- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

TERM LOAN (Details Narrative)	1 Months Ended		12 Months Ended
TERM LOAN (Details Narrative)	Jul. 27, 2015 USD ($) Number	Dec. 23, 2014 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Term Loan Details Narrative
Term loan, maximum borrowing capacity		$ 657,507
Amount of term loan borrowed		$ 609,554
Period of term loan		240 months
Description for interest rate		The term loan is subject to an interest charges at 2.10% per annum below the Bank’s Base Lending Rate (“BLR”) with daily rests
Term loan, periodic payments	$ 3,582
Number of installments \| Number	240
Base Lending Rate			6.85%
Interest expenses			$ 25,323	$ 12,086