Related Party Transactions

3 Months Ended

Mar. 31, 2017

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Digital Matrix Systems, Inc. – The chief executive officer and president of Digital Matrix Systems, Inc. (“DMS”) serves as one of our board members. We have service agreements with DMS for monitoring credit on a daily and quarterly basis, along with certain credit analysis services and application development. In connection with these agreements, we paid monthly installments totaling $216 thousand in each of the three month periods ended March 31, 2017 and 2016. These amounts are included within cost of revenue and general and administrative expenses in our condensed consolidated statements of operations. As of March 31, 2017 and December 31, 2016, we owed $70 thousand to DMS under this agreement.

In September 2016 and February 2017, we entered into data services agreements with DMS, under which DMS will provide us application development services. In the three months ended March 31, 2017, we paid $430 thousand for the development, implementation, and monthly service fees related to the current agreements. As of March 31, 2017 and December 31, 2016, we owed $185 thousand and $92 thousand, respectively, to DMS under the current agreements.

Loeb Partners Corporation – In connection with the closing of the Prior Credit Agreement, we paid $553 thousand in advisory fees in the three months ended March 31, 2016 to Loeb Partners Corporation. Loeb Partners Corporation is an affiliate of Loeb Holding Corporation. One of the members of our Board of Directors is the beneficial owner of a majority of the voting stock of Loeb Holding Corporation, and is the Chairman and Chief Executive Officer of Loeb Partners Corporation.