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Note 16 - Related Party Transactions | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Related Party Transactions Disclosure [Text Block] |
16. | Related Party Transactions
The Company has entered into various leasing arrangements with a not -for-profit organization of which the Company's Chairman, Paul Lamb, serves as Chairman and a director but receives no compensation or any other financial benefit. A summary of the leasing arrangements is as follows:
Term |  | Square Feet |  |  | Annual Rent |  |  | Total Commitment (excluding renewal options) |  |  | Additional Commitment (assumes two-year renewal option is exercised) |
Jan 2019-Dec 2020 |  |  | 2,284 |  |  | $ | 19,414 |  |  | $ | 38,828 |  |  | $ | 38,828 |
Jan 2019-Dec 2020 |  |  | 1,817 |  |  | -(a) |  |  | -(a) |  |  | -(a) |
Jan 2019-Dec 2020 |  |  | 1,905 |  |  | $ | 16,193 |  |  | $ | 32,385 |  |  | $ | 32,385 |
| (a) | In February 2019, the Company amended the square footage under the master lease with the not -for-profit originally entered into in August 2016. The Company understood that the tenant's main intent was to sublease the space to artists, on a short-term basis, after which such subtenant artists would transition into their own space leased directly from the Company. Under the master lease, the tenant has the right to sublease the space without prior written consent for use as an art studio, art school or related use. Under the terms of the master lease, rent is payable by the tenant only to the extent the space is sublet, at the rent amount per square foot payable by the subtenant up to a maximum of $10 per square foot per year. The lease originally was for 2,130 square feet. The amended maximum annual and total lease commitment of up to $18,170 and $36,340, respectively. Approximately $3,500 in improvements were provided. Any space not subleased may be used by the tenant rent-free for certain stated art uses, although the tenant is responsible for certain passthrough expenses such as electric and heat. Since rent is only due if the space is sublet, the Company believes the fair value of the space to the extent not sublet reflects a below market lease over the term ending December 31, 2020 of $18,170 and total commitments including two -year renewal option of up to $72,680.
In December 2020, the tenant exercised the second and last renewal term option, extending the lease terms until December 31, 2022. During the twelve months ended December 31, 2020 and 2019, respectively, the Company received rental revenue of $35,607 and $34,720, respectively. The independent members of the Board of the Company approved all of the leasing transaction described above. The Chairman is also a partner of the firm Lamb & Barnosky, LLP that provided pro bono legal representation to the aforementioned not -for-profit corporation on the lease.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 + Details
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