Annual report pursuant to Section 13 and 15(d)

Loans Payable

Loans Payable
12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Loans Payable



On March 6, 2016, the Company entered into a short-term loan payable in exchange for proceeds of $34,701 (ARS $500,000) 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.


On November 7, 2016, the Company received a bank loan in the amount of $33,300 (ARS $500,000). The loan has no stated maturity date and bears interest at 10% per month, and interest payments are due monthly. During the year ended December 31, 2016, the Company paid interest of $6,470 (ARS $100,000) related to this loan. No principal payments have been made on this loan. The decrease in the principal balance of the loan at December 31, 2016 is related to the fluctuation in exchange rates during the period.