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Other Receivables | 9 Months Ended
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Sep. 30, 2022
Other Receivables Abstract |
OTHER RECEIVABLES | 5. OTHER RECEIVABLES As of September 30, 2022, the balance of other receivables was $3.04 million. On September 1, 2021, FTFT UK Limited, a company organized under the laws of United Kingdom and a wholly owned subsidiary of the Company entered into a Share Purchase Agreement (the “Agreement”) with Rahim Shah, a resident of United Kingdom (“Seller”). Under this agreement, FTFT UK Limited (the “Buyer”) agreed to acquire 100% of the issued and outstanding shares (the “Sale Shares”) of Khyber Money Exchange Ltd. (“Khyber”), a company incorporated in England and Wales from the Seller for a total of Euros €685,000 (“Purchase Price”). Buyer has paid Euros €685,000 ($0.67 million) for the Purchase Price and £400,000 ($0.43 million) for cash balance expected to be left in the bank account of Khyber upon the closing (subject to refund to the Buyer upon the actual amount in Khyber’s account at closing). April 22, 2022, Champion Energy Services, LLC and FTFT Supercomputing Inc. signed Electricity Sales and Purchases Agreement. Upon enrollment of FTFT Supercomputing Inc.’s facilities, Champion Energy Services, LLC shall sell and deliver, or engage a third party (including Local Utility) to deliver, and FTFT Supercomputing Inc. shall purchase and receive, 100% of FTFT Supercomputing Inc.’s electricity requirements for enrolled FTFT Supercomputing Inc.’s facilities at the Delivery Point(s) solely for use at FTFT Supercomputing Inc’s facilities. FTFT Supercomputing Inc shall provide an initial amount of Adequate Assurance to Champion Energy Services, LLC in the form of a cash deposit amounted $1.00 million. In addition, other receivables included deposit paid and prepayments amounting to $0.94 million.

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- Definition The entire disclosure of other receivables. + References No definition available. + Details
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