Related Party Transactions

6 Months Ended

Jun. 30, 2021

Related Party Transactions [Abstract]

Related Party Transactions

Note 7 - Related Party Transactions

Our CFO John L Hofmann is a member of the accounting firm Kabat, Schertzer, De La Torre, Taraboulos & Co, LLC (“KSDT”). The Company paid $42,433 and $0 to KSDT for its services in the six months ended June 30, 2021 and 2020, respectively, and $4,350 of services rendered remain unpaid as of June 30, 2021 which is included in accounts payable and accrued expenses.

On April 15, 2017, the Company entered into an assembly agreement with Liberty Plugins, Inc. (“Liberty”) to assemble Liberty’s Hydra electronic vehicle charging systems and ship completed Hydras to Liberty’s facility in Santa Barbara, California (the “Liberty Agreement”). Initially, Liberty agreed to pay $1,000 for the first 10 Hydras assembled in a month, $750 per Hydra for the next 10 Hydras assembled per month and $500 per Hydra for each Hydra assembled above 20 per month. Revenue for these products is reflected in the revenue on the Company’s consolidated statement of operations and amounted to $1,000 and $0 for the six months ended June 30, 2021, and 2020, respectively. The Liberty Agreement is subject to termination by either party on 30 days’ notice.

The Company’s director and former CEO is a minority shareholder and member of the Board of Directors of Liberty. Therefore, transactions with Liberty have been disclosed as transactions with a related party.