NOTE 6 – RELATED PARTY TRANSACTIONS

A member of the Company's board of directors had previously advanced the Company an aggregate amount of $1,354,567 as of September 30, 2016 and December 31, 2015 which are recorded as other payables – related parties on the accompanying consolidated balance sheets. The advances bear interest at a rate of 1.0% per year.  Total interest expense for the three months ended September 30, 2016 and 2015 was $3,386 and $3,386. Total interest expense for the nine months ended September 30, 2016 and 2015 was $10,159 and $10,158, respectively.