Annual report pursuant to Section 13 and 15(d)

RELATED PARTY TRANSACTIONS

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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

 

25. RELATED PARTY TRANSACTIONS

 

As disclosed in Note 13, as of December 31, 2023 and 2022, Legacy Airspan has 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 $0.4 million and $0.2 million in revenue from sales of products and services to this related party for the years ended December 31, 2023 and December 31, 2022, respectively. As of December 31, 2023 and December 31, 2022, the Company had no outstanding receivables from this related party.

 

The Company had no outstanding receivables from a related party, a stockholder and had outstanding payables amounting to $0.7 million, respectively, as of December 31, 2023. The Company has an outstanding receivable from and payable to a related party, a stockholder, 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 $3.3 million as of December 31, 2023 and $4.5 million as of December 31, 2022. The Company derived approximately $26.1 million in revenue from sales of products and services to this related party for the year ended December 31, 2023 and $26.8 million in revenue from sales of products and services to this related party for the year ended December 31, 2022. A senior executive at this customer is also a member of the Company’s Board of Directors.