Relationships with Affiliates

12 Months Ended

Dec. 31, 2016

Relationships With Affiliates

Relationships with Affiliates

Note 12. Relationships with Affiliates

The Management of the Company and the owners of MBS are the same. The Company believes that the following relationships with these parties are to be disclosed:

Shared Management

The CEO, COO and Executive Vice President, Mr. Wrynn, Mr. Stelcer and Ms. Giampietro, respectively are all employees of MBS. No liability has been incurred by the Company to compensate MBS for their services in 2016.

Use of Line of Credit

The Company funds its operations in part through the use of MBS’ outstanding line of credit with Bank of America. Interest on the line of credit is 5.25% per annum. As of December 31, 2016, the Company has borrowed $196,000 under this arrangement

Loans from MBS

MBS has loaned the Company approximately $25,000 since its inception. These loans are promissory notes with no due date or interest rate

Rental of Office space

The Company rents its office space from MBS. Monthly rent is $1,500.

Shared Administrative Personnel

The accounting and record-keeping function at Omni Shrimp, Inc. is provided by personnel at MBS. No fee is charged for these services

The Company's President and Chief Executive Officer did not receive a management fee or other compensation in connection with his services to the Company. The Company reimburses its President and Chief Executive Officer for all direct and indirect costs of services provided and other expenses necessary or appropriate to the conduct of our business.

Related party assets and liabilities

The following represent amounts due/from MBS at December 31, 2016 and 2015:

	2016		2015
Accounts receivable	$	19,494	$	-
Accounts payable	$	281	$	-