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OTHER RECEIVABLES, NET | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
OTHER RECEIVABLES, NET |
| 5. | Other receivables, net
Other receivables consist of the following:
|  | December 31, |  |  | December 31, |
|  | 2019 |  |  | 2018 |
Deposit for business acquisitions |  | $ | 12,324,583 |  |  | $ | - |
Deposit for set-up of research center |  |  | 86,007 |  |  |  | - |
Others |  |  | 814,615 |  |  |  | 261,889 |
Allowance for doubtful accounts |  |  | (42,676 | ) |  |  | (29,571 | )
Total other receivables, net |  | $ | 13,182,529 |  |  | $ | 232,318 |
Movements of allowance for doubtful accounts are as follows: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 29,571 |  |  | $ | 13,830 |
Addition |  |  | 13,680 |  |  |  | 17,131 |
Exchange rate effect |  |  | (575 | ) |  |  | (1,390 | )
Ending balance |  | $ | 42,676 |  |  | $ | 29,571 |
The Company signed a non-binding letter of intent to acquire a controlling equity interest of Fuzhou Csfctech Co., Ltd (“Csfctech”), subject to customary conditions. Csfctech is a developer and distributor of mobile games in China with an international user base across Mainland China, Taiwan, the United Arab Emirates and Africa. The acquisition price is expected to be based on the valuation of the acquired entities carried out by a qualified independent third party. The Company signed a three party agreement that involves Csfctech and Quanzhou Yiang Trading Co., Ltd (“Yiang”), of which Yiang is an independent third party. As of December 31, 2019, the Company paid a refundable deposit of $5,983,022 to Yiang as a guarantee. There is no assurance that the proposed transaction will be consummated, particularly if the financial performance of Csfctech does not meet the agreed terms. The Company signed a non-binding letter of intent to acquire a controlling equity interest of Fuzhou Tornado Network Technology Co., Ltd (“Tornado”), subject to customary conditions. Tornado is a developer and distributor of mobile games in China with an international user base across Mainland China, South Korea, the United Arab Emirates and North America. The acquisition price is expected to be based on the valuation of the acquired entities carried out by a qualified independent third party. The Company signed a three party agreement that involves Tornado and Quanzhou Chengtai Co., Ltd (“Chengtai”), of which Chengtai is an independent third party. As of December 31, 2019 the Company paid a refundable deposit of $6,341,561 to Chengtai as a guarantee. There is no assurance that the proposed transaction will be consummated, particularly if the financial performance of Tornado does not meet the agreed terms. In addition, the Company is aiming to establish a research center with Beijing Zhongrun Minan Intelligence Technology Co., Ltd (“Zhongrun”). The project will develop a training platform and application for kindergarten. As of December 31, 2019, the Company paid $86,007 to Zhongrun as a refundable deposit for preliminary costs.

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