Related Party Transactions
|3 Months Ended|
Mar. 31, 2019
|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, 2019, Dialog owns approximately 5.7% of the Company’s outstanding common shares and could potentially own 9.9% of the Company’s outstanding common shares if it exercised all of its warrants for common shares. For the three months ended March 31, 2019 and 2018, the Company paid $0 and $43,700 to Dialog for chip development costs incurred, which is recorded under research and development expense. We recorded $7,100 and $0 in revenue pursuant to the Strategic Alliance Agreement for the three months ended March 31, 2019 and 2018.
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