Related Party Transactions

6 Months Ended

Jun. 30, 2023

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 June 30, 2023, Unilumin USA (“Unilumin”) owns 51.8% of the Company’s Common Stock and beneficially owns 53.5% of the Company’s Common Stock.  Nicholas J. Fazio, Jie Feng 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 had not yet been added to the Company’s payroll until January 2023 at annual rates of compensation of $125,000 and $26,000, respectively.  In 2022 and prior, they had been compensated solely by Unilumin, with no charge to the Company.  In 2023, they continue to receive some compensation directly from Unilumin.  The Company purchased $1.1 million and $3.8 million of product from Unilumin in the six months ended June 30, 2023 and 2022, respectively, and purchased $587,000 and $2.7 million of product from Unilumin in the three months ended June 30, 2023 and 2022, respectively.  The total amount payable by the Company to Unilumin, including accounts payable, accrued interest and long-term debt, was $8.2 million and $7.3 million as of June 30, 2023 and December 31, 2022, respectively.  The Company occupies space at no cost in a New York office that is leased by Unilumin.

Marco Elser, a director of the Company, exercises voting and dispositive power as investment manager of Carlisle.  The total amount payable by the Company to Carlisle, including accrued interest and long-term debt, was $1.7 million and $1.6 million as of June 30, 2023 and December 31, 2022, respectively.