XML 21 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
Related Party Transactions
6 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 6 – RELATED PARTY TRANSACTIONS

 

A member of the Company’s board of directors had previously advanced the Company an aggregate amount of $1,354,567 as of June 30, 2017 and December 31, 2016 which are recorded as Other payables – related parties on the accompanying consolidated balance sheets. The advances bear interest at a rate of 1.0% per year.  Total interest expense for the three months ended June 30, 2017 and 2016 was $3,386 and $3,386. Total interest expense for the six months ended June 30, 2017 and 2016 was $6,773 and $6,773, respectively.