Related Party Transactions
|9 Months Ended|
Sep. 30, 2021
|Related Party Transactions [Abstract]|
|Related Party Transactions||
19. Related Party Transactions
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).
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef