|9 Months Ended|
Sep. 30, 2017
|Debt Disclosure [Abstract]|
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 $0 and $7,978 (ARS $125,000) during the three and nine months ended September 30, 2017, respectively.
On March 31, 2017, the Company received a bank loan in the amount of $519,156 (ARS $8,000,000). The loan bears interest at 24.18% per annum, and is due on March 1, 2021. Principal and interest will be paid in forty-two monthly installments beginning on October 1, 2017 and ending on March 1, 2021. The Company incurred interest expense of $29,285 and $55,127 on this loan during the three and nine months ended September 30, 2017, respectively.
On August 19, 2017, the Company purchased 845 hectares of land adjacent to its existing property at AWE. The Company paid $100,000 at the date of purchase and executed a note payable in the amount of $600,000 with a stated interest rate of 0% and with quarterly payments of $50,000 beginning on December 18, 2017 and ending August 18, 2021. At the date of purchase, the Company took possession of the property, with full use and access, and will receive the deed to the property after $400,000 of the purchase price has been paid. The Company imputed interest on the note at 7% per annum, and recorded a discounted note balance of $517,390 on August 19, 2017. Amortization of the note discount in the amount of $1,389 for the three and nine months ended September 30, 2017 is recorded as interest expense on the accompanying condensed consolidated statements of operations. The balance on the note was $518,779, net of debt discount of $81,221 on September 30, 2017, of which $116,455 (net of discount of $33,545) is included in loans payable, net, current and $402,324 (net of discount of $47,676) is included in loans payable, net, non-current in the accompanying condensed consolidated balance sheets.