Related Party Transactions
|9 Months Ended|
Sep. 30, 2023
|Related Party Transactions [Abstract]|
|Related Party Transactions||
NOTE 10 – RELATED PARTY TRANSACTIONS
Related party receivables
The Company has provided advances to employees resulting in a balance as of September 30, 2023 and December 31, 2022 of $50,479 and $116,710, respectively.
Related party payables
As part of the SUNation Acquisition, the Company agreed to reimburse the sellers for proceeds received related to SUNation’s employee retention credit (a refundable tax credit against certain employment taxes incurred during the first nine months of 2021), totaling $1,584,541 as of December 31, 2022. The full amount of this credit was received by the Company and subsequently remitted to the sellers during the three months ended March 31, 2023. The Company also agreed to reimburse the sellers approximately $597,219 for tax payments due related to the period prior to acquisition, of which the full amount was paid during the nine months ended September 30, 2023, leaving no remaining balance as of September 30, 2023.
The Company leases its offices in Hawaii and New York from companies owned by the prior owners of HEC and SUNation, respectively, most of whom are still employees and one who is a current director of the Company.
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/disclosureRef