Related Party Transactions

12 Months Ended

Dec. 31, 2019

Related Party Transactions

Related Party Transactions

Note 13. Related Party Transactions

As of December 31, 2019 and 2018, Pareteum BV has an outstanding loan payable to Comsystems (a company owned by Gerard Dorenbos). Prior to the acquisition by Pareteum, Gerard Dorenbos was a shareholder of Artilium PLC, with approximately 15% of the total shares of Artilium PLC, and a board member of Artilium PLC.

The loan has a maturity date of December 31, 2021. The total amount outstanding as of December 31, 2019 and 2018 was $420 and $342, respectively, which carries an 8% interest rate and is reflected as a related party loan in the accompanying consolidated balance sheet. No repayments were made on the loan during the year ended December 31, 2019. All principal and interest are due on the maturity date.

During 2019 and 2018, the Company retained Robert Turner of InTown Legal Services, who is the son of Robert H. Turner, the former Executive Chairman of the Board. InTown Legal Services has a five thousand dollars per month minimum retainer with the Company and was paid $278 in 2019 and $133 in 2018. The agreement between the Company and InTown Legal Services is an at will agreement.