Related Party Transactions

6 Months Ended

Jun. 30, 2017

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

Note 10 – Related Party Transactions

In addition to the Company’s loan from Carlisle described in Note 6, the Company has the following related party transactions:

Yaozhong Shi, a director of the Company, is the Chairman of Transtech LED Company Limited (“Transtech”), which is our primary LED supplier.  The Company purchased $878,000 and $1.5 million of product from Transtech in the six months ended June 30, 2017 and 2016, respectively.  Amounts payable by the Company to Transtech were $140,000 and $0 as of June 30, 2017 and December 31, 2016, respectively.

On June 30, 2016, the Company entered into a 1-year Trademark Licensing Agreement with Transtech, pursuant to which Transtech paid the Company $72,500 upon signing the agreement and would pay the Company a 3% royalty on any equipment sold using the Company’s trademark.  There were no such sales in the six months ended June 30, 2017 and the agreement has now expired.