RELATED PARTY TRANSACTIONS |
12 Months Ended |
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Dec. 31, 2020 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS |
NOTE 7 — RELATED PARTY TRANSACTIONS
Accounts Payable due to Related Parties
In conjunction with the dismissal of prior litigation, we agreed to reimburse the Vice Chairman of our Board of Directors, Martin Houston, for reasonable attorneys’ fees and expenses he incurred during the litigation. As of 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. We also paid Mr. Houston approximately $1.4 million for other expenses he incurred in connection with the litigation. As of December 31, 2020, a balance of approximately $0.9 million remained owed to Mr. Houston and has been classified within Accounts payable due to related parties on the Consolidated Balance Sheets.
Accounts Receivable due from Related Parties
The approximately $1.3 million in accounts receivable due from related parties consisted of tax indemnities from employees who received share-based compensation in 2016. The statute of limitations related to the tax indemnities expired in October 2020; therefore, this receivable is no longer warranted.
Other A member of our board of directors is a partner at a law firm that has provided legal services to the Company. Fees incurred for such services were approximately $0.1 million, $0.4 million and $0.1 million for the years ended December 31, 2020, 2019 and 2018, respectively.
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- References No definition available.
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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