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Related Party Transactions
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9 Months Ended | ||
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Sep. 30, 2012
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| Related Party Transactions [Abstract] | |||
| Related Party Transactions |
During the three and nine months ended September 30, 2012, the Company sold pumps to Adepto Medical, a company that is controlled by a family member of Mr. Tom Creal, an Executive Vice-President of the Company. Total sales during the three and nine months ended September 30, 2012 totaled less than $0.1 million. Outstanding receivables associated with the revenue were less than $0.1 million as of September 30, 2012 and have been shown separately as Accounts Receivable - Related Parties in the Consolidated Balance Sheets. Total purchases during the three and nine months ended September 30, 2012 totaled less than $0.1 million. Outstanding payables associated with the purchases were less than $0.1 million as of September 30, 2012 and have been shown separately as Accounts Payable – Related Parties in the Consolidated Balance Sheets.
As described in Note 6 the Company entered into a subordinated promissory note related to an acquisition in 2010 with the Seller that was fully paid in June 2012. The Seller is a current employee of the Company and is subject to an employment agreement. Also, the Seller owns Jan-Mar LLC and is the principal owner of the CW Investment Group LLC. In accordance with the Stock Purchase Agreement, the Company entered into operating lease agreements with Jan-Mar LLC and the CW Investment Group LLC, each of which owns one of the two office buildings utilized by the Company in Olathe, Kansas. The terms of each lease are thirty six months, which commenced on July 1, 2010. Rent will be paid monthly in the amount of less than $0.1 million to Jan-Mar LLC and less than $0.1 million to the CW Investment Group LLC.
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