9.    Related Parties

Jonathan Gazdak

Mr. Gazdak is Managing Director – Head of Investment Banking for Alexander Capital, L.P., an investment banking firm based in New York. Mr. Gazdak was a member of the board of directors from June 2015 to May 10, 2021, and is no longer considered a related party as of May 10, 2021. Alexander Capital, L.P. acted as the lead investment bank in a number of the Company’s private financings and as an underwriter for the Company’s IPO. As of September 30, 2021 and December 31, 2020, Mr. Gazdak owned less than 1%of the outstanding shares of the Company’s common stock.

On February 6, 2020, the Company entered into a placement agency agreement with Alexander Capital, L.P. in connection with an offering by the Company of up to an aggregate of $835,000 of the Company’s securities, pursuant to which Alexander Capital, L.P. was paid cash fees of $83,000 and pursuant to which the Company agreed to issue to Alexander Capital, L.P. a warrant to purchase 4,553 shares of common stock. Such warrant is exercisable at a per share price of $8.80 and is exercisable at any time during the five-year period commencing on the date of issuance.

The Company also entered into the Alexander Settlement Agreement with Alexander Capital, L.P. on May 14, 2020. (See Note 6 – Convertible Preferred Stock and Stockholders’ Equity (Deficit)).

Helge Kristensen

Mr. Kristensen has served as a member of the Company’s board of directors since 2010. Mr. Kristensen serves as vice president of Hansong Technology, an original device manufacturer of audio products based in China, president of Platin Gate Technology (Nanjing) Co. Ltd, a company with focus on service-branding in lifestyle products as well as pro line products based in China and co-founder and director of Inizio Capital, an investment company based in the Cayman Islands.

9.    Related Parties, continued

For the three months ended September 30, 2021 and 2020, Hansong Technology purchased modules from the Company of approximately $263,000 and $137,000, respectively, and made payments to the Company of approximately $333,000 and $0, respectively. For the three months ended September 30, 2021 and 2020, Hansong Technology sold speaker products to the Company of approximately $96,000 and $8,000, respectively, and the Company made payments to Hansong Technology of approximately $309,000 and $38,000, respectively. For the nine months ended September 30, 2021 and 2020, Hansong Technology purchased modules from the Company of approximately $496,000 and $155,000, respectively, and made payments to the Company of approximately $380,000 and $1,000, respectively. For the nine months ended September 30, 2021 and 2020, Hansong Technology sold speaker products to the Company of approximately $854,000 and $8,000, respectively, and the Company made payments to Hansong Technology of approximately $962,000 and $67,000, respectively. As of September 30, 2021 and December 31, 2020, Mr. Kristensen owned less than 1.0% of the outstanding shares of the Company’s common stock.