Quarterly report pursuant to Section 13 or 15(d)
Other Related Party Transactions
|6 Months Ended|
Jun. 30, 2016
|Related Party Transactions [Abstract]|
|Other Related Party Transactions||
Note J — Other Related Party Transaction
During the three months ended June 30, 2016 and 2015, Steven C. Jones, an officer, director and shareholder of the Company, earned approximately $66,000 and $65,000, respectively, for consulting work performed in connection with his duties as Executive Vice President of Finance. During the six months ended June 30, 2016 and 2015, Mr. Jones, earned approximately $132,000 and $130,000, respectively, for consulting work performed in connection with his duties as Executive Vice President of Finance. Mr. Jones also received approximately $79,000 and $78,000 during the six months ended June 30, 2016 and 2015, respectively as payment of his annual bonus compensation for the previous fiscal years.
On April 20, 2016, the Company granted Mr. Jones 100,000 stock options. The options were granted at a price of $7.15 per share and had a weighted average fair market value of $3.06 per option. The options vest ratably over the next three years.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/presentationRef