Quarterly report pursuant to Section 13 or 15(d)

Trade and Other Payables

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Trade and Other Payables
 6 Months Ended
Jun. 30, 2017
Payables and Accruals [Abstract]  
Trade and Other Payables

Note 10 - Trade and Other Payables (restated)

 

Trade and other payables consists of the following:

 

    June 30, 2017     December 31, 2016  
    (restated)        
Trade Payables   $ 821,581     $ 923,311  
Accrued Expenses     620,310       480,302  
Deferred Compensation     59,750       59,750  
    $ 1,501,641     $ 1,463,363  

 

Trade and other payables – related party are as follows:

 

    June 30, 2017     December 31, 2016  
Trade Payables   $ 33,911     $ 182,001  
Accrued Expenses     -       52,066  
    $ 33,911     $ 234,067  

 

As of June 30, 2017, the Company owed ChubeWorkx Guernsey Limited, a major shareholder, a royalty of $30,751 (Note 14) which was paid on July 20, 2017.

 

As of June 30, 2017, the Company owed Hainan $670. Senior management at Hainan are actively involved in two other companies, Shenzhen Savy-Akers Biosciences (“Shenzhen”) and Dong Guan Senming E&P (“Senming”) which are therefore being included as related parties. The Company owed these two companies $2,490 as of June 30, 2017.

 

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