Related Party Transactions |
9 Months Ended |
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Sep. 30, 2024 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions |
11. Related Party Transactions
As discussed in Note 5, the Company has leased its Fort Pierce, Florida facilities from a company owned by its CEO.
During the nine months ended September 30, 2024, the Company received a variable monthly fee averaging $42,169, to provide management services and facility utilization to Forza. This income for the Company, and expense for Forza, has been eliminated in the condensed consolidated financial statements. During the nine months ended September 30, 2023, this fee was $6,800 per month.
In August of 2022, Forza signed a six-month lease for a duplex on a property in Black Mountain, NC, to be used by its traveling employees during the construction of its new manufacturing facility, for $2,500 per month. After the initial term of the lease, it was extended on a month-to-month basis. In August of 2023, the then president of Forza, James Leffew, purchased the property, and Forza executed a new lease agreement with Mr. Leffew on the same month-to-month terms. For the nine months ended September 30, 2024 and 2023, the lease expense was $7,500 and $12,500, respectively.
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- References No definition available.
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- Definition 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/disclosureRef
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