Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTY TRANSACTIONS

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RELATED PARTY TRANSACTIONS
6 Months Ended
Jun. 30, 2022
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

 

16. RELATED PARTY TRANSACTIONS

 

As disclosed in Note 8, as of June 30, 2022 and December 31, 2021, Legacy Airspan had a subordinated term loan with a related party. This related party has an indirect, non-controlling beneficial interest in Fortress, which is the agent and principal lender under the Fortress Credit Agreement and the collateral agent and trustee under the Fortress Convertible Note Agreement and the Convertible Notes. This related party also has an indirect, non-controlling beneficial interest in each holder of Convertible Notes. The Company derived approximately $44 thousand in revenue from sales of products and services to this related party for the three months ended June 30, 2022 and $0.1 million for the six months ended June 30, 2022. The Company had outstanding receivables amounting to $0.4 million from this related party as of December 31, 2021. There were no amounts receivable from this related party as of June 30, 2022.

 

The Company has an outstanding receivable from and payable to a related party, a stockholder, amounting to $0.4 million and $6.1 million, respectively, as of June 30, 2022. The Company had an outstanding receivable from and payable to the same related party, amounting to $0.4 million and $12.1 million, respectively, as of December 31, 2021.

 

In addition, the Company has an outstanding accounts receivable from a separate related party, also a stockholder, amounting to $9.1 million and $11.5 million as of June 30, 2022 and December 31, 2021, respectively. The Company derived approximately $4.5 million and $8.7 million in revenue from sales of products and services to this related party for the three months ended June 30, 2022 and 2021, respectively. A senior executive at this customer is also a member of the Board.

 

The Company derived revenues from sales of products and services to Dense Air Ltd. (“Dense Air”) amounting to approximately $52 thousand for the period from January 1, 2022 through March 7, 2022 and $1.0 million for both of the three and six months ended June 30, 2021. As of March 7, 2022, Dense Air ceased to be a related party.