8. RELATED PARTY TRANSACTIONS

Assets

Accounts receivable – related parties in the amounts of $362,589 and $252,852 at March 31, 2021 and December 31, 2020, respectively, represent the net realizable value of advances made to related, but independent, entities under common management.

See Note 4 – Investments and Fair Value of Financial Instruments, for a discussion of the Company’s investment in warrants of a related, but independent, entity.

Expense Sharing

On April 1, 2010, the Company entered into an agreement with a Related Party to share expenses such as office space, support staff and other operating expenses (the “Related Party ESA”). The agreement was amended on January 1, 2017 to reflect the current use of personnel, office space, professional services. During the three months ended March 31, 2021 and 2020, the Company recorded a contra-expense of $93,021 and $139,915, respectively, related to the reimbursement of general and administrative expenses as a result of the agreement.

The Company had an expense sharing agreement with a different related entity to share expenses such as office space and other clerical services which was terminated in August 2017. The owners of more than 5% of that entity include (i) GGH’s chairman, and (ii) a more than 5% owner of GGH. The balance owed to the Company under this expense sharing agreement as of March 31, 2021 is $339,503, of which, the entire balance is deemed unrecoverable and is reserved.