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Notes Payable to Related Party
9 Months Ended
Sep. 30, 2015
Debt Disclosure [Abstract]  
Notes Payable to Related Party

5. Notes Payable to Related Party

 

Notes payable to related party consist of notes payable to Catamaran dated January 22, 2014, April 24, 2014 February 5, 2015 and June 30, 2015, for a total value of $2,095,400 including interest of $95,400. The Catamaran Holding, Ltd. (“Holding”), the sole shareholder of Catamaran, has directors in common with Inversiones, one of the major shareholders of MBC. The indirect beneficial owner of Inversiones is UBHL. Dr. Vijay Mallya, the Chairman of the Board of Directors of the Company is also the Chairman of the Board of Directors of UBHL. The Company has asked Catamaran whether any relationships exist between the shareholders of Holdings and any affiliates of the Company, and has not received a response to such inquiries.

 

The notes are payable within six months following the date of the notes, subject to the receipt by the Company of an equity investment by the Company’s majority shareholder in an amount sufficient either (a) to pay the notes from an equity investment by the Company’s majority shareholder, or (b) to pay the notes and certain existing obligations of the Company to Lender. If the Company is not able to satisfy its obligations on the notes within the six month period following the date of the notes, the notes are automatically extended for additional six month terms until they are paid.