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Related Party Transactions | 12 Months Ended
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Dec. 31, 2021
Related Party Transactions [Abstract] |
Related Party Transactions | Note 10. Related Party Transactions During the years ended December 31, 2021 and 2020, the Company redeemed 35,000 and 40,000 previously awarded options reaching expiration from related parties, including the Company’s CEO, COO, an employee, a Board Director and other executive officers. These redemptions canceled the stock options and resulted in a total of $168,575 and $73,987 in additional compensation expense in 2021 and 2020, respectively. During the years ended December 31, 2021 and 2020, related parties exercised 7,500 and 30,000 previously awarded options for the exercise price of $11,320 and $30,163, respectively, resulting in issuance of common stock to the CEO and one member of the Board of Directors. Mr. Saltz, who was a member of our Board of Directors until his passing in October 2020, was the former Chairman of the Board and majority stockholder of TEC. The Company has entered into a Co-venture Agreement with TEC (See Note 9 Co-Venture Agreement with Modern Round) The Company owns 560,000 shares of TEC common stock representing approximately 4.8% of the issued and outstanding shares of TEC common stock. The Company recognized $0 and $46,247 for license fees (royalties) for the years ended December 31, 2021 and 2020, pursuant to the terms of the Co-Venture Agreement. At December 31, 2021 and 2020, TEC had accounts receivable balances outstanding of $0. As of October 11, 2020, TEC ceased to be a related party. Mr. Richardson, who is a member of our Board of Directors, was acting CEO of Natural Point, Inc. until May 14, 2021, a vendor of the Company. In 2021 and 2020, the Company purchased specialized equipment from Natural Point in the amounts of $33,840 and $232,218, respectively. At December 31, 2021 and 2020, the Company had an outstanding balance payable to Natural Point of $0 Mr. Givens was a member of our Board of Directors and is currently co-CEO of VirTra, Inc. He was President of Bohemia Interactive Simulations, Inc. until April 2022. In 2021, VirTra purchased gaming simulation software (VBS3) licenses from Bohemia in the amount of $11,950. At December 31, 2021, the Company had no outstanding balance payable to Bohemia.

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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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 + Details
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