Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.21.1
Subsequent Events
3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

NOTE 19 – Subsequent Events

 

2021 Yuanjiu MOU: On April 18, 2021, the Company entered into a memorandum of understanding with YuanJiu, which the Company refer to as the 2021 YuanJiu MOU, pursuant to which YuanJiu will serve the exclusive service provider to the Company in Asia with respect to the installation and service of the Company's Aerkomm AirCinema Cube ("ACC") product and the related software platform ("Rayfin") on which AAC will operate. The ACC is a portable inflight entertainment, or IFE, box intranet server which will provide to passengers' personal entertainment devices pre-loaded videos, news, music and games, on demand. According to the terms of the 2021 YuanJiu MOU, YuanJiu will purchase and pay for units of ACC, the related Rayfin software and two and one-half years of maintenance from third party manufacturers for installation on aircraft owned by airlines with which the Company contract for the sale of ACC.  The Company will pay YuanJiu a to-be-determined share of the profits generated through the future operation of the Air Cinema Cubes.  YuanJiu will perform it services under the 2021 YuanJiu MOU as an independent contractor until December 31, 2024, unless the 2021 YuanJiu MOU is terminated earlier according to its terms.  Specific terms of the profit-sharing arrangement with YuanJiu are subjected to future negotiation. Albert Hsu, a member of the Company's board of directors, is the Chairman of YuanJiu.