Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions |
8. Related Party Transactions
On December 31, 2018, the Company entered into a loan and promissory note with Joseph C. Visconti, the CEO and majority shareholder of the Company. The principal amount of the loan was $525,500, together with a simple interest rate of 6% on the balance of principal remaining unpaid. During the six months ended June 30, 2021, the Company repaid $27,850. At June 30, 2021 and December 31, 2020, the outstanding amount of the note payable was $0 and $27,850, respectively.
As discussed in note 4, the Company has leased its facilities from its CEO.
During the six months ended June 30, 2021 and 2020, the Company had purchases of $90,417 and $0, respectively, from a related party. We paid $90,417 to our parent company, Twin Vee Powercats, Ins., to purchase a 36-foot used catamaran boat.
During the six months ended June 30, 2021 and 2020, the Company received cash of $24,300 and $117,406 from its affiliate companies. and paid $311,460 and $549,220 to its affiliate companies, respectively.
During the six months ended June 30, 2021 and 2020, the Company recorded management fees of $21,000 and $0, respectively, paid to its shareholder parent company.
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