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DUE FROM SHAREHOLDER | 9 Months Ended
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Sep. 30, 2022
DUE FROM SHAREHOLDER |
DUE FROM SHAREHOLDER | NOTE 6 – DUE FROM SHAREHOLDER Other receivables from related party consisted of monies that the Company lent to the Company’s Founder and Chairman, who is also the majority shareholder of Suzhou Snail. The loan bore 2.0% per annum interest. Both the loan receivable and the interest receivable are presented as contra equity in our condensed consolidated statements of equity for a total of $94,353,522 as of December 31, 2021. On April 26, 2022, the Company, with approval from its Board of Directors and in accordance with applicable laws and regulations, assigned the other receivables – related party (“due from shareholder” or the “Shi Loan”) of $94,934,400 outstanding including interest, to Suzhou Snail, which assumed the loan as creditor. Simultaneously, the Company declared and paid Suzhou Snail an in-kind dividend with an aggregate amount equal to $94,934,400 on April 26, 2022; see Note 7 – Dividend Distribution. As of September 30, 2022, the other receivable was $0 and no longer reflected on the Company’s condensed consolidated balance sheets.

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- Definition The entire disclosure of amounts due from owners or owners with a beneficial interest of more than 10 percent of the voting interests of the company. + References No definition available. + Details
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