17. Related Party Transactions

In August 2013, the Company entered into a two-year Management Services Agreement with 2012 DOOH Investments, LLC (the "Consultant"), an entity managed by Mr. Donald R. Wilson, a major stockholder. Under the agreement, the Consultant provides management consulting services to the Company and its subsidiaries with respect to financing, acquisitions, sourcing, diligence, and strategic planning.

In consideration for its services, the Consultant received a one-time payment of 120,000 shares of the common stock of the Company which had a market value of $960 when issued in August 2013. The value of the common stock is amortized over the term of the agreement. The amortized expense charged to operations for the years ended December 31, 2015 and 2014 were $320 and $505, respectively. There was no unamortized value of the common stock after the third quarter of 2015.  The unamortized value of the common stock was $320 at December 31, 2014 and was included in other current assets. Under the Agreement, the Consultant also received an annual services fee of $50, which terminated in July 2015. 

The Company also had an agreement with a company owned by a board member under which it paid $15 a month for public relations services. This agreement was terminated on June 30, 2014. Under this agreement the Company incurred charges for the year ended December 31, 2014 of $90. The Company signed a new agreement with this company during 2015 under which it paid $10 a month for public relations services. Under this agreement, the Company has incurred charges of $121 for the year ended December 31, 2015.

As discussed in Note 4, the Company’s former senior lender sold its interest in the Company’s Senior Credit Facility to a new lender group that included the Company’s Executive Chairman and largest shareholder. Interest expense paid to the new lender group was $416 and $698 during the years ended December 31, 2015 and 2014, respectively.