Related Party Transactions

9 Months Ended

Sep. 30, 2022

13. Related Party Transactions

Related party payables consisted of the following:


	September 30, 2022		December 31, 2021
Ventanex accrued earnout liability	$	—	$	12,746,840
CPS accrued earnout liability		10,000		600,000
Kontrol accrued earnout liability		—		850,000
Payix accrued earnout liability		—		2,850,000
Other payables to related parties		90,175		347,285
	$	100,175	$	17,394,125

The Company incurred transaction costs on behalf of related parties of $2.6 million and $8.5 million for the three and nine months ended September 30, 2022, respectively. The Company incurred transaction costs on behalf of related parties of $2.7 million and $5.6 million for the three and nine months ended September 30, 2021, respectively. These costs consist of retention bonuses and other compensation to employees, associated with the costs resulting from the integration of new businesses.

The Company held receivables from related parties of $0.3 million as of both September 30, 2022 and December 31, 2021. These amounts were due from employees, related to tax withholding on vesting of equity compensation. See Note 14. Share Based Compensation for more detail on these restricted share awards. Further, the Company owed employees $0.0 million for amounts paid on behalf of the Company as of both September 30, 2022 and December 31, 2021.

The Company owed $0.1 million and $17.4 million to related parties, in the form of contingent consideration payable to the sellers of CPS, Kontrol and Payix, who were employees of Repay, as of September 30, 2022 and December 31, 2021, respectively. In April 2022, the Company paid the Ventanex earnout payment of $12.7 million.