Related Party Transactions
|12 Months Ended|
Dec. 31, 2018
|Related Party Transactions [Abstract]|
|Related Party Transactions||
Note 10 - Related Party Transactions
Net amounts due to related parties were $1.2 million and $1.5 million as of December 31, 2018 and 2017, respectively. Additionally, during the year ended December 31, 2017, the Company wrote off related party receivables of $0.4 million. The Company has not reserved any related party receivables as of December 31, 2018 and 2017.
For the years ended December 31, 2018 and 2017, the Company incurred approximately $51.0 thousand and $0.5 million, respectively, of legal fees to The Giannuzzi Group, a law firm owned by a former director of the Company who resigned in 2017. The Company also receives rental income for office space subleased to this entity. Rental income of approximately $0.2 million was recorded from this entity for each of the years ended December 31, 2018, and 2017. Amounts due from related parties, net as of December 31, 2018 included approximately $0.1million due to this entity for legal services. As of December 31, 2017, amounts due to related parties, net included
$0.3million due to this entity for legal services.
The Company incurred approximately $0.3 million and $1.7 million for the years ended December 31, 2018 and 2017, respectively, for construction services to an entity owned by family members of one of the Company’s stockholders, who is also a former employee of the Company. As of December 31, 2017, approximately $27.0 thousand was included in due to related parties, net related to construction services provided by this entity. There was no balance remaining as of December 31, 2018.
Additionally, in 2016, the Company incurred approximately $57.0 thousand for design services by an entity owned by one of the Company’s stockholders. As of December 31, 2017, approximately $9.5 thousand was included in due to related parties, net related to the design services provided by this entity. There was no balance remaining as of December 31, 2018.
During the fourth quarter of 2016, the Company received approximately $1.2 million in cash advances from the TOG Liquidation Trust (the “Liquidation Trust”). The TOG Liquidation Trust is a trust that was set up in connection with a 2013 merger transaction to hold previously issued and outstanding warrants held by members of the predecessor company. Amounts due to the trust are non-interest bear
ing and are repayable in 2021 when the trust expires. For each of the years ended December 31, 2018 and 2017, the balance due to the Liquidation Trust included in due to related parties, long-term was approximately $1.2 million.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef