8. LOANS PAYABLE

On November 7, 2016, the Company received a bank loan in the amount of $33,300 (ARS $500,000). The loan had no stated maturity date and bore interest at 10% per month, and interest payments are due monthly. The loan was paid in full on March 13, 2017. The Company paid interest of $7,978 (ARS $125,000) during the three months ended March 31, 2017.

On March 31, 2017, the Company received a bank loan in the amount of $519,156 (ARS $8,000,000). The loan is secured by Algodon Mansion, the Company’s hotel in Argentina, and bears interest at 24.18% per annum. Principal and interest will be paid in forty-two monthly installments beginning on October 1, 2017 and ending on March 1, 2021.