RELATED PARTY TRANSACTIONS
|12 Months Ended|
Dec. 31, 2016
|RELATED PARTY TRANSACTIONS [Abstract]|
|RELATED PARTY TRANSACTIONS||
NOTE 21 – RELATED PARTY TRANSACTIONS
Consulting fees of approximately $33,000, $25,000 and $52,000 were incurred during 2016, 2015, and 2014, respectively from IHS Global FZ LLC of which Company Director Gary K. Adams holds the position of Chief Advisor – Chemicals. At December 31, 2016, and 2015, we had no outstanding liability payable to IHS Global FZ LLC.
Consulting fees of approximately $73,000 and $37,000 were incurred during 2016 and 2015, respectively, from Chairman of the Board, Nicholas Carter. Due to his history and experience with the Company and to provide continuity after his retirement, a three year consulting agreement was entered into with Mr. Carter in July 2015. At December 31, 2016, and 2015, we had no outstanding liability payable to Mr. Carter.
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.
Reference 1: http://www.xbrl.org/2003/role/presentationRef