Related Party Transactions

9 Months Ended

Sep. 30, 2022

Related Party Transactions [Line Items]

Related Party Transactions Disclosure [Text Block]

Note 12 – Related Party Transactions

The Company has the following related party transactions:

As of September 30, 2022, Unilumin USA (“Unilumin”) owns 52.0% of the Company’s Common Stock and beneficially owns 53.7% of the Company’s Common Stock.  Nicholas J. Fazio, Yang Liu and Yantao Yu, each directors of the Company, are each directors and/or officers of Unilumin.  The Company purchased $5.9 million and $1.1 million of product from Unilumin in the nine months ended September 30, 2022 and 2021, respectively, and $2.1 million and $568,000 in the three months ended September 30, 2022 and 2021, respectively.  The Company borrowed $250,000 under the revolving credit line with Unilumin in the nine months ended September 30, 2022.  The Company did not borrow any funds under the revolving credit line with Unilumin in the three months ended September 30, 2022.  The revolving credit line expired on September 15, 2022 and the Company is currently in default of the Loan Agreement.  The amount payable by the Company to Unilumin was $6.7 million and $3.7 million as of September 30, 2022 and December 31, 2021, respectively.