Related Party Transactions

3 Months Ended

Mar. 31, 2022

Related Party Transactions [Abstract]

Related Party Transactions

RELATED PARTY TRANSACTIONS

Other Purchases and Sales

Applied Cryo Technologies, Inc. (“ACT”), is a company that was owned 51% by Crenshaw Family Holdings, LP (“Crenshaw Family Holdings”). Crenshaw Family Holdings sold its interest in ACT on November 22, 2021. During the three months ended March 31, 2021, the Company paid Applied Cryo Technologies, Inc. (“ACT”) $0.4 million for equipment, repairs and services, and had $2 thousand due from ACT included in accounts receivable on the unaudited Condensed Consolidated Balance Sheets at December 31, 2021. As of March 31, 2022 and December 31, 2021, the Company had $4 thousand and $0.1 million, respectively, due to ACT included in accounts payable on the unaudited Condensed Consolidated Balance Sheets.

The Company purchases supplies and services from a subsidiary of The Modern Group. Casey Crenshaw is the beneficial owner of 25% of The Modern Group and is deemed to jointly control The Modern Group with family members. During the three months ended March 31, 2022 and 2021, the Company made purchases of supplies and services from a subsidiary of The Modern Group totaling $48 thousand and $0.5 million, respectively. The Company had no sales to The Modern Group during either the

three months ended March 31, 2022 or 2021. The Company had no receivable due from The Modern Group at March 31, 2022 or at December 31, 2021. As of March 31, 2022 and December 31, 2021, the Company had $0.7 million and $0.9 million, respectively, due to a subsidiary of The Modern Group included in accounts payable on the unaudited Condensed Consolidated Balance Sheets.

Chart E&C beneficially owns 8.1% of our outstanding common stock at March 31, 2022, and was party to a Secured Term Note Payable with the Company prior to its repayment by the Company during 2021. The Company purchases services from Chart E&C. During the three months ended March 31, 2022 and 2021, purchases from Chart E&C totaled $45 thousand and $43 thousand, respectively. As of March 31, 2022 and December 31, 2021, the Company had $42 thousand and $19 thousand, respectively, due to Chart E&C included in accounts payable on the unaudited Condensed Consolidated Balance Sheets.

Secured Promissory Note - Related Party

The Company has a secured promissory note payable with M/G Finance Co., Ltd, a related party. See additional discussion in Note 8.