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DUE FROM SHAREHOLDER | 3 Months Ended
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Mar. 31, 2023
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, Chief Strategy Officer and Chairman, who is also the majority shareholder of Suzhou Snail. The loan bore 2.0% per annum interest. 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 December 31, 2022, the other receivable was $0 and no longer reflected on the Company’s consolidated balance sheets. The loan accrued interest of $0 and $450,681 during the three months ended March 31, 2023 and 2022 respectively. The earned interest is reported in interest income – related parties in the Company’s condensed consolidated statements of operations and comprehensive income (loss).

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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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