Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.7.0.1
Related Party Transactions
6 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions
8. Related Party Transactions

 

During 2016, legal and business advisory services were provided to the Company by one of its directors. For the three and six months ended June 30, 2016 this director was compensated $3,000 and $9,000, respectively. No services were provided during the six months ended June 30, 2017.

 

During the six months ended June 30, 2017 and 2016, the Company’s President received $14,000 and $14,000, respectively for reimbursement of home office expenditures, including rent, utilities and other related expenses for two offices. During the three months ended June 30, 2017 and 2016, the Company’s President received $6,000 and $6,000, respectively for reimbursement of these expenses.

 

Immudyne, Inc. employs the wife of the President of the Company as an accountant and incurs $3,000 per month, plus an annual incentive bonus award equal to 0.5% of the Company’s pre-tax earnings.

 

Immudyne PR utilizes BV Global Fulfillment, owned by the father of Immudyne PR’s President, and incurred $32,160 and $42,556 for the three and six months ended June 30, 2017, respectively, for these services. During the three and six months ended June 30, 2016, Immudyne PR did not utilize BV Global Fulfillment.

 

Taggart International Trust (“Taggart”), a shareholder, provides credit card processing services through one or more merchant banks. Taggart did not receive any compensation for these services.

 

JLS Ventures LLC, owned by a shareholder, provides credit card processing services through one or more merchant banks. JLS Ventures LLC did not receive any compensation for these services.

 

JSDC, Inc., owned by a shareholder, provides credit card processing services through one or more merchant banks. JSDC, Inc. did not receive any compensation for these services.

  

Immudyne PR utilizes office space in Puerto Rico which is subleased from the President of Immudyne PR and incurs expense of approximately $4,000 a month for this office space.