Related Party Transactions
|12 Months Ended|
Dec. 31, 2020
|Related Party Transactions [Abstract]|
|Related Party Transactions||
Note 10 – Related Party Transactions
Net amounts due from related parties were $0.4 million and $0.3 million as of December 31, 2020 and 2019, respectively. The Company has not reserved any related party receivables as of December 31, 2020 and 2019.
During the fourth quarter of 2016, the Company received approximately $1.2 million in cash advances from the TOG 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 were non-interest bearing and were repayable in 2021 when the trust expires. In conjunction with entering into the Bank of America Credit Agreement on May 15, 2019, the Company prepaid the $1.2 million balance due to the TOG Liquidation Trust. As a result of the prepayment, there was no amount outstanding to the TOG Liquidation Trust as of December 31, 2020 and 2019.
Refer to Note 9 for details on other transactions with other related parties and refer to Note 8 for details related to the Bank of America Credit Agreement.
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