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Related-Party Transactions | 6 Months Ended
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Jun. 30, 2021
Related Party Transactions [Abstract] |
Related-Party Transactions |
7. | Related-Party Transactions
Shared and Transition Services Certain services are provided to the Company under a Transition Services Agreement (“TSA”) between MMC and the Company. The TSA is intended to provide certain services until the Company acquires these services separately. Under the TSA, the Company incurred net costs (charge-back) during the three months ended June 30, 2021 and 2020 of $(4,000) and $16,000, respectively, and during the six months ended June 30, 2021 and 2020 of $15,000 and $42,000, respectively. These amounts are included in selling, general and administrative expense in the accompanying condensed consolidated statements of net and comprehensive income. Brokerage and Financing Services with the Subsidiaries of MMC MMC has wholly or majority owned subsidiaries that buy and sell commercial real estate properties. The Company performs certain brokerage and financing services related to transactions of the subsidiaries of MMC. For the three months ended June 30, 2021 and 2020, the Company earned real estate brokerage commissions and financing fees of $337,000 and $880,000, respectively, from transactions with subsidiaries of MMC related to these services. The Company incurred cost of services of $203,000 and $536,000, respectively, related to these revenues. For the six months ended June 30, 2021 and 2020, the Company earned real estate brokerage commissions and financing fees of $794,000 and $1.6 million, respectively, from transactions with subsidiaries of MMC related to these services. The Company incurred cost of services of $477,000 and $988,000, respectively, related to these revenues. Operating Lease with MMC The Company has an operating lease with MMC for a single-story office building located in Palo Alto, California, which expires on May 31, 2022. The related operating lease cost was $332,000 for each of the three months ended June 30, 2021 and 2020, respectively, and $665,000 for each of the six months ended June 30, 2021 and 2020, respectively. Operating lease cost is included in selling, general and administrative expense in the accompanying condensed consolidated statements of net and comprehensive income. See Note 3 – “Operating Leases” for additional information. Accounts Payable and Other Liabilities with MMC As of June 30, 2021 and December 31, 2020, accounts payable and other liabilities with MMC totaling $85,000 and $89,000, respectively, remain unpaid and are included in accounts payable and other liabilities in the accompanying condensed consolidated balance sheets. Other The Company makes advances to non-executive employees from time-to-time. At June 30, 2021 and December 31, 2020, the aggregate principal amount for employee notes receivable was $125,000 and $431,000, respectively, which is included in other assets (current and non-current) in the accompanying condensed consolidated balance sheets. See Note 6 – “Selected Balance Sheet Data” for additional information. As of June 30, 2021, George M. Marcus, the Company’s founder and Chairman, beneficially owned approximately 38% of the Company’s issued and outstanding common stock, including shares owned by Phoenix Investments Holdings, LLC and the Marcus Family Foundation II.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 + Details
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