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Note 7 - Related Party Transactions
9 Months Ended
Sep. 30, 2013
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]

Note 7 – Related Party Transactions


Ocean Power Technologies, Inc. ("OPT") operates as a subcontractor to the Company. Thomas Meaney, the Company’s president and chief financial officer and member of the Company’s board of directors, also served as a director of OPT through October 2012. During the three months ended September 30, 2013 and 2012, the Company incurred subcontracting service costs from OPT of $0 and $12,731, respectively. For the nine months ended September 30, 2013 and 2012, the Company incurred subcontractor expenses from OPT of $31,025 and $31,588, respectively.


Paul Casner, the chairman of the Company’s board of directors, also serves as the executive chairman and CEO of Precision Flight Systems, LLC (“Precision”), formerly known as Atair Aerospace Incorporation. In 2012, Precision provided subcontracting services to the Company relating to the design of the chassis component within the ADEPT units. During the three months ended September 30, 2013 and 2012, the Company incurred subcontracting service costs from Precision of $0 and $91,703, respectively. For the nine months ended September 30, 2013 and 2012, the Company incurred subcontractor expenses from Precision of $70,670 and $91,703, respectively.