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LOAN PAYABLE AND INTEREST PAYABLE — RELATED PARTIES | 9 Months Ended
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Sep. 30, 2023
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 2.0% 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. Snail Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of September 30, 2023 and December 31, 2022, the total loan payable — related parties amounted to $0 and total unpaid interest amounted to $527,770, as of September 30, 2023 and December 31, 2022. There was no interest expense for the loans payable to related parties during the three months ended September 30, 2023 and 2022, respectively. During the nine months ended September 30, 2023 and 2022, the interest expenses for the loans payable to related parties were $0 and $3,222, respectively.

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