Terrestrial gamma ray flashes (TGF) are intense and prompt bursts of X- and gamma-rays of up to 100 MeV of energy. Typically associated with thunderstorm activity, TGFs are produced by bremsstrahlung effects of electrons accelerated in strong electric fields generated by lightning. TGFs can be effectively targeted by gamma detectors with enhanced time stamping capabilities onboard of satellites operating at near-Earth low obits (LEO) [1]. Light-1 is a miniature satellite, a 3U CubeSat designed to detect, monitor and study terrestrial gamma ray flashes in low Earth orbit. The two payload detectors are composed of a photomultiplier tube and silicon photomultipliers. The two detectors are mounted at two ends of the CubeSat and the proposed orientation of the CubeSat will ensure maximum TGF detection probability. To allow an increased frequency of data downlink, Khalifa University has collaborated with NanoAvionics Corp, and hence Light-1 has access to three ground stations situated across the map, Abu Dhabi in United Arab Emirates, Vilnius in Lithuania, and Aalborg in Denmark. The satellite expected to launch in late-2021 is currently in its assembly and integration phase. This paper describes mission, concept, objectives, success criteria, design, analysis, status, and the future plans of Light-1 satellite.