4. Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2016 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions |
Consulting services from President, Chief Executive Officer, Secretary and Treasurer and Chief Financial Officer
Salaries paid to President and Chief Executive Officer for the three months ended March 31, 2016 and 2015 amounted to $30,000 and $0, respectively.
Vitashower Corporation, an entity owned and controlled by Desheng Wang, ordered certain products from Perfecular Inc. during the relevant period. Such sales, $0 and $830 for the three months ended March 31, 2016 and 2015, respectively, did not represent a material amount of our overall sales.
Tiangjin Guanglee Technologies Co. Ltd. (Guanglee), a Chinese manufacturing company, manufactures our commercial gardening filtration systems. Guanglee is owned by a major shareholders immediate family member. Perfecular purchased $272,117 and $73,980 from Guanglee for the three months ended March 31, 2016 and 2015, respectively.
Loan from stockholders
From time to time, Perfecular has borrowed short-term loans from shareholders. At December 31, 2015, Perfecular has short-term loans payable totaled approximately $19,533. These loans are due upon the demand of the lender and were unsecured with annual interest rate of 0.55%. In February 2016, the entire balances 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 also bears an annual interest rate of 5 percent. This loan was paid off in February 2016. |