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Related Party Transactions
6 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions

Note 8

Related Party Transactions

During the six months ended June 30, 2017 and 2016, we recorded expenses of $204,279 and $116,873, respectively, relating to our Co-Venture Agreement with VirTra, a public company in which certain of our officers and directors have a minority interest. We recorded $480,000 and $0 in other income for the three and six months ended June 30, 2017 and 2016, respectively. We recorded the estimated fair value of warrants to purchase common stock shares of VirTra to other income on the Condensed Consolidated Statement of Operations at June 30, 2017.  The warrants became earned and exercisable in the current quarter. We had the following balances with VirTra at June 30, 2017: $480,000 in available for sale securities, $27,714 in accounts payable, and $132,704 in accrued royalty expense.

We owed $29,009 and $17,209 in expense reimbursements to our officers and directors at June 30, 2017 and December 31, 2016, respectively.  The balances are recorded in accounts payable in our Condensed Consolidated Balance Sheets.

We recorded related party revenue of $0 and $24,000 for the six months ended June 30, 2017 and 2016, respectively.