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Related Party Transactions
6 Months Ended
Jun. 30, 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 June 30, 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 June 30, 2019 and 2018 was $3,386 and $3,386, respectively. Total interest expense for the six months ended June 30, 2019 and 2018 was $6,773 and $6,773, respectively.

 

The Company received advances totaling $48,000 and $278,696 from its 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 June 30, 2019 and December 31, 2018, respectively. An aggregate of $231,252 was repaid in the six months ended June 30, 2019. Compensation payable to the Chairperson, Chief Executive Officer and Interim Chief Financial Officer is included in Other payables in the accompanying condensed consolidated balance sheet totaling $2,059,186 and $2,051,186 as of June 30, 2019 and December 31, 2018, respectively. In July 2019, the Company received an additional $693,848 as a loan from its Chairperson as discussed in Note 15.