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Related Party Transactions
 12 Months Ended
Dec. 31, 2014
Related Party Transactions [Abstract]  
Related Party Transactions
18.

Related Party Transactions

 

On March 26, 2009, the Company entered into a $50,000 revolving credit promissory note (the “Revolver”) with Vector Group Ltd. (“Vector”), the former controlling stockholder of the Company. On January 26, 2011, the Company and Vector entered into an amendment to the Revolver increasing the amount that the Company may borrow from $50,000 to $100,000. The loan bears interest at 11% per annum and was due on December 31, 2013. During January 2014, the Revolver was extended from December 31, 2013 to June 30, 2015. As of December 31, 2014 and 2013, the balance due to Vector amounted to $73,500. As of December 31, 2014 and 2013, accrued interest related to the Revolver amounted to $36,833 and $28,636, respectively, and is included in accrued interest, related party on the accompanying condensed consolidated balance sheets. Interest expense for other related party notes payable amounted to $8,197 for the years ended December 31, 2014 and 2013.

 

ConGlobal Industries, Inc. is a minority stockholder of the Company and provides containers and labor on domestic projects.  The Company recognized Cost of Goods Sold of $1,140,315 and $1,595,468, for services ConGlobal Industries, Inc. rendered during the years ended December, 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, $92,792 and $176,929, respectively, of such expenses are included in related party accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets.

 

The Lawrence Group is a minority stockholder of the Company and is a building design, development and project delivery firm. The Company recognized Cost of Goods Sold of $4,760 and $52,966, for services The Lawrence Group rendered during the years ended December 31, 2014 and 2013. For the years ended December 31, 2014 and 2013, $32,389 and $27,629, respectively, of pre-project expenses were included in related party accounts payable and accrued expenses in the accompanying condensed consolidated balance sheet.

 

An affiliated accounting firm of the Company’s Chief Financial Officer provides accounting and consulting services to the Company. The Company recognized General and Administrative expenses in the amount of $74,300 and $80,050 for the years ended December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, $7,300 and $36,050 of such expenses are included in related party accounts payable and accrued expenses on the accompanying condensed consolidated balance sheet, respectively.