Note 13 - Related Party Transactions

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

NOTE

13

– RELATED PARTY TRANSACTIONS

The planning and construction of CEN’s facility was overseen by R.X.N.B., Inc. which is

45%

owned by the Company’s President. Through

December

31,

2014,

R.X.N.B. had billed and collected

$2,439,900

(of which

$1,542,000

is capitalized as construction in progress and

$897,900

is included in operating expenses) for its work on the project.

The Company has received loans from several related parties, as described above in Note

5.

The Company leases the site at

20

North Rear Road from Jim Shaaban, a cousin of the Company’s President. See Note

9

for more information on this lease.

Occasionally, Creative and CEN paid individually for costs incurred by both companies or by the other company. During

2015

the Company wrote-off

$167,456

of these balances due to it by Creative.

There are loans of

$425,328

to CEN Biotech Ukraine. CEN Biotech Ukraine was founded by Bill Chaaban. Bill Chaaban directly owns

51%

OF CEN Biotech Ukraine. CEN Biotech Ukraine was founded to seek agricultural and pharmaceutical opportunities in Ukraine. Bill Chaaban personally funded the establishment and initial phases of CEN Biotech Ukraine.