Related Party Transactions

9 Months Ended

Sep. 30, 2016

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 5 – RELATED PARTY TRANSACTIONS

Sales to related party

During the three and nine months ended September 30, 2016 and 2015, the Company engaged in certain sales transactions with a company which is a shareholder and related to a director of the Company. Sales to the related party totaled $52,328 and $38,198 for the three months ended September 30, 2016 and 2015 and totaled $148,624 and $115,316 for the nine months ended September 30, 2016 and 2015, respectively. Accounts receivable from the related party totaled $40,336 and $11,984 at September 30, 2016 and December 31, 2015, respectively.

Other

A board member is a principal in an investment advisory firm to which the Company incurred $0 and $36,000 in fees and expenses during the three months ended September 30, 2016 and 2015 and $13,195 and $108,000 in fees and expenses during the nine months ended September 30, 2016 and 2015, respectively. That Board member is also a principal in the firm that provides the services of our CFO and other financial and accounting services. Starting in June 2016 we are paying a monthly fee of $8,000 for those services and we reimburse travel expenses incurred on our behalf.