NOTE 10 - RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

NOTE 10 - RELATED PARTY TRANSACTIONS

NOTE 10 RELATED PARTY TRANSACTIONS

For the three months period ended March 31, 2016, the Company paid no remuneration (2015: $18,622) to its directors and its officers for their services provided to the Company.

For the three months period ended March 31, 2016 the Company paid no rebate (2015: $ 201,212) for telecom SIM/reload cards through two distributors that are owned and controlled by the directors of the Company. The terms of trade with these distributors are similar to the other third-party distributors of the Company.

In a prior year, a Group company has $8,000,000 promissory notes from a company that is beneficially owned by directors of the Company. The promissory note bears interest at a rate of 4.5% per annum, and $4,000,000 is payable in November 2018 and the remaining $4,000,000 is payable in February 2019. During the 3 months ended March 31, 2015 the Group company recorded $90,000 in interest expenses relating to these promissory notes. On July 28, 2015, this Group company was disposed together with these promissory notes, and the Group was no longer liable for these promissory notes as a result.