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Related Party
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3 Months Ended | |
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Mar. 31, 2013
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| Related Party [Abstract] | ||
| RELATED PARTY |
The Company paid commissions to a company that is owned by its Chief Executive Officer amounting to $0, $8,500 and $86,000 for the three months ended March 31, 2013 and 2012, and for the period from September 3, 2009 (inception) through March 31, 2013, respectively, for business development related to installations of EV charging stations by the Company in accordance with a two-year support services contract that was in place prior to the CEO’s employment.
The Company incurred no accounting and tax service fees for the three months ended March 31, 2013 and 2012 and $68,913 for the period from September 3, 2009 (inception) through March 31, 2013 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 March 31, 2013, the Company has not paid any royalty fees related to this agreement.
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