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Related Party Transactions
3 Months Ended
Mar. 31, 2020
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 10: RELATED PARTY TRANSACTIONS

 

In addition to the financing transactions with Slipstream, a related party, discussed in Note 8 Loans Payable, we have the following related party transactions.

 

On August 14, 2018, we entered into a payment agreement with 33 Degrees Convenience Connect, Inc., a related party that is approximately 17.5% owned by a member of our senior management ("33 Degrees") outlining terms for repayment of $2,567 of aged accounts receivable as of that date. The payment agreement stipulated a simple interest rate of 12% on aged accounts receivable to be paid on the tenth day of each month through the maturity date of December 31, 2019. As of December 31, 2019, 33 Degrees paid the note in full.

 

Following repayment of the note, 33 Degrees has continued to purchase additional hardware and services from the Company under normal payment terms. For the three months ended March 31, 2020 and 2019, the Company had sales to 33 Degrees of $500, or 13.5%, and $195, or 2.1%, respectively, of consolidated revenue. Accounts receivable due from 33 Degrees was $211, or 5.0%, and $1, or 0.0% of consolidated accounts receivable at March 31, 2020 and December 31, 2019, respectively.