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RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2015
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS

On occasion, Haverford-Valley, L.C. (an entity owned by our Chief Executive Officer) and certain affiliated entities make travel arrangements for our executives and pay the travel related expenses incurred by our executives on company business. During the years ended December 31, 2015, 2014 and 2013 we reimbursed Haverford-Valley L.C. $423,000, $270,000, and $170,000, respectively, for these expenses.

In June 2015, as part of an initial demonstration of the fintech and crypto software that Medici has developed, our Chief Executive Officer, Dr. Patrick M. Byrne purchased a $500,000 privately-placed “cryptobond” from us for $500,000 in cash. In November 2015, we redeemed the debt for principal plus $15,847 of accrued interest. Dr. Byrne waived his right to receive a redemption premium from us. The terms of the bond included a fixed annual interest rate of 7.0%.