Related-Party Transactions

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Related-Party Transactions

Note 10: RELATED-PARTY TRANSACTIONS

Loans

The Company has received loans from its officers and directors from time to time since 2014. During the three months ended March 31, 2019, the Company received loans of $124,483 from its officers and directors. During the three months ended March 31, 2019, the Company repaid $88,483 of the loans. The balance of these loans at March 31, 2019, and December 31, 2018, was $421,660 and $385,660, respectively. All these loans are non-interest-bearing and have no set maturity date. The Company expects to repay these loans when cash flows become available.

Contracts

The Company makes capital lease payments for equipment, building lease payments, and products for resale from an entity owned by a related party, who is also one of its executive officers.

Payments made to the related party for the three months ended March 31, 2019, and March 31, 2018, are as follows:

	March 31, 2019		March 31, 2018
Capital lease payments	$	6,000	$	12,000
Building lease payments		25,921		—
Purchase of products for resale		30,221		18,600
Total paid to related party	$	62,142	$	30,600