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Related Party Transactions (Tables)
 9 Months Ended
Sep. 30, 2021
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions

As of September 30, 2021, the Company had no outstanding borrowings from related parties compared to $29.8 million as of December 31, 2020. See Note 7 Debt for further information about the Company’s related party debt.

The following table sets forth payment guarantees of the Company's obligations as of September 30, 2021 that have been provided by DNI. DNI owns approximately 37.1% of the outstanding shares of the Company's common stock. The amount guaranteed exceeds the principal amounts of outstanding obligations due to collateral requirements by the banks.

 

Guarantor

 

Amount Guaranteed

(in thousands)

 

 

Description of Obligations Guaranteed

DNI

 

 

6,077

 

 

Payment guarantee to Industrial Bank of Korea

DNI

 

 

1,621

 

 

Payment guarantee to Shinhan Bank

 

 

$

7,698

 

 

 

Sales, cost of revenue, research and product development, selling, marketing, general and administrative, interest expense and other expenses to and from related parties were as follows (in thousands) for the three and nine months ended September 30, 2021 and 2020:

 

 

 

 

Three Months Ended September 30, 2021

 

Counterparty

 

Sales

 

 

Cost of

revenue

 

 

Research

and product

development

 

 

Selling,

marketing,

general and

administrative

 

 

Interest

expense

 

 

Other

expenses

 

DNI

 

$

54

 

 

$

45

 

 

$

253

 

 

$

394

 

 

$

—

 

 

$

42

 

Dasan Invest*

 

 

—

 

 

 

10

 

 

 

43

 

 

 

19

 

 

 

—

 

 

 

—

 

 

 

$

54

 

 

$

55

 

 

$

296

 

 

$

413

 

 

$

—

 

 

$

42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2020

 

Counterparty

 

Sales

 

 

Cost of

revenue

 

 

Research

and product

development

 

 

Selling,

marketing,

general and

administrative

 

 

Interest

expense

 

 

Other

expenses

 

DNI

 

$

552

 

 

$

485

 

 

$

306

 

 

$

523

 

 

$

324

 

 

$

93

 

 

 

$

552

 

 

$

485

 

 

$

306

 

 

$

523

 

 

$

324

 

 

$

93

 

 

 

 

Nine Months Ended September 30, 2021

 

Counterparty

 

Sales

 

 

Cost of

revenue

 

 

Research

and product

development

 

 

Selling,

marketing,

general and

administrative

 

 

Interest

expense

 

 

Other

expenses

 

DNI

 

$

1,965

 

 

$

1,791

 

 

$

776

 

 

$

1,185

 

 

$

132

 

 

$

180

 

Dasan Invest*

 

 

—

 

 

 

30

 

 

 

134

 

 

 

57

 

 

 

—

 

 

 

—

 

 

 

$

1,965

 

 

$

1,821

 

 

$

910

 

 

$

1,242

 

 

$

132

 

 

$

180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2020

 

Counterparty

 

Sales

 

 

Cost of

revenue

 

 

Research

and product

development

 

 

Selling,

marketing,

general and

administrative

 

 

Interest

expense

 

 

Other

expenses

 

DNI

 

$

2,077

 

 

$

1,887

 

 

$

690

 

 

$

1,183

 

 

$

763

 

 

$

263

 

Dasan Invest*

 

 

—

 

 

 

20

 

 

 

81

 

 

 

55

 

 

 

—

 

 

 

—

 

 

 

$

2,077

 

 

$

1,907

 

 

$

771

 

 

$

1,238

 

 

$

763

 

 

$

263

 

 

* Dasan Invest indirectly holds 3.4% of DNI’s shares.

Balances of receivables and payables arising from sales and purchases of goods and services with related parties as of September 30, 2021 and December 31, 2020 were included in the following balance sheet captions on the unaudited condensed consolidated balance sheets, as follows (in thousands):

 

 

 

As of September 30, 2021

 

Counterparty

 

Account

receivables

 

 

Other

receivables

 

 

Other assets

 

 

Loans Payable

 

 

Accounts

payable

 

DNI

 

$

106

 

 

$

215

 

 

$

693

 

 

$

—

 

 

$

564

 

Dasan Invest*

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

26

 

 

 

$

106

 

 

$

215

 

 

$

693

 

 

$

—

 

 

$

590

 

 

 

 

As of December 31, 2020

 

Counterparty

 

Account

receivables

 

 

Other

receivables

 

 

Other assets

 

 

Loans

Payable

 

 

Accounts

payable

 

DNI

 

$

2,278

 

 

$

247

 

 

$

755

 

 

$

29,754

 

 

$

1,552

 

Dasan Invest*

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

32

 

 

 

$

2,278

 

 

$

247

 

 

$

755

 

 

$

29,754

 

 

$

1,584

 

 

* Dasan Invest indirectly holds 3.4% of DNI’s shares.