Note 12 - Related Party Transactions

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

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1

2

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RELATED PARTY

TRANSACTIONS:

As discussed in Note

7

above, N. Scott Fine, our Chief Executive Officer and Chairman of the Board, was a principal of Scarsdale at the time we initially retained Scarsdale as our financial adviser, and his son is currently employed by Scarsdale, is active on our account and serves as our Corporate Secretary.

Since

October 2016,

we have paid a monthly fee of

$5,000

to a non-profit organization of which C.E. Rick Strattan is the Executive Director, in consideration of consulting services provided to us by Mr. Strattan. Mr. Strattan is our founder, former Chief Executive Officer and

one

of our directors.

During

2017,

Rebecca A. Fine, Mr. Fine’s daughter, was employed by us as an Executive Assistant and was paid an annual salary of

$60,000.

During

2018,

she was engaged by us as a contractor to provide those services at the rate of

$5,000

per month and received a bonus of

$5,000.

She is currently engaged by us as a contractor at the rate of

$5,800

per month.

Kevin J. Strattan, the son of C.E. Rick Strattan, has been employed by us since

2008,

and since

2014

has been our Vice President, Finance – Compensation. His annual salary increased from

$90,000

to

$100,000

in

November 2017

and to his current salary of

$107,200

in

October 2018.

In addition, he received a bonus of

$10,000

in

2018.

Corey E. Strattan, the daughter-in-law of C.E. Rick Strattan, has been employed by us since

2011

as a documentation specialist and logistics coordinator. During

2017

she was paid an annual salary of

$48,000.

In

January 2018,

her annual salary increased to

$72,000.

In

January 2019

her annual salary increased to

$78,000

her current salary. In addition, she received a bonus of

$5,000

in

2018.