NOTE 7 - NOTE PAYABLE, OFFICERS |
9 Months Ended |
|---|---|
Sep. 30, 2016 | |
| Convertible Debt [Abstract] | |
| Convertible Debt [Text Block] | NOTE 7 - 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 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 September 30, 2016 was $447,087; the accrued interest on the note was $306,824, 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. |