Related Party Transaction - CEO Waiver of Performance Bonus

12 Months Ended

Dec. 31, 2016

(3)	Related Party Transaction – CEO Waiver of Performance Bonus

Pursuant to his Employment Agreement, our Chief Executive Officer (CEO) was entitled to receive a bonus for 2016 if the Company met certain performance metrics for the year. Based on the Company’s performance, our CEO would have been entitled to receive a bonus in the amount of $750,000 for 2016 which was recorded as part of our corporate expenses. Our CEO decided to waive his right to receive the bonus during the fourth quarter of 2016 and notified the Compensation Committee of such decision. The Compensation Committee accepted our CEO’s waiver and the Company recognized a gain on forgiveness of related party liability of $750,000 which was recorded as a benefit to corporate expenses.