Quarterly report pursuant to Section 13 or 15(d)

Bank Loan Payable

Bank Loan Payable
9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Bank Loan Payable

14. Bank Loan Payable


On September 30, 2016, the Company obtained a loan of EUR 500,000 (approximately U.S. $590,650) from Banca Veneto in Italy, which is secured by the Company's assets. The loan is amortized over 57 months ending September 30, 2021 with repayment started on January 31, 2017 in monthly installments of EUR 9,760 (approximately U.S. $11,529) with an underlying interest rate of 4.5 points above Euro Inter Bank Offered Rate ("EURIBOR"), subject to quarterly review.


The company repaid EUR 72,031 (approximately U.S. $85,090) during the nine months ended September 30, 2017.