Related Parties |
9 Months Ended |
|---|---|
Sep. 30, 2015 | |
| Related Party Transactions [Abstract] | |
| Related Parties |
10. RELATED PARTIES
The Company paid commissions to a company owned by its former CEO totaling $17,000 and $43,250 during the three and nine months ended September 30, 2015, respectively, and $18,000 and $40,250 during the three and nine months ended September 30, 2014, 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 $7,655 and $32,573 for the three and nine months ended September 30, 2015, respectively, and $21,528 and $23,317 for the three and nine months ended September 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 September 30, 2015, the Company has not paid nor incurred any royalty fees related to this agreement. See Note 12 Subsequent Events Patent License Agreement. |