Annual report pursuant to Section 13 and 15(d)

Related Party Transactions

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Related Party Transactions
 12 Months Ended
Dec. 31, 2016
Related Party Transactions [Abstract]  
Related Party Transactions

12.      Related Party Transactions

 

Related party transactions comprised the following for the years ended December 31, 2016 and 2015:

 

  • a series of transactions with Interstate Battery and its affiliate, a greater than five percent owner of our common shares described at “Management’s Discussion and Analysis of Financial Condition and Results of Operations – General - Interstate Battery Partnership” in this Form 10-K; and
  • the payment of $156,000 of salary, bonus and consulting fees during the year ended December 31, 2016 and $98,000 of consulting fees during the year ended December 31, 2015 to an employee who is the brother of the Company’s chief executive officer.

 

The Company has adopted a policy that any transactions with directors, officers, beneficial owners of five percent or more of our common shares, any immediate family members of the foregoing or entities of which any of the foregoing are also officers or directors or in which they have a financial interest, will only be on terms consistent with industry standards and approved by a majority of the disinterested directors of our board.