Quarterly report pursuant to Section 13 or 15(d)

Prepayment from Customer

v3.21.2
Prepayment from Customer
6 Months Ended
Jun. 30, 2021
Prepayment From Customer [Abstract]  
Prepayment from Customer

NOTE 13 - Prepayment from Customer

 

On March 9, 2015, the Company entered into a 10-year purchase agreement with Klingon Aerospace, Inc. (“Klingon”), which was formerly named as Luxe Electronic Co., Ltd. In accordance with the terms of this agreement, Klingon agreed to purchase from the Company an initial order of onboard equipment comprising an onboard system for a purchase price of $909,000, with payments to be made in accordance with a specific milestones schedule. As of June 30, 2021 and December 31, 2020, the Company received $762,000 from Klingon in milestone payments towards the equipment purchase price. As of June 30, 2021, the project is still ongoing.

 

On April 25, 2021, the Company entered into a Product Supply Agreement with a customer. As of June 30, 2021, the Company received $1,611,357 from the customer as a prepayment towards the equipment purchase price.