Company: EUDAW
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001641172-25-006627
Chunk: 48

Company: EUDA Health Holdings Ltd
Filing Date: 2025-04-29
Form: 20-F
Item: Item 5
Chunk 48
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 in the Prepaid Forward Agreements 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 years ended December 31, 2023 and 2022, respectively.
The decrease in benefit for income taxes is mainly due to the absence of any deferred income tax benefit realized in 2023.

  32  

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 led 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