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Warrant and Stock Option Issuances
12 Months Ended
Dec. 31, 2023
Warrant and Stock Option Issuances [Line Items]  
Warrant and Stock Option Issuances [Text Block]

11.  Warrant and Stock Option Issuances

 

On June 4, 2020, the Company entered into a Contract Manufacturing Agreement (the “CMA”) with Craftsmen Industries Inc. (“Craftsmen”), which commenced June 15, 2020 and terminated as of October 15, 2021.  The CMA provided that all payments owed by the Company to Craftsmen under the CMA are secured by a second lien on company assets and had been guaranteed by Unilumin USA LLC (“Unilumin USA”) through December 31, 2020.  Unilumin USA is wholly owned by Unilumin North America, who owns 52.0% of the Company’s outstanding Common Stock and beneficially owns 53.7% of the Company’s outstanding Common Stock.  In connection with the Unilumin guarantee in the CMA, the Company issued warrants (the “Warrants”) to purchase 500,000 shares of the Company’s Common Stock to Unilumin USA at an exercise price of $1.00 per share.  The Warrants are exercisable until June 4, 2024.  The Company calculated the fair value of the Warrants as $94,000 utilizing the Black-Scholes method, using a volatility of 151% and a risk free rate of 0.28%.  The Company recorded the entire expense of $94,000 in general and administrative expenses at the date of issuance, so there were no related expenses recorded in the years ended December 31, 2023 or 2022.