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NOTE 16 - DUE TO RELATED MEDICAL PRACTICES
12 Months Ended
Jun. 30, 2015
Related Party Transactions [Abstract]  
NOTE 16 - DUE TO RELATED MEDICAL PRACTICES

NOTE 16 – DUE TO RELATED PARTY MEDICAL PRACTICES

 

In June 2009, an entity owned by the Company’s Chairman of the Board, Tallahassee Scanning Services PA, sold its Upright® MRI scanning system to the Company for $550,000 in exchange for 35 monthly payments of $18,769 to be made over a three year period, commencing October 18, 2009 including interest at a rate of 10.41% per annum. The Company used this scanning system to fulfill a sales order with an unrelated customer. The unpaid balance of as of June 30, 2015 and 2014 was $134,880.

 

Other Related Party Transactions

 

A son of the Company’s Chairman of the Board is one of the minority owners of Tritech Healthcare Management, which performs billing and collection services with respect to No-Fault and Workers’ Compensation claims of the Company’s clients. The monthly fee charged to the Company is $85,000.

 

Bensonhurst MRI Limited Partnership, in which a son of the Company’s Chairman of the Board holds an interest, is party to an agreement with the Company for the service and maintenance of its Upright MRI Scanner for a price of $110,000 per annum.

 

Integrity Healthcare Management Holdings, LLC, of which a son of the Company’s Chairman of the Board is an owner, has a 12% interest in Watchtower Entrepreneurs LLC. During fiscal 2015, Watchtower agreed to sell equipment and components to the Company for a total of $700,000.