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LOAN PAYABLE AND INTEREST PAYABLE - RELATED PARTIES
9 Months Ended
Sep. 30, 2022
LOAN PAYABLE AND INTEREST PAYABLE-RELATED PARTIES  
LOAN PAYABLE AND INTEREST PAYABLE-RELATED PARTIES

NOTE 14 – LOAN PAYABLE AND INTEREST PAYABLE — RELATED PARTIES

The Company had a loan amount due to related parties of $400,000 bearing 2.00% per annum interest. $300,000 of the loan is from a wholly owned subsidiary of Suzhou Snail and due in June 2022, and $100,000 is from Suzhou Snail and due in December 2023. The $100,000 loan along with $3,890 interest payable to Suzhou Snail was offset by the loan receivable Suzhou Snail assumed in February 2022. Please refer to Note 13 — Loan and Interest Receivable — Related Party. In July 2022, the Company paid off the outstanding principal balance of $300,000. As of September 30, 2022 and December 31, 2021, the total loan payable — related parties amounted to $0 and $400,000, respectively, and total unpaid interest amounted to $527,770 and $528,439, as of September 30, 2022 and December 31, 2021, respectively.