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Related Parties
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Parties

Note 21 – Related Parties

The following persons are owners of Fabricaciones y Servicios de México, S.A. de C.V. (“Fasemex”): Jesús Gil, a director of the Company; and Alejandro Gil and Salvador Gil, siblings of Jesús Gil. Fasemex owns approximately 10.2% of the outstanding shares of Common Stock as of December 31, 2024 and provides steel fabrication services to the Company. The lessors of the Manufacturing Facility are Jesús Gil, Alejandro Gil, and Salvador Gil. Distribuciones Industriales JAS S.A. de C.V. (“DI”) is owned by Alejandro Gil and Salvador Gil and provides material and safety supplies to the Company. Maquinaria y equipo de transporte Jova S.A. de C.V (“METJ”) is owned by Jorge Gil, a sibling of Jesús Gil, and provides trucking services to the Company. Fasemex, DI, METJ, Jesús Gil, Alejandro Gil, Salvador Gil, and Jorge Gil are collectively referred to as the “Gil Family”.

The Company paid $27,214 and $17,379 to the Gil Family during the years ended December 31, 2024 and 2023, respectively, related to steel fabrication services, rent and security deposit payments for the Manufacturing Facility, material and safety supplies, trucking services and royalty payments.

Commercial Specialty Truck Holdings, LLC (“CSTH”) is minority owned by James R. Meyer, a member of our Board, our former CEO, and beneficial owner of over 5% of our Common Stock. The Company sold specialty parts supplies in an amount equal to $885 and $121 to CSTH during the years ended December 31, 2024 and 2023, respectively.

 

Related party asset on the consolidated balance sheet of $959 as of December 31, 2024 includes other receivables of $614 from the Gil Family and $345 from CSTH. Related party accounts payable on the consolidated balance sheet of $2,693 as of December 31, 2024 is payable to the Gil Family. Related party asset on the consolidated balance sheet of $638 as of December 31, 2023 includes other receivables of $517 from the Gil Family and $121 from CSTH. Related party accounts payable on the consolidated balance sheet of $2,478 as of December 31, 2023 is payable to the Gil Family.

 

The Warrantholder beneficially owns approximately 49.40% of the Company’s common stock as of December 31, 2024. The Company paid dividends of $27,863 and a cash fee of $2,163 to the Warrantholder during the year ended December 31, 2024 upon redemption of the Preferred Shares. For further information about the redemption of the Preferred Shares, see Note 13 - Mezzanine Equity. The Company did not pay dividends to the Warrantholder during the year ended December 31, 2023.