8. Related Party
Transactions |
The Company's wholly-owned subsidiary, Steiner-Atlantic Corp. (“Steiner Atlantic”) leases warehouse and office space under an operating lease from 290 NE 68 Street, LLC (the “Landlord”), which is owned by Michael S. Steiner and Robert Steiner. Michael S. Steiner is Executive Vice President, Chief Operating Officer, and a director of the Company. Michael S. Steiner, individually, is also a shareholder of the Company. Robert Steiner is the brother of Michael S. Steiner and is also a shareholder of the Company.
On November 1, 2014, Steiner-Atlantic entered into a new three year lease, commencing on November 1, 2014, with the Landlord. Annual rental payments under the lease will be $123,300 in lease year one, $126,960 in lease year two and $130,800 in lease year three, plus sales taxes. Steiner-Atlantic bears the cost of real estate taxes, utilities, maintenance, repairs and insurance. Rental expense under this lease was approximately $130,600 in fiscal 2015 and $126,900 fiscal 2014.
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