Related-Party Transactions

6 Months Ended

Jun. 30, 2015

Related-Party Transactions

6. Related-Party Transactions

The Company earned $0 and $37,500 during the three and six months ended June 30, 2015, respectively, and $37,500 and $75,000 during the three and six months ended June 30, 2014, respectively, from Three Lions, a VIE of the Company, related to accounting services. There was approximately $17,000 for amounts earned from Three Lions in accounts receivable at December 31, 2014. Since, on January 30, 2015, Three Lions was dissolved with the filing of its Certificate of Cancellation with the state of Delaware, there was no amount in accounts receivable from Three Lions at June 30, 2015.

The Company also earned $36,000 and $72,000 during the three and six months ended June 30, 2015, respectively, and during the three and six months ended June 30, 2014, respectively, from Wild Oats Marketing, LLC, a company controlled by the Company’s largest shareholder, related to accounting and administrative services. Of these amounts, $12,000 was in accounts receivable at June 30, 2015 and December 31, 2014.

Beginning in January 2015, the Company began providing accounting services to VodkaCo, LLC, (“VodkaCo) another company controlled by the Company’s largest shareholder. The Company earned approximately $18,000 and $34,000 from this arrangement during the three and six months ended June 30, 2015, respectively. At June 30, 2015, the Company had $6,000 in accounts receivable from VodkaCo.

Although the Company’s board members received no compensation for their services during the three and six months ended June 30, 2015 and during the three and six months ended June 30, 2014, the Company had a payable accrued totaling approximately $15,000 at June 30, 2015, and December 31, 2014, due to its board members for services rendered prior to the Company’s decision in August 2012 to suspend their compensation arrangements.