Quarterly report pursuant to sections 13 or 15(d)

Related Party

v2.4.0.8
Related Party
 3 Months Ended
Mar. 31, 2014
Related Party [Abstract]  
RELATED PARTY
13.
RELATED PARTY
 
The Company paid commissions to a company owned by its Chief Executive Officer totaling $11,750 and $0 during the three months ended March 31, 2014 and 2013 for business development related to installations of EV charging stations by the Company in accordance with the support services contract. These amounts are recorded as compensation.
 
The Company incurred accounting and tax service fees totaling $1,428 and $0 for the three months ended March 31, 2014 and 2013 provided by a company that is partially owned by the Company’s Chief Financial Officer.  This expense was recorded as general and administrative expense.
 
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, 2014, the Company has not paid nor incurred any royalty fees related to this agreement.