4. Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2016 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions |
Salaries paid to the President, Chief Executive Officer, Secretary and Treasurer and Chief Financial Officer
The Company paid $60,000 and $0 to its President and Chief Executive Officer for the six months ended June 30, 2016 and 2015, respectively.
Loan from stockholders
From time to time, Perfecular has borrowed short-term loans from shareholders. At December 31, 2015, Perfecular had short-term loans payable totaling approximately $19,533. These loans were due upon the demand of the lender and were unsecured with annual interest rate of 0.55%. In February 2016, the entire balance of these loans were paid off with accrued interest.
Loan from related party
From time to time, Perfecular borrows from a related party entity, Vitashower Corp., which is under common ownership and management. At December 31, 2015, the outstanding loan and accrued interest payable to Vitashower totaled $63,369. This loan bore an annual interest rate of 5 percent. This loan was paid off in February 2016.
Advances to related party
Perfecular grants advances to Vitashower Corp., from time to time, and the advances are non-interest bearing. Total advances amounted to $3,155 and $0 as of June 30, 2016 and December 2015, respectively. |