Note 16 - Related Party Transactions	12 Months Ended
Dec. 31, 2019
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 16. RELATED PARTY TRANSACTIONS Former CEO, Erhartic As of the year ended December 31, 2015, the Company previously purported to lease its office building in Lynchburg, Virginia, from the Former CEO, Frank Erhartic, of the Company. Public records indicate that the owner of this property from at least January 1, 2014, through December 31, 2015, was the Former CEO’s ex-wife. The Company has filed a lawsuit against the Former CEO, Erhartic, in order to recover, among other amounts, the payments made to the Former CEO. Additional information on this lawsuit can be found in Note 12. The Company vacated the building as of January 15, 2016. The Company also leased a storage facility in Salem, Virginia, from the Former CEO, Erhartic. The Company is attempting to recover the payments made to the Former CEO related to this facility. The lease was not approved by the process required by the Company’s Code of Ethics. The Former CEO has refused to provide access to the storage facility to management and has not returned Company-owned equipment located at the storage facility. The value of this equipment is also included in the lawsuit. Additional information can be found in Note 12. The Former CEO, Erhartic, created several land trusts and designated the Company as the trustee. The Former CEO and, the Company believes, the Former CFO placed personally owned properties within these land trusts. This activity was not approved by the process required by the Company’s Code of Ethics. This activity is the subject of litigation involving the Former CEO, Erhartic. Additional information can be found in Note 12. Bonhoeffer Fund, LP The Company’s subsidiary, Willow Oak Asset Management, LLC, signed a fee share agreement on June 13, 2017, with Coolidge Capital Management, LLC (“Coolidge”), whose sole member is Keith D. Smith, also an ENDI director. Willow Oak is the sole member of Bonhoeffer Capital Management LLC, the general partner to Bonhoeffer Fund, LP, a private investment partnership. Under their agreement, Willow Oak pays all start-up and operating expenses that are not partnership expenses under the limited partnership agreement. Willow Oak receives 50% of all performance and management fees earned by the general partner. During the years ended December 31, 2019 and 2018, the Company earned $38,599 and $26,196, respectively, of revenue through this Bonhoeffer Fund arrangement. Willow Oak Capital Management, LLC On August 1, 2018, Willow Oak, through a wholly-owned Company subsidiary, Willow Oak Capital Management, LLC (“Willow Oak Capital Management”), launched a newly organized private investment partnership, Willow Oak Select Fund, LP (“Select Fund”). Willow Oak Capital Management served as the general partner of Select Fund. During the year ended December 31, 2018, Willow Oak Capital Management entered into fee share arrangements related to the Select Fund initiative with each of the following related party funds or managers: (i) Steven Kiel, a director of the Company, pursuant to a fee share agreement dated June 25, 2018; ( ii) JDP Capital Management, LLC, pursuant to a fee share agreement dated June 15, 2018 ( the counterparty was affiliated with Jeremy Deal, a director of the Company); and (iii) Coolidge Capital Management, LLC, pursuant to a fee share agreement dated June 25, 2018 ( the counterparty was affiliated with Keith Smith, a director of the Company). These related party transactions were considered and approved by the Audit Committee of the Board of Directors of the Company, acting unanimously, on May 19, 2018. However, Select Fund ultimately dissolved in June 2019 so that other joint ventures and partnerships could be pursued, and these related party arrangements terminated accordingly. During the years ended December 31, 2019 and 2018, the Company earned $1,521 and $610, respectively, of revenue through this Select Fund arrangement. Willow Oak Asset Management, LLC On October 1, 2017, Willow Oak Asset Management, LLC entered into sub-lease agreements with Arquitos Capital Management, LLC, which is managed by our director and principal executive officer, Steven L. Kiel, JDP Capital Management, LLC, which is managed by our director and vice-chairman, Jeremy K. Deal, and B.E. Capital Management, LLC, which is managed by our director, Thomas Braziel. At the commencement of the sub-lease arrangement, neither Jeremy K. Deal nor Tomas Braziel met the criteria for a related party. Upon Jeremy K. Deal’s board appointment on April 3, 2018 and Thomas Braziel’s appointment on May 5, 2019, the sub-lease arrangements qualify as related party transactions. During the years ended December 31, 2019 and 2018, the Company earned $28,405 and $41,632, respectively, of sub-lease revenue through these arrangements. Willow Oak’s sub-lease agreement with Arquitos Capital Management, LLC expired on October 31, 2018, and as of December 31, 2019, the remaining two sub-lease arrangements have also expired. On November 1, 2018, Willow Oak Asset Management, LLC entered into a fund management services agreement with Arquitos Investment Manager, LP, which is managed by our director and principal executive officer, Steven L. Kiel, to provide Arquitos with Willow Oak Fund Management Services (“FMS”) consisting of the following services: investor relations, marketing, administration, legal, accounting and bookkeeping, annual audit coordination, and liaison to third -party service providers. As considerations for the services, Arquitos pays Willow Oak a fixed monthly fee and a performance-based fee. During the years ended December 31, 2019 and 2018, the Company earned $100,461 and $17,614, respectively, of revenue through this fund management services arrangement. Mt Melrose Transaction The Company’s and its Mt Melrose subsidiary’s transactions with Old Mt. Melrose and Jeffrey I. Moore, a former director of the Company, were related party transactions and are set out in Notes 5 and 9, respectively.

NOTE

16.

RELATED PARTY TRANSACTIONS

Former CEO, Erhartic

As of the year ended

December 31, 2015,

the Company previously purported to lease its office building in Lynchburg, Virginia, from the Former CEO, Frank Erhartic, of the Company. Public records indicate that the owner of this property from at least

January 1, 2014,

through

December 31, 2015,

was the Former CEO’s ex-wife. The Company has filed a lawsuit against the Former CEO, Erhartic, in order to recover, among other amounts, the payments made to the Former CEO. Additional information on this lawsuit can be found in Note

12.

The Company vacated the building as of

January 15, 2016.

The Company also leased a storage facility in Salem, Virginia, from the Former CEO, Erhartic. The Company is attempting to recover the payments made to the Former CEO related to this facility. The lease was

not

approved by the process required by the Company’s Code of Ethics. The Former CEO has refused to provide access to the storage facility to management and has

not

returned Company-owned equipment located at the storage facility. The value of this equipment is also included in the lawsuit. Additional information can be found in Note

12.

The Former CEO, Erhartic, created several land trusts and designated the Company as the trustee. The Former CEO and, the Company believes, the Former CFO placed personally owned properties within these land trusts. This activity was

not

approved by the process required by the Company’s Code of Ethics. This activity is the subject of litigation involving the Former CEO, Erhartic. Additional information can be found in Note

12.

Bonhoeffer Fund, LP

The Company’s subsidiary, Willow Oak Asset Management, LLC, signed a fee share agreement on

June 13, 2017,

with Coolidge Capital Management, LLC (“Coolidge”), whose sole member is Keith D. Smith, also an ENDI director. Willow Oak is the sole member of Bonhoeffer Capital Management LLC, the general partner to Bonhoeffer Fund, LP, a private investment partnership. Under their agreement, Willow Oak pays all start-up and operating expenses that are

not

partnership expenses under the limited partnership agreement. Willow Oak receives

50%

of all performance and management fees earned by the general partner. During the years ended

December 31, 2019

and

2018,

the Company earned

$38,599

and

$26,196,

respectively, of revenue through this Bonhoeffer Fund arrangement.

Willow Oak Capital Management, LLC

August 1, 2018,

Willow Oak, through a wholly-owned Company subsidiary, Willow Oak Capital Management, LLC (“Willow Oak Capital Management”), launched a newly organized private investment partnership, Willow Oak Select Fund, LP (“Select Fund”). Willow Oak Capital Management served as the general partner of Select Fund. During the year ended

December 31, 2018,

Willow Oak Capital Management entered into fee share arrangements related to the Select Fund initiative with each of the following related party funds or managers: (i) Steven Kiel, a director of the Company, pursuant to a fee share agreement dated

June 25, 2018; (

ii) JDP Capital Management, LLC, pursuant to a fee share agreement dated

June 15, 2018 (

the counterparty was affiliated with Jeremy Deal, a director of the Company); and (iii) Coolidge Capital Management, LLC, pursuant to a fee share agreement dated

June 25, 2018 (

the counterparty was affiliated with Keith Smith, a director of the Company). These related party transactions were considered and approved by the Audit Committee of the Board of Directors of the Company, acting unanimously, on

May 19, 2018.

However, Select Fund ultimately dissolved in

June 2019

so that other joint ventures and partnerships could be pursued, and these related party arrangements terminated accordingly. During the years ended

December 31, 2019

and

2018,

the Company earned

$1,521

and

$610,

respectively, of revenue through this Select Fund arrangement.

Willow Oak Asset Management, LLC

October 1, 2017,

Willow Oak Asset Management, LLC entered into sub-lease agreements with Arquitos Capital Management, LLC, which is managed by our director and principal executive officer, Steven L. Kiel, JDP Capital Management, LLC, which is managed by our director and vice-chairman, Jeremy K. Deal, and B.E. Capital Management, LLC, which is managed by our director, Thomas Braziel. At the commencement of the sub-lease arrangement, neither Jeremy K. Deal nor Tomas Braziel met the criteria for a related party. Upon Jeremy K. Deal’s board appointment on

April 3, 2018

and Thomas Braziel’s appointment on

May 5, 2019,

the sub-lease arrangements qualify as related party transactions. During the years ended

December 31, 2019

and

2018,

the Company earned

$28,405

and

$41,632,

respectively, of sub-lease revenue through these arrangements. Willow Oak’s sub-lease agreement with Arquitos Capital Management, LLC expired on

October 31, 2018,

and as of

December 31, 2019,

the remaining

two

sub-lease arrangements have also expired.

November 1, 2018,

Willow Oak Asset Management, LLC entered into a fund management services agreement with Arquitos Investment Manager, LP, which is managed by our director and principal executive officer, Steven L. Kiel, to provide Arquitos with Willow Oak Fund Management Services (“FMS”) consisting of the following services: investor relations, marketing, administration, legal, accounting and bookkeeping, annual audit coordination, and liaison to

third

-party service providers. As considerations for the services, Arquitos pays Willow Oak a fixed monthly fee and a performance-based fee. During the years ended

December 31, 2019

and

2018,

the Company earned

$100,461

and

$17,614,

respectively, of revenue through this fund management services arrangement.

Mt Melrose Transaction

The Company’s and its Mt Melrose subsidiary’s transactions with Old Mt. Melrose and Jeffrey I. Moore, a former director of the Company, were related party transactions and are set out in Notes

and

respectively.