|12 Months Ended
Dec. 31, 2014
|Subsequent Events [Abstract]
|Subsequent Events [Text Block]
Note 12 Subsequent Events
Development and Licensing Agreement
Effective January 28, 2015, the Company signed a development and licensing agreement with a consumer electronics company to embed WattUp wire-free charging receiver technology in various products including, but not limited to mobile consumer electronics and related accessories. During the development phase and through customer shipment of their first product, Energous will afford this customer an exclusive time to market advantage in the licensed product categories.
This development and licensing agreement contains both invention and development milestones that the Company will need to achieve during the next two years. Pursuant to the Agreement, the Company will receive development payments based upon its achievement of milestones, as provided for in the Agreement, including the receipt of an initial payment of $500,000 earned upon the signing of the Agreement.
Grants of RSUs
On January 22, 2015, the compensation committee of the board of directors granted to various employees and consultants, RSUs under which the holders have the right to receive 54,500 shares of the Company’s common stock. The awards granted were vested on the date of grant.
On February 26, 2015, the compensation committee of the board of directors granted to two employees RSUs under which the holders have the right to receive 6,800 shares of the Company’s common stock. The awards granted were vested on the date of grant.
On February 26, 2015, the compensation committee of the board of directors granted to Mr. Rizzone, the Company’s Chief Executive Officer, RSUs under which Mr. Rizzone has the right to receive 246,226 shares of the Company’s common stock. The awards were granted under the 2013 Equity Incentive Plan and vest over four years beginning on the first anniversary of the date of grant.
Issuance of Common Stock
On February 4, 2015, the Company entered into an advisory agreement with Insight Capital Consultants Corporation (“Insight”), pursuant to which, on February 26, 2015, the Company issued to Insight 15,000 shares of common stock.
On February 26, 2015, the Company entered into a sub-lease agreement for additional space in the San Jose area. The agreement has a term which expires on June 30, 2019 at an initial monthly rent of $6,109 per month.