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RELATED PARTY TRANSACTIONS | 9 Months Ended
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Sep. 30, 2024
RELATED PARTY TRANSACTIONS |
10. | RELATED PARTY TRANSACTIONS
Purchases from Carrier and its affiliates comprised 61% and 67% of all inventory purchases made during the quarters ended September 30, 2024 and 2023, respectively. Purchases from Carrier and its affiliates comprised 62% and 65% of all inventory purchases made during the nine months ended September 30, 2024 and 2023, respectively. At September 30, 2024 and December 31, 2023, approximately $128,000 and $100,000, 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, 2024 and 2023 included approximately $24,000, $34,000, $64,000, and $88,000, 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 a 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, 2024 and 2023, fees for services performed were $ 28 , $ 60 , $ 229 , and $ 131 , respectively, and $ 41 and $ 3 was payable at September 30, 2024 and December 31, 2023, respectively.

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