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Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]

Note 11—Related Party Transactions

 

In November 2014, the Company entered into a joint venture with MC&C for the purpose of providing certain JAKKS licensed and non-licensed toys and consumer products to agreed-upon territories of the People’s Republic of China which was dissolved in 2023 (see Note 4 – Joint Ventures).

  

In March 2017, the Company entered into an equity purchase agreement with Hong Kong Meisheng Cultural Company Limited (“Meisheng”) which provided, among other things, that as long as Meisheng and its affiliates hold 10% or more of the issued and outstanding shares of common stock of the Company, Meisheng shall have the right from time to time to designate a nominee for election to the Company’s board of directors. Since such time, Mr. Xiaoqiang Zhao was Meisheng’s nominee. Meisheng and its affiliates own less than 10% of the Company’s outstanding shares of common stock. Mr. Zhao did not stand for reelection as director at the Company’s 2024 annual meeting. Since December 6, 2024, Meisheng is not represented on the Company’s board of directors and thus ceased to be a related party to the company.

 

Meisheng serves as a significant manufacturer of the Company. For the years ended December 31, 2024, 2023 and 2022, the Company made inventory, molds and tooling related payments to Meisheng of approximately $98.4 million, $75.7 million and $120.5 million respectively. As of December 31, 2024 and 2023, amounts due to Meisheng for inventory received by the Company, but not paid totaled $13.5 million and $12.3 million, respectively. For the year ended December 31, 2024, the Company recorded sales revenues of $0.1 million from Party X People GMBH, a subsidiary of Meisheng.