NextPlat Corp Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Related Party Transactions

Related Party Transactions	12 Months Ended
Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 14 – RELATED PARTY TRANSACTIONS The Company has received financing from the Company’s Chief Executive Officer. No formal repayment terms or arrangements existed prior to February 19, 2015, when as part of the Share Exchange Agreement, the Company entered into a note with David Phipps where the stockholder loans bear no interest and are due February 19, 2016. On February 19, 2016, the note was extended an additional year to February 19, 2017 and on January 9, 2017 the note was extended another additional year to February 19, 2018. The balance of the related party note payable was $16,864 as of December 31, 2016. The accounts payable due to related party includes advances for inventory due to David Phipps of $46,500 and wages of $4,089. Total payments due to David Phipps as of December 31, 2016 and December 31, 2015 are $67,453 and $74,051, respectively. Also, as part of the Share Exchange Agreement entered into on February 19, 2015, Mr. Phipps received a payment of $25,000 as compensation for transition services that he provided. The Company employs two individuals who are related to Mr. Phipps, of which earned gross wages totaling $64,058 and three individuals earned $96,751, for the years ended December 31, 2016 and 2015, respectively. During the years ended December 31, 2016 and 2015, the Company paid consulting fees of $0 and $24,000, respectively, to an affiliated company. The President of the affiliated company is the former CFO of the Company.

Related Party Transactions

12 Months Ended

Dec. 31, 2016

NOTE 14 – RELATED PARTY TRANSACTIONS

The Company has received financing from the Company’s Chief Executive Officer. No formal repayment terms or arrangements existed prior to February 19, 2015, when as part of the Share Exchange Agreement, the Company entered into a note with David Phipps where the stockholder loans bear no interest and are due February 19, 2016. On February 19, 2016, the note was extended an additional year to February 19, 2017 and on January 9, 2017 the note was extended another additional year to February 19, 2018. The balance of the related party note payable was $16,864 as of December 31, 2016. The accounts payable due to related party includes advances for inventory due to David Phipps of $46,500 and wages of $4,089. Total payments due to David Phipps as of December 31, 2016 and December 31, 2015 are $67,453 and $74,051, respectively.

Also, as part of the Share Exchange Agreement entered into on February 19, 2015, Mr. Phipps received a payment of $25,000 as compensation for transition services that he provided.

The Company employs two individuals who are related to Mr. Phipps, of which earned gross wages totaling $64,058 and three individuals earned $96,751, for the years ended December 31, 2016 and 2015, respectively.

During the years ended December 31, 2016 and 2015, the Company paid consulting fees of $0 and $24,000, respectively, to an affiliated company. The President of the affiliated company is the former CFO of the Company.