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Related Parties
9 Months Ended
Sep. 30, 2021
Related Party Transactions [Abstract]  
Related Parties

Note 15 – Related Parties

 

The following persons are owners of Fasemex: Jesus Gil, VP Operations and director of the Company; Alejandro Gil and Salvador Gil, siblings of Jesus Gil. Fasemex provides steel fabrication services to the Company and, at September 30, 2021, was the lessor for the Company’s leased facility in Castaños. The Company paid $28.3 million and $49.1 million to Fasemex during the three and nine months ended September 30, 2021, respectively, related to rent payment, security deposit, fabrication services and royalty payments. Distribuciones Industriales JAS S.A. de C.V. (“Distribuciones Industriales”) is owned by Alejandro Gil and Salvador Gil. The Company paid $0.3 million and $1.2 million to Distribuciones Industriales related to material and safety supplies during the three and nine months ended September 30, 2021, respectively. Maquinaria y equipo de transporte Jova S.A. de C.V is owned by Jorge Gil, sibling of Jesus Gil. The Company paid $0.3 million and $0.7 million to Maquinaria y equipo de transporte Jova S.A. de C.V related to trucking services during the three and nine months ended September 30, 2021, respectively. Related party asset on the condensed consolidated balance sheet of $8.4 million as of September 30, 2021 includes prepaid inventory of $4.4 million and other receivables of $3.9 million from Fasemex. Related party accounts payable on the condensed consolidated balance sheet of $8.6 million as of September 30, 2021 includes $8.3 million payable to Fasemex and $0.3 million payable to Distribuciones Industriales. Related party accounts payable on the condensed consolidated balance sheet of $814 as of December 31, 2020 represents the payable to Fasemex.

 

The Company paid $0.5 million to the Warrantholder in relation to the Amendment described in Note 8 Debt Financing and Revolving Credit Facilities during the three and nine months ended September 30, 2021, respectively. The Company paid $2.0 and $5.1 million to the Warrantholder during the three and nine months ended September 30, 2021, respectively, for term loan interest. Additionally the Company paid $1.0 million in equity fees to the Warrantholder related to the standby letter of credit described in Note 8 Debt Financing and Revolving Credit Facilities during the three and nine months ended September 30, 2021.