| Schedule of related party balances and transactions |
Summary of balances due to and from related parties and transactions are as follows: | | | | | | | | | | | | | | | | Balances as at Period End | | March 31,
2023 | | December 31,
2022 | | Amount payable to related party | | | | | |
| Metaminds Software (f) | | — | | | 13 | | | Amount receivable from Related Party | | | | | | Mondee Group LLC (a) | | 59 | | | 38 | | | Note Payable to Related Party | | | | | | Note payable to CEO (c) | | 198 | | | 197 | |
| | | | | | | | | | | | | | | | | Three Months Ended March 31, | | Transactions with Related Parties | | 2023 | | 2022 | | Offshore IT, sales support and other services from | | | | | | Metaminds Technologies (d) | | — | | | 54 | | | Metaminds Global (d) | | — | | | 78 | | | Offshore software development services from | | | | | | Metaminds Technologies (d) | | — | | | 216 | | | Metaminds Global (d) | | — | | | 312 | | | Interest income from Mondee Group Loan (b) | | — | | | 127 | | | Service fee from Mondee Group LLC (a) | | — | | | 967 | | | Rent expense – from Metaminds Software (e) | | 55 | | | — | |
_________________________ | | | | | | | (a) | Pursuant to a UATP Servicing Agreement dated May 11, 2021, the Company sold certain airline tickets using prepaid UATP credit cards arranged by Mondee Group, LLC, in exchange for a service fee equal to 10% of the revenue derived from the sale of such airline tickets. Mondee Group, LLC, led the fund raising and arranged the funds that were used to purchase prepaid UATP credit cards at a discount from their face value from a certain airline. |
| | | | | | | (b) | The Company had a secured promissory note receivable from Mondee Group LLC, bearing an interest rate of 2.33% compounded annually, with a 10-year term, and is secured by 14,708 Class A units in the Mondee Stockholder. The note was settled upon the occurrence of the reverse recapitalization with ITHAX, partly by a right to receive the Company's Class A Common Stock to the extent of $20,336 and partly by the Asset Acquisition. On March 10, 2023, the Company received 2,033,578 shares of Class A Common Stock, which were valued at $20,336. The shares are reflected as treasury stock on the Condensed Consolidated Balance Sheet as the shares have not been retired as of March 31, 2023. |
| | | | | | | (c) | The Company has a note payable to the CEO amounting to $198 and $197 as of March 31, 2023 and December 31, 2022, respectively, and is included in loan payable to related party on the Condensed Consolidated Balance Sheets. The loan is collateralized and carries an interest rate of 2% per annum. Principal and interest are due on demand. |
| | | | | | | (d) | Prior to acquisition of certain assets and liabilities of Metaminds Technologies, Mondee hired all employees of Metaminds Technologies and Metaminds Software in April 2022. There were no services rendered by Metaminds Technologies and Metaminds Software for offshore IT, offshore software development, or sales support for the three month ended March 31, 2023. |
| | | | | | | (e) | The Company currently rents office space from Metaminds Software Solutions Ltd. The lease commencement date for this was April 1, 2022. The lease has a term of 11 months, has been renewed, and the monthly minimum base rent is immaterial. |
| | | | | | | (f) | Mondee Tech Pvt Ltd had a payable to Metaminds Software, which was settled in the three months ending March 31, 2023. |
| | | | | | | (g) | For the months of January through March 2023, Prasad Gundumogula, forgone his salary of $150 as of March 31, 2023. |
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