Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 12 – SUBSEQUENT EVENTS 

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after March 31, 2022, up through May 13, 2022, the Company issued the unaudited condensed consolidated financial statements.

(i) On April 1, 2022, 3D Discovery Co. Ltd (“3DD”)., a fully owned subsidiary of the Company, and Suzhou Su Xin Rui Shi Technology Co. Ltd. (“SXRS Tech”) entered into a Strategic Framework Agreement, whereby the two companies will further discuss and form a joint venture in Hong Kong for the development of a Metaverse platform. 3DD will hold 60% of the new joint venture, while SXRS Tech will hold 40%.

(ii) On April 6, 2022, Sharing Economy International Inc. (“SEII”) entered into a non-binding Investment Cooperation Agreement (the “Agreement”) with Hanking Fof Investment,L.P. (“Hanking”). Pursuant to the Agreement, Hanking intends to make strategic investments in SEII with a total size of up to US$30 million for a two-year period, the proceed of which is to be applied primarily in the fields of (1) research and development of new technologies and products such as intelligent algorithms, application systems and intelligent interactive devices based on metaverse applications of SEII; (2) ultra-high definition naked-eye 3D integrated solution, software and hardware products as well the market expansion in Hong Kong, Macao, Southeast Asia and Europe; (3) SEII’s cooperation with major customers that involved in 3D upgrade of display panel; and (4) expansion of SEII’s cooperation with more projects combining global leading metaverse technology and green economy.