Related-Party Transactions

6 Months Ended

Jun. 30, 2017

Related Party Transactions

Related-Party Transactions

14. Related-Party Transactions

The majority stockholders of RIHI, including the Company’s current Co-Chief Executive Officer, Chairman and Co-Founder and the Company’s Vice Chairman and Co-Founder have made and continue to make a golf course they own available to the Company for business purposes. During the six months ended June 30, 2017 and 2016, the Company used the golf course for business purposes at minimal charge.

The Company provides services, such as accounting, legal, marketing, technology, human resources and public relations services, to certain affiliated entities, and it allows these companies to share its leased office space. During the three months ended June 30, 2017 and 2016, the total amounts allocated for services rendered and rent for office space provided on behalf of affiliated entities were $717,000 and $521,000, respectively.  During the six months ended June 30, 2017 and 2016, the total amounts allocated for services rendered and rent for office space provided on behalf of affiliated entities were $1,479,000 and $952,000, respectively.  Amounts are generally paid within 30 days and no amounts were outstanding at June 30, 2017 or December 31, 2016. 

Related party advertising funds had current outstanding amounts due from the Company of $14,000 and $145,000 as of June 30, 2017 and December 31, 2016, respectively.  Such amounts are included in “Accounts payable to affiliates” in the accompanying Condensed Consolidated Balance Sheets.