RELATED PARTY TRANSACTIONS
|9 Months Ended|
Sep. 30, 2016
|RELATED PARTY TRANSACTIONS [Abstract]|
|RELATED PARTY TRANSACTIONS||
18. RELATED PARTY TRANSACTIONS
Consulting fees of approximately $0 and $0 were incurred during the three months and $33,000 and $25,000 during the nine months ended September 30, 2016, and 2015, respectively from IHS Global FZ LLC of which Company Director Gary K Adams holds the position of Chief Advisor – Chemicals.
Consulting fees of approximately $17,000 and $13,000 were incurred during the three months and $52,000 and $13,000 during the nine months ended September 30, 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.
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