Related Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions [Line Items]

Related Party Transactions Disclosure [Text Block]

19.  Related Party Transactions

As of December 31, 2022, 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. Mr. Fazio and Mr. Yu are both executive officers of the Company, but have not yet been added to the Company’s payroll as of December 31, 2022; they have been compensated by Unilumin, with no charge to the Company. In 2023, Mr. Fazio and Mr. Yu were added to the Company’s payroll at annual rates of compensation of $125,000 and $26,000, respectively. The Company purchased $6.0 million and $1.5 million of product from Unilumin in the years ended December 31, 2022 and 2021, respectively. The amount payable by the Company to Unilumin, including accounts payable, accrued interest and long-term debt, was $7.3 million and $3.7 million as of December 31, 2022 and 2021, respectively. In connection with the Unilumin Guarantee in the CMA, the Company issued Warrants to purchase 500,000 shares of the Company’s Common Stock to Unilumin USA at an exercise price of $1.00 per share (see Note 11). The Company occupies space in a New York office that is leased by Unilumin at no cost.