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DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES | 12 Months Ended
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Dec. 31, 2021
Deposits Prepayments And Other Receivables |
DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES | NOTE－7 DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES Deposits, prepayments and other receivables consisted of the following: Schedule of prepayments and other receivables
Schedule of prepayments and other receivables |  |  |  |  |  |  |  |
|  | December 31, 2021 |  | December 31, 2020
Deposits |  | $ | 68,991 |  |  | $ | — |
Prepayments |  |  | 32,279 |  |  |  | 60,532 |
Prepayments for consultancy fee (a) |  |  | 6,010,667 |  |  |  | — |
Prepayments for first insurance funding (b) |  |  | 742,500 |  |  |  | — |
Value added tax |  |  | 96,818 |  |  |  | — |
Other receivables |  |  | 1,666 |  |  |  | — |
Total |  | $ | 6,952,921 |  |  | $ | 60,532 |
Less: non-current portion |  |  |  |  |  |  |  |
Prepayments for consultancy fee |  |  | (858,667 | ) |  |  | — |
Current portion |  | $ | 6,094,254 |  |  | $ | 60,532 |
| (a) | On December 6, 2021, the Company entered into two consulting agreements with China-America Culture Media Inc. and New Continental Technology Inc., acting as Consultant to assist the Company in completing certain Business Opportunities with potential partners until February 28, 2023. The consideration of the service are $3,250,000 and $3,190,000. The Company’s due to China-America Culture Media Inc. balance was $3,033,334 and $0 as of December 31, 2021 and 2020, respectively. The Company’s due to New Continental Technology Inc., balance was $2,977,333 and $0 as of December 31, 2021 and 2020, respectively. For the year ended December 31, 2021 and 2020 the Company recognized the amortization of prepaid consulting expense of $429,333 and $-0-, respectively, using the straight-line method, over a term of 15 months.
| (b) | On October 7, 2021, the Company purchased the Directors and Officers (D&O) insurance at a premium fee of $990,000 for a term of 12 months. Also, the Company entered a loan agreement with First Insurance Funding to finance 75% of the total premium, to repay the premium of $990,000. The Company paid the down payment of $247,500 (25%) and the remaining balance $742,500 (75%) to be repaid by 10 installments until August 7, 2022. The Company’s D&O insurance prepayment balance was $742,500 and $0 as of December 31, 2021 and 2020, respectively. For the year ended December 31, 2021 and 2020 the Company recognized the amortization of prepaid insurance expense of $146,453 and $-0-, respectively.

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