Related Party Transactions
|3 Months Ended|
Mar. 31, 2020
|Related Party Transactions [Abstract]|
|Related Party Transactions||
Note 7 – Related Party Transactions
In November 2016, the Company and Dialog entered into an alliance agreement for the manufacture, distribution and commercialization of products incorporating the Company’s wire-free charging technology (See Note 4 – Commitments and Contingencies, Strategic Alliance Agreement). On November 7, 2016 and June 28, 2017, the Company and Dialog entered into securities purchase agreements under which Dialog acquired a total of 1,739,691 shares and received warrants to purchase up to 1,417,565 shares. As of March 31, 2020, a total of 654,013 of the warrants remain outstanding. As of March 31, 2020, Dialog owns approximately 4.6% of the Company’s outstanding common shares and could potentially own approximately 6.2% of the Company’s outstanding common shares if it exercised all of its warrants for common shares. The Company recorded $0 and $7,100 in royalty revenue pursuant to the Strategic Alliance Agreement for the three months ended March 31, 2020 and 2019, respectively. Additionally, the Company recorded $40,625 and $0 in contract services revenue performed for Dialog during the three months ended March 31, 2020 and 2019, respectively. The Company recorded $39,544 and $0 in cost of services revenue associated with the contract services performed for Dialog during the three months ended March 31, 2020 and 2019, respectively.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef