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CONTRACTS AND AGREEMENTS | 9 Months Ended
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Sep. 30, 2022
INTANGIBLE ASSETS |
NOTE 12. CONTRACTS AND AGREEMENTS | NOTE 12. CONTRACTS AND AGREEMENTS Director Compensation In January 2022, we increased the annual fee to the members of our Board to $44,000, to be paid in cash on a quarterly basis, with the exception of the audit committee chairperson, whose annual fee we increased to $50,600, also to be paid in cash on a quarterly basis. Director compensation also includes the annual issuance of our common stock. For the nine months ended September 30, 2021, we issued an aggregate of 50,000 shares of common stock that were valued at approximately $228,000 to members of our Board. For the nine months ended September 30, 2022, we issued an aggregate of 51,750 shares of common stock that were valued at approximately $54,000 to members of our Board. Manufacturing Agreement In June 2020 we entered into a manufacturing agreement with Planet Innovation Products, Pty Ltd (“PI”). The agreement does not provide for any minimum purchase commitments and is for a term of three years. The agreement also provides for a warranty against product defects. Cloud Computing Service Contract In May 2020 we entered into an agreement with a vendor for a cloud computing service contract. The contract provides for annual payments in the amount of $30,409 and has a term of 5 years. Approximate minimum future payments under the contract are as follows:
Year Ended: |  | Amount |
October 1 - December 31, 2022 |  | $ | - |
December 31, 2023 |  |  | 30,000 |
December 31, 2024 |  |  | 30,000 |
December 31, 2025 |  |  | - |
Total |  | $ | 60,000 |

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