As of March 31, 2017, the Company had entered into an operating agreement with Advanced Nanofibers LLC (“Advanced”). Advanced is a variable interest entity of which the Company owned a minority 23.88% interest at March 31, 2017 and is considered the primary beneficiary based on qualitative and quantitative features. Advanced is a Florida-based, nano-technology firm founded in September 2016 by the Company and two other technology firms as a collaborative joint venture focused on globally broadening the utilization of nanoparticle-enhanced nanofibers across a diverse range of mass-market industrial and consumer applications. The three entity members of Advanced include the Company, Nanotech Fibers LLC, and EnVont, LLC. The Company’s president and chief executive officer currently holds a 18.75% equity interest in Nanotech Fibers LLC through a closely held private Florida limited liability company, August Center Street Holdings LLC. August Center Street Holdings is owned 75% by the Company’s president and chief executive officer and 25% by the Company’s general counsel.
|