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Related-Party Transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related-Party Transactions

NOTE 11. RELATED-PARTY TRANSACTIONS

 

A member of the Board serves on the board of directors of a SmartRent customer. For the years ended December 31, 2023, 2022, and 2021, the Company earned revenue from this customer of $3,738, $3,598, and $3,831, respectively. As of December 31, 2023, and 2022, the Company had receivables due from this customer of $1,352 and $287, respectively. All business dealings with the customer were entered into in the ordinary course of business and the arrangements are on terms no more favorable than terms that would be available to unaffiliated third parties under the same or similar circumstances.

During the years ended December 31, 2022 and 2021, respectively, the Company incurred marketing expenses of $217 and $810 in connection with the vesting of warrants held by a former investor (see Note 7).

During the years ended December 31, 2022 and 2021, the Company incurred consulting expense of $20 and $110 related to services provided by companies in which one of the Company's former executives had control or significant influence.

In March 2022, the Company purchased all of the outstanding equity interests of SightPlan (see Note 13). One of the Company's directors, through a personal investment vehicle, held an unsecured convertible promissory note in SightPlan (the “SightPlan Convertible Note”). As consideration for the conversion and cancellation of the SightPlan Convertible Note, the director received $458 at the closing of the SightPlan acquisition. The director did not participate in any negotiations, recused himself from all Board discussions related to the SightPlan acquisition, and did not vote on the matter.

Entities affiliated with RETV Management, LLC ("RET"), which at the time of the SightPlan acquisition held more than 5% of the outstanding shares of the Company's Common Stock, held more than 17% of the fully diluted shares outstanding of SightPlan (the “RET SightPlan Holdings”). As consideration for the RET SightPlan Holdings, entities affiliated with RET received $22,271 at the closing of the SightPlan acquisition. None of the Company's executive officers or directors hold any economic interest in RET and RET does not have a designee on the Board. Further, RET did not assist the Company with any negotiations or participate in the Board discussions related to the SightPlan acquisition. As of December 31, 2023, RET does not hold any outstanding shares of the Company's Common Stock.