Related Party Transactions

3 Months Ended

Mar. 31, 2019

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

Note 12 – Related Party Transactions

In addition to the Company’s loans from Carlisle described in Note 7, 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 one of our LED suppliers.  The Company purchased $11,000 and $63,000 of product from Transtech in the three months ended March 31, 2019 and 2018, respectively.  Amounts payable by the Company to Transtech were $316,000 and $305,000 as of March 31, 2019 and December 31, 2018, respectively.

On March 4, 2019, 96.1% of our issued and outstanding SBCPS holders converted their SBCPS into 1,586,400 shares of Common Stock. Such amount included shares of SBCPS held by a greater than 5% stockholder of the Company and certain directors of the Company.

On March 4, 2019, the Unilumin exercised $2.0 million of the Unilumin Warrant and the Company issued 2,061,856 shares of Common Stock, and on April 5, 2019, Unilumin exercised the remaining $3.5 million of the Unilumin Warrant and the Company issued 3,618,247, raising an aggregate of $5.5 million for the Company. Nicholas Fazio and Yang Liu, both directors of the Company, are directors of Unilumin.

As of March 31, 2019 and December 31, 2018, the Company had outstanding payables to certain executive officers aggregating $411,000 and $427,000, respectively.