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Related Party Transactions
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3 Months Ended | ||
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Mar. 31, 2014
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| Related Party Transactions [Abstract] | |||
| Related Party Transactions |
In May 2011, the Company received a short term unsecured loan facility of up to $1.7 million from SynBio, a related party, of which $681,042 and $681,124 is outstanding as of March 31, 2014 and December 31, 2013. The loan had an interest rate of 8.04% as of the date of grant, with interest payable upon repayment of the loan, which was to be seven months after the closing date of the loan. During 2012 the loan matured and it was agreed by both parties that the loan can be called due with full repayment of the outstanding principle including accrued interest upon future agreement by both parties. It was also agreed at this point that as of July 1, 2012, no further interest on the outstanding loan balance will be accrued. The loan is recorded in current liabilities as of March 31, 2014 and December 31, 2013. The loan does not bear interest at the prevailing market rate for instruments with similar characteristics. |