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11. CONTRACTS AND AGREEMENTS | 12 Months Ended
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Dec. 31, 2015
Notes to Financial Statements |
11. CONTRACTS AND AGREEMENTS | In September 2014, the Company entered into a Sales and Distribution Agreement, superseding previous agreements, with TOMI Panama S.A. (“TOMI Panama”) covering Panama. TOMI Panama is the exclusive distributor of the Company’s products and services within the country of Panama. For the years ended December 31, 2015 and 2014, the Company made sales and provided services to TOMI Panama for approximately $118,000 and $400,000, respectively. On October 15, 2014, the Company entered into a manufacturing and development agreement with RG Group, Inc. The agreement does not provide for any minimum purchase agreements and is for a term of 2 years. For the years ended December 31, 2015 and 2014, RG Group, Inc. manufactured substantially all of the Company’s equipment. At December 31, 2015, the Company maintained deposits on outstanding purchase orders in the amount of $442,358. In January of 2015, the Company entered into a consulting agreement which has since been terminated that provided for a fee based on revenue received from existing and prospective clients assigned and revenue from sales related to customers the consultant finds for the Company. The agreement also provided for the issuance of 100,000 shares of the Company’s common restricted stock that were issued in February of 2015 and valued at $25,000. In addition, the agreement provides for the issuance of 75,000 common stock warrants on a quarterly basis that vest upon issuance with a strike price equal to the VWAP for the 5 day period prior to the close of the quarter with a term of 3 years. The exercise price for the warrants issued was $0.50, $0.62 and $0.33. During the year ended December 31, 2015, the Company utilized the Black-Scholes method to fair value the 225,000 warrants with the following range of assumptions: volatility, 157%-174%; expected dividend yield, 0%; risk free interest rate, 1.01%-1.42%; and a life of 3 years. The grant date fair value of the warrant issued was $0.37, $0.54 and $0.30. For the year ended December 31, 2015, the Company recognized approximately $91,000 in equity based compensation on the issuance of the warrants. This consulting agreement was terminated October 1, 2015 when the consultant accepted a full time employment position with the Company. In May 2015, the Company was awarded a grant by the United States Agency for International Development (“USAID”) in the amount of $559,000 for the development of SteraMistTM Mobile Decontamination Chambers to fight the Ebola epidemic. The grant is based on milestones set forth on the agreement between the Company and USAID. During the year ended December 31, 2015 the Company met the first five milestones and received gross proceeds from the grant in the amount of $537,272. The Company has incurred costs in connection with the grant through December 31, 2015 in the amount of $326,769. The proceeds received as part of the grant in excess of the costs incurred has been presented on the Company’s balance sheet as a liability in the amount of $210,503 as of December 31, 2015.

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