On March 6, 2016 the Company entered into a short- term loan payable in exchange for proceeds of $34,701 which was used to pay certain payroll and payroll tax obligations. The loan matures on May 6, 2016 and bears interest at 10% per month. The Company paid interest of $3,470 during the three months ended March 31, 2016. The decrease in the balance of the loan payable as of March 31, 2016 is the result of changes in the foreign currency exchange rate during the period.

All principal and interest due under the loan payable was repaid in full on May 6, 2016.