Quarterly report pursuant to Section 13 or 15(d)

Note 9 - Other Related Party Transactions

v3.6.0.2
Note 9 - Other Related Party Transactions
6 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
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
$8,000,
respectively during the
three
months and
six
months ended
December
31,
2016,
from Epic Boats under the sublease rental agreement which is recorded as a reduction to rent expense and the customer deposits discussed below.
 
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
December
31,
and
June
30,
2016,
customer deposits totaling approximately
$128,000
and
$136,000,
respectively, related to such products were recorded in the accompanying condensed consolidated balance sheets.