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Related Parties
 9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
Related Parties

Note 10. 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 September 30,     Nine months ended September 30,  
    2018     2017     2018     2017  
Sales to related parties   $ 1,667     $ 1,267     $ 3,804     $ 3,732  
                                 
Fees paid to directors and officers   $ 833     $ 573     $ 2,461     $ 2,114  
Payments to other related parties   $ 863     $ 788     $ 2,525     $ 2,660  

 

    September 30, 2018     December 31, 2017  
Current Assets:                
Due from VS   $ 5,786     $ 6,240  
Due from other related parties     2,210       2,260  
    $ 7,996     $ 8,500  
                 
Liabilities:                
Due to related parties   $ 1,018     $ 975  

 

Ventanas Solar S.A. (“VS”), a Panama sociedad anónima, 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 months ended September 30, 2018 and 2017 were $853 and $779, respectively. The Company’s sales to VS for the nine months ended September 30, 2018 and 2017 were $2,067 and $2,668, respectively.

 

Payments to other related parties during three and nine months ended September 30, 2018 and 2017 include the following:

 

    Three months ended September 30,     Nine months ended September 30,  
    2018     2017     2018     2017  
Charitable contributions   $ 282     $ 494     $ 849     $ 1,652  
Sales commissions   $ 360     $ 181     $ 1,037     $ 601  

 

Charitable contributions are donations made to the Company’s foundation, Fundación Tecnoglass-ESW.