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RELATED PARTY TRANSACTIONS
9 Months Ended
Sep. 30, 2021
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE- 16 RELATED PARTY TRANSACTIONS

 

From time to time, the shareholder and director of the Company advanced funds to the Company for working capital purpose. Those advances are unsecured, non-interest bearing and due on demand.

 

During the three month ended September 30, 2021 and 2020, the Company rendered the consultancy service with related parties for the issuance of 2,854 and 571 shares of Series C-1 preferred stock, at the price of $1,198,680 and $239,820, respectively.

 

During the nine month ended September 30, 2021 and 2020, the Company rendered the consultancy service with related parties for the issuance of 4,314 and 571 shares of Series C-1 preferred stock, at the price of $1,811,880 and $239,820, respectively.

 

The Company paid and accrued to the directors, the total salaries of $196,108 and $22,529 and 201,588 and $0 during the three months ended September 30, 2021 and 2020, respectively.

 

The Company paid and accrued to the directors, the total salaries of $611,193 and $22,529 and $604,378 and $0 during the nine months ended September 30, 2021 and 2020, respectively.

 

 

During the three months ended September 30, 2021 and 2020, the Company issued 2,134,042 and 3000 shares of Common stock, at the price of $12,570,943 and $810,000 for the stock based compensation to director and employee, respectively.

 

During the nine months ended September 30, 2021 and 2020, the Company issued 2,134,042 and 3000 shares of Common stock, at the price of $12,570,943 and 810,000 for the stock based compensation to director and employee, respectively.

 

The company subsidiaries paid and accrued their two officers, total professional fee of $5,785 and $1,259 and $8,310 and $1,300 during the three months ended September 30, 2021 and 2020, respectively.

 

The company subsidiaries paid and accrued their two officers, total professional fee of $10,307 and $1,259 and $35,898 and $1,300 during the nine months ended September 30, 2021 and 2020, respectively.

 

The Company paid and accrued its shareholders, total professional fee of $151,342 and $102,412 and $31,341 and $21,000 during the three months ended September 30, 2021 and 2020, respectively.

 

The Company paid and accrued its shareholders, total professional fee of $378,785 and $123,412 and $102,979 and $56,0000 during the nine months ended September 30, 2021 and 2020, respectively.

 

During August and September 2021, the Company issued 3,300 shares of its Series X Super Voting Preferred Stock (the “Super Voting Preferred Stock”) to the founder and Chief Executive Officer, Mr. Dennis Nguyen and 200 shares of the Super Voting Preferred Stock to Chief Financial Officer, Mr. Raynauld Liang.

In August 2021, the Company approved the conversion of Inter-Company loan of $1,249,999 due and owing by Sopa Technology PTE. LTD. (“STPL”), by exchange of 8,500 shares of STPL which represents 85% of the total issued and paid-up capital of STPL on a fully diluted basis.

On September 30, 2021, the Company received the notifications that the outstanding amounts of $72,176 and $738,964 were forgiven by the related parties. Also, the Company served the notification to a related party that certain terms under call option agreement and side letter were no longer effective, in case of non-fulfillment with the milestone conditions as set out in the agreements amounts of $75,000 cash consideration and $558,000 equity incentive.

 

As of June 30, 2021, Mr. Nguyen had $960,833 in accrued, but unpaid compensation which could be converted to shares by dividing that amount by the employment agreement conversion price of $0.83 to produce 1,157,630 shares.

 

HOTTAB Asset Vietnam Co Ltd, a company limited by shares incorporated under the laws of Vietnam on July 25, 2019, is currently wholly-owned by Ngo Cham, an employee of HOTTAB Vietnam Co Ltd. HOTTAB Asset Vietnam Co Ltd manages the Group’s website and apps in Vietnam via a contractual relationship. All profits accrued by HOTTAB Asset Vietnam Co Ltd are paid as management fees to HOTTAB Vietnam Co Ltd. HOTTAB Vietnam Co Ltd has an irrevocable call option to acquire 100% of the equity of HOTTAB Asset Vietnam Co Ltd.

 

Apart from the transactions and balances detailed elsewhere in these accompanying condensed consolidated financial statements, the Company has no other significant or material related party transactions during the periods presented.