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Related Parties
3 Months Ended
Mar. 31, 2023
Related Party Transactions [Abstract]  
Related Parties

Note 14 – Related Parties

 

The following persons are owners of Fabricaciones y Servicios de México, S.A. de C.V. (“Fasemex”): Jesus Gil, VP Operations and director of the Company; and Alejandro Gil and Salvador Gil, siblings of Jesus Gil. Fasemex owns approximately 11.0% of the outstanding shares of Common Stock as of March 31, 2023. Fasemex provides steel fabrication services to the Company. The lessors of the Company’s leased facility in Castaños have been Jesus Gil, Alejandro Gil, and Salvador Gil. The Company paid $4,088 and $12,209 during the three months ended March 31, 2023 and 2022, respectively, related to rent payment, security deposit, fabrication services and royalty payments. Distribuciones Industriales JAS S.A. de C.V. (“DI”) is owned by Alejandro Gil and Salvador Gil. The Company paid $950 and $508 during the three months ended March 31, 2023 and 2022, respectively, to DI related to material and safety supplies. Maquinaria y Equipo de Transporte Jova S.A. de C.V. (“METJ”) is owned by Jorge Gil, another sibling of Jesus Gil. The Company paid $598 and $599 during the three months ended March 31, 2023 and 2022, respectively, to METJ related to trucking services.

 

Related party asset on the condensed consolidated balance sheet of $1,815 as of March 31, 2023 includes prepaid inventory of $768 and other receivables of $1,047 from Fasemex. Related party accounts payable on the condensed consolidated balance sheet of $1,430 as of March 31, 2023 includes $609 payable to Fasemex, $377 payable to DI and $444 payable to METJ. Related party asset on the condensed consolidated balance sheet of $3,261 as of December 31, 2022 includes prepaid inventory of $2,014 and other receivables of $1,247 from Fasemex. Related party accounts payable on the condensed consolidated balance sheet of $3,393 as of December 31, 2022 includes $2,475 payable to Fasemex, $572 payable to DI and $346 payable to METJ.

 

The Warrantholder beneficially owns approximately 41.2% of the outstanding shares of Common Stock (as disclosed by the Warrantholder in its Schedule 13D/A No. 6 filed with the SEC on March 29, 2023). The Company paid $3,273 to the Warrantholder during the three months ended March 31, 2023 for term loan interest, of which $1,615 was paid in cash and $1,658 was payment in kind. Additionally, the Company paid $535 in equity fees and $587 in cash fees during the three months ended March 31, 2023 to the Warrantholder related to the standby letter of credit described in Note 8 Debt Financing and Revolving Credit Facilities.