Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.20.2
Related Party Transactions
6 Months Ended
Jun. 30, 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 June 30, 2020, a total of 654,013 of the warrants remain outstanding. As of June 30, 2020, Dialog owns approximately 4.2% of the Company’s outstanding common shares and could potentially own approximately 5.7% of the Company’s outstanding common shares if it exercised all of its warrants for common shares. The Company recorded $0 and $0 for the three months ended June 30, 2020 and 2019, respectively, and $0 and $7,100 for the six months ended June 30, 2020 and 2019, respectively, in royalty revenue pursuant to the Strategic Alliance Agreement. Additionally, the Company recorded $89,375 and $0 in contract services revenue performed for Dialog during the three months ended June 30, 2020 and 2019, respectively, and $130,000 and $0 in contract services revenue performed for Dialog during the six months ended June 30, 2020 and 2019, respectively. The Company recorded $86,995 and $0 in cost of services revenue associated with the contract services performed for Dialog during the three months ended June 30, 2020 and 2019, respectively, and $126,539 and $0 in cost of services revenue during the six months ended June 30, 2020 and 2019, respectively.