RELATED PARTY TRANSACTIONS |
9 Months Ended | |||
|---|---|---|---|---|
Sep. 30, 2023 | ||||
| Related Party Transactions [Abstract] | ||||
| RELATED PARTY TRANSACTIONS |
As disclosed in Note 9, as of September 30, 2023 and December 31, 2022, 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 no revenue from sales of products and services to this related party for the three months ended September 30, 2023 and approximately $41 thousand for the nine months ended September 30, 2023.
The Company had an outstanding receivable from and payable to a related party, a stockholder, amounting to $0 and $1.6 million, respectively, as of September 30, 2023. The Company had an outstanding receivable from and payable to the same related party, amounting to $0.4 million and $5.5 million, respectively, as of December 31, 2022.
In addition, the Company has an outstanding accounts receivable from a separate related party, also a stockholder, amounting to $2.1 million and $4.5 million as of September 30, 2023 and December 31, 2022, respectively. The Company derived approximately $7.0 million and $9.6 million in revenue from sales of products and services to this related party for the three months ended September 30, 2023 and 2022, respectively. A senior executive at this customer is also a member of the Board. |