| Related Party Transactions |
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Related Party Transactions |
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Amount Due to Related Party as of |
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Description of the Transactions |
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| Seahawk |
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Debt Issuer |
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In 2019, the Company raised and converted $18.4 million from prior debt into new, outstanding debt and issued 13.5 million warrants to purchase Legacy BlackSky common stock. |
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$ |
19,198 |
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$ |
19,198 |
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| Intelsat |
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Debt Issuer |
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In 2019, the Company entered into a term loan facility for $50.0 million and issued 20.2 million warrants to purchase Legacy BlackSky common stock. |
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$ |
52,039 |
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$ |
52,039 |
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| Jason and Marian Joh Andrews |
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The former co-founders and employees of Legacy BlackSky |
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In 2018, the Company executed the notes totaling $12.5 million to repurchase an aggregate 11.5 million of Legacy BlackSky common stock shares. |
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$ |
10,000 |
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$ |
12,500 |
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Amount Due to Related Party
as of |
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in Nine Months
Ended September 30, |
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Description of the Transactions |
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LeoStella |
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Joint Venture |
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Design, development and manufacture of multiple satellites |
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$ |
15,060 |
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$ |
8,205 |
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$ |
— |
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$ |
8,012 |
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Palantir Technologies |
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Strategic Partner |
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Multi-year software subscription agreement for $8.0 million |
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$ |
375 |
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$ |
— |
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$ |
— |
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$ |
— |
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Equity Method Investee |
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In 2017, the Company received stock in X-Bow. As of September 30, 2021, the Company had a 17.9% investment in X-Bow and had one Board seat. As described in Note 7, the Company has engaged X-Bow to develop a rocket for the Company. |
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$ |
1,865 |
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$ |
3,079 |
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$ |
— |
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$ |
750 |
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Interest on the term loan facility is accrued and compounded annually. No significant interest payments were made in the nine months ended September 30, 2021 or 2020. The Company has interest due to related parties in the amount of $4.7 million as of September 30, 2021, which has been recorded as accrued interest. In February 2021, in connection with the Bridge Notes, the Company agreed to pay Consent Fees of $2.5 million that were due to Intelsat and Seahawk. These Consent Fees were settled for cash at the closing of the Merger (Note 13). In the nine months ended September 30, 2021, the Company paid $2.5 million to former co-founders towards the principal balance due to them, along with a $25 thousand interest payment (Note 13). |
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Related Party Transactions |
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Description of the Transactions |
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Balance of Principal
of December 31, |
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Debt Issuer |
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In 2019, the Company raised and converted $18.4 million from the Seahawk LSA into the Intelsat Facility as outstanding debt and issued 13.5 million warrants to purchase common stock. |
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$ |
19,198 |
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$ |
18,446 |
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Debt Issuer |
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In 2019, the Company entered into a term loan facility with Intelsat Facility for $50.0 million and issued 20.2 million warrants to purchase common stock. |
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$ |
52,039 |
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$ |
50,000 |
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Jason and Marian Joh Andrews |
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The Former
Co-founders
and
employees
of BlackSky |
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In 2018, the Company executed the Andrew’s Notes worth $12.5 million in total to repurchase an aggregate 11.5 million of common stock shares, which were not exchanged for Osprey shares at the time of the merger. |
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Description of the Transactions |
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Total Payments in
December 31, |
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Amount Due to Related
Party as of December 31, |
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Joint Venture |
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In 2018, the Company formed LeoStella and, pursuant to the terms and conditions of the joint venture agreement, the Company has two designated members of LeoStella’s Board of Directors. As described in Note 6, the Company and LeoStella executed an SPC to design, develop and manufacture multiple satellites for the Company’s geospatial business operations. |
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$ |
8,205 |
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$ |
23,315 |
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$ |
8,012 |
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$ |
11,460 |
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Equity
Method
Investee |
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In 2017, the Company entered into a Stock Subscription and Technology Transfer Agreement with X-Bow. As of
December 31, 2020, the Company has a 20.6% interest in X-Bow and has one Board seat. As described in Note 6, the Company has engaged X-Bow to develop a rocket for the Company. |
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$ |
4,079 |
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$ |
114 |
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$ |
750 |
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$ |
— |
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Interest on the Intelsat Facility, which includes amounts rolled over the Seahawk LSA as discussed above, is accrued and compounded annually. No significant interest payments were made in the year ended December 31, 2020 or December 31, 2019 (Note 14) .
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