Note 11 - Related Party Transactions

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

Note

1

1

-

Related Party Transactions

John H. Schwan, who resigned as Chairman of the Board on

June 1, 2020,

is the brother of Gary Schwan,

one

of the owners of Schwan Incorporated, which provides building maintenance services to the Company. The Company made payments to Schwan Incorporated of approximately

$2,700

and

$8,000

during the

six

months ended

June 30, 2020

and

2019,

respectively.

During the period from

January 2003

to the present, John H. Schwan has made loans to the Company which have outstanding balances, for the Company of

$1.6

million as of

December 31, 2018.

During

January 2019

he converted

$0.6

million to equity at the then market price of our stock. Including accrued interest, his balance was

$1.1

million as of

June 30, 2020.

During the

first

six

months of

2020

and

2019,

interest expense on these outstanding loans was

$15,000

and

$16,000,

respectively.

Items identified as Notes Payable Affiliates in the Company's Consolidated Balance Sheet as of

June 30, 2020

and

2019

include loans by shareholders to Flexo Universal totaling

$9,000

and

$14,000,

respectively.

On

July 1, 2019,

the Company deconsolidated Clever which resulted in a note receivable at that time of

$1.387

million.  During the

six

months ended

June 30, 2020

the company recorded a reserve of

$350,000.

 One of owners of Clever is Mr. Schwan, above.