Related Party Transactions

3 Months Ended

Mar. 31, 2018

Related Party Transactions [Abstract]

Related Party Transactions

Note 9 – Related Party Transactions

Debt with Street Capital

As of March 31, 2018, the Company’s loan from Street Capital continues to be classified as related party debt because Allan Silber, an affiliate of Street Capital, is the Company’s chairman of the board and a significant shareholder of the Company.  At March 31, 2018 and December 31, 2017, the Company reported amounts owed to Street Capital of $0.3 million and $0.4 million respectively, as related party debt (see Note 6). Total interest of $0.5 million has been accrued on the debt and remains unpaid through March 31, 2018.

Transactions with Other Related Parties

As part of the operations of NLEX, the Company leases office space in Edwardsville, IL that is owned by the President of NLEX, David Ludwig.  The total amount paid to the related party was approximately $25,000 for both the three months ended March 31, 2018 and 2017.  All of the payments in both 2018 and 2017 were made to David Ludwig. 

In 2016 the Company entered into a secured related party loan agreement with certain executive officers of the Company which is more fully described in Note 6.  Both Ross Dove and Kirk Dove, who were parties to the related party loan, shared equally in all payments made by the Company to satisfy obligations under the loan agreement. During the three months ended March 31, 2018, the Company made payment of approximately $34,000 to the respective parties based on the profit share provision for principal and guarantee transactions that occurred in 2017. Additionally, the Company has accrued approximately $101,000 profit share for principal and guarantee transactions that occurred in the three months ended March 31, 2018.