Related Parties |
6 Months Ended |
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Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Parties |
NOTE 6 — RELATED PARTIES Accounts Receivable and Payable with Related Parties Tellurian’s accounts receivable due from related parties primarily consist of indemnities and amounts due from employees who received share-based compensation. The Company will withhold amounts from wages if the tax liability with respect to such share-based compensation is not paid directly by the employees. The accounts payable due to related parties pertains to agreements with entities which are partially owned by Mr. Martin Houston, a major shareholder and Vice Chairman of the Company. Non-current Note Receivable Due from Related Party Prior to the acquisition of Tellurian Services, Tellurian Services issued an interest-free $251 thousand note receivable to Mr. Houston. The note was used to provide the collateral required to secure a personal $500 thousand line of credit as part of a covenant related to the lease of our corporate headquarters located in Houston, Texas. Other During the three and six months ended June 30, 2017, the Company incurred $116 thousand and $650 thousand, respectively, in legal fees to a law firm for advice associated with the Bonini-Kettlety lawsuit, described in Note 8, Commitments and Contingencies. The suit was settled in April 2017. A member of our board of directors is a partner at such law firm. |
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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/presentationRef
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