RELATED PARTY TRANSACTIONS |
12 Months Ended |
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Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS |
RELATED PARTY TRANSACTIONS
Consulting fees of approximately $53,000, $28,000 and $27,000 were incurred during 2019, 2018, and 2017, respectively, from IHS Global FZ LLC of which Company Director Gary K. Adams held the position of Chief Advisor – Chemicals until April 1, 2017. At December 31, 2019, and 2018, we had no outstanding liability payable to IHS Global FZ LLC.
Consulting fees of approximately $123,000, $94,000 and $74,000 were incurred during 2019, 2018, and 2017, respectively, from Nicholas Carter, Director and former CEO. Due to his history and experience with the Company and to provide continuity after his retirement, a consulting agreement was entered into with Mr. Carter in July 2015, which terminated effective December 31, 2019. At December 31, 2019, and 2018, we had no outstanding liability payable to Mr. Carter.
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- References No definition available.
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- Definition 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://fasb.org/us-gaap/role/ref/legacyRef
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