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PREPAYMENTS | 6 Months Ended
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Jun. 30, 2022
PREPAYMENTS |
PREPAYMENTS | NOTE 9 – PREPAYMENTS As of June 30, 2022, prepayments consist of the following:
|  | June 30, 2022 |  |  | December 31, 2021 |
Office furniture and renovation |  | $ | 1,049,135 |  |  | $ | 1,895,591 |
Office rental |  |  | - |  |  |  | 173,611 |
YCloud system marketing and promotion service |  |  | 3,058,696 |  |  |  | - |
Others |  |  | 81,904 |  |  |  | 691,456 |
|  | $ | 4,189,735 |  |  | $ | 2,760,658 |
As of June 30, 2022, there is a prepayment of approximate $1.1 million in relation of purchasing new office furniture as a result of new office renovation during the year, the renovation has been completed in July 2022. As of June 30, 2022, there is a prepayment of approximate $2.3 million and approximate $0.6 million in relation of marketing & promotion services and block chain software development under YCloud system. Marketing and promotion services are expect to complete in February 2023 and the block chain software has been completed in July 2022 respectively.

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