Related Party Transactions |
9 Months Ended |
|---|---|
Sep. 30, 2021 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions |
9. 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 nine months ended September 30, 2021, the Company repaid $27,850. At September 30, 2021 and December 31, 2020, the outstanding amount of the note payable was $0 and $27,850, respectively.
As discussed in note 5, the Company has leased its facilities from a company owned by its CEO.
During the nine months ended September 30, 2021, and 2020, the Company had purchases of $90,417 and $0, respectively, from a related party. The Company paid $90,417 to our parent company, Twin Vee PowerCats, Inc., to purchase a 36-foot used catamaran boat.
During the nine months ended September 30, 2021, and 2020, the Company received cash of $33,128 and $117,406 from its affiliate companies and paid $339,576 and $647,744 to its affiliate companies, respectively.
During nine months ended September 30, 2021, and 2020, the Company recorded management fees of $31,500 and $0, respectively, paid to its shareholder parent company.
After taking into account the activity described the balance due to affiliated companies was $115,043 at September 30,2021.
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