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Related Party Transactions
9 Months Ended
Sep. 30, 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 former director of the Company, is the Chairman of Transtech LED Company Limited (“Transtech”), which is one of our LED suppliers.  The Company purchased $469,000 and $171,000 of product from Transtech in the nine months ended September 30, 2019 and 2018, respectively.  The Company purchased $74,000 and $44,000 of product from Transtech in the three months ended September 30, 2019 and 2018, respectively.  Amounts payable by the Company to Transtech were $56,000 and $305,000 as of September 30, 2019 and December 31, 2018, respectively.


In 2019, all 16,512 of our issued and previously outstanding SBCPS shares were converted into 1,651,200 shares of Common Stock.  Such amount included shares of SBCPS held by a greater than 5% stockholder of the Company and certain current and former directors of the Company.


On March 4, 2019, 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 3,608,247, raising an aggregate of $5.5 million for the Company, less issuance costs of $202,000.  As a result of the exercises, Unilumin currently holds 52.0% of the Company’s outstanding Common Stock, which resulted in a change in control event.  The Company did not elect to apply pushdown accounting.  Nicholas Fazio, Yang Liu and Yantao Yu, each directors of the Company, are also each directors and/or officers of other subsidiaries of Unilumin’s parent company Unilumin Group Co. Ltd. (“Unilumin Group”).  The Company purchased $62,000 and $83,000 of product from subsidiaries of Unilumin Group in the three and nine months ended September 30, 2019, respectively.  There were no amounts payable by the Company to any subsidiaries of Unilumin Group as of September 30, 2019 or December 31, 2018.


As of September 30, 2019, the Company had no outstanding payables to certain executive officers.  As of December 31, 2018, the Company had outstanding payables to certain executive officers aggregating $427,000.