HWH International is an early-stage lifestyle and wellness company operating across three business lines. The first, Hapi Marketplace, is a direct-to-consumer e-commerce platform launched in November 2024 in the U.S., selling products across wellness, elderly care, and auto accessories categories, with plans to expand to South Korea and Hong Kong. The second, Hapi Cafés, are physical café locations intended to serve as community hubs and customer acquisition channels, but several locations have closed due to unsustainable revenues and the company sold 70% of one remaining café operation. The third, Hapi Wealth Builder, is a planned financial education program covering equity investment and wealth-building, targeted for a 2026 launch. The core concept is to use physical cafés to attract customers, convert them into paying members, and cross-sell products through Hapi Marketplace. In practice, this model has not been demonstrated, as café closures have undermined the in-person strategy and key product lines remain unlaunched. HWH has only 4 employees and relies on its majority parent, Alset, for staffing support at no charge. The company is funded primarily through equity issuances and a $1M credit facility from Alset, which has committed to fund operations for at least 12 months. HWH carries a working capital deficit and ongoing operating losses, and auditors have raised going concern doubts.