8. LOANS PAYABLE

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 matured on May 6, 2016 and bore interest of 10% over term of the loan.

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