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RELATED PARTY TRANSACTIONS
9 Months Ended
Sep. 30, 2021
RELATED PARTY TRANSACTIONS
10. RELATED PARTY TRANSACTIONS
Purchases from Carrier and its affiliates comprised 59% and 65% of all inventory purchases made during the quarters ended September 30, 2021 and 2020, respectively. Purchases from Carrier and its affiliates comprised 64% and 62% of all inventory purchases made during the nine months ended September 30, 2021 and 2020, respectively. At September 30, 2021 and December 31, 2020, approximately $142,000 and $81,000, respectively, was payable to Carrier and its affiliates, net of receivables. We also sell HVAC products to Carrier and its affiliates. Revenues in our condensed consolidated unaudited statements of income for the quarters and nine months ended September 30, 2021 and 2020 included approximately $30,000, $27,000, $86,000, and $82,000, respectively, of sales to Carrier and its affiliates. We believe these transactions are conducted on terms equivalent to an
arm’s-length
basis in the ordinary course of business.
A member of our Board of Directors is the Senior Chairman of Greenberg Traurig, P.A., which serves as our principal outside counsel for compliance and acquisition-related legal services. During the quarters and nine months ended September 30, 2021 and 2020, fees to this firm for services performed were $83, $28, $181, and $28, respectively. At September 30, 2021 and December 31, 2020, $56 and $8, respectively, was payable to this firm.