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Related Parties
 6 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
Related Parties

Note 14. Related Parties

 

The following is a summary of assets, liabilities, and income and expense transactions with all related parties, shareholders, directors and managers:

 

    Three months ended June 30,     Six months ended June 30,  
    2017     2016     2017     2016  
                         
Sales to related parties   $ 1,091     $ 1,460     $ 2,465     $ 4,431  
Expenses                                
Fees paid to directors and officers     662       388       1,372       836  
Payments to other related parties     1,066       396       1,872       1,433  

 

    June 30, 2017     December 31, 2016  
Current Assets:                
Due from VS   $ 6,434     $ 9,143  
Due from other related parties     2,097       1,852  
    $ 8,531     $ 10,995  
                 
Liabilities:                
Due to related parties   $ 1,435     $ 3,668  

 

Ventanas Solar S.A. (“VS”), a Panama sociedad anonima, is an importer and installer of the Company’s products in Panama. Family members of the Company’s CEO and COO and other related parties own 100% of the equity in VS. The Company’s sales to VS for the three and six months ended June 30, 2017 were $739 and $1,889, respectively, and $1,257 and $3,946 during the three and six months ended June 30, 2016, respectively.

 

Payments to other related parties during the six months ended June 30, 2017 include charitable contributions to the Company’s foundation for $1,158 and sales commissions for $420.

 

Due to related party included a balance of $2,303 payable to the former shareholders of ESW LLC as part of the consideration paid for the acquisition as of December 16, 2016. (See Note 3 – Acquisitions for further details). This had been fully paid as of June 30, 2017.