Hapi Metaverse Inc., formerly GigWorld Inc., is a digital transformation and Metaverse services provider incorporated in Delaware, operating globally through subsidiaries, with recent revenues mainly from enterprise and food & beverage sectors.

# Company Summary: Hapi Metaverse Inc.

## Business Overview
- **Incorporation & Structure:**  
  - Incorporated in Delaware on March 7, 2012.  
  - Operates through subsidiaries in Singapore, Hong Kong, Taiwan, and PRC.

- **Business Shift & Strategy:**  
  - Originally intended as a financial acquisition intermediary serving fragmented industries.  
  - Expanded in 2014 into a digital transformation technology provider focusing on enterprise services:  
    - Instant messaging, blockchain, e-commerce, social media, and payments.  
  - In 2022, rebranded from “GigWorld Inc.” to “Hapi Metaverse Inc.” to position as a Metaverse-as-a-Service (MaaS) provider, embracing Metaverse, AI, and offline community engagement.

## Core Operations & Offerings
- **Product Platforms:**  
  - Instant messaging systems  
  - Social media networks  
  - E-commerce platforms  
  - Payment systems  
  - Network marketing platforms  
- **Services Provided:**  
  - Consulting on digital transformation for enterprises  
  - Implementation and development of enterprise solutions across B2B sectors  
  - Mobile application development with blockchain integration  
  - API development for collaboration partners (network marketing, retail, etc.)

- **Strategic Projects & Implementations:**  
  - Mobile front-end solutions for network marketing  
  - Hotel e-commerce platform in Asia  
  - Real estate agent management platform in China

## Revenue & Financial Status
- **Revenue Details:**  
  - Started generating revenue in July 2024.  
  - Revenue in 2024 mainly from food & beverage (F&B) businesses and minor revenue from travel and services.  
  - 2024 Revenue: approximately **$254,138** (mostly from F&B).  
  - 2023 Revenue: approximately **$254,327**.

- **Operational Results:**  
  - 2024 net loss: **$4,471,152** (improved from 2023 loss of $6,912,004).  
  - Significant expenses include operating costs, consulting, salary increases, and impairment losses (notably $414,240 on goodwill post acquisition of HCTW).  

- **Employees & Customers:**  
  - As of the date of the report, approximately **22 employees**.  
  - No specific number of direct customers provided; revenue largely from enterprise services and F&B operations in Hong Kong, Taiwan, and PRC.

## Assets & Capital
- **Assets (as of Dec 2024):**  
  - Cash & equivalents: **$428,660**  
  - Investment securities (related party VEII): **$2,047,649** (fair value)  
  - Property & equipment, right-of-use assets, goodwill, and other current/non-current assets.  
- **Liabilities:**  
  - Total liabilities: **$11,027,499**  
  - Working capital deficit increased to **$6,912,435** (from $2,979,056 in 2023).

## Stockholders & Shareholders
- **Stockholders’ Equity:**  
  - Total stockholders’ deficit: **$6,958,455**  
  - Common stock issued: **507,610,326 shares** (as of April 4, 2025).  
  - Largest shareholder: **Alset Inc.** owns approximately **99.55%**.

## Business Focus & Future Plans
- Operating a global e-commerce marketplace for lifestyle products.  
- Collaborating with technology providers for membership, loyalty, and metaverse services.  
- Expand and enhance software solutions with AI & Metaverse.  
- Continue digital transformation projects, particularly with partner VEII.  
- Focus on B2B solutions such as enterprise messaging and workflow systems.

## Additional Notes
- The company is a holding entity with subsidiaries engaged primarily in food & beverage and digital services.  
- Revenue is relatively new, starting in mid-2024; prior to that, operations were limited and unprofitable.  
- The company depends heavily on capital raises to fund operations, with significant liabilities and ongoing net losses.

Hapi Metaverse Inc. is a development-stage company specializing in e-commerce solutions, digital transformation, and metaverse services.

# Hapi Metaverse Inc. Overview

## Company Background
- **Name:** Hapi Metaverse Inc. (formerly GigWorld Inc.).
- **Incorporated:** March 7, 2012, in Delaware.
- **Fiscal Year End:** December 31.
- **Current Major Stockholder:** Alset Inc., which holds approximately 99.69% of the company's common stock as of August 2022.

## Business Focus
Hapi Metaverse Inc. is a development-stage company focused on the following areas:
1. **E-commerce Solutions:** Providing platforms that facilitate business-to-business (B2B) transactions in a digital economy context.
2. **Digital Transformation Technology:** Consulting, implementation, and development services across various technologies including instant messaging, blockchain, e-commerce, social media, and payment solutions.
3. **Metaverse Services:** Positioned as a Metaverse-as-a-Service (MaaS) provider, integrating AI and offline community engagement.

## Key Offerings
- **HotApp Application:** A cross-platform mobile application for instant messaging and e-commerce (services previously ceased in 2017).
- **Direct Marketing Platform:** Integration of marketing, resource management, and product ordering via a mobile application.
- **Loyalty Program SDK:** Developed for retail mobile applications.
- **Metaverse Product & Training Platform:** A platform for collaborative training and product showcasing.
- **AI Customer Service Chatbot:** Implementation of automated customer service.

## Recent Developments
- **Subsidiaries and Joint Ventures:**
  - Incorporated **Smart Reward Express Limited** for loyalty programs.
  - Launched **Hapi Travel Ltd.** for travel services.
  - Acquired **MOC HK Limited** and **Shenzhen Leyouyou Catering Management Co., Ltd.** for food and beverage operations.
  
## Financial Status
- **Revenue & Income:** The company has incurred significant net losses since inception, totaling **$13,306,915** as of December 31, 2023, with no current significant revenues reported.
- **Working Capital Deficit:** As of December 31, 2023, there is a working capital deficit of **$2,979,056**.
- **Employees:** Hapi Metaverse Inc. currently employs **12 employees** across its subsidiaries.

## Customer Base
- The company primarily targets B2B clients within the direct selling industry, technology sectors, and small to medium enterprises seeking digital transformation solutions. Specific customer numbers are not disclosed.

## Operational Challenges
Hapi Metaverse faces several challenges, including:
- The need for additional funding to support ongoing operations and growth strategies.
- Maintaining internal control systems to prevent misstatements in financial reporting.
- Competing in a highly competitive technology market while managing operational costs effectively.

## Strategic Goals
- Enhance technology solutions tailored to direct-to-consumer commerce.
- Expand partnerships for digital transformation initiatives in various sectors.
- Achieve profitability through innovative service offerings and user engagement strategies.

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This summary encapsulates the core business activities, financial status, operational challenges, and strategic goals of Hapi Metaverse Inc., highlighting its position in the evolving digital landscape.

Hapi Metaverse Inc.

10-K / April 4, 2025

10-K / April 1, 2024

10-K / April 4, 2025

Company Summary: Hapi Metaverse Inc.

Business Overview

Core Operations & Offerings

Revenue & Financial Status

Assets & Capital

Stockholders & Shareholders

Business Focus & Future Plans

Additional Notes