RELATED PARTIES |
3 Months Ended | ||||
|---|---|---|---|---|---|
Mar. 31, 2016 | |||||
| Related Party Transactions [Abstract] | |||||
| Related Party Transactions Disclosure [Text Block] |
The Company recorded interest expense on the loan from the CEO of $8,114 for three months ended March 31, 2015. During the three months ended March 31, 2015, the Company paid accrued interest of $45,029 to the CEO. The Company had sales to a related party, a physician who is related to the CEO. Revenues from this customer were approximately $3,936 and $4,354 for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016 and December 31, 2015, the receivable balance due from this customer was $1,645 and $1,402, respectively. The Company is a party to a nonexclusive aircraft dry lease agreement with Kashmir Air, Inc. (“KAI”), which is owned by the CEO. The Company recorded expense of $32,100 for both the three months ended March 31, 2016 and 2015. As of March 31, 2016 and December 31, 2015, the Company had a liability outstanding to KAI of $10,700, which is included in accrued liability to related party in the condensed consolidated balance sheets. The Company leases its corporate offices in New Jersey, its temporary housing for its foreign visitors, a storage facility and its backup operations center in Bagh, Pakistan, from the CEO. The related party rent expense for the three months ended March 31, 2016 and 2015 was $44,380 and $43,798, respectively, and is included in direct operating costs and general and administrative expense in the condensed consolidated statements of operations. Current assets-related party on the condensed consolidated balance sheets includes security deposits related to the leases of the Company’s corporate offices in the amount of $13,200 as of both March 31, 2016 and December 31, 2015. Other assets include prepaid rent that has been paid to the CEO of $11,538 as of March 31, 2016. There was no prepaid rent paid to the CEO at December 31, 2015. |