Long-Term Debt - Related Party

9 Months Ended

Sep. 30, 2016

Long-term Debt - Related Party

Long-Term Debt - Related Party

8. Long-Term Debt – Related Party

	September 30, 2016		December 31, 2015
Loan from Heineken UK Limited, payable in quarterly installments of $108,500, plus interest at UK prime plus 5% maturing on October 9, 2016, secured by licensing rights pursuant to a Sub-License Agreement.	$	108,500	$	491,500
Less current maturities		108,500		491,500
Non-current loan payable	$	-	$	-

On April 18, 2013, KBEL entered into a Loan Agreement (the “HUK Loan Agreement”) with HUK pursuant to which HUK provided KBEL with a secured term loan of £1,000,000 on October 9, 2013 to be repaid in twelve equal quarterly installments of £83,333.33, commencing from January 9, 2014 and to be repaid in full by October 9, 2016. Interest on the HUK loan is payable quarterly in arrears on the outstanding balance of the loan at the rate of 5% above the Bank of England base rate. Prepayment is permitted. Upon an Event of Default, as defined in the HUK Loan Agreement, if HUK and KBEL fail to agree on a payment plan acceptable to HUK, HUK may, among other remedies, declare the loan immediately due and repayable or exercise its right to an exclusive license pursuant to the Sub License Agreement, as described and defined in the HUK Loan Agreement.

On October 9, 2016, KBEL paid the final installment and settled the loan in full.