Related Parties |
3 Months Ended |
|---|---|
Mar. 31, 2016 | |
| Related Party Transactions [Abstract] | |
| Related Parties |
10. RELATED PARTIES
The Company paid commissions to a company owned by its Executive Chairman of the Board of Directors totaling $0 and $17,750 during the three months ended March 31, 2016 and 2015, respectively, for business development services relating to the installations of EV charging stations by the Company in accordance with the support services contract. These amounts are recorded as compensation in the condensed consolidated statements of operations.
The Company incurred accounting and tax service fees totaling $0 and $7,182 for the three months ended March 31, 2016 and 2015, respectively, provided by a company that is partially owned by the Companys former Chief Financial Officer. This expense was recorded as general and administrative expense.
The Company is licensing certain technology under terms of a patent licensing agreement with an entity (licensor) that is majority owned by the Executive Chairman of the Board of Directors. The Company has agreed to pay royalties to the licensor equal to 10% of the gross profits received by the Company from bona fide commercial sales and/or uses of the licensed products and processes. As of March 31, 2016, the Company has not paid nor incurred any royalty fees related to this agreement. See Note 11 Commitments and Contingencies Patent License Agreement. |