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Related Party
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9 Months Ended | ||
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Sep. 30, 2012
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| Related Party [Abstract] | |||
| RELATED PARTY |
The Company paid consulting fees to a company that is owned by its Chief Executive Officer amounting to $0, $30,000, $0, $60,000 and $306,000 for the three months and nine months ended September 30, 2012 and 2011, and for the period from September 3, 2009 (inception) through September 30, 2012, respectively. These fees were paid pursuant to the terms of a two-year support services contract that was in place prior to the CEO’s employment. Additionally, the Company paid commissions totaling $28,750 during the three months ended September 30, 2012 and $69,000 for the nine months ended September 30, 2012 to this company for business development related to installations of EV charging stations by the Company in accordance with the support services contract. No commissions were paid to this Company during 2011.
The Company incurred accounting and tax service fees totaling $37,055 for the three months ended September 30, 2012 and $68,913 for the nine months ended September 30, 2012 provided by a company that is partially owned by the Company’s Chief Financial Officer.
On March 29, 2012, the Company entered into a patent license agreement with a stockholder of the Company and a related party under common ownership. Under terms of the agreement, the Company has agreed to pay royalties to the licensors equal to 10% of the gross profits received by the Company from bona fide commercial sales and/or use of the licensed products and licensed processes. As of September 30, 2012, the Company has not paid any royalty fees related to this agreement.
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