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Related Party Transactions
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9 Months Ended | ||
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Sep. 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 $395,000 and $681,124 was outstanding as of September 30, 2014 and December 31, 2013, respectively. A payment of $286,124 on the outstanding loan was made to SynBio during the three and nine months ended September 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 September 30, 2014 and December 31, 2013. The loan does not bear interest at the prevailing market rate for instruments with similar characteristics |