Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTY

v2.4.1.9
RELATED PARTY
 9 Months Ended
Sep. 30, 2014
Related Party Transactions [Abstract]  
RELATED PARTY
17.
 RELATED PARTY
 
The Company paid commissions to a company owned by its Chief Executive Officer totaling $18,000, $7,000, $40,250 and $16,000 during the three months and nine months ended September 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 on the Condensed Consolidated Statement of Operations.
 
The Company incurred accounting and tax service fees totaling $21,528, $20,202, $23,317 and $30,115 for the three months and nine months ended September 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 its CEO and a company for which the CEO is the majority shareholder and an officer of the company. 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, 2014, the Company has not paid nor incurred any royalty fees related to this agreement.