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RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
Secured Term Note Payable - Related Party
The Company had a Secured Term Note Payable with Chart E&C in the principal amount of $1.1 million, which was repaid in full during the third quarter 2021.
Secured Promissory Note - Related Party
On August 16, 2019, the Company issued a Secured Promissory Note to MG Finance Co., Ltd., a subsidiary of The Modern Group, a related party, in the principal amount of $5.0 million, at an interest rate per annum of 6% until December 10, 2020, and 12% thereafter. The following individuals serve in various leadership capacities for The Modern Group: Casey Crenshaw (our Chairman of the Board) as President and Ben Broussard (a member of our Board) as Chief Financial Officer of both The Modern Group as well as its subsidiary, MG Finance Co., Ltd. Casey Crenshaw is the beneficial owner of 50% of The Modern Group and is deemed to jointly control The Modern Group with family members. Stacey Crenshaw (a member of our Board) is the spouse of Casey Crenshaw. On September 20, 2021, the Company amended its secured promissory note with MG Finance Co., Ltd, to defer scheduled debt and interest payments from September through December 2021. The Company again amended its secured promissory note with MG Finance Co., Ltd, on March 9, 2022 to defer scheduled debt and interest payments beginning April 2022 and lower the interest rate from 12.0% to 6.0%. Repayments under the amendment resumed in October 2022 and in equal monthly installments through December 2023. See Note 10 for further discussion of this promissory note.
Other Purchases and Sales
The Company purchases supplies and services from a subsidiary of The Modern Group. During the years ended December 31, 2022 and 2021, purchases from The Modern Group totaled $0.3 million and $1.0 million, respectively. Office rent of $0.1 million was paid to The Modern Group during the years ended December 31, 2022 and 2021, respectively. There were no sales to The Modern Group in 2022.The Company had $13 thousand in sales of supplies and services to The Modern Group in 2021. There was no receivable due from The Modern Group as of December 31, 2022 and 2021. As of December 31, 2022 and 2021, respectively, we had $0.1 million and $0.7 million due to The Modern Group included in accounts payable on the consolidated balance sheets.
Chart Energy & Chemicals, Inc. (“Chart E&C”) beneficially owns 8.0% of our outstanding common stock. The Company purchases services from Chart E&C. During the years ended December 31, 2022 and 2021, purchases from Chart E&C totaled $1.1 million and $0.3 million. As of December 31, 2022 and 2021, we had $0.5 million and $0.2 million due to Chart E&C included in accounts payable on the consolidated balance sheets.
Applied Cryo Technologies, Inc. (“ACT”), is a company that was owned 51% by Crenshaw Family Holdings International, Inc. Crenshaw Family Holdings sold its interest in ACT on November 22, 2021, thus no transactions are reflected in 2022. During the year ended December 31, 2021, the Company paid $0.6 million for equipment, repairs, and services. The Company also sold $29 thousand of LNG to ACT during the year ended December 31, 2021. As of December 31, 2021 we had $18 thousand due from ACT included in accounts receivable on the consolidated balance sheets and we had $23 thousand due to ACT included in accounts payable on the consolidated balance sheets.