Related Party Transactions

9 Months Ended

Sep. 30, 2022

Related Party Transactions [Abstract]

Related Party Transactions

Note 12 – Related Party Transactions

As part of the operations of NLEX, the Company leases office space in Edwardsville, IL that is owned by David Ludwig, the Company’s President of its Financial Assets Division and a member of its board of directors. The total amount paid to the related party for both nine month periods ended September 30, 2022 and 2021 was approximately $83,000 and $82,000 respectively, and is included in selling, general and administrative expenses the Condensed Consolidated Income Statements. All lease payments during the nine months ended September 30, 2022 and the year ended December 31, 2021 were made to Mr. Ludwig. On June 1, 2018, the Company amended its lease agreement with David Ludwig to extend the term of the lease to May 31, 2023 and to set the rent amounts for the new term.