Quarterly report pursuant to Section 13 or 15(d)

7. RELATED PARTIES

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7. RELATED PARTIES
 9 Months Ended
Sep. 30, 2015
Related Party Transactions [Abstract]  
RELATED PARTIES

For the three and nine months ended September 30, 2015 and 2014, the Company recognized sales to the following related parties:

 

        Three months ended
September 30, 		    Nine months ended
September 30, 		 
Party   Relationship   2015     2014     2015     2014  
                             
HempMeds PX and MJNA   80% owned by MJNA   $ 1,966,148     $ 2,510,066     $ 1,966,148     $ 5,388,179  
        $ 1,966,148     $ 2,510,066     $ 1,966,148     $ 5,388,179  
                                     
          47.4%       83.5%       21.2%       95.6%  

 

Receivables from MJNA totaled $2,402,081 and $335,173 at September 30, 2015 and December 31, 2014, respectively.

 

During the three and nine months ended September 30, 2015, the Company paid $755,072 and $3,733,534, respectively, to a stockholder of the Company who is a supplier of hemp oil and hemp to the Company. During the three and nine months ended September 30, 2014, the Company paid $5,372,133 and $8,109,757, respectively, to a stockholder of the Company who is a supplier of hemp oil and hemp to the Company.