| Trade and Other Payables |
Note 11 - Trade and Other Payables
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Trade and other payables as of December 31, 2016 and 2015 are as follows: |
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2016 |
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2015 |
|
| Trade Payables |
|
$ |
923,311 |
|
|
$ |
538,449 |
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| Accrued Expenses |
|
|
480,302 |
|
|
|
1,020,532 |
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| Legal Settlements Payable |
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|
- |
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|
|
50,000 |
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| Deferred Compensation |
|
|
59,750 |
|
|
|
59,750 |
|
| |
|
$ |
1,463,363 |
|
|
$ |
1,668,731 |
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Trade and other payables – related party as of December 31, 2016 and December 31 2015 are as follows: |
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|
2016 |
|
|
2015 |
|
| Trade Payables (Note 17) |
|
$ |
182,001 |
|
|
$ |
- |
|
| Accrued Expenses (Note 17) |
|
|
52,066 |
|
|
|
- |
|
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|
$ |
234,067 |
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|
$ |
- |
|
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The Company recorded royalty expenses of $153,854 for the year ended December 31, 2016 for ChubeWorkx Guernsey Limited (“ChubeWorkx”), a major shareholder, in relation to the settlement of legal claims (Note 17). The expense is included in sales and marketing expenses – related party on the Consolidated Statement of Operations and Comprehensive Loss. As of December 31, 2016, the Company owed ChubeWorkx $17,953 for the period of October 1, 2016 through December 31, 2016 which was paid on January 20, 2017 and had an accrual of $52,066 for the period of January 1, 2016 through August 17, 2016 which was paid on January 16, 2017. |
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As of December 31, 2016, the Company owed Hainan $14,664. Senior management at Hainan are actively involved in two other companies, Shenzhen Savy-Akers Biosciences (“Shenzhen”) and Dong Guan Senming E&P (“Senming”) and are therefore being included as related parties. The Company owed these two companies $149,384 as of December 31, 2016. |
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Trade and other payables are non-interest bearing and are normally settled on 30 – 60 day terms. |
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