This excerpt taken from the JACO 10-K filed Sep 29, 2008.
J – RELATED PARTY TRANSACTIONS
the fiscal years ended June 30, 2008 and 2007, the Company recorded sales
of $105,557 and $267,367, respectively, from a customer, Frequency
Electronics, Inc. (“Frequency”). The Company’s Chairman of the Board
of Directors and President also serves on the Board of Directors of
Frequency. Amounts included in accounts receivable from Frequency at
June 30, 2008 and 2007 aggregate $4,924 and $15,832, respectively.
firm of which one of our former directors is a partner provides legal services
on behalf of the Company. The director chose not to stand for re-election to our
Board of Directors at our Annual Meeting of Shareholders in 2006 and, therefore,
his term expired on December 12, 2006. Fees paid to such firm amounted to
$78,903 for the fiscal year ended June 30, 2007.
Electronics, Inc. and Subsidiaries
TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
2008 and 2007
J – RELATED PARTY TRANSACTIONS (continued)
son-in-law of the Company's Chairman and President was a partner of law firms
during the years ended June 30, 2008 and 2007, which provided legal services on
behalf of the Company. Fees paid to such firms amounted to $164,630 and $73,779
for the fiscal years ended June 30, 2008 and 2007, respectively.
Company leases office and warehouse facilities lease from a partnership owned by
two officers and directors of the Company (See Note G).