Related Party Transactions |
12 Months Ended |
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Dec. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | 10. Related Party Transactions
Ms. Jana M. Schwan is the Company’s Chief Executive Officer. Her father, John H. Schwan, held several positions with the Company over many years, most recently as Chairman of the Board until June 2020 as discussed in Note 8, Mr. John H. Schwan was owed approximately $0.3 million as of both December 31, 2025, and 2024, respectively in a note from the Company.
Icy Mellon LLC, the landlord of the Company’s Barrington Facility, is a shareholder of the Company. On January 13, 2025, the Company issued shares of common stock with an aggregate fair value of approximately $182,000 to settle rent payable that had been included in accrued expenses as of December 31, 2024. As of December 31, 2025 and 2024, amounts due to Icy Mellon LLC totaled approximately $234,000 and $182,000, respectively, and are included in accrued expenses in the consolidated balance sheets. Rent expense for Barrington Facility totaled approximately $557,000 and $541,000 for the years ended December 31, 2025, and 2024, respectively. As of December 31, 2025, remaining lease obligations under the Barrington Facility lease total approximately $3.3 million through the lease term ending April 2031. The Company’s Vice President – Strategy and Business Development also serves as a Manager of Icy Mellon LLC. During 2025, the Company received $150,000 from Icy Mellon LLC as an advance for undefined purposes until an agreement is executed. This advance has been recorded as an advance investor deposit.
Jeffery Leader, a shareholder and newly appointed Director in 2025, provided consulting services during the year ended December 31, 2025. He was paid $30,000 in total for his services.
During the year ended December 31, 2025, the Company issued common shares to Mitzners Consulting, LLC, an existing shareholder of the company, for proceeds of $1,050,000. Such proceeds were received prior to December 31, 2024 and were recorded within advance investor deposit on the consolidated balance sheet as of December 31, 2024. As of December 31, 2025 and 2024, accrued investor deposits from Mitzners Consulting, LLC totaled $0 and $1,050,000 respectively. The Company’s Vice President – Strategy and Business Development also serves as a Manager for Mitzners Consulting, LLC.
The Company formed a wholly owned subsidiary, Yunhong Technology Industry (Hubei) Co. Ltd., and acquired certain assets of Yunhong Environmental Protection Technology Co., Ltd. and Yunhong China Group (together the “Selling Parties”) pursuant to an Asset Purchase Agreement. The Selling Parties are affiliated with certain stockholders of the Company. The assets were acquired in exchange for shares of the Company’s common stock, which was valued at $6.25 million. On December 2, 2025, the Company entered into a settlement agreement with the seller pursuant to which shares of common stock were canceled and approximately $ million of related prepaid assets were eliminated, thereby adjusting the terms of the original transaction. The settlement adjusted the original transaction terms. See Notes 1, 2 and 13 for additional information.
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