EUDA Health Amends 20-F/A, Auditors Flag Going Concern Risk Amid $50.1M Deficit

TL;DR

**EUDA Health is on life support, with a $50.1 million accumulated deficit and auditors waving a huge red flag on its ability to survive.**

AI Summary

EUDA Health Holdings Ltd. filed an amended 20-F/A for the fiscal year ended December 31, 2024, primarily to restate financial statements and update certifications. The company reported a significant accumulated deficit of $50,100,426 as of December 31, 2024, and a shareholders' equity deficit of $2,553,059. Total assets increased to $1,697,810 in 2024 from $1,310,508 in 2023, driven by increases in property and equipment (net) to $87,712 from $6,732, and intangible assets (net) to $337,295 from zero. Current assets saw a modest increase to $762,876 from $723,441, with cash rising to $237,605 from $189,005. However, current liabilities remain substantial at $4,141,370, including $528,074 in short-term loans from private lenders and $438,097 from related parties. Convertible notes decreased significantly to $29,073 from $2,413,125, but new related-party convertible notes of $46,377 appeared. The auditors, J&S Associate PLT, expressed substantial doubt about the company's ability to continue as a going concern due to these financial conditions.

Why It Matters

This amended filing highlights EUDA Health's precarious financial position, with auditors explicitly raising substantial doubt about its ability to continue as a going concern. For investors, this signals extreme risk, as the company's accumulated deficit of $50,100,426 and negative shareholders' equity of $2,553,059 indicate severe financial distress and potential for further dilution or bankruptcy. Employees and customers face uncertainty regarding the company's long-term viability and service continuity. In a competitive healthcare technology market, EUDA's inability to achieve profitability and positive cash flow could lead to a loss of market share and eventual failure, impacting the broader market's perception of emerging health tech ventures.

Risk Assessment

Risk Level: high — The risk level is high due to the explicit 'Substantial Doubt about the Company's Ability to Continue as a Going Concern' raised by J&S Associate PLT. This is evidenced by an accumulated deficit of $50,100,426 and a deficit in shareholders' equity of $2,553,059 as of December 31, 2024. The company's current liabilities of $4,141,370 significantly outweigh its current assets of $762,876, indicating a severe liquidity crunch.

Analyst Insight

Investors should exercise extreme caution and consider divesting any holdings in EUDAW. The going concern warning and significant accumulated deficit suggest a high probability of further value erosion or potential delisting. New investors should avoid this stock until there is clear evidence of a sustainable turnaround and resolution of its financial distress.

Financial Highlights

total Assets

$1,697,810

cash Position

$237,605

Key Numbers

• $50,100,426 — Accumulated Deficit (As of December 31, 2024, indicating significant historical losses.)
• $2,553,059 — Shareholders' Equity Deficit (As of December 31, 2024, reflecting negative equity.)
• $1,697,810 — Total Assets (As of December 31, 2024, an increase from $1,310,508 in 2023.)
• $4,141,370 — Total Current Liabilities (As of December 31, 2024, significantly exceeding current assets.)
• $762,876 — Total Current Assets (As of December 31, 2024, an increase from $723,441 in 2023.)
• $237,605 — Cash (As of December 31, 2024, up from $189,005 in 2023.)
• $528,074 — Short term loans - private lenders (As of December 31, 2024, a new liability compared to zero in 2023.)
• $438,097 — Short term loans - related parties (As of December 31, 2024, down from $759,442 in 2023.)
• 37,153,049 — Ordinary Shares Outstanding (As of December 31, 2024.)
• $29,073 — Convertible notes (As of December 31, 2024, a significant decrease from $2,413,125 in 2023.)

Key Players & Entities

• EUDA Health Holdings Limited (company) — Registrant and subject of the 20-F/A filing
• Alfred Lim (person) — Chief Executive Officer of EUDA Health Holdings Limited
• J&S Associate PLT (company) — Independent Registered Public Accounting Firm for 2024 financials
• Marcum Asia CPAs LLP (company) — Previous Independent Registered Public Accounting Firm for 2022-2023 financials
• Gilandi Limited (company) — Party to a Convertible Loan Agreement dated January 16, 2024
• Affluence Resource Pte. Ltd. (company) — Party to a Convertible Loan Agreement dated April 16, 2024
• 8i Enterprises Pte Ltd (company) — Party to multiple settlement and loan agreements
• Kelvin Chen (person) — Party to multiple settlement agreements
• Meng Dong (James) Tan (person) — Party to multiple settlement agreements
• U.S. Securities and Exchange Commission (regulator) — Regulatory body for the 20-F/A filing

FAQ

Risk Factors

• Going Concern Uncertainty [high — financial]: The company faces substantial doubt regarding its ability to continue as a going concern due to a significant accumulated deficit of $50,100,426 and a shareholders' equity deficit of $2,553,059 as of December 31, 2024. These financial conditions, coupled with current liabilities significantly exceeding current assets, raise concerns about the company's long-term viability.
• High Current Liabilities [high — financial]: Total current liabilities stand at $4,141,370 as of December 31, 2024, which is substantially higher than current assets of $762,876. This liquidity gap is exacerbated by short-term loans from private lenders ($528,074) and related parties ($438,097), indicating a reliance on potentially costly or restrictive financing.
• Dependence on Related Party and Private Lender Debt [medium — financial]: The company has significant short-term loans from private lenders ($528,074) and related parties ($438,097). The appearance of new short-term loans from private lenders and the continued reliance on related parties suggest potential conflicts of interest and a lack of traditional financing options.
• Restatement of Financials [medium — financial]: The amended 20-F/A filing indicates a restatement of financial statements and updated certifications. This suggests potential past accounting errors or a need for improved financial reporting processes, which can erode investor confidence.

Industry Context

EUDA Health Holdings Ltd. operates within the healthcare sector, which is characterized by rapid technological advancements, evolving regulatory landscapes, and significant competition. Companies in this space often require substantial capital for research, development, and market penetration. The sector is also sensitive to changes in healthcare policy and reimbursement rates.

Regulatory Implications

The company's financial instability and the auditors' going concern warning could attract increased scrutiny from regulatory bodies. Restatements of financial statements may also lead to further investigations or require the company to implement more stringent internal controls and reporting procedures.

What Investors Should Do

1. Monitor cash burn rate and liquidity
2. Scrutinize related-party transactions
3. Evaluate the company's strategy for addressing going concern issues

Key Dates

• 2024-12-31: Fiscal Year End — Financial position and results for the year ended December 31, 2024, are reported, highlighting a significant accumulated deficit and a shareholders' equity deficit, raising going concern issues.
• 2024-12-31: Filing of 20-F/A — The amended filing primarily restates financial statements and updates certifications, indicating potential adjustments to previously reported figures and a need for enhanced financial transparency.

Glossary

Accumulated Deficit

The total cumulative net losses of a company that have not been offset by profits or other gains. (EUDA Health Holdings Ltd. has a substantial accumulated deficit of $50,100,426 as of December 31, 2024, indicating significant historical unprofitability.)

Shareholders' Equity Deficit

A negative shareholders' equity, meaning a company's liabilities exceed its assets. (EUDA Health Holdings Ltd. has a shareholders' equity deficit of $2,553,059 as of December 31, 2024, signifying that the company owes more than it owns.)

Going Concern

The assumption that a company will continue to operate for the foreseeable future, typically at least 12 months. (The auditors have expressed substantial doubt about EUDA Health Holdings Ltd.'s ability to continue as a going concern due to its financial condition.)

Convertible Notes

Debt instruments that can be converted into a predetermined amount of equity or debt in the issuing company. (EUDA Health Holdings Ltd. saw a significant decrease in convertible notes to $29,073 from $2,413,125, but new related-party convertible notes of $46,377 appeared.)

Year-Over-Year Comparison

The amended 20-F/A for the fiscal year ended December 31, 2024, shows a significant increase in total assets to $1,697,810 from $1,310,508 in 2023, driven by property and equipment and intangible assets. However, the company's financial health remains precarious, with a substantial accumulated deficit of $50,100,426 and a shareholders' equity deficit of $2,553,059. Current liabilities of $4,141,370 far outstrip current assets of $762,876, and the auditors have raised substantial doubt about the company's ability to continue as a going concern, a critical concern not as prominently highlighted in the previous filing.

Key Financial Figures

• $50,100,426 — suffered from an accumulated deficit of $50,100,426 as of December 31, 2024 and a deficit i
• $2,553,059 — nd a deficit in shareholders' equity of $2,553,059 as of that date. These matters raise su

Filing Documents

• form20-fa.htm (20-F/A) — 2037KB
• ex23-1.htm (EX-23.1) — 8KB
• ex23-2.htm (EX-23.2) — 4KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• form20-fa_001.jpg (GRAPHIC) — 2KB
• form20-fa_002.jpg (GRAPHIC) — 17KB
• ex23-1_001.jpg (GRAPHIC) — 2KB
• ex23-2_001.jpg (GRAPHIC) — 14KB
• 0001493152-25-014808.txt ( ) — 13716KB
• euda-20241231.xsd (EX-101.SCH) — 112KB
• euda-20241231_cal.xml (EX-101.CAL) — 139KB
• euda-20241231_def.xml (EX-101.DEF) — 479KB
• euda-20241231_lab.xml (EX-101.LAB) — 776KB
• euda-20241231_pre.xml (EX-101.PRE) — 636KB
• form20-fa_htm.xml (XML) — 2765KB

Description of Capital Stock

Description of Capital Stock. 20-F 001-40678 2.1 May 9, 2024 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. 10.1*** 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 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**

SIGNATURES

SIGNATURES The registrant hereby certifies that it meets all of the requirements for filing its annual report on Form 20-F/A and that it has duly caused and authorized the undersigned to sign this annual report on its behalf. EUDA Health Holdings Limited By: /s/ Alfred Lim Name: Alfred Lim Title: Chief Executive Officer Date: September 24, 2025 5 EUDA HEALTH HOLDINGS LIMITED INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm (PCAOB ID No. 6743 ) F-1 Report of Independent Registered Public Accounting Firm (PCAOB ID No. 5395 ) F-2 Consolidated Balance Sheets as of December 31, 2024 and 2023 F-3 Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December 31, 2024, 2023 and 2022 F-4 Consolidated Statements of Changes in Shareholders' Equity (Deficit) for the Years Ended December 31, 2024, 2023 and 2022 F-5 Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022 F-6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements F-7 6 J&S ASSOCIATE PLT 202206000037 (LLP0033395-LCA) & AF002380 (Registered with PCAOB and MIA) B-11-14, Megan Avenue II 12,Jalan Yap Kwan Seng, 50450, Kuala Lumpur, Malaysia Tel: +603-4813 9469 Email : info@jns-associate.com Website : jns-associate.com REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To: The Board of Directors and Shareholders of EUDA Health Holdings Limited Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of EUDA Health Holdings Limited and its subsidiaries (collectively, the "Company") as of December 31, 2024, the related consolidated statements of operations and comprehensive income, shareholders' deficit, and cash flows for the year ended December 31, 2024, and the related notes to the consolidated financial statements and schedule (collectively, 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, 2024, and the results of its operations and its cash flows for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America . We also have audited the adjustments described in Note 21 that were applied to the 2023 financial statements to retrospectively reflect the Company's adoption of Accounting Standards Update issued on November 27, 2023 relating to segment reporting (ASC 280). 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 2023 financial statements of the Company other than with respect to the adjustments and, accordingly, we do not express an opinion or any other form of assurance on the 2023 financial statements taken as a whole. Substantial Doubt about the Company's Ability to Continue as a Going Concern The accompanying consolidated financial

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View this 20-F/A filing on SEC EDGAR