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Related party transactions
 3 Months Ended
Mar. 31, 2016
Notes to Financial Statements  
Note 14 - Related Party Transactions

The Company obtains consulting services from the Chairman of its board of directors. Fees paid to the Chairman were $255 and $141 during the three months ended March 31, 2016 and 2015 respectively and were included in general and administrative expense in the accompanying consolidated statements of income and comprehensive income.

 

The Company is also a party to a royalty agreement with the Chairman of its board of directors under which the Company pays the Chairman a royalty based on the sale of certain Lifeway product, not to exceed $50 in any fiscal month.

Royalties of $150 and $0 were earned by the Chairman during the three months ended March 31, 2016 and 2015 respectively and were included in selling expenses in the accompanying consolidated statements of income and comprehensive income.