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AEI
10-Q

AEI 10-Q

Alset Inc. (AEI)

10-Q 2026-08-14 For: 2026-06-30

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Added on August 15, 2026

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Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Common Stock, $0.001 par value		AEI		The Nasdaq Stock Market LLC

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

PART I FINANCIAL INFORMATION	F-1

Item 1. Financial Statements (Unaudited)	F-1

Condensed Consolidated Balance Sheets – June 30, 2026 (Unaudited) and December 31, 2025	F-1

Condensed Consolidated Statements of Operations and Other Comprehensive Loss – Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)	F-2

Condensed Consolidated Statements of Stockholders’ Equity – Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)	F-3

Condensed Consolidated Statements of Cash Flows –Six Months Ended June 30, 2026 and 2025 (Unaudited)	F-4

Notes to Condensed Consolidated Financial Statements (Unaudited)	F-5

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	3

Item 3. Quantitative and Qualitative Disclosure About Market Risk	12

Item 4. Controls and Procedures	12

PART II OTHER INFORMATION	13

Item 1. Legal Proceedings	13

Item 1A. Risk Factors	13

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	13

Item 3. Defaults Upon Senior Securities	13

Item 4. Mine Safety Disclosures	13

Item 5. Other Information	13

Item 6. Exhibits	13

SIGNATURES	14

	June 30, 2026			December 31, 2025
Assets:
Current Assets:
Cash and Cash Equivalents	$	12,325,977		$	25,184,990
Restricted Cash		-			107,982
Account Receivables, Net		56,068			57,002
Other Receivables, Net		1,616,249			2,354,100
Note Receivables - Related Parties, Net		2,293,252			1,478,463
Convertible Loan Receivables - Related Party		1,392,555			636,334
Prepaid Expense		102,392			182,276
Inventory		8,597			6,215
Investment in Securities at Fair Value		12,273,272			14,683,317
Deposits		103,042			75,108
Total Current Assets		30,171,404			44,765,787

Real Estate - Rental Properties, Net		29,083,594			29,620,952
Property and Equipment, Net		511,221			477,912
Operating Lease Right-Of-Use Assets, Net		421,487			494,957
Deposits		175,147			212,119
Other Receivables, Net		37,405			-
Convertible Loan Receivables - Related Party		4,548,682			2,130,349
Investment in Securities at Fair Value - Related Party		5,052,338			3,751,343
Investment in Securities at Cost		32,691			18,227
Investment in Equity Method Securities		54,906,939			55,115,468
Total Assets	$	124,940,908		$	136,587,114

Liabilities and Stockholders’ Equity:
Current Liabilities:
Accounts Payable and Accrued Expenses	$	1,951,332		$	5,041,818
Operating Lease Liabilities		496,489			578,916
Notes Payable		50,013			290,889
Notes Payable - Related Parties		21,794			21,508
Notes Payable		21,794			21,508
Total Current Liabilities		2,519,628			5,933,131

Long-Term Liabilities:
Operating Lease Liabilities		235,353			332,035
Notes Payable		55,039			658,799
Total Liabilities		2,810,020			6,923,965

Commitments and Contingencies (Note 13)		-			-

Stockholders’ Equity:
Preferred Stock, $0.001 par value; 25,000,000 shares authorized, none issued and outstanding		-			-
Common Stock, $0.001 par value; 250,000,000 shares authorized; 39,401,786 shares issued on June 30, 2026 and December 31, 2025; 38,895,830 shares outstanding on June 30, 2026 and December 31, 2025		39,402			39,402
Common Stock, $0.001 par value; 250,000,000 shares authorized; 39,401,786 and 9,235,119 shares issued on June 30, 2026 and December 31, 2025, respectively; 38,895,830 and 9,235,119 shares outstanding on June 30, 2026 and December 31, 2025, respectively		39,402			39,402
Additional Paid in Capital		424,762,288			421,138,522
Treasury Stock at Cost (505,956 shares on June 30, 2026 and December 31, 2025)		(1,004,875	)		(1,004,875	)
Accumulated Deficit		(309,060,907	)		(299,266,482	)
Accumulated Other Comprehensive (Loss) Income		(256,204	)		168,802
Total Alset Inc. Stockholders’ Equity		114,479,704			121,075,369
Non-controlling Interests		7,651,184			8,587,780
Total Stockholders’ Equity		122,130,888			129,663,149

Total Liabilities and Stockholders’ Equity	$	124,940,908		$	136,587,114

	2026			2025			2026			2025
	Three- Months Ended June 30,						Six-Months Ended June 30,
	2026			2025			2026			2025

Revenue
Rental	$	724,313		$	716,042		$	1,450,972		$	1,433,847
Other		264,229			382,920			518,348			733,418
Total Revenue		988,542			1,098,962			1,969,320			2,167,265
Operating Expenses
Cost of Sales		904,665			1,021,954			1,610,333			1,990,898
General and Administrative		1,862,504			2,776,034			4,790,054			6,180,031
Impairments		14,748			56,435			14,748			683,915
Total Operating Expenses		2,781,917			3,854,423			6,415,135			8,854,844

Loss from Operations		(1,793,375	)		(2,755,461	)		(4,445,815	)		(6,687,579	)

Other (Expense) Income
Interest Income		15,706			81,706			47,637			174,594
Interest Income - Related Party		123,522			60,926			213,277			112,555
Interest Income		123,522			60,926			213,277			112,555
Interest Expense		(3,365	)		(32,085	)		(13,532	)		(83,203	)
Gain on Disposal of a Subsidiary		17,261			384,356			17,261			384,356
Foreign Exchange Transaction Gain (Loss)		170,687			(4,834,398	)		279,630			(6,243,500	)
Unrealized Loss on Securities Investment		(2,345,853	)		(551,910	)		(4,168,896	)		(271,002	)
Unrealized (Loss) Gain on Securities Investment - Related Party		(2,486,135	)		2,788,562			(3,234,736	)		(1,013,093	)
Unrealized (Loss) Gain on Securities Investment		(2,486,135	)		2,788,562			(3,234,736	)		(1,013,093	)
Realized Gain (Loss) on Securities Investment		228,133			(490,440	)		(219,466	)		(670,536	)
Realized Loss on Securities Investment - Related Party		-			(2,438,848	)		-			(2,438,848	)
Realized Gain (Loss) on Securities Investment		-			(2,438,848	)		-			(2,438,848	)
Loss on Equity Method Investment		(100,007	)		(679,347	)		(206,459	)		(1,310,915	)
Other Income (Expense), Net		352,485			(374,203	)		654,875			(255,915	)
Total Other Expense, Net		(4,027,566	)		(6,085,681	)		(6,630,409	)		(11,615,507	)

Net Loss Before Income Taxes		(5,820,941	)		(8,841,142	)		(11,076,224	)		(18,303,086	)

Income Tax Expense		(24,045	)		-			(24,045	)		(42,948	)

Net Loss		(5,844,986	)		(8,841,142	)		(11,100,269	)		(18,346,034	)

Net Loss Attributable to Non-Controlling Interest		(572,543	)		(619,701	)		(1,305,844	)		(1,791,116	)

Net Loss Attributable to Common Stockholders	$	(5,272,443	)	$	(8,221,441	)	$	(9,794,425	)	$	(16,554,918	)

Net Loss	$	(5,844,986	)	$	(8,841,142	)	$	(11,100,269	)	$	(18,346,034	)
Other Comprehensive (Loss) Income
Foreign Currency Translation Adjustment		(744,447	)		4,577,462			(497,344	)		5,994,872
Total Comprehensive Loss		(6,589,433	)		(4,263,680	)		(11,597,613	)		(12,351,162	)

Less Comprehensive (Loss) Income Attributable to Non-controlling Interests		(678,553	)		34,252			(1,376,666	)		(935,324	)
Total Comprehensive Loss Attributable to Common Shareholders		(5,910,880	)		(4,297,932	)		(10,220,947	)		(11,415,838	)

Net Loss Per Share - Basic and Diluted	$	(0.14	)	$	(0.71	)	$	(0.25	)	$	(1.49	)

Weighted Average Common Shares Outstanding - Basic and Diluted		38,895,830			11,570,852			38,895,830			11,143,337

	Shares		Par Value $0.001		Additional Paid in Capital		Treasury Stock at Cost			Other Comprehensive Income			Accumulated Deficit			Total Alset Stockholders’ Equity			Non- Controlling Interests			Total Stockholders’ Equity
	Common Stock									Accumulated
	Shares		Par Value $0.001		Additional Paid in Capital		Treasury Stock at Cost			Other Comprehensive Income			Accumulated Deficit			Total Alset Stockholders’ Equity			Non- Controlling Interests			Total Stockholders’ Equity
Balance at December 31, 2025		39,401,786	$	39,402	$	421,138,522	$	(1,004,875	)	$	168,802		$	(299,266,482	)	$	121,075,369		$	8,587,780		$	129,663,149

Gain from DSS Convertible Note and Warrants		-		-		2,574,848		-			-			-			2,574,848			427,541			3,002,389

Sale of HWH stock		-		-		84,589		-			-			-			84,589			14,045			98,634

Change in Non-Controlling Interest		-		-		-		-			(30,117	)		-			(30,117	)		30,117			-

Foreign Currency Translations		-		-		-		-			211,916			-			211,916			35,187			247,103

Net Loss		-		-		-		-			-			(4,521,982	)		(4,521,982	)		(733,301	)		(5,255,283	)

Balance at March 31, 2026		39,401,786		39,402		423,797,959		(1,004,875	)		350,601			(303,788,464	)		119,394,623			8,361,369			127,755,992

Gain from DSS Convertible Note and Warrants		-		-		964,329		-			-			-			964,329			-			964,329

Change in Non-Controlling Interest		-		-		-		-			31,633			-			31,633			(31,633	)		-

Foreign Currency Translations		-		-		-		-			(638,438	)		-			(638,438	)		(106,009	)		(744,447	)

Net Loss		-		-		-		-			-			(5,272,443	)		(5,272,443	)		(572,543	)		(5,844,986	)

Balance at June 30, 2026		39,401,786		39,402		424,762,288		(1,004,875	)		(256,204	)		(309,060,907	)		114,479,704			7,651,184			122,130,888


	Six Months Ended June 30,
	2026			2025

Cash Flows from Operating Activities
Net Loss from Operations	$	(11,100,269	)	$	(18,346,034	)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Depreciation		587,629			623,649
Non-Cash Lease Expenses		213,148			423,837
Impairments		14,748			683,915
Gain from Debt Extinguishment		(339,185	)		-
Gain on Disposal of Subsidiary		(17,261	)		-
Gain on Sale of Stock of Subsidiary		-			(384,356	)
Foreign Transaction (Gain) Loss		(279,630	)		6,243,500
Stock Based Compensation		-			840,000
Unrealized Loss on Securities Investment		4,168,896			271,002
Unrealized Loss on Securities Investment - Related Party		3,234,736			1,013,093
Realized Loss on Securities Investment		219,466			670,536
Realized Loss on Securities Investment-Related Party		-			2,438,848
Loss on Equity Method Investment		206,459			1,310,915
Changes in Operating Assets and Liabilities, net of acquisitions
Real Estate Reimbursement Receivable		99,940			939,900
Account Receivables		(1,209	)		(28,492	)
Prepaid Expense		90,626			51,483
Deposits		(1,704	)		200,956
Trading Securities		(2,707,420	)		(1,993,298	)
Inventory		(3,128	)		(7,068	)
Accounts Payable and Accrued Expenses		(3,212,690	)		(1,004,311	)
Deferred Revenue		-			15,631
Operating Lease Liabilities		(344,688	)		(338,518	)
Net Cash Used in Operating Activities		(9,171,536	)		(6,374,812	)

Cash Flows from Investing Activities
Purchase of Fixed Assets		(87,831	)		(144,842	)
Purchase of Investment Securities		(14,858	)		-
Proceeds from Sale of Equity Security Investment of a Related Party		98,634			2,613,143
Issuing Loan Receivable - Related Party		(4,532,533	)		(910,193	)
Collection of Loan Receivable - Related Party		831,128			117,804
Net Cash (Used in) Provided by Investing Activities		(3,705,460	)		1,675,912

Cash Flows from Financing Activities
Proceeds from Common Stock Issuance		-			2,614,983
Buyback Treasury Stock		-			(27,642	)
Borrowing from a Commercial Loan		4,816			-
Repayment to Notes Payable		(513,233	)		(261,097	)
Net Cash (Used in) Provided by Financing Activities		(508,417	)		2,326,244

Net Decrease in Cash and Cash Equivalents and Restricted Cash		(13,385,413	)		(2,372,656	)
Effects of Foreign Exchange Rates on Cash and Cash Equivalents		418,418			(118,280	)
Cash and Cash Equivalents and Restricted Cash - Beginning of Period		25,292,972			28,183,726
Cash and Cash Equivalents and Restricted Cash- End of Period	$	12,325,977		$	25,692,790

Cash	$	12,325,977		$	25,584,862
Restricted Cash	$	-		$	107,928
Total Cash and Restricted Cash	$	12,325,977		$	25,692,790

Supplementary Cash Flow Information
Cash Paid for Interest	$	2,063		$	2,091
Cash Paid for Taxes	$	255,000		$	42,948

Supplemental Disclosure of Non-Cash Investing and Financing Activities
Initial Recognition of ROU / Lease Liability	$	15,789		$	132,044
Gain from DSS Warrants and Convertible Notes	$	3,966,718		$	87,131

Name of subsidiary	State or other jurisdiction of	Attributable interest as of,
consolidated under AEI	incorporation or organization	June 30, 2026		December 31, 2025
		%		%
Alset Global Pte. Ltd.	Singapore	100		100
Alset Business Development Pte. Ltd.	Singapore	100		100
Global eHealth Limited	Hong Kong	100		100
Alset International Limited	Singapore	85.8		85.8
Singapore Construction & Development Pte. Ltd.	Singapore	85.8		85.8
Singapore Construction Pte. Ltd.	Singapore	85.8		85.8
Global BioMedical Pte. Ltd.	Singapore	85.8		85.8
Health Wealth Happiness Pte. Ltd.	Singapore	63.6		62.5
SeD Capital Pte. Ltd.	Singapore	85.8		85.8
LiquidValue Asset Management Pte. Ltd.	Singapore	85.8		85.8
Alset Solar Limited	Hong Kong	85.8		85.8
Alset F&B One Pte. Ltd.	Singapore	73.6		72.5
BMI Capital Partners International Limited	Hong Kong	85.8		85.8
SeD Perth Pty Ltd	Australia	85.8		85.8
SeD Intelligent Home Inc.	United States of America	85.8		85.8
Winning Catering Group, Inc. (f.k.a. LiquidValue Development Inc.)	United States of America	85.8		85.8
Alset EHome Inc.	United States of America	85.8		85.8
SeD USA, LLC	United States of America	85.8		85.8
150 Black Oak GP, Inc.	United States of America	85.8		85.8
SeD Development USA Inc.	United States of America	85.8		85.8
150 CCM Black Oak, Ltd.	United States of America	85.8		85.8
SeD Texas Home, LLC	United States of America	100		100
SeD Ballenger, LLC	United States of America	85.8		85.8
SeD Maryland Development, LLC	United States of America	71.6		71.6
SeD Development Management, LLC	United States of America	72.9		72.9
Hapi Metaverse Inc.	United States of America	99.6		99.6
HotApp BlockChain Pte. Ltd.	Singapore	99.6		99.6
HotApp International Limited	Hong Kong	99.6		99.6
UBeauty Limited	Hong Kong	85.8		85.8
BioHealth Water Inc.	United States of America	85.8		85.8
Hapi Robot Pte. Ltd.	Singapore	85.8		85.8
American Home REIT Inc.	United States of America	100		100
Hapi Cafe Inc.	Texas, United States of America	63.6		62.5
HWH (S) Pte. Ltd.	Singapore	85.8		85.8
LiquidValue Development Pte. Ltd.	Singapore	100		100
LiquidValue Development Limited	Hong Kong	100		100
Alset F&B Holdings Pte. Ltd.	Singapore	63.6		62.5
Credas Capital Pte. Ltd.	Singapore	64.3		64.3
Credas Capital GmbH	Switzerland	-		64.3
Smart Reward Express Limited	Hong Kong	99.6		99.6
AHR Texas Two, LLC	United States of America	100		100
AHR Black Oak One, LLC	United States of America	85.8		85.8
AHR Texas Three, LLC	United States of America	100		100
Hapi Cafe Korea Inc.	South Korea	63.6		62.5
Alset Acquisition Sponsor, LLC	United States of America	93.6		93.6
Alset Spac Group Inc.	United States of America	93.6		93.6
Hapi WealthBuilder Pte. Ltd.	Singapore	-		62.5
Hapi iRobot Pte. Ltd.	Singapore	63.6		62.5
HWH International Inc.	United States of America	63.6		62.5
Hapi Cafe SG Pte. Ltd.	Singapore	63.6		62.5
Hapi Cafe Limited	Hong Kong	99.6		99.6
Hapi Group HK Limited	Hong Kong	-		99.6
AHR Texas Four, LLC	United States of America	100		100
Hapi Robot Service Pte. Ltd.	Singapore	99.6		99.6
Guangdong LeFu Wealth Investment Consulting Co., Ltd.	China	99.6		99.6
Dongguan Leyouyou Catering Management Co., Ltd.	China	99.6		99.6
Ketomei Pte. Ltd.	Singapore	34.8	*	34.8	*
Hapi Café Co., Ltd.	Taiwan	99.6		99.6
Hapi Robot Inc.	United States of America	64.8		64.8
Hapi Café Sdn. Bhd.	Malaysia	-		62.5
L.E.H. Insurance Group, LLC	United States of America	63.6		62.5
Hapi Wealth Builder Limited	Hong Kong	63.6		62.5
LVD Merger Corp.	United States of America	85.8		85.8
Alset Real Estate Holdings Inc.	United States of America	85.8		85.8
New Energy Asia Pacific Inc.	United States of America	100		100
Alset Robot Inc.	United States of America	68.2		68.2
Hapi Marketplace Limited	Hong Kong	100		-

	●	The Company has significant influence over DSS. As of June 30, 2026 and December 31, 2025, the Company owned approximately 39.4% and 43.6% of the common stock of DSS, respectively. Our CEO, Chan Heng Fai, is an owner of additional common stock of DSS (not including any common or preferred shares we hold). In addition, our Chief Executive Officer is the Chairman of the Board of Directors of DSS. Apart from Chan Heng Fai, several other members of the Board of Directors of Alset Inc. are also members of the Board of Directors of DSS (Chan Tung Moe, our Co-Chief Executive Officer and a son of Chan Heng Fai, Lim Sheng Hon Danny, Wong Shui Yeung, Wu Wai William Leung, and Joanne Wong Hiu Pan).

	●	The Company has significant influence over HIPH as the Company holds approximately 0.5% of the common shares of HIPH and our Chief Executive Officer, Chan Heng Fai, is the majority owner of the common stock of HIPH (not including any common shares we hold).

	●	The Company has significant influence over VEII as the Company holds approximately 45.8% of the common shares of VEII. Chan Heng Fai and another member of the Board of Directors of Hapi Metaverse Inc., Lum Kan Fai Vincent, are both members of the Board of Directors of VEII. In addition to Mr. Chan, three other members of the Board of Directors of Alset Inc. are also members of the Board of Directors of VEII (Wong Shui Yeung, Wong Tat Keung, and Lim Sheng Hon Danny).

	●	The Company has significant influence over SHRG as the Company holds approximately 29.0% of the common shares of SHRG. Our Chief Executive Officer is a significant stockholder of SHRG shares.

	●	delays in the execution and commercialization of New Energy’s taxi delivery projects;

	●	revised cash flow projections, including slower ramp-up and longer implementation timelines; and

	●	changes in market conditions in the distributed energy sector, including broader global geopolitical uncertainty.

	Real Estate			Digital Transformation Technology			Biohealth Business			Other			Total
Six Months Ended on June 30, 2026
Revenue	$	1,450,972		$	-		$	-		$	518,348		$	1,969,320
Cost of Sales		(1,276,645	)		-			-			(333,688	)		(1,610,333	)
Gross Profit		174,327			-			-			184,660			358,987
Operating Expenses		(1,156,864	)		(73,352	)		(398,938	)		(3,175,648	)		(4,804,802	)
Operating Loss		(982,537	)		(73,352	)		(398,938	)		(2,990,988	)		(4,445,815	)
Other Income (Expense)		1,340			(101,266	)		296,207			(6,826,690	)		(6,630,409	)
Net Loss Before Income Tax		(981,197	)		(174,618	)		(102,732	)		(9,817,678	)		(11,076,224	)

Description	Land		Building & Improvements		Other		Accumulated Depreciation			Total Net Carrying Amount
Balance at December 31, 2025	$	6,060,083	$	27,477,467	$	310,173	$	(4,226,771	)	$	29,620,952
Depreciation Expense		—		—		—		(268,679	)		(268,679	)
Balance at March 31, 2026	$	6,060,083	$	27,477,467	$	310,173	$	(4,495,450	)	$	29,352,273
Depreciation Expense		—		—		—		(268,679	)		(268,679	)
Balance at June 30, 2026	$	6,060,083	$	27,477,467	$	310,173	$	(4,764,129	)	$	29,083,594

	June 30, 2026		December 31, 2025
Motor Vehicle Loans	$	82,794	$	98,091
Loans for Operations		22,258		22,415
Promissory Note to D. Boral Capital LLC		-		829,182
Total notes payable	$	105,052	$	949,688

	Warrant for Common Shares		Weighted Average Exercise Price		Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Warrants Outstanding as of December 31, 2025		603,051	$	80.46		0.36	$	-
Warrants Vested and exercisable at December 31, 2025		603,051	$	80.46		0.36	$	-
Granted		-		-
Exercised		-		-
Forfeited, cancelled, expired		603,051		80.46
Warrants Outstanding as of June 30, 2026		-	$	-		-	$	-
Warrants Vested and exercisable at June 30, 2026		-	$	-		-	$	-

	Unrealized Gains and Losses on Security Investment			Foreign Currency Translations			Change in Minority Interest			Total
Balance at January 1, 2026	$	(54,921	)	$	(2,505,799	)	$	2,729,522		$	168,802

Other Comprehensive Income (Loss)		-			211,916			(30,117	)		181,799

Balance at March 31, 2026	$	(54,921	)	$	(2,293,883	)	$	2,699,405		$	350,601

Other Comprehensive Income (Loss)		-			(638,438	)		31,633			(606,805	)

Balance at June 30, 2026	$	(54,921	)	$	(2,932,321	)	$	2,731,038		$	(256,204	)

	Fair Value Measurement Using						Amount at
	Level 1		Level 2		Level 3		Fair Value
June 30, 2026
Assets
Investment Securities- Fair Value Option	$	2,337,114	$	249,845	$	-	$	2,586,959
Investment Securities- Trading		11,973,659		299,570		-		12,273,229
Warrants – HIPH		-		-		973		973
Warrants - VEII		-		-		-		-
Warrants - SHRG		-		55		-		55
Warrants - DSS		-		2,464,394		-		2,464,394
Convertible Loan Receivable - VEII		-		545,788		-		545,788
Convertible Loan Receivable - SHRG		-		1,761,148		-		1,761,148
Total Assets at Fair Value	$	14,310,773	$	5,320,800	$	973	$	19,632,546

	Share price				Market Value
	6/30/2026		Shares		6/30/2026		Valuation

DSS (Related Party)	$	0.590		3,961,210	$	2,337,114	Investment in Securities at Fair Value – Related Party

Trading Stocks					$	11,973,659	Investment in Securities at Fair Value

		Total Level 1 Equity Securities			$	14,310,773

AMBS	$	0.000		20,000,000	$	-	Investment in Securities at Fair Value

Holista	$	0.043		1,000	$	43	Investment in Securities at Fair Value

Value Exchange (Related Party)	$	0.000		21,179,275		-	Investment in Securities at Fair Value – Related Party

HIPH World (Related Party)	$	0.001		354,039,000	$	247,827	Investment in Securities at Fair Value – Related Party

Sharing Services (Related Party)	$	0.022		89,732	$	1,974	Investment in Securities at Fair Value – Related Party

Trading Stocks					$	299,570	Investment in Securities at Fair Value

		Total Level 2 Equity Securities			$	549,415

Nervotec		N/A		1,666	$	-	Investment in Securities at Cost
UBeauty		N/A		3,600	$	16,564	Investment in Securities at Cost
Ideal Food and Beverages		N/A		38,000	$	14,689	Investment in Securities at Cost
HapiTravel Holding		N/A		19,000	$	147	Investment in Securities at Cost
AES Group Co. Ltd.		N/A		398	$	1,291	Investment in Securities at Cost
		Total Equity Securities			$	14,892,879

	Share price				Market Value
	12/31/2025		Shares		12/31/2025		Valuation

DSS (Related Party)	$	0.930		3,961,210	$	3,683,925	Investment in Securities at Fair Value – Related Party

Trading Stocks					$	14,264,655	Investment in Securities at Fair Value

		Total Level 1 Equity Securities			$	17,948,580

AMBS	$	0.000		20,000,000	$	-	Investment in Securities at Fair Value

Holista	$	0.057		1,000	$	57	Investment in Securities at Fair Value

Value Exchange (Related Party)	$	0.001		21,179,275	$	10,590	Investment in Securities at Fair Value – Related Party

Sharing Services (Related Party)	$	0.023		89,732	$	2,064	Investment in Securities at Fair Value – Related Party

HIPH World (Related Party)	$	0.000		354,039,000	$	35,404	Investment in Securities at Fair Value – Related Party

Trading Stocks					$	418,605	Investment in Securities at Fair Value

		Total Level 2 Equity Securities			$	466,720

Nervotec		N/A		1,666	$	-	Investment in Securities at Cost
UBeauty		N/A		3,600	$	16,696	Investment in Securities at Cost
Ideal Food and Beverages		N/A		19,000	$	-	Investment in Securities at Cost
HapiTravel Holding		N/A		19,000	$	148	Investment in Securities at Cost
AES Group Co. Ltd.		N/A		398	$	1,382	Investment in Securities at Cost

		Total Equity Securities			$	18,433,526

	Total
Balance at January 1, 2026	$	973
Total Gains		-
Balance at March 31, 2026	$	973
Total Gains		-
Balance at June 30, 2026	$	973

	Total
Balance at January 1, 2025	$	973
Total Gains		-
Balance at March 31, 2025	$	973
Total Gains		-
Balance at June 30, 2025	$	973

	June 30, 2026			December 31, 2025

Stock Price	$	0.0001		$	0.0001
Exercise price	$	0.001		$	0.001
Risk free interest rate		4.62	%		4.62	%
Annualized volatility		869.4	%		869.4	%
Dividend Yield	$	0.00		$	0.00
Year to maturity		4.06			4.56

Office Location		Lease Term as of June 30, 2026
Singapore - AI		June 2023 to June 2026*
Singapore – F&B		October 2024 to September 2027
Singapore – Hapi Cafe		July 2024 to June 2028
South Korea – Hapi Cafe		March 2024 to February 2027
Bethesda, Maryland, USA		April 2024 to March 2027
China - Office		March 2023 – March 2027
China - Shop		June 2024 to April 2029
Taiwan - Cafe		May 2024 to October 2027
Hong Kong - Office		February 2025 to January 2028
Hong Kong - Warehouse		May 2026 to April 2028


2027	$	519,842
2028		225,291
2029		26,245
Total Minimum Lease Payments	$	771,378
Less: Effect of Discounting		(39,536	)
Present Value of Future Minimum Lease Payments		731,842
Less: Current Obligations under Leases		(496,489	)
Long-term Lease Obligations	$	235,353

	Three- Months Ended						Six-months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Revenue	$	988,542		$	1,098,962		$	1,969,320		$	2,167,265
Operating Expenses	$	(2,781,917	)	$	(3,854,423	)	$	(6,415,135	)	$	(8,854,844	)
Other Expenses	$	(4,027,566	)	$	(6,085,681	)	$	(6,630,409	)	$	(11,615,507	)
Income Tax Expense	$	(24,045	)	$	-		$	(24,045	)	$	(42,948	)
Net Loss	$	(5,844,986	)	$	(8,841,142	)	$	(11,100,269	)	$	(18,346,034	)

	Three-months Ended				Change
	June 30, 2026		June 30, 2025		Dollars			Percentage
Real Estate	$	724,313	$	716,042	$	8,271			1	%
Other		264,229		382,920		(118,691	)		-31	%
Total Revenue	$	988,542	$	1,098,962	$	(110,420	)		-10	%

	Six Months Ended
	2026			2025
Net cash used in operating activities	$	(9,171,536	)	$	(6,374,812	)
Net cash (used in) provided by investing activities	$	(3,705,460	)	$	1,675,912
Net cash (used in) provided by financing activities	$	(508,417	)	$	2,326,244

Exhibit Number		Description

10.1		Termination Agreement, between Alset Inc. and HWH International Inc., dated as of May 6, 2026, incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 7, 2026.
10.2		Securities Purchase Agreement, between Alset Inc. and DSS, Inc., dated as of June 23, 2026, incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 25, 2026.
10.3		Form of Convertible Promissory Note, between Alset Inc. and DSS, Inc., incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 25, 2026.
10.4		Form of Common Stock Purchase Warrant of DSS, Inc., incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 25, 2026.
31.1a*		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.1b*		Certification of Co-Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2a*		Certification of Co-Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2b*		Certification of Co-Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**		Certifications of the Chief Executive Officer and Chief Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance 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		Cover Page Interactive Data File (embedded within the Inline XBRL document)

	ALSET INC.

August 14, 2026	By:	/s/ Chan Heng Fai
		Chan Heng Fai
		Chairman of the Board and
		Chief Executive Officer
		(Principal Executive Officer)

August 14, 2026	By:	/s/ Chan Tung Moe
		Chan Tung Moe
		Co-Chief Executive Officer
		(Principal Executive Officer)

August 14, 2026	By:	/s/ Rongguo Wei
		Rongguo Wei
		Co-Chief Financial Officer
		(Principal Financial and Accounting Officer)

August 14, 2026	By:	/s/ Lui Wai Leung Alan
		Lui Wai Leung Alan
		Co-Chief Financial Officer
		(Principal Financial and Accounting Officer)