Quarterly report pursuant to Section 13 or 15(d)

Transactions with Related Parties

v3.3.1.900
Transactions with Related Parties
6 Months Ended
Dec. 31, 2015
Transactions with Related Parties [Abstract]  
Transactions with Related Parties

Note (9) – Transactions with Related Parties: The Company's wholly owned subsidiary, Steiner-Atlantic, leases 27,000 square feet of warehouse and office space from an affiliate of Michael S. Steiner, Executive Vice President and Chief Operating Officer of the Company. The lease was previously governed by a lease agreement, which expired on October 31, 2014. Effective November 1, 2014, Steiner-Atlantic, with the approval of the Audit Committee of the Company's Board of Directors, entered into a new lease agreement for the premises. Under the new lease, which has a term of three years, monthly base rental payments were $10,275 during the first year of the lease and are $10,580 during the second year of the lease and $10,900 during the third year of the lease. In addition to base rent, Steiner-Atlantic is responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. Payments under this lease totaled approximately $66,600 and $64,700 in the first six months of fiscal 2016 and 2015, respectively.