Winning Catering Group, Inc. (WNHK): M&A transaction — LiquidValue Development completes sale of 112 single-family homes for $26.25M to related party Alset Inc.

Winning Catering Group, Inc.

Total consideration of $26,250,933 includes debt forgiveness of $13,900,000, promissory note of $11,350,933, and $1,000,000 cash.
The sold subsidiary, American Home REIT Inc., owned 112 single-family rental homes; purchase price equaled book value as of Nov. 30, 2022.
Pro forma 2022 net loss attributable to common stockholders improves from $(2.31M) to $(0.77M) after disposition.
Transaction is with Alset Inc., which indirectly owns ~99.9% of LiquidValue; Chan Heng Fai is chairman/CEO of both entities.
Pro forma balance sheet reduces real estate assets by $26.1M and note payables by $13.9M, with $11.35M promissory note receivable.

item 2.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Winning Catering Group, Inc. completed a disposition involving Alset Inc. for $26,250,933 (closed 2023-01-13).

Action: disposition
Counterparty: Alset Inc.
Consideration: $26,250,933
Closing: 2023-01-13

Exact text from the filing

Alset EHome Inc. sold AHR for a total consideration of $26,250,933, including the forgiveness of debt in the amount of $13,900,000, a promissory note in the amount of $11,350,933 and a cash payment of $1,000,000.

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Source: SEC EDGAR

accession 0001493152-23-002041

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