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COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | NOTE 7—COMMITMENTS AND CONTINGENCIES On August 19, 2019, OmniMetrix entered into an agreement with a software development partner to create and license to OmniMetrix a new software platform and application for our CP customers. Pursuant to this agreement, OmniMetrix paid this partner equal monthly payments over the first seven months of the term of the agreement equal to $200,000 in the aggregate. OmniMetrix will also pay the partner (i) a per-sensor monitoring fee for each sensor connected to the developed technology, or (ii) a percentage of any revenue received above a specified amount per sensor monitored per month in gas applications only. Commencing on January 1, 2021, OmniMetrix paid the partner a quarterly licensing fee of $12,500 which was renegotiated to $4,450 effective October 1, 2021. The per-sensor monitoring fees have not yet commenced. The initial term of this agreement ended on August 19, 2022 and would have automatically renewed for an additional year, but OmniMetrix delivered a written notice of termination to the other party sixty days prior to the end of the initial term. OmniMetrix is currently on a month-to-month arrangement through December 31, 2022, paying a monthly licensing fee of $1,500, and is working with the software development partner to negotiate more favorable terms for future periods. In addition to the above, the Company has $336,000 in operating lease obligations payable through 2026 and $64,000 in other contractual obligations. The Company also has $255,000 in open purchase order commitments payable through April 2023.

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