XML 33 R21.htm IDEA: XBRL DOCUMENT v3.21.2
Related-Party Transactions
 9 Months Ended
Sep. 30, 2021
Related Party Transactions [Abstract]  
Related-Party Transactions

Note 13. Related-Party Transactions

An annual dividend for Series A Preferred Shares was declared as of December 31, 2020 and settled in shares during January 2021. The Company issued 12.4 million shares to Mariposa Acquisition IV, LLC, a related entity that is controlled by the co-chairperson of the Company’s Board of Directors. In addition, the Company incurred advisory fees of $1 during both the three months ended September 30, 2021 and 2020, and $3 during both the nine months ended September 30, 2021 and 2020, payable to Mariposa Capital, LLC, an entity owned by the co-chairperson of the Company’s Board of Directors.

The Company has entered into a Securities Purchase Agreement with Viking Global Equities Master Ltd. and Viking Global Equities II LP ("Viking Purchasers"), an owner of more than 5% of the Company's outstanding stock, to sell 200,000 Series B Preferred Shares (as defined in Note 14 - "Shareholders' Equity") for an aggregate purchase price of $200.

The Company has entered into sales contracts with Royal Oak Enterprises, an entity controlled by the co-chairperson of the Company's Board of Directors, and recorded $5 in net revenues for the nine months ended September 30, 2021, and as of September 30, 2021 had $2 in accounts receivable, net of allowances.

From time to time the Company also enters into other immaterial related party transactions.