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Note 11 - Related Party Transactions
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

11. RELATED PARTY TRANSACTIONS

 

Secured Promissory Note - Related Party

 

J. 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. Through December 31, 2023 the Company had a secured promissory note payable with MG Finance Co., Ltd, a subsidiary of The Modern Group. The loan was paid in full as of  December 31, 2023. See additional discussion in Note 9.

 

Other Purchases and Sales

 

The Company purchases supplies and services from subsidiaries of The Modern Group. During the year ended  December 31, 2023 and 2022 the Company made purchases of supplies, services and rent totaling $0.4 million and $0.3 million, respectively. During the year ended  December 31, 2023 and 2022 the Company had no sales to The Modern Group and as of December 31, 2023 and 2022, the Company had no account receivables due.  Accounts payable due to the Modern Group as of   December 31, 2023 and 2022 were immaterial.

 

Chart E&C beneficially owns 7.9% of our outstanding common stock at December 31, 2023. The Company made purchases from Chart E&C for the years ended December 31, 2023 and 2022 of $0.7 million and $1.1 million, respectively.  For the year ended December 31, 2023 the Company had an immaterial amount due to Chart E&C and $0.5 million due to Chart E&C at  December 31, 2022 included in accounts payable on the Consolidated Balance Sheets.