Related Party Transactions |
3 Months Ended |
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Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. Related Party Transactions
The following is a description of transactions since January 1, 2022 as to which the amount involved exceeds the lesser of $0.1 million or one percent (1%) of the average of total assets at year-end for the last two completed fiscal years, which was $0.3 million, and in which any related person has or will have a direct or indirect material interest, other than equity, compensation, termination and other arrangements.
During 2022, the Company entered into a Secured Line of Credit Promissory Note with TQLA LLC and amended it twice for total borrowing of $3.3 million. On October 7, 2022, the Company entered into a Note Purchase Agreement with Aegis Security Insurance Company, and repaid the TQLA Note with a portion of the $4.5 million proceeds. As of March 31, 2023, the principal balance was $4.5 million and is included in note payable, related party on the consolidated balance sheets.
Details regarding the Aegis transactions are set forth in Note 12. TQLA LLC is owned by Stephanie Kilkenny and her husband, Patrick Kilkenny. Patrick Kilkenny is also the principal owner of Aegis Security Insurance Company. Stephanie Kilkenny is a member of the Eastside Board of Directors.
Short-term Advance
During December 2022, LD Investments advanced the Company $0.7 million and an additional $0.3 million during the three months ended March 31, 2023. As of March 31, 2023, the principal balance was $1.0 million and is included in current liability, related party on the consolidated balance sheets. The principal owner of LD Investments is Patrick Kilkenny. |