Related Party Transactions

3 Months Ended

Mar. 31, 2016

Salary

The Company entered into employment agreements with certain shareholders on February 15, 2014 and agreed to pay these shareholders a total compensation of $6,000 per month. The agreements ended on February 15, 2015. For the three months ended March 31, 2016 and 2015, the Company recorded salary expenses of $0 and $45,000, respectively, to these shareholders.

Office Leases

In September 2014, the Company entered into a one-year lease agreement with its Chief Executive Officer for leasing an office in Taiwan. The Company agreed to pay approximately $30 (NT$1,000) per month to the officer. For the three months ended March 31, 2015, the Company recorded rent expense of approximately $90, respectively. As of March 31, 2016 and 2015, the Company had accrued rent expense of $248 and $244, respectively.

In July 2015, the Company entered into three lease agreements with its officers for leasing offices in Taiwan. The agreements will expire in July 2018 and the Company agreed to pay a deposit of approximately $6,400 (NT$207,500) and rent of approximately $3,100 (NT$103,750) per month to the officers. For the three months ended March 31, 2016, the Company recorded and paid rent expenses of approximately $9,400 (NT$311,250).

Future minimum lease payments, converted to U.S. dollars using foreign exchange rate at March 31, 2016, for operating leases as of March 31, 2016 are as follows:

2016	$	28,997
2017		38,663
2018		19,332
Total	$	86,992

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details