Form NT 10-K Alset EHome Internationa For: Dec 31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC
FILE NUMBER 001-39732
CUSIP
NUMBER 02116A 104
(Check
one): ☒ Form 10-K ☐ Form 20-F
☐ Form 11-K ☐ Form 10-Q
☐ Form N-SAR
☐
Form N-CSR
For
Period Ended: December 31, 2020
☐
Transition Report on Form 10-K
☐
Transition Report on Form 20-F
☐
Transition Report on Form 11-K
☐
Transition Report on Form 10-Q
☐
Transition Report on Form N-SAR
For the
Transition Period Ended:
Nothing in this form shall be construed to imply that the
Commission has verified any information contained
herein.
If the
notification relates to a portion of the filing checked above,
identify the item(s) to which the notification
relates:
PART I -- REGISTRANT INFORMATION
Alset EHome International Inc.
Full
Name of Registrant
N/A
Former
Name if Applicable
4800 Montgomery Lane, Suite 210
Address
of Principal Executive Office (Street and Number)
Bethesda,
MD
20814
City,
State and Zip Code
PART II -- RULES 12b-25(b) AND (c)
If the
subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b),
the following should be completed. (Check box if
appropriate)
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(a)
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The
reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or
expense;
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☒
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(b)
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The
subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or
portion thereof, will be filed on or before the fifteenth calendar
day following the prescribed due date; or the subject quarterly
report or transition report on Form 10-Q, or portion thereof, will
be filed on or before the fifth calendar day following the
prescribed due date; and
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(c)
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The
accountant's statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.
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PART III -- NARRATIVE
State
below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, N-SAR,
N-CSR, or the transition report or portion thereof, could not be
filed within the prescribed time period.
Alset
EHome International Inc. (referred to herein as the
“Company” or the “Registrant”) has
determined that it is unable to file its Annual Report on Form 10-K
for the period ended December 31, 2020 within the prescribed time
period. The Company anticipates filing the Annual Report within the
fifteen day extension period.
PART IV -- OTHER INFORMATION
(1)
Name and telephone number of person to contact in regard to this
notification
Rongguo Wei
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(301)
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971-3940
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(Name)
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(Area Code)
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(Telephone Number)
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(2)
Have all other periodic reports required under Section 13 or 15(d)
of the Securities Exchange Act of 1934 or Section 30 of the
Investment Company Act of 1940 during the preceding 12 months or
for such shorter period that the registrant was required to file
such report(s) been filed? If answer is no, identify report(s). Yes
☒ No ☐
(3) Is
it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject
report or portion thereof? Yes ☒ No
☐
If so,
attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a
reasonable estimate of the results cannot be made.
Our
results of operations for the year ended December 31, 2020
represented a significant change from the year ended December 31,
2019.
In the
year ended December 31, 2020, the Company had a net loss of
$4,885,239 compared to a net loss of $8,053,428 in the year ended
December 31, 2019, reflecting a decrease of $3,168,189 or
39%.
The
main reason for this change in net loss was a change in operating
expenses. In the year ended December 31, 2020, the Company had
operating expenses of $17,589,288 compared to operating expense of
$31,200,994 in the year ended December 31, 2019, reflecting a
decrease in operating expenses of $13,611,706 or 44%. The change in
cost of sales and recorded impairment of real estate in 2019 are
the primary reasons for the volatility in these two periods. Cost
of sales was $11,773,936 for the year ended on December 31, 2020
compared to cost of sales of $19,968,757 for the year ended on
December 31, 2019. Additionally, we recorded an impairment of
$5,230,828 on our real estate assets in the period ended on
December 31, 2019. No impairment was recorded for the year ended on
December 31, 2020.
In
addition, there was a decline in revenues. Revenue was $15,412,783
in the year ended December 31, 2020, compared to $24,257,953 in the
year ended December 31, 2019, reflecting a decrease of $8,845,170
or 36%. An increase in property sales from the Company’s
Ballenger Project and first sale of a section of the
Company’s Black Oak Project in the first quarter of 2019
contributed to higher revenue in that period. Pursuant to a lot
purchase agreement dated July 3, 2018, 150 CCM Black Oak Ltd sold
124 lots located in the Company’s Black Oak project to
Houston LD, LLC for a total purchase price of $6,175,000 in January
2019.
Alset EHome International Inc.
(Name
of Registrant as Specified in Charter)
has
caused this notification to be signed on its behalf by the
undersigned hereunto duly authorized.
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Dated:
March 31, 2021
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By:
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/s/ Rongguo
Wei
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Name:
Rongguo Wei
Title:
Co-Chief Financial Officer
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