Convertible Note Receivable

12 Months Ended

Dec. 31, 2018

Receivables [Abstract]

Convertible Note Receivable

6. Convertible Note Receivable:

The Company entered into a convertible loan agreement with Simax Precision Technologies Limited (“Simax”) on May 31, 2018. Simax may borrow from the Company up to $15,000 in multiple promissory notes. The Company expects to be a supplier of lithography modules to Simax which is focused on the manufacture, sale and service of lithography systems.

The convertible notes will bear a rate of interest of 4.25% per annum payable on a semi-annual basis. The convertible notes provide the Company with the option to convert the outstanding indebtedness into equity. If the Company does not elect to exercise its option to convert the notes, Simax will repay the principal amount outstanding and any outstanding interest in equal installments beginning on the fifth anniversary of the loan date and continuing on a quarterly basis over the next three years.

As of December 31, 2018, the Convertible notes receivable balance was $5,000 with accrued interest of $41.