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Related Party Transactions
12 Months Ended
Dec. 31, 2018
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 6 – RELATED PARTY TRANSACTIONS

 

A member of the Company's board of directors ("Board") had previously advanced the Company an aggregate amount of $1,354,567 as of December 31, 2018 and 2017, which is 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 each of the years ended December 31, 2018 and 2017 was $13,546.

 

During 2018, the Company received advances totaling $278,696 from our Chairperson, Chief Executive Officer and Interim Chief Financial Officer. This amount is recorded as Other payables – related parties on the accompanying consolidated balance sheets as of December 31, 2018. An aggregate of $87,254 was repaid in January 2019. Compensation payable to our Chairperson, Chief Executive Officer and Interim Chief Financial Officer is included in Other payables in the accompanying consolidated balance sheet totaling $2,051,186 and $1,815,186 as of December 31, 2018 and 2017, respectively.