Note 14 - Related Party Transactions

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

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1

4

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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, Joshua M. Fine, was employed by Scarsdale at the time of its initial engagement by us and active on our account until his appointment as our Chief Financial Officer in

June 2019.

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.

In

June 2019,

we engaged Joshua M. Fine, the son of our Chief Executive Officer, to serve as our Chief Financial Officer. Mr. Fine receives an annual salary of

$125,000.

In addition, he was awarded a stock bonus of

50,000

shares in

September 2019.

During

2017,

Rebecca A. Fine, the daughter of our Chief Executive Officer, provided executive assistant services at the rate of

$5,000

per month. From

January

through

May 2019,

she provided these services at the rate of

$5,800

per month. In

June 2019,

Ms. Fine was employed by us as a full-time employee serving as an executive assistant with an annual salary of

$69,600.

Ms. Fine also received a stock bonus of

25,000

shares in

September 2019.

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

$100,000

to

$107,200

in

October 2018. 

In addition, he received cash bonuses of

$10,000

and

$12,500

in

2018

and

2019,

respectively. Mr. Strattan also received a stock bonus of

50,000

shares in

September 2019.

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. Her annual salary increased from

$72,000

in

2018,

to

$78,000

in

2019.

In addition, she received a cash bonus of

$5,000

in

2018.

Ms. Strattan also received a stock bonus of

25,000

shares in

September 2019.