Related Parties |
6 Months Ended |
|---|---|
Jun. 30, 2015 | |
| Related Party Transactions [Abstract] | |
| Related Parties |
10. RELATED PARTIES
The Company paid commissions to a company owned by its former CEO totaling $8,500 and $26,250 during the three and six months ended June 30, 2015, respectively, and $10,500 and $22,250 during the three and six months ended June 30, 2014, respectively, for business development services relating to the installations of EV charging stations 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 $17,736 and $24,918 for the three and six months ended June 30, 2015, respectively, and $361 and $1,789 for the three and six months ended June 30, 2014, 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 in the condensed consolidated statements of operations.
The Company is licensing certain technology under terms of a patent licensing agreement with an entity (licensor) that is majority owned by the former CEO. 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 June 30, 2015, the Company has not paid nor incurred any royalty fees related to this agreement. See Note 12 Subsequent Events Patent License Agreement. |