Note 9 - Related Party Transactions

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

Note

9

-

Related Party Transactions

Until

March

31,2018,

Stephen M. Merrick, Chief Executive Officer of the Company, was of counsel to the law firm of Vanasco Genelly and Miller PC which provided legal services to the Company. Legal fees paid by the Company to this firm for the

three

months ended

June 30, 2018

and

2017,

respectively, were

$16,000

and

$38,000.

Legal fees paid by the Company to this firm for the

six

months ended

June 30, 2018

and

2017,

respectively, were

$88,000

and

$64,000.

John H. Schwan, through an investment entity, and Stephen M. Merrick, Chief Executive Officer of the Company, also through an investment entity own, in aggregate, a

50%

interest in Clever Container Company L.L.C., an Illinois limited liability company (“Clever Container”). During the

three

months ended

June 30, 2018

and

2017,

Clever Container purchased various products from the Company in the amount of

$259,000

and

$250,000,

respectively. During the

six

months ended

June 30, 2018

and

2017,

Clever Container purchased various products from the Company in the amount of

$496,000

and

$454,000,

respectively. As of

June 30, 2018

and

2017,

the balance of accounts receivable from Clever Container to the Company were

$1,199,387

and

$831,000,

respectively. The Company owns a

28.5%

interest in Clever Container.