Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Line Items]

Related Party Transactions Disclosure [Text Block]

19.  Related Party Transactions

As of December 31, 2023, 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 and received compensation of $125,000 and $26,000, respectively.  The Company purchased $3.8 million and $6.0 million of product from Unilumin in the years ended December 31, 2023 and 2022, respectively.  Beginning January 1, 2023, the Company has accrued interest payable to Unilumin based on the Company’s accounts payable to Unilumin.  The amount payable by the Company to Unilumin, including accounts payable, accrued interest and long-term debt, was $10.0 million and $7.3 million as of December 31, 2023 and 2022, 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.