PROMISSORY NOTES PAYABLE |
12 Months Ended | ||
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Dec. 31, 2016 | |||
Debt Disclosure [Abstract] | |||
Notes Payable Disclosure [Text Block] | NOTE 12 - PROMISSORY NOTES PAYABLE The promissory notes payable consist of the following unsecured notes to unrelated parties. Included in the balances are promissory notes with outstanding principal and unpaid interest of an aggregate of $1,616,603 and $8,123,596 as of December 31, 2016 and December 31, 2015, respectively.The promissory note with a principal as of December 31, 2016 amounting to $720,773 bears interest at a rate of 0% per annum, is unsecured and has no fixed term of repayment. As of December 31, 2016 ,and December 31, 2015 , the outstanding principal and unpaid interest related to this promissory note amounted to $720,773 and $769,989respectively. The promissory note with a principal as of December 31, 2016 amounts to $720,773 bears interest at a rate of 0% per annum, is unsecured and has no fixed term of repayment. As of December 31, 2016 and December 31, 2015, the outstanding principal and unpaid interest related to this promissory note amounted to $720,773 and $769,989 ,respectively. The promissory note with a principal amounts to $153,998 bears interest at a rate of 15% has been repaid in December 2016. As of December 31, 2016, the outstanding unpaid interest related to this promissory note amounted to $21,083. The promissory note with a principal amounts to $431,193 bears interest at a rate of 15% has been repaid in June and October 2016. As of December 31, 2016, the outstanding unpaid interest related to this promissory note amounted to $153,975. During the year ended December 31, 2016, the interest expense related to these promissory notes was $468,607 (2014: $2,049,357). |