OTHER RELATED PARTY TRANSACTIONS |
9 Months Ended | |
|---|---|---|
Mar. 31, 2016 | ||
| Related Party Transactions [Abstract] | ||
| OTHER RELATED PARTY TRANSACTIONS |
NOTE 9 - OTHER RELATED PARTY TRANSACTIONS
Transactions with Epic Boats
The Company subleases office and manufacturing space to Epic Boats (an entity founded and controlled by Chris Anthony, our board member and former Chief Executive Officer) in our facility in Vista, California pursuant to a month-to-month sublease agreement. Pursuant to this agreement, Epic Boats pays Flux Power 10% of facility costs through the end of our lease agreement. The Company received $4,000 and $12,000 during the three and nine months ended March 31, 2016, respectively, from Epic Boats under the sublease rental agreement which is recorded as a reduction to rent expense. On October 21, 2009, we entered into an agreement with Epic Boats where Epic Boats assigned and transferred to Flux Power the entire right, title, and interest into products, technology, intellectual property, inventions and all improvements thereof, for several product types. As of that date, Flux Power began selling products to Epic Boats under Flux Power's standard terms and conditions and has continued to sell products to Epic Boats as a customer. As of March 31, 2016 and June 30, 2015, we had received approximately $136,000 from Epic Boats as deposits for various products. There were no receivables outstanding from Epic Boats as of March 31, 2016 or June 30, 2015. |