Related Party Transactions

9 Months Ended

Sep. 30, 2023

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Keary Global Ltd. ("Keary Global") owns 250,004 shares of the Company's common stock as of September 30, 2023, which Keary Global acquired upon exercise of two convertible notes during the third quarter of 2018. Keary Global and its affiliate, Keary International, are owned by one of the Company’s stockholders’ family member. In addition to being a stockholder, Keary Global and Keary International are inventory suppliers and purchasing agents for the Company overseas. The Company has entered into ongoing purchase and supply agreements with Keary Global. At September 30, 2023 and December 31, 2022, the Company has accounts payable due to Keary Global and Keary International of $2,555,000 and $4,940,000, respectively. Purchases for the three months ended September 30, 2023 and 2022 from this related party were $7,371,000 and $7,336,000, respectively. Purchases for the nine months ended September 30, 2023 and 2022 from this related party were $32,384,000 and $33,051,000, respectively.

See Note 4 — Joint Venture for discussion on our share transfer agreement with Keary Global.