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RELATED PARTY TRANSACTIONS
3 Months Ended
Mar. 31, 2017
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

NOTE 6 – RELATED PARTY TRANSACTIONS

 

A member of the Company’s board of directors (the “Board”) had previously advanced the Company an aggregate amount of $1,354,567 as of March 31, 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 of $3,386 was recognized for each of the three months ended March 31, 2017 and 2016.