K. RELATED PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Jun. 30, 2015 | |
| Related Party Transactions [Abstract] | |
| NOTE K. RELATED PARTY TRANSACTIONS |
On July 17, 2014, Messrs. Davis and Tienor each signed a General Indemnity Agreement pledging personal property on behalf of the Company for a customer contract that required bonding. The Company agreed to compensate each in the amount of $9,000, grossed up to accommodate their 2014 federal income tax liability associated with the payments.
On May 18 and June 4, 2015, Messrs. Davis and Tienor each signed a General Indemnity Agreement pledging personal property on behalf of the Company for another customer contract that required bonding. The Company agreed to compensate each in the amount of $3,000, grossed up to accommodate their 2015 federal income tax liability associated with the payments. The amounts owed to Messrs. Davis and Tienor as of June 30, 2015 and December 31, 2014, were $7,994 and $24,090 recorded in accounts payable and accrued expense on the accompanying condensed consolidated balance sheets.
From time to time the Company may receive advances from certain of its officers in the form of salary deferment, cash advances to meet short term working capital needs. These advances may not have formal repayment terms or arrangements. As of June 30, 2015 and December 31, 2014, there were no such arrangements. |