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Note Receivable - Related Party | 9 Months Ended
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Sep. 30, 2015
Receivables [Abstract] |
Note Receivable - Related Party | Note 5 - Note Receivable – Related Party On December 31, 2014 a note of $1,475,766 was issued to the Company in exchange for the Company’s open trade receivables from ChubeWorkx Guernsey Limited, a major shareholder. It is payable in sixty equal installments of $27,734 commencing January 1, 2015 and has an interest rate of 5% per annum. Installments due for the periods January through August 2015 have been received. Interest income received in the three and nine months ended September 30, 2015 was $10,878 and $45,715 and is recorded in the interest and dividend income in the condensed consolidated statement of operations and comprehensive income. In the event of default, the Company, at its sole discretion, has the right to redeem any and all Company shares owned by ChubeWorkx Guernsey Limited to satisfy the monies owed to the Company under this note (Note 18). The scheduled cash flow from the note is as follows:
|  |  | Principal |  |  |  | Interest |  |  |  | Total |
Next 12 Months |  | $ | 299,052 |  |  | $ | 61,489 |  |  | $ | 360,541 |
Next 13-24 Months |  |  | 290,770 |  |  |  | 42,038 |  |  |  | 332,808 |
Next 25-36 Months |  |  | 305,647 |  |  |  | 27,161 |  |  |  | 332,808 |
Next 37-48 Months |  |  | 321,284 |  |  |  | 11,524 |  |  |  | 332,808 |
Next 49-60 Months |  |  | 82,857 |  |  |  | 345 |  |  |  | 83,202 |
|  | $ | 1,299,610 |  |  | $ | 142,557 |  |  | $ | 1,442,167 |
Notes receivable – related party as of September 30, 2015 and December 31, 2014 is as follows:
|  |  | 2015 |  |  |  | 2014 |
Current |  | $ | 299,052 |  |  | $ | 266,457 |
Non-current |  |  | 1,000,558 |  |  |  | 1,209,309 |
|  | $ | 1,299,610 |  |  | $ | 1,475,766 |

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- 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5066-111524 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5162-111524 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5074-111524 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 9 + Details
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