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Related Party Transactions Disclosure
9 Months Ended
Sep. 30, 2019
Notes  
Related Party Transactions Disclosure

3. Related Party Transactions

 

Consulting Fees

 

Certain stockholders of the Company and entities affiliated with management perform services for customers and were compensated at various rates. Total consulting expenses incurred by these stockholders and entities amounted to $95,665 and $311,799 for the three and nine month periods, respectively, ended September 30, 2019, and $168,432 and $460,212 for the three and nine month periods, respectively, ended September 30, 2018. Amounts payable to these stockholders and entities at September 30, 2019 and 2018 totaled $131,692 and $179,064, respectively.

 

Technology Development Fees

 

The Company has a technology development agreement and license agreement with Thermal Tech Holdings, LLC, a Delaware limited liability company (“TTH”). TTH is an entity owned equally by two entities affiliated, respectively, with two directors of the Company, who also serve in management positions with TTH.  Under that agreement, the Company reimburses TTH for managing the work by a contracted third party on various technology developments as agreed to on a case-by-case basis. The amounts payable under this arrangement amounted to $243,112 and $0 at September 30, 2019 and 2018, respectively. The Company obtains full rights to any intellectual property it develops or acquires through such payments.