Transactions with Related Parties
|3 Months Ended|
Sep. 30, 2016
|Related Party Transactions [Abstract]|
|Transactions with Related Parties||
Note (8) Transactions with Related Parties: The Companys wholly-owned subsidiary, Steiner-Atlantic, leases 27,000 square feet of warehouse and office space from an affiliate of Michael S. Steiner, a director and Executive Vice President and Chief Operating Officer of the Company, pursuant to a lease agreement dated November 1, 2014. Under the 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 $34,000 and $33,000 for the three months ended September 30, 2016 and 2015, respectively.
See also Note 10, Subsequent Events, for a description of the private placement transaction between the Company and an affiliate of Henry M. Nahmad, the Companys Chairman, Chief Executive Officer and President, which was consummated during October 2016 and the lease which a wholly-owned subsidiary of the Company entered into during October 2016 with an affiliate of Dennis Mack and Tom Marks, each of whom was appointed to serve as Executive Vice President of the Company during October 2016.
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