Distributions to Stockholders, Receivable from Affiliates and Related Party Transactions

9 Months Ended

Sep. 30, 2020

Related Party Transactions [Abstract]

Distributions to Stockholders, Receivable from Affiliates and Related Party Transactions

Distributions to Stockholders, Receivable from Affiliates, and Related Party Transactions

Prior to the Company’s June 18, 2018 corporate reorganization, the Company made certain distributions to stockholders and members to cover their tax liabilities. As of September 30, 2020 and December 31, 2019, the receivable from affiliates associated with these distributions were $0 and $294, respectively.

ATC Group Services LLC (“ATC”), an entity owned by BCP, our majority stockholder, provided environmental consulting and engineering services at certain service sites. Expenses to ATC were $111 and $205 for the three and nine months ended September 30, 2020, respectively. The Company had $0 receivables outstanding from ATC at September 30, 2020 and December 31, 2019. The Company had payables and accrued expenses, net of credit memos, due to ATC of $87 and $62 at September 30, 2020 and December 31, 2019, respectively.

Brown & Root Industrial Services, LLC (“B&R”), an entity 50% owned by BCP, our majority stockholder, provided subcontracted construction services at one of our remediation and compliance service sites. Expenses to B&R were $0 for the three months ended September 30, 2020 and 2019 and $0 and $1,311 for the nine months ended September 30, 2020 and 2019, respectively. The Company had no receivables outstanding from B&R at September 30, 2020 and December 31, 2019. The Company had payables and accrued expenses, net of credit memos, due to B&R of $0 and $254 at September 30, 2020 and December 31, 2019, respectively.

The Company rented its corporate office through October 2019 through a triple net lease and rented housing at work sites and a condo through March 2020 from Price Real Estate, LLC (“Price Real Estate”), an entity owned by a stockholder of the Company. Rental expense associated with Price Real Estate was $0 and $117 for the three months ended September 30, 2020 and 2019, respectively and $0 and $349 for the nine months ended September 30, 2020 and 2019, respectively. The Company had no receivables outstanding from Price Real Estate at September 30, 2020 and December 31, 2019. The Company had a payable due to Price Real Estate of $0 and $2 at September 30, 2020 and December 31, 2019, respectively.

PriceFlight, LLC (“PriceFlight”), an entity owned by a stockholder of the Company, provided flight services to the Company. Expenses to PriceFlight for flight services were $0 for the three months ended September 30, 2020 and 2019, respectively and $0 and $85 for the nine months ended September 30, 2020 and 2019, respectively.

Management determined that Price Real Estate and PriceFlight are variable interest entities. The Company has variable interests in them through the common ownership and contractual agreements discussed above. The Company is not considered to be the primary beneficiary. Management considers the likelihood to be remote that the Company will be required to make future funds available to Price Real Estate and PriceFlight. However, were the Company required to make funds available the maximum exposure to the Company would be any excess of the debt obligations of Price Real Estate and PriceFlight over the fair value of their respective assets.

As further discussed in Note 11, in March 2020, the Company entered into an agreement with an investment fund affiliated with BCP to sell 26,000 shares of Preferred Stock.