Note 11 - Related Party Transactions

12 Months Ended

Dec. 31, 2024

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 years ended  December 31, 2024 and 2023 the Company made purchases of supplies, services and rent totaling $0.2 million and $0.4 million, respectively. During the years ended  December 31, 2024 and 2023 the Company had no sales to The Modern Group.  As of December 31, 2024 and 2023, the Company had no accounts receivable due from The Modern Group and the accounts payable due to The Modern Group as of December 31, 2024 and 2023 were immaterial.

Chart E&C beneficially owns 7.9% of our outstanding common stock at December 31, 2024. The Company made purchases from Chart E&C for the years ended December 31, 2024 and 2023 of $0.6 million and $0.7 million, respectively. Amounts owed to Chart E&C and included in accounts payable on the Consolidated Balance Sheets at  December 31, 2024 and 2023 were immaterial.