Note 13 - Related Parties

12 Months Ended

Dec. 31, 2015

NOTE

–

PARTIES

David A. Taft, a director, is the president of IBS Capital LLC (“IBS”), a Massachusetts limited liability company, whose principal business is investing in securities. IBS is the general partner of the IBS Turnaround Fund (QP), which is a Massachusetts limited partnership, IBS Turnaround Fund (LP), which is a Massachusetts limited partnership and the IBS Opportunity Fund, Ltd.

Mr. Taft participated in the Series A Note financing described in Note 8, with the following investments, which were utilized by the Company to fund its operations:

Investor	Investment		OID/Discount		Principal		Shares Issuable at 0.92 (excluding interest)

IBS Turnaround Fund (A Limited Partnership)	$	531,960	$	0.66	$	806,000		876,087

IBS Turnaround Fund QP (A Limited Partnership)		1,118,040		0.66		1,694,000		1,841,304

IBS Opportunity Fund, Ltd.		350,000		0.66		530,303		576,416
	$	2,000,000			$	3,030,303		3,293,807

- 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.

+ References + Details