Quarterly report pursuant to Section 13 or 15(d)

Trade and Other Payables and Trade and Other Payables - Related Party

v3.5.0.2
Trade and Other Payables and Trade and Other Payables - Related Party
 9 Months Ended
Sep. 30, 2016
Payables and Accruals [Abstract]  
Trade and Other Payables and Trade and Other Payables - Related Party

Note 8 - Trade and Other Payables and Trade and Other Payables - Related Party

 

Trade and other payables as of September 30, 2016 and December 31, 2015 are as follows:

 

    2016     2015  
Trade Payables   $ 589,108     $ 538,449  
Accrued Expenses     595,875       1,020,532  
Legal Settlements Payable     5,000       50,000  
Deferred Compensation     59,750       59,750  
    $ 1,249,733     $ 1,668,731  

 

Trade and other payables – related party as of September 30, 2016 and December 31 2015 are as follows:

 

    2016     2015  
Trade Payables   $ 7,607     $ -  
Accrued Expenses     52,066       -  
    $ 59,673     $ -  

 

The Company recorded royalty expenses of $117,949 in the three and nine months ended September 30, 2016 for ChubeWorkx Guernsey Limited (“ChubeWorkx”), a major shareholder, in relation to the settlement of legal claims (Note 12). The expense is included in sales and marketing expenses – related party on the condensed consolidated statement of operations and comprehensive income. As of September 30, 2016, the Company owed ChubeWorkx $6,908 for the period of August 18, 2016 through September 30, 2016 which was paid on October 20, 2016 and had an accrual of $52,066 for the period of January 1, 2016 through August 17, 2016 which is payable on January 17, 2017.

 

As of September 30, 2016, the Company owed Hainan Savy–Akers Biosciences, a joint venture partner, $699.

 

Trade and other payables and trade ant other payables – related party are non-interest bearing and are normally settled on 30 day terms.