Notes Payables - Related Party

9 Months Ended

Sep. 30, 2014

Notes Payables - Related Party

Notes Payables - Related Party

6.     NOTE PAYABLES - RELATED PARTY

On April 23, 2014, June 4, 2014 and July 2, 2014, the Company entered into a loan agreements for principal of $6,000, $8,000 and $20,000, respectively, with Ferris Holding, Inc., the controlling shareholder of the Company. These loans bears interest of 4% per annum, are unsecured and are due one year after the issue date. Interest payable due to Ferris of $406 is included in accounts payable and accrued liabilities on the condensed consolidated balance sheet.