Annual report pursuant to Section 13 and 15(d)

Related-Party Transactions

v3.6.0.2
Related-Party Transactions
12 Months Ended
Dec. 31, 2016
Related Party Transactions [Abstract]  
Related-Party Transactions

(14)

Related-Party Transactions

During the year ended December 31, 2014, the Company provided its CEO a loan of $266,282 for the payment of federal and state income taxes payable by him as the result of issuance of restricted stock. During the year ended December 31, 2015, the Company forgave the loan and incurred $266,282 of expense for the loan forgiveness and an additional $236,414 of expense related to the CEO’s taxes on the loan forgiveness.

The Company entered into a professional services agreement with a stockholder, GEN3 Partners, in October 2008.  Professional services expensed associated with GEN3 partners was approximately $0 for the years ended December 31, 2016 and 2015 and $9,000 for the year ended December 31, 2014.