Annual report pursuant to Section 13 and 15(d)

Note 13 - Related Party Transaction

v3.19.2
Note 13 - Related Party Transaction
12 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
Note
13
– Related Party Transaction
 
On
August 4, 2017,
Carousel entered into a lease of the Carousel facilities with JST Capital, LLC (“JST”), a wholly-owned subsidiary of Pritech, Inc., which is owned by the Chief Executive Officer and the former President of Carousel. Carousel made lease payments of
$96,000
and
$63,000
to JST during fiscal years
2019
and
2018,
respectively. During fiscal years
2019
and
2018,
$82,000
and
$55,000,
respectively, of the lease payments were included in cost of products sold and
$14,000
and
$8,000,
respectively, were included in marketing and administrative expenses in the accompanying consolidated statements of income.