Annual report pursuant to Section 13 and 15(d)

RELATED PARTY TRANSACTIONS

v3.22.4
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
NOTE 8 — RELATED PARTY TRANSACTIONS
Accounts Payable due to Related Parties
In conjunction with the dismissal of prior litigation (the “Litigation”), we agreed to reimburse the Vice Chairman of the Company’s Board of Directors, Martin Houston, for reasonable attorneys’ fees and expenses he incurred during the Litigation. During the year ended December 31, 2020, we paid approximately $5.1 million to third parties to settle outstanding amounts incurred by Mr. Houston for reasonable attorneys’ fees and expenses. During the years ended December 31, 2021 and 2020, we also paid Mr. Houston approximately $0.9 million and $1.4 million, respectively, for other expenses he incurred in connection with the Litigation. As of December 31, 2022 and 2021, all amounts owed to Mr. Houston were fully settled.
Related Party Contractor Service Fees and Expenses
The Company entered into a one-year independent contractor agreement, effective January 1, 2022, with Mr. Houston. Pursuant to the terms and conditions of this agreement, the Company paid Mr. Houston a monthly fee of $50.0 thousand plus approved expenses. In December 2022, the Company amended the independent contractor agreement to expire on the earlier of (i) termination of Mr. Houston and (ii) December 31, 2023, and to increase the monthly fee to $55.0 thousand plus approved expenses. For the year ended December 31, 2022, the Company paid Mr. Houston approximately $0.6 million, for contractor service fees and expenses. As of December 31, 2022, there were no balances due to Mr. Houston.