• Filing Date: 2016-11-15
  • Form Type: 10-Q/A
  • Description: Quarterly report (Amendment)
v3.5.0.2
8. RELATED PARTY TRANSACTIONS
9 Months Ended
Sep. 30, 2016
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

During the nine months ended September 30, 2016 and 2015, Mr. Letcavage (directly or through related entities) recorded $180,000 and $180,000, respectively as compensation for his role as our CEO and CFO. The following tables outline the related parties associated with the Company and amounts due or receivable for each period indicated.

 

Name of Related Party   Relationship with the Company
iCapital Advisory   Consultant company owned by the CEO of the Company
Jamp Promotion   Company owned by Patrick Farah, a managing director of TPC
Mason Ventures and Sebo Services   Companies owned by Shadie Kalkas, a managing director of TPC

 

Amounts due to related parties 

September 30,

2016

  

December 31

2015

 
iCapital Advisory – consulting fees  $16,467   $75,543 
Jamp Promotion – commissions   90,500    90,500 
Mason Ventures and Sebo Services – net loans       5,038 
   $106,967   $171,081 
Related party receivable - Mason Ventures and Sebo Services  $67,879   $ 

 

During the nine months ended September 30, 2016, the Company received loans from Mason Ventures of approximately $710,453 and repaid approximately $783,370. The loans are unsecured and non-interest bearing.

 

Additionally, we have also reviewed the facts and circumstance of our relationship with Nexalin Technology and iCapital Advisory, both of which are affiliated companies of our CEO, and have assessed whether these two companies are variable interest entities (VIEs). Based on the guidance provided in ASC 810, Consolidation, these two companies are not considered VIEs. The Company is not the primary beneficiary of Nexalin Technology and iCapital Advisory and, whether those two companies have any income (losses) for the nine months ended September 30, 2016, it would not be absorbed by Premier Holding Corporation.