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RELATED-PARTY TRANSACTIONS
6 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
RELATED-PARTY TRANSACTIONS

NOTE 3 – RELATED-PARTY TRANSACTIONS

 

Due to Related Party

 

As at June 30, 2017, the Company had outstanding advances due to the Company’s Chief Executive Officer of $162,233 (December 31, 2016 - $175,215) included in accounts payable – related parties. These amounts are unsecured, due on demand and bear no interest.

 

During the six months ended June 30, 2017, the Company made net repayments of $15,391 (2016 - $nil) to the Company’s Chief Executive Officer for amounts previously advanced to the Company.

 

Convertible Debt – Related Parties

 

During the six months ended June 30, 2017, the Company converted $nil (2016 - $50,484) of outstanding convertible debt payable to related parties.

 

During the six months ended June 30, 2017, the Company received gross proceeds of $8,000 from issuance of a convertible debt to a related party. It is payable to a related party that matures on December 31, 2017, has an interest rate of 5% per annum, and is convertible into common stock of the Company at $1.60 per share. During the six months ended June 30, 2017 the Company recorded interest expenses of $158 (2016 - $nil).

 

As of June 30, 2017, pursuant to the convertible debts, the Company has a principal balance outstanding of $8,000 (December 31, 2016 - $nil) and accrued interest of $4,409 what is included in accounts payable – related parties. Subsequent to June 30. 2017, the principal balance was converted into 5,000 common stock of the Company.

 

Loans Payable – Related Parties 

 

As of June 30, 2017, the Company had $125,003 (December 31, 2016 - $115,272) of outstanding loans payable to related parties that are past due and have an annual interest rate of 4%.

 

During the six months ended June 30, 2017, the Company recorded interest expenses of $2,319 (2016 - $3,318). As of June 30, 2017, the Company has accrued interest balances of $8,287 (December 31, 2016 - $5,968).

 

Related Party Transactions

 

During the six months ended June 30, 2017, the Company incurred $16,137 in professional fees to the Company’s Chief Executive Officer.