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ASSIGNMENT OF RELATED PARTY LIABILITIES
12 Months Ended
Dec. 31, 2014
Assignment Of Related Party Liabilities  
ASSIGNMENT OF RELATED PARTY LIABILITIES

7. ASSIGNMENT OF RELATED PARTY LIABILITIES


On September 11, 2014, all of the balances that the Company owed to related parties, including accounts payable of $836,500 and accrued liabilities of $918,190, were assigned to Tang Chuan Choon. These assumed liabilities are unsecured and bear the same terms as the original related party liabilities.


The balance of note payable to related party was $1,337,600 as of September 11, 2014 and was recorded as note payable following the assignment. Under the same terms as the original related party note payable, the note payable is unsecured and due on demand. Interest is at the rate of 15% per annum and payments are due and payable monthly at the end of each month until the outstanding principal balance is paid in full. The interest expense incurred on this note payable is $319,572 and $0 for the years ended December 31, 2014 and 2013, respectively.