RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2015

NOTE 11—RELATED PARTY TRANSACTIONS

The president of one of the Company’s subsidiaries is part owner of one of that subsidiary’s vendors. During the years ended December 31, 2015 and 2014, the Company purchased approximately $690,000 and $964,000, respectively, of product from this vendor. At December 31, 2015 and 2014, the Company had trade payables to this vendor of $63,000 and $103,000, respectively. Additionally, during 2015 and 2014, the Company recorded sales to this vendor of $7,000 and $27,000, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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