on the validity of the Resolutions
.
As of the date of this report, the Company does not expect the legal challenges among the disagreements between the directors and formers
directors of the Company will have a material adverse effect on the business, financial condition or results of operations of the Company.
The Company also filed a claim against Mr. Capes and one other defendant as a separate case in July 2023 in connection
with unlawfully obstructed access to KRHSG's client and clinic management systems, disrupting their business and resulting in losses
to KRHSG in May 2023. The case has been accepted by the Court in September 2023 and the Company believe it has a reasonably good case
against the defendants. As of the date of this report, the case is still ongoing and the contingent gain outcome of this case cannot be
estimated as this time.
As
of December 31, 2023 and 2022, except as disclosed above, the Company is not currently a party to any material legal proceedings,
investigation or claims. However, the Company may, from time to time, be involved in legal matters arising in the ordinary course of
its business. While the Company is not presently subject to any material legal proceedings, there can be no assurance that such
matters will not arise in the future or that any such matters in which the Company is involved, or which may arise in the ordinary
course of the Company's business, will not at some point proceed to litigation or that such litigation will not have a
material adverse effect on the business, financial condition or results of operations of the Company.
Note
20 –
Subsequent events
Convertible
Loan dated January 16, 2024 and Automatic Conversion
On
January 16, 2024, the Company and Gilandi Limited, a British Virgin Islands company ("Gilandi") entered into a Convertible
Loan Agreement pursuant to which Gilandi has agreed to lend to the Company a convertible loan in the principal amount of $
500,000
to
be paid in two (2) tranches of $
250,000
each by January 31, 2024 and March 31, 2024 (the "Convertible Loan 1"). The Convertible
Loan shall bear interests of
8
% per annum until
Mach 31, 2024
(the "Maturity Date"). Outstanding balance of the Convertible
Loan on the Maturity Date will automatically convert to the Company's ordinary shares at $
1.00
per share. On January 17, 2024,
the Company sold and issued to Gilandi convertible note in the principal amount of $
250,000
pursuant to the Convertible Loan Agreement.
On
March 28, 2024, the Company received the second tranche of $
250,000
from Gilandi. Pursuant to the Gilandi Loan Agreement, an aggregate
amount of $
500,000
of the loan automatically converted into the Company's ordinary shares at $
1.00
per share on March 31, 2024,
and the Company issued to Gilandi
500,000
restricted ordinary shares.
Settlement
Agreements with Executive Officers and Executive Director
On
March 15, 2024, the Company and Kelvin Chen, the Company's Chief Executive Officer, entered into a Settlement Agreement (the "Chen
Settlement Agreement") pursuant to which the Company has agreed to issue
166,653
restricted ordinary shares to Mr. Chen (based
on the per share closing price of $
1.275
as of March 14, 2024) in full satisfaction of $
212,484
of salaries and other compensation
owed to Mr. Chen as of December 31, 2023.
On
March 15, 2024, the Company and Steven Sobak, the Company's Chief Financial Officer, entered into a Settlement Agreement (the "Sobak
Settlement Agreement") pursuant to which the Company has agreed to issue
75,059
restricted ordinary shares to Mr. Sobak (based
on the per share closing price of $
1.275
as of March 14, 2024) in full satisfaction of $
95,700
of salaries and other compensation
owed to Mr. Sobak as of December 31, 2023.
On
March 15, 2024, the Company and Alfred Lim, the Company's Executive Director, entered into a Settlement Agreement (the "Lim
Settlement Agreement") pursuant to which the Company has agreed to issue
53,649
restricted ordinary shares to Mr. Lim (based on
the per share closing price of $
1.275
as of March 14, 2024) in full satisfaction of $
68,403
of salaries and other compensation owed
to Mr. Lim as of December 31, 2023.
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41
Debt
Obligations and Settlement Agreements with Meng Dong (James) Tan
On
May 26, 2023, the Company borrowed from Meng Dong (James) Tan, a significant shareholder of the Company, an aggregate amount of $
22,500
,
or a total of $
24,004
with unpaid and accrued interests at
8
% per annum (the "James Tan Loan"). Pursuant to a Settlement
Agreement between the Company and Mr. Tan dated
March 15, 2024
(the "James Tan Settlement Agreement"), the Company has agreed
to issue Mr. Tan a convertible note in the aggregate amount of $
24,004
(the "James Tan Convertible Note") in full satisfaction
of the James Tan Loan, and Mr. Tan has agreed to (i) exchange James Tan Loan for the James Tan Convertible Note; (ii) extend the maturity
date of the James Tan Loan to March 14, 2025; and (iii) allow the outstanding unpaid balance of the James Tan Loan to bear no interest
for the next twelve months until March 14, 2025.
Since
May 15, 2023, 8i Enterprises Pte Ltd ("8iEPL), a company owned by Mr. Tan, has been rendering certain advisory services for the
Company. Pursuant to a certain Settlement Agreement between the Company and 8iEPL dated March 15, 2024 (the "8iEPL Settlement Agreement"),
the Company has agreed to pay 8iEPL for a total sum of $
180,000
for such advisory services (the "Services Payment"). Between
May 15, 2023 and February 28, 2024, the Company has borrowed from 8iEPL an aggregate amount of $
712,254
, or a total of $
731,373
with unpaid and accrued interests at
8
% per annum (the "8iEPL Loan"). Pursuant to the 8iEPL Settlement Agreement, the Company
has agreed to pay 8iEPL in full satisfaction of both the Services Payment and the 8iEPL Loan in the form a convertible note in the aggregate
amount of $
911,373
(the "8iEPL Convertible Note").
Convertible
Loan Agreement dated April 16, 2024
On
April 16, 2024, the Company and Affluence Resource Pte. Ltd., a Singapore company ("Affluence") entered into a convertible
loan agreement (the "Convertible Loan Agreement") pursuant to which Affluence has agreed to lend to the Company a convertible
loan in the principal amount of $
1,000,000
to be paid in two (2) tranches of $
500,000
each by April 18, 2024 and May 15, 2024 (the "Convertible
Loan 2"). The Convertible Loan shall bear interest of
12
% per annum from the date it is remitted to
April 30, 2025
(the "Maturity
Date") or the date when the Affluence sends the Company a written notice to convert any unpaid principal amount of the Convertible
Loan with accrued interests (the "Outstanding Sum") into ordinary shares of the Company (the "Conversion Notice"),
whichever is earlier.
Anytime on or before May 31, 2024, Affluence may send the Company a Conversion Notice to convert the then Outstanding
Sum into ordinary shares of the Company at $1.00 per share. Anytime after May 31, 2024, Affluence may send the Company a Conversion Notice
to convert the then Outstanding Sum into ordinary shares of the Company at $1.42 per share. The Company has no right of early repayment
of any part of the Convertible Loan without Affluence's written consent. Any Outstanding Sum on the Maturity Date will be automatically
converted into ordinary shares of the Company at $1.42 per share.
Second
Supplemental Agreement with Alfred Lim, Executive Director of the Company
Pursuant
to the loan agreement dated February 2, 2023 between the Company and Alfred Lim, the Company's Executive Director, Mr. Lim gave
the Company a loan in the amount of $
128,750
(the "Loan") at an interest rate of
8
% per annum, with a maturity date of
March
31, 2023
. Parties entered into a Supplemental Agreement dated March 31, 2023 to extend the maturity date of the Loan to
December 31,
2023
. On April 16, 2024, the Company and Mr. Lim entered into another Supplemental Agreement to further extend the maturity date of the
Loan to
June 30, 2024
.
Fee
Settlement Agreement
In
connection with the business combination transaction of the Company (formerly known as 8i Acquisition Corp) in November 2022, the Company
entered into an agreement dated November 16, 2022 (the "Agreement") with Loeb & Loeb LLP ("Loeb") pursuant
to which Loeb was issued a promissory note in the principal amount of $
300,000
(the "Note") and
60,000
restricted ordinary
shares (the "Shares") of the Company at the assumed price of $
5.00
per share. In the event that the Note is repaid in full
in cash on or before its due date on November 16, 2023, Loeb has agreed to return all Shares to the Company for cancellation. On April
25, 2024, the Company and Loeb entered into a Fee Settlement Agreement (the "Settlement Agreement") pursuant to which among
other things, (i) the Company has agreed to repay the Note in full by making cash payments to Loeb in three equal installments of $
100,000
,
with the first installment due on or prior to April 30, 2024, the second installment on or prior to May 31, 2024 and the third installment
on or prior to June 30, 2024; and (ii) Loeb is entitled to retain the Shares and the sales proceeds of the Shares will not be used to
satisfy the Note.
Acquisition of Fortress Cove Limited
On May 6, 2024, the Company entered
into a Share Purchase Agreement with certain persons named therein (the "Share Purchase Agreement") for the acquisition
of all outstanding shares of Fortress Cove Limited ("Fortress Cove"), a British Virgin Islands company which is the sole
legal and beneficial owner of the entire share capital of CK Health Plus Sdn Bhd, a Malaysian company ("CK Health") in
the direct sale business of holistic wellness consumer products in Malaysia. Pursuant to the Share Purchase Agreement, EUDA has
agreed to acquire the entire issued capital of Fortress Cove for an aggregate consideration of
10,000,000
newly issued ordinary shares, valued at approximately $
15.0
million based upon the enterprise fair value of CK Health appraised by an independent third-party valuation firm.
An additional one million ordinary shares will be issued to the persons named in the Share Purchase Agreement if certain financial
performance milestones based on CK Health's net income for the fiscal years 2024 and 2025 are met
. The acquisition
closed on May 8, 2024. Meng Dong (James) Tan, a significant shareholder of EUDA is also a 40% shareholder of Fortress Cove
Limited.
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42