Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTY

v2.4.0.8
RELATED PARTY
 6 Months Ended
Jun. 30, 2014
Related Party Transactions [Abstract]  
RELATED PARTY
16.
RELATED PARTY
 
The Company paid commissions to a company owned by its Chief Executive Officer totaling $10,500, $500, $22,250 and $8,500 during the three months and six months ended June 30, 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 $361, $9,913, $1,789 and $9,913 for the three months and six months ended June 30, 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 June 30, 2014, the Company has not paid nor incurred any royalty fees related to this agreement.