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Advances Payable - Related Party
9 Months Ended
Sep. 30, 2016
Advances Payable - Related Party  
Advances Payable - Related Party

8.Advances Payable — Related Party

 

On June 29, 2015 and July 30, 2015 a related party agreed to advance the Company a total of $500,000 to be used for working capital requirements. The advances accrued interest at a rate of four percent (4%) per annum compounded annually. On April 13, 2016, these advances were exchanged for $500,000 in convertible promissory notes payable and all accrued interest was waived (see Note 7).