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Related Party Transactions
3 Months Ended
Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 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 each of the three months ended March 31, 2019 and 2018 was $3,386.

 

The Company received advances totaling $164,189 and $278,696 from our Chairperson, Chief Executive Officer and Interim Chief Financial Officer. These amounts are recorded as Other payables – related parties on the accompanying condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018, respectively. An aggregate of $119,561 was repaid in the three months ended March 31, 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 $2,055,186 and $2,051,186 as of March 31, 2019 and December 31, 2018, respectively.