Related Party Transactions |
9 Months Ended |
|---|---|
Sep. 30, 2023 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions |
10. 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 three months ended September 30, 2023, and 2022, the Company recorded management fees of $0 and $15,225, respectively, paid to its shareholder parent company. During the nine months ended September 30, 2023, and 2022, the Company recorded management fees of $0 and $42,225, respectively, paid to its shareholder parent company.
During the three months ended September 30, 2023 and 2022, the Company received a monthly fee of $6,800 and $5,000, respectively, to provide management services and facility utilization to Forza. During the nine months ended September 30, 2023 and 2022, the Company received a monthly fee of $6,800 and $5,000, respectively, 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.
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 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 three months ended September 30, 2023 and 2022, the lease expense was zero and $2,536, respectively. For the nine months ended September 30, 2023 and 2022, the lease expense was $12,500 and $2,536, respectively.
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