Note 8 - Related Party Transactions

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

Note

8.

Related Party Transactions

Louis Hoch

During the

nine

months ended

September 30, 2020

and the year ended

December 31, 2019

, the Company purchased a total of

$4,831

and

$13,831,

respectively, of corporate imprinted sportswear and caps from Angry Pug Sportswear. Louis Hoch, the Company's President and Chief Executive Officer, is a

50%

owner of Angry Pug Sportswear.

Miguel Chapa and Louis Hoch

During the

nine

months ended

September 30, 2020

and the year ended

December 31, 2019

, the Company received

$0

and

$6,665,

respectively, in revenue from Lush Rooftop. Miguel Chapa, a former member of our Board of Directors, was an owner of Lush Rooftop. Louis Hoch, the Company's President and Chief Executive Officer, was also a minority owner of Lush Rooftop. The relationship ended in

September, 2019

when the business was sold.

During the

nine

months ended

September 30, 2020

and the year ended

December 31, 2019

, the Company received

$3,219

and

$24,363,

respectively, in revenue from BLVD Bar and Lounge. Miguel Chapa, a former member of the Company's Board of Directors, was an owner in BLVD Bar and Lounge. Louis Hoch, the Company's President and Chief Executive Officer, was also an owner of BLVD Bar and Lounge. In

May 

2020,

both Mr. Chapa and Mr. Hoch sold all their interests in BLVD.  The Company retained the card processing business.

Directors and Officers

On

January 6, 2020,

the Company repurchased

11,860

shares of common stock at a closing price of

$1.74

per share from Tom Jewell, the Company's Chief Financial Officer to cover taxes due.

On

January 6, 2019,

the Company repurchased

11,860

shares of common stock at a closing price of

$1.84

per share from Tom Jewell, the Company's Chief Financial Officer to cover taxes due.

The Company granted

1,444,000

shares of common stock with a

10

-year vesting period and

103,000

restricted stock units (RSUs) with a

3

-year vesting period to employees and Directors as a performance bonus on

April 1, 2020

at an issue price of

$1.08

per share. Executive officers and Directors included in the grant were Louis Hoch (

300,000

shares), Vaden Landers (

150,000

shares), Tom Jewell (

200,000

shares), Blaise Bender (

10,000

RSUs), Brad Rollins (

30,000

RSUs) and Miguel Chapa (

30,000

RSUs).

On

January 6, 2019,

the Company repurchased

11,860

shares of common stock at a closing price of

$1.84

per share from Tom Jewell, the Company's Chief Financial Officer to cover taxes due.

As approved by the Company's Compensation Committee, on

November 1, 2020,

we issued

136,891

shares of common stock to Mr. Louis Hoch, the Company's Chief Executive Officer, valued at

$216,000

at the closing price of

$1.5779

per share from

October 15, 2020

in satisfaction of the terms of the additional bonus of the employment agreement. As part of the transaction, on

November 1, 2020,

the Company repurchased

54,756

shares from Mr. Hoch to cover withholding taxes due.