Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Abstract]

Related Party Transactions

RELATED PARTY TRANSACTIONS

Promissory Notes

On September 16, 2022 and November 9, 2022, the Company issued and sold 2022 Promissory Notes to one of the members of its Board of Directors, Mei-Yun (Gina) Huang, for $450 thousand and $350 thousand, respectively.

During the third and fourth quarters of the year ended December 31, 2022, we issued and sold 2022 Promissory Notes for an aggregate principal amount of $600,000 to Chiao Chieh (Jay) Huang, our CEO.

Please refer to Note 7, “Debt” for further detail.

Purchase Transactions

The Company has a purchase agreement for TLED products and spare parts with Sander Electronics, Inc., a shareholder of the Company. Purchases from Sander Electronics, Inc. for the year ended December 31, 2023 totaled $2.1 million. Accounts payable to Sander Electronics, Inc. amounted to $2.1 million as of December 31, 2023. The Company did not enter into any transactions with Sander Electronics, Inc. during the fiscal year of 2022.

Private Placements

Please refer to Note 9 for further details on Private Placements in 2023 and 2022.