Note 7 - Related Party Transactions

 

On July 14, 2014, the Company’s Board of Directors appointed Howard Yeaton as the Company’s Interim Chief Financial Officer. Howard Yeaton is the Managing Principal of Financial Consulting Strategies LLC (“FCS”). During the three and nine months ended September 30, 2017, the Company did not incur any fees for services provided by FCS. During the three and nine months ended September 30, 2016, the Company incurred $0 and $13,306, respectively, in fees for other financial advisory and accounting services provided by FCS. None of these fees were incurred in connection with Mr. Yeaton’s services as Interim Chief Financial Officer.

 

In November 2016, the Company and Dialog Semiconductor plc (“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 (See Note 5 - Stockholders’ Equity, Private Placements). Dialog presently owns approximately 8.2% of the Company’s outstanding common shares, and could potentially own approximately 14.0% of the Company’s outstanding common shares if it exercised all of its warrants for common shares. For the nine months ended September 30, 2017, the Company paid $434,650 to Dialog for chip development costs incurred, which is recorded under research and development expense.