UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended March 31, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-40678

EUDA HEALTH HOLDINGS LIMITED

(Exact Name of Registrant as Specified in Its Charter)

British Virgin Islands

n/a

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

1 Pemimpin Drive #12-07

One Pemimpin Singapore 576151

(Address of Principal Executive Offices and Zip Code)

Registrant’s telephone number, including area code: +65 6268 6821

Securities 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

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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

If an emerging growth company, 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 23, 2023, the registrant had 24,777,509 ordinary shares, no par value, issued and outstanding.

EUDA HEALTH HOLDINGS LIMITED

FORM 10-Q FOR QUARTER ENDED MARCH 31, 2023

TABLE OF CONTENTS

		Page
Part I. Financial Information		3

Item 1.	Unaudited Condensed Consolidated Financial Statements	3
	Unaudited Condensed Consolidated Balance Sheets	3
	Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	4
	Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity (Deficit)	5
	Unaudited Condensed Consolidated Statements of Cash Flows	6
	Notes to Unaudited Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3.	Quantitative and Qualitative Disclosures Regarding Market Risk	48
Item 4.	Controls and Procedures	48

Part II. Other Information		49

Item 1.	Legal Proceedings	49
Item 1A.	Risk Factors	49
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49
Item 3.	Defaults Upon Senior Securities	49
Item 4.	Mine Safety Disclosures	49
Item 5.	Other Information	49
Item 6.	Exhibits	49

Part III. Signatures		50

PART I - FINANCIAL STATEMENTS

Item 1. Financial Statements.

EUDA HEALTH HOLDINGS LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS


	March 31,		December 31,
	2023		2022
	(Unaudited)
ASSETS
CURRENT ASSETS
Cash	$	837,292	$	143,024
Restricted cash		-		641,461
Accounts receivable, net		1,585,378		1,851,503
Other receivables		10,820		7,467
Due from related parties		277,962		267,863
Prepaid expenses and other current assets		198,123		222,633
Forward purchase receivables		21,892,527		21,892,527
Total Current Assets		24,802,102		25,026,478
PROPERTY AND EQUIPMENT, NET		27,892		31,628
OTHER ASSETS
Prepaid expenses - non-current		453,887		478,061
Operating lease right-of-use assets		180,480		76,528
Finance lease right-of-use assets		14,417		16,345
Total Other Assets		648,784		570,934

Total Assets	$	25,478,778	$	25,629,040

LIABILITIES AND SHAREHOLDERS’ DEFICIT

CURRENT LIABILITIES
Short term loans - bank and private lender	$	320,766	$	204,240
Short term loans - related parties		274,200

SEC Form 10-Q filed by 8i Acquisition 2 Corp.