Quarterly report pursuant to Section 13 or 15(d)

Trade and Other Payables

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Trade and Other Payables
 3 Months Ended
Mar. 31, 2018
Payables and Accruals [Abstract]  
Trade and Other Payables

Note 8 - Trade and Other Payables

 

Trade and other payables consists of the following:

 

    March 31, 2018     December 31, 2017  
          (restated)  
Trade Payables   $ 598,359     $ 948,951  
Accrued Expenses     702,424       736,515  
Deferred Compensation     59,750       59,750  
    $ 1,360,533     $ 1,745,216  

 

Trade and other payables – related party are as follows:

 

    March 31, 2018     December 31, 2017  
Trade Payables   $ 19,005     $ 39,821  
    $ 19,005     $ 39,821  

 

As of March 31, 2018 the Company owed ChubeWorkx Guernsey Limited, previously a major shareholder, royalties of $15,845 (Note 13) which was paid on April 23, 2018.

 

As of March 31, 2018, the Company owed Hainan $670. Senior management at Hainan are actively involved in Shenzhen Savy-Akers Biosciences (“Shenzhen”) which is therefore being included as a related party. The Company owed Shenzhen $2,490 as of March 31, 2018.

 

Trade and other payables are non-interest bearing and are normally settled on 30 – 60 day terms.