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LOAN AND INTEREST RECEIVABLE — RELATED PARTY
9 Months Ended
Sep. 30, 2023
Loan And Interest Receivable Related Party  
LOAN AND INTEREST RECEIVABLE — RELATED PARTY

NOTE 13 – LOAN AND INTEREST RECEIVABLE — RELATED PARTY

 

In February 2021, the Company loaned $200,000 to a wholly owned subsidiary of Suzhou Snail, the loan bears 2.0% per annum interest, interest and principal are due in February 2022. In February 2022, Suzhou Snail signed an agreement with this subsidiary and assumed the loan and related interest for a total of $203,890. Subsequently, $103,890 was offset against the loan and interest payable owed to Suzhou Snail on a separate note. Please refer to Note 14 — Loan Payable and Interest Payable — Related Parties. The total amount of loan and interest receivable — related parties was $103,249 and $101,753, as of September 30, 2023 and December 31, 2022, respectively. The Company earned $504 and $505 in interest on the related party loans receivable during the three months ended September 30, 2023 and 2022, respectively. Interest earned on the related party loans receivable during the nine months ended September 30, 2023 and 2022, was $1,496 and $1,249, respectively.