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RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
Purchase Transactions
The Company has a purchase agreement for TLED products and spare parts and fixed assets with Sander Electronics, Inc (located in the US), an affiliate of a shareholder and Sander Electronics CO LTD (located in Taiwan), a shareholder of the Company.
Purchase Activities
Three months ended June 30,
Six months ended June 30,
Name of related party2025
% of purchases
2024
% of purchases
2025
% of purchases
2024
% of purchases
Sander Electronics, Inc.$131 13.7 %$— — %$250 12.6 %$— — %
Sander Electronics Co Ltd15 1.5 %621 32.5 %81 4.1 %2,225 46.4 %
$146 15.2 %$621 32.5 %$331 16.7 %$2,225 46.4 %
Accounts Payable
 
Name of related party
As of
June 30, 2025
% of accounts payable
As of
December 31, 2024
% of accounts payable
Sander Electronics, Inc.$131 11.1 %$— — %
Sander Electronics Co Ltd891 74.9 %909 54.4 %
$1,022 86.0 %$909 54.4 %

Related Party Risk Concentration

The Company’s business operations involve significant related party relationships that create concentration risks. As of June 30, 2025, related parties represented 86% of total accounts payable and 91% of outstanding purchase commitments. This concentration in related party suppliers, while providing certain operational benefits, creates risks regarding pricing, payment terms, supply continuity, and potential conflicts of interest. The Company has limited readily available alternative suppliers to replace the current production capacity provided by related parties. Management believes the terms of related
party transactions are commercially reasonable and comparable to arm’s length transactions; however, the concentration of these relationships could materially impact operations if disrupted. These transactions are subject to review and approval by the Company’s independent directors.

Private Placements
Please refer to Note 8 for further details on Private Placements in 2025 and 2024.