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Note 10 - Related Party Transactions
 9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

10. RELATED PARTY TRANSACTIONS

 

Secured Promissory Note - Related Party

 

Casey Crenshaw (our Chairman of the Board) is the beneficial owner of 50% of The Modern Group and is deemed to jointly control The Modern Group with family members. The Company has a secured promissory note payable with MG Finance Co., Ltd, a subsidiary of The Modern Group. See additional discussion in Note 9.

 

Other Purchases and Sales

 

The Company purchases supplies and services from subsidiaries of The Modern Group. The Company made purchases of supplies and services totaling $0.2 million and $0.1 million for the three months ended September 30, 2023 and 2022, respectively. For the nine months ended September 30, 2023 and 2022, purchases totaled $0.4 million and $0.2 million, respectively. During the third quarter, the Company also purchased equipment it was renting from The Modern Group for $0.1 million. As of September 30, 2023 and December 31, 2022, the Company had $33 thousand and $0.1 million, respectively, due to a subsidiary of The Modern Group included in accounts payable on the Condensed Consolidated Balance Sheets.

 

Chart E&C beneficially owns 7.9% of our outstanding common stock at September 30, 2023. The Company made purchases from Chart E&C for the three months ended  September 30, 2023 and 2022 of $11 thousand and $2 thousand, respectively.  For the nine months ended September 30, 2023 and 2022, the Company made purchases from Chart E&C totaling $22 thousand and $0.1 million, respectively. The Company had $0.5 million due to Chart E&C included in accounts payable on the Condensed Consolidated Balance Sheets at  December 31, 2022, with no accounts payable due at  September 30, 2023. The Company also has a commitment for the future delivery of equipment during 2023 totaling $0.6 million. The Company had no receivable due from Chart E&C at September 30, 2023 or December 31, 2022.