NOTE 6 - NOTE PAYABLE, OFFICERS |
3 Months Ended |
|---|---|
Mar. 31, 2016 | |
| Convertible Debt [Abstract] | |
| Convertible Debt [Text Block] |
NOTE 6 - NOTE PAYABLE, OFFICERS
On January 1, 2011, the Company obtained a convertible note from Frank Yuan, the Company's Chief Executive Officer (“CEO”), and his family which provides for borrowings up to a maximum of $1,800,000 and is due on demand. The note carries an interest rate of 6.0% per annum. On December 31, 2014, the convertible note was amended to waive the right of conversion and will be used as a line of credit.
The balance of the note payable as of March 31, 2016 was $337,087; the accrued interest on the note was $296,274, which is included in accounts payable and accrued expenses. The balance of the convertible note payable as of December 31, 2015 was $327,085 and the accrued interest on the note was $291,309.
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