Related Party |
6 Months Ended |
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Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party | Note 11. Related Party
Effective June 4, 2023, the Chairman and CEO of Gauzy, Ltd., one of the Company’s licensees, joined the Board of the Company. Gauzy’s license agreement has been in effect since September 17, 2017 and provides for minimum annual royalties and earned royalties relating to sales of SPD-SmartGlass architectural window products. Because the Company collects a 10-15% royalty from the higher-priced end product sales by Gauzy’s customers purchasing their SPD-Smart light control film, under its license agreement with Gauzy, the Company does not collect a royalty on sales by Gauzy of SPD-Smart light control film to these licensee customers. In addition, the Company’s licensee Vision Systems, Inc. is a 100% owned subsidiary of Gauzy, Ltd. For the six months ended June 30, 2026 and 2025, fee income related to Gauzy and Vision Systems represented 44% and 14%, respectively, of the Company’s total fee income. In addition, as of June 30, 2026 and December 31, 2025, the Company’s accounts receivable from Gauzy and Vision Systems represented 91% and 79%, respectively, of the Company’s total net royalties receivables. The Company also utilized Gauzy in the past to manufacture SPD’s. As of June 30, 2026, $39,975 is included with accounts payable relating to prior purchases from Gauzy. There were no purchases from Gauzy during the six months ended June 30, 2026 and 2025.
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