Other Receivables

6 Months Ended

Jun. 30, 2016

Note 4 - OTHER RECEIVABLES

Other receivables contains the following:

	As of June 30, 2016 (Unaudited)		As of December 31, 2015

Receivable from third party individuals	$	-	$	462,300
Receivable from former investee		150,675		-
Receivable from suppliers		497,228		508,530
Other receivables		95,263		82,825
Total	$	743,166	$	1,053,655

The Company loaned three million RMB (the “Loan”) to an individual which was secured by three million shares of common stock (the “Shares”) of the Company (the “Collateral”). In June 2016, the Loan was cancelled in exchange for the holders agreeing to cancel and terminate the Shares. As a result of the above cancellations, the balance of other accounts receivable decreased by $452,025 (3,000,000,000 RMB) and the equity accounts decreased by the same amount. Specifically, Common Stock decreased by $3,000 and Additional Paid-In Capital decreased by $449,025. Because this transaction was a transaction dealing with equity, no gain was recognized, the excess of the fair value of the shares over the book value of the receivable was reflected in additional paid in capital.

The receivable from former investee is due on or before May 30, 2017.

Other receivables represent such items as rent deposit, prepayment for social benefits.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Ceetop Inc. 10-Q