Annual report pursuant to Section 13 and 15(d)

Related Party Transactions

v3.21.2
Related Party Transactions
12 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]  
Related Party Transactions

Note 13. Related Party Transactions

 

Asset Purchase and Sale

 

On September 30, 2020, Akoustis, Inc. sold to a third party certain of its inventory, together with related warranty obligations, delivery commitments and design data and files (the “Designs”) for $215,000. This transaction was enabled by the purchase by Akoustis, Inc. under an Asset Purchase Agreement dated September 30, 2020 with Big Red, LLC of the Designs for $25,000. Members of Big Red, LLC include the brother of the Company’s Chief Executive Officer and two non-executive employees of the Company.