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OTHER RELATED PARTY TRANSACTIONS
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6 Months Ended | |
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Dec. 31, 2013
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| Related Party Transactions [Abstract] | ||
| RELATED PARTY TRANSACTIONS | NOTE 9 OTHER RELATED PARTY TRANSACTIONS
Sublease Agreement
Effective July 1, 2013, the Company relocated its principal office and manufacturing to Vista, California. The Company entered into a month-to-month sub-lease agreement for shared space with Epic Boats, a related party, with monthly payments of approximately $4,950. On December 1, 2013, the monthly payment increased to $7,920 due to Epic Boats transferring operations to Louisiana. Epic Boats Inventory Deposit
As of December 31, 2013, the Company maintains a prepaid deposit from Epic Boats in the amount of $135,000. The deposit is related to anticipated sales of batteries from the Company to Epic Boats that have yet to be delivered.
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- Definition
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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