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Related Party Transactions
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6 Months Ended | ||
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Jun. 30, 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 $626,042 and $681,124 was outstanding as of June 30, 2014 and December 31, 2013, respectively. A payment of $55,000 on the outstanding loan was made to SynBio during the quarter ended June 30, 2014. The loan had an interest rate of 8.04% per annum 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 principal 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 “Loans due to related parties” within current liabilities as of June 30, 2014 and December 31, 2013. The loan does not bear interest at the prevailing market rate for instruments with similar characteristics. During July 2014, the Company paid $286,042 of the outstanding balance of this loan. |