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RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
Sales Transactions
The Company recognized $3 thousand of gain on sales of fixed assets for the three and nine months of 2025, which was related to a one-time resale of a software license package to a Sander Electronics CO LTD (located in Taiwan), a shareholder of the Company as part of a specific project. There was no such gain recognized for the first nine months of 2024.
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 September 30,
Nine months ended September 30,
Name of related party2025
% of purchases
2024
% of purchases
2025
% of purchases
2024
% of purchases
Sander Electronics, Inc.$226 20.4 %$— — %$476 15.4 %$— — %
Sander Electronics Co Ltd306 27.7 %195 13.2 %388 12.5 %2,420 38.6 %
$532 48.1 %$195 13.2 %$864 27.9 %$2,420 38.6 %
Accounts Payable
 
Name of related party
As of
September 30, 2025
% of accounts payable
As of
December 31, 2024
% of accounts payable
Sander Electronics, Inc.$248 20.0 %$— — %
Sander Electronics Co Ltd754 60.7 %909 54.4 %
$1,002 80.7 %$909 54.4 %
Related Party Risk Concentration
The Company’s business operations involve significant related party relationships that create concentration risks. As of September 30, 2025, related parties represented 81% of total accounts payable and 9% 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.