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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | The Company is subject to a prepayment fee of $120.0 thousand if the 2016 Loan is terminated or prepaid prior to the one year anniversary of the loan. The Company is subject to a prepayment fee of $60.0 thousand if the 2016 Loan is terminated or prepaid subsequent to the one year anniversary of the loan, but prior to the maturity date. The $60.0 thousand fee is reduced to zero if the 2016 Loan is refinanced by an FDIC insured institution after eighteen months from February 29, 2016. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | The 2016 Loan Agreement contains a minimum line availability covenant equal to $350.0 thousand. This covenant may be replaced by a Fixed Charge Coverage Ratio ("FCCR") covenant once the Company has achieved a FCCR of 1.0x on an annualized basis. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | The Company is allowed to sell or refinance up to $3.0 million in fair market value of real property provided (i) the proceeds from such refinance or sale remain with the Company; and (ii) no event of default exists at the time of such refinance or sale. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | $3.0 million in fair market value of real property provided (i) the proceeds from such refinance or sale remain with the Company; and (ii) no event of default exists at the time of such refinance or sale. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | On March 31, 2017, the Company and each of its wholly-owned subsidiaries entered into an amendment to the 2016 Loan with MidCap ("First Amendment"). The First Amendment increased the line of credit from $6.0 million to $8.0 million and extended the maturity date to February 28, 2020. As amended, the line of credit permits the Company to borrow an amount under the 2016 Loan equal to the lesser of (A) $8.0 million; and (B)(i) 85% of the value of the Company’s eligible domestic accounts receivable, plus (ii) the lesser of (x) $2.5 million and (y) 75% of the net orderly liquidation value of eligible inventory, plus (iii) the lesser of (x) $400,000 and (y) 40% of appraised net forced liquidation value of eligible fixed assets, plus (iv) the lesser of (x) $1.75 million and (y) 45% of the appraised value of certain properties owned by the Company (subject to MidCap's receipt of any third-party or internal approvals it may require in its discretion), minus (v) any amount which MidCap may require from time to time, pursuant to terms of the agreement, in order to secure amounts owed to MidCap under the agreement. The First Amendment contains a minimum line availability covenant equal to $350.0 thousand, the same as the 2016 Loan. This covenant may be replaced by a FCCR covenant once the Company has achieved an FCCR of 1.1x on an annualized basis. The Company paid underwriting fees of $20.0 thousand at closing. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | The Company paid and capitalized loan fees in the amount of $124.9 thousand during the six month period ended June 30, 2017. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | On May 1, 2016, the Company entered into an amendment to the Crane Lease, whereby the lease is extended through April 30, 2021. Payments are $14.5 thousand per month for the first twelve months following the amendment date, followed by monthly payments of $31.3 thousand thereafter for the remainder of the lease term. There is no bargain purchase option associated with the Crane Lease. Based on the new lease terms, the Company classified the Crane Lease as a capital lease. At inception, the Company recorded a capital lease obligation of $1.3 million. The Company used a weighted average cost of capital of 9.3% to calculate the capital lease obligation. For the six months ended June 30, 2017, the Company has recorded $128.5 thousand in depreciation expense and $57.3 thousand in interest expense related to the Crane Lease. The net book value of the cranes leased was $1.0 million at June 30, 2017. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | The Company entered into a capital lease, effective June 2017, to lease two pieces of equipment. The lease is for a period of six years and the payments are $0.7 thousand per month. The Company has the option to purchase the equipment for a purchase price of $1.00 per item of equipment upon the expiration of the lease. At inception, the Company recorded a capital lease obligation of $37.6 thousand. The Company used a weighted average cost of capital of 10.0% to calculate the capital lease obligation. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | At inception, the Company recorded a capital lease obligation of $37.6 thousand. The Company used a weighted average cost of capital of 10.0% to calculate the capital lease obligation. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | The Company is involved in various transactions with K&R and 7100 LLC, which are wholly-owned by Kletter Holdings LLC, the sole member of which was Harry Kletter, the Company's founder and former Chief Executive Officer. After Mr. Kletter's passing in January 2014, the Company's Chairman of the Board and interim Chief Executive Officer, Orson Oliver, assumed the roles of executor of Mr. Kletter’s estate and President of Kletter Holdings LLC. As of June 30, 2017, Mr. Kletter’s estate, K&R and the Harry Kletter Family Limited Partnership collectively, beneficially own in excess of 20% of the Company's issued and outstanding shares. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | On September 13, 2013, K&R made a $500.0 thousand refundable, non-interest bearing deposit with the Company related to K&R's potential purchase of the Company's formerly owned real property located at 1565 East 4th Street in Seymour, Indiana. The Company was permitted and used the deposited funds for general corporate purposes. K&R did not acquire the property. Under the Company's lending arrangements, a refund of the deposit to K&R would have to be approved by the Company's lenders. This amount was converted into a term note during 2016 as described below. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | On February 29, 2016, K&R assigned its interest in the 7100 Lease to another entity, 7100 LLC, also controlled by Mr. Kletter’s estate. At that time, the total amount due to the estate’s various entities, which amounted to approximately $1.5 million and is inclusive of the $500.0 thousand noted above, became a subordinated, unsecured debt (the "Kletter Notes") owed by the Company. A portion of the amount, approximately $620.3 thousand, is owed to K&R, with the remaining amount, approximating $883.8 thousand, owed to 7100 LLC. Interest will accrue monthly at a per annum rate of 5.0%. Interest will accrue until April 30, 2017, at which time interest will be paid monthly. Until maturity on December 31, 2020, the Kletter Notes are subject to intercreditor agreements between the respective Note holder and MidCap. This amount of $1.5 million represents all net amounts due to Kletter estate entities as of February 29, 2016 with the exception of a $32.0 thousand deposit owed by K&R to the Company. If the Company sells property it owns at 7110 Grade Lane in Louisville, Kentucky, the Company shall make a principal payment to K&R of $500.0 thousand. Otherwise, all remaining principal is due at maturity. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | Under the Handler Agreement, the Company purchased a hydraulic scrap handler from K&R for a purchase price of $90,000, with a $9,000 down payment and a 24-month promissory note ("Handler Note") in the face principal amount of the remaining $81,000. The Handler Note is interest free and provides for payments in equal monthly installments of $3,375. Under the Handler Note, payments are to commence on July 1, 2017. Upon a default, the Handler Note will bear interest at 1% per annum. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | Under the Handler Agreement, the Company purchased a hydraulic scrap handler from K&R for a purchase price of $90,000, with a $9,000 down payment and a 24-month promissory note ("Handler Note") in the face principal amount of the remaining $81,000. The Handler Note is interest free and provides for payments in equal monthly installments of $3,375. Under the Handler Note, payments are to commence on July 1, 2017. Upon a default, the Handler Note will bear interest at 1% per annum. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | Under the Handler Agreement, the Company purchased a hydraulic scrap handler from K&R for a purchase price of $90,000, with a $9,000 down payment and a 24-month promissory note ("Handler Note") in the face principal amount of the remaining $81,000. The Handler Note is interest free and provides for payments in equal monthly installments of $3,375. Under the Handler Note, payments are to commence on July 1, 2017. Upon a default, the Handler Note will bear interest at 1% per annum | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | Under the Crane Agreement, the Company purchased a 2011 Komatsu crane from K&R for a purchase price of $60,000, with a $12,000 down payment and a 24-month promissory note ("Crane Note") in the face principal amount of the remaining $48,000. The Crane Note is interest free and provides for payments in equal monthly installments of $2,000. Under the Crane Note, payments are to commence on July 1, 2017. Upon a default, the Crane Note will bear interest at 1% per annum. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | Under the Crane Agreement, the Company purchased a 2011 Komatsu crane from K&R for a purchase price of $60,000, with a $12,000 down payment and a 24-month promissory note ("Crane Note") in the face principal amount of the remaining $48,000. The Crane Note is interest free and provides for payments in equal monthly installments of $2,000. Under the Crane Note, payments are to commence on July 1, 2017. Upon a default, the Crane Note will bear interest at 1% per annum. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | Under the Crane Agreement, the Company purchased a 2011 Komatsu crane from K&R for a purchase price of $60,000, with a $12,000 down payment and a 24-month promissory note ("Crane Note") in the face principal amount of the remaining $48,000. The Crane Note is interest free and provides for payments in equal monthly installments of $2,000. Under the Crane Note, payments are to commence on July 1, 2017. Upon a default, the Crane Note will bear interest at 1% per annum. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | Under the Crane Agreement, the Company purchased a 2011 Komatsu crane from K&R for a purchase price of $60,000, with a $12,000 down payment and a 24-month promissory note ("Crane Note") in the face principal amount of the remaining $48,000. The Crane Note is interest free and provides for payments in equal monthly installments of $2,000. Under the Crane Note, payments are to commence on July 1, 2017. Upon a default, the Crane Note will bear interest at 1% per annum | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | Under the Management Agreement, the Company reimbursed Algar for the portion of Mr. Garber’s salary that was attributable to Algar’s services under the Management Agreement in an amount not exceeding $20.8 thousand per month, or $250.0 thousand per year plus other expenses. Also, under the Management Agreement, Algar was to be paid a bonus in an amount equal to 10.0% of any year-over-year increase in the Company’s adjusted pre-tax income during the term. The term of the Management Agreement was effective December 1, 2013 and originally expired on December 31, 2016, subject to earlier termination upon mutual agreement or upon circumstances set forth in the agreement. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | For the year ended December 31, 2014, Algar earned a bonus of $428.0 thousand that was accrued by ISA. This amount was reduced by $50.0 thousand related to the real estate sale to SG&D, an entity owned by shareholders of Algar, including Mr. Garber. The bonus payable was further reduced on August 5, 2015, when the Company entered into a Stock Purchase Agreement with Algar, whereby the Company issued 50.7 thousand shares of its common stock to Algar for aggregate consideration equal to $189.0 thousand based on the fair value of the Company's common stock. The consideration was payable in the form of a reduction of the Company’s $378.0 thousand accrued but unpaid bonus compensation due to Algar as of August 5, 2015. During the year ended December 31, 2016, the Company paid Algar the remaining $189.0 thousand related to the accrued but unpaid bonus compensation related to the bonus earned in 2014. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | As of the Termination Effective Date, the Company and Algar mutually terminated the Management Agreement. The Termination Agreement provided that in satisfaction of all amounts owed to Algar under the Management Agreement, the Company paid Algar: (i) $20,880 on the Termination Effective Date, (ii) an aggregate amount equal to $50,000, paid in three equal monthly installments on the last day of October, November and December 2016 (full amount accrued at September 30, 2016), and (iii) an amount equal to ten percent of the decrease, if any, in reported “Loss before income taxes” for the nine months ended September 30, 2016 as reported on the Condensed Consolidated Statements of Operations in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2016, (the “3Q 2016 Form 10-Q”) as filed with the U.S. Securities and Exchange Commission, over the Company’s reported “Loss before income taxes” for the nine months ended September 30, 2015 as reported in the 3Q 2016 Form 10-Q (the "Accrued Bonus Payment"). The Company paid the Accrued Bonus Payment in the amount of $180.0 thousand on March 31, 2017. The Termination Agreement also provided for the cancellation of the Stock Option Agreement as of the Termination Effective Date. Mr. Garber and Mr. Oliver terminated the Irrevocable Proxies that were received in connection with the Management Agreement as of the Termination Effective Date. Mr. Garber resigned all offices with the Company and his director position as of the Termination Effective Date. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | On April 30, 2015, ISA Real Estate LLC sold to LK Property, an entity principally owned by Daniel M. Rifkin, CEO of MetalX, LLC ("MetalX") (a related party), a scrap metal recycling company headquartered in Waterloo, Indiana, and the principal owner of Recycling Capital Partners, LLC ("RCP") (a related party), a 4.4 acre parcel of real estate, located at 6709 Grade Lane, Louisville, Kentucky, for a purchase price of $1.0 million. The Company used the proceeds from the sale primarily for debt reduction and working capital. The loss on sale of this asset was $102.0 thousand. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | On April 30, 2015, the Company entered into a lease agreement with LK Property, for a portion of the 4.4 acre parcel of real estate located at 6709 Grade Lane, Louisville, Kentucky in the amount of $3.0 thousand per month. The lease terminates on April 14, 2019, but the Company has the right to terminate the lease and vacate the leased premises upon 90 days notice. The Company is required to reimburse the lessor for 40% of the property taxes on the parcel during the term. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | 375.0 thousand share options vested and became exercisable after the market price of the Company's common stock reached | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | 375.0 thousand share options would have vested and become exercisable only if and after the market price of the Company's common stock reached | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | 20.0 thousand shares of the Company's common stock to its Chief Financial Officer. These options were scheduled to vest over a | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | $90.2 thousand and has been recognized as expense in the accompanying Condensed Consolidated Statement of Operations. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | On June 15, 2016, at the Company's annual meeting, the Company's shareholders approved a one-time stock option exchange for the CFO as an alternative to a direct repricing of options previously granted to the CFO. The stock option exchange allowed the Company to cancel 170.0 thousand stock options, including 20.0 thousand granted in January 2015, previously granted to the CFO in exchange for the grant of 90.0 thousand RSUs to the CFO. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | 170.0 thousand stock options, including 20.0 thousand granted in January 2015, previously granted to the CFO in exchange for the grant of | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | The RSUs vest as follows if and to the extent that the CFO remains employed by the Company through each of the following dates: (i) on July 1, 2016, 50.00% (45,000) of the RSUs vest and become nonforfeitable; (ii) on December 31, 2016, 12.50% (11,250) of the RSUs vest and become nonforfeitable; (iii) on June 30, 2017, 12.50% (11,250) of the RSUs vest and become nonforfeitable; (iv) on December 31, 2017, 12.50% (11,250) of the RSUs vest and become nonforfeitable; and (v) on June 15, 2018, 12.50% (11,250) of the RSUs vest and become nonforfeitable. Each RSU represents the right to receive one share of the Company's common stock upon the vesting of the RSU, subject to the terms and conditions set forth in the RSU Agreement and the Plan. The CFO has continued his employment by the Company through June 30, 2017 and the related 67,500 RSUs vested and became nonforfeitable. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | he RSUs vest as follows if and to the extent that the CFO remains employed by the Company through each of the following dates: (i) on July 1, 2016, 50.00% (45,000) of the RSUs vest and become nonforfeitable; (ii) on December 31, 2016, 12.50% (11,250) of the RSUs vest and become nonforfeitable; (iii) on June 30, 2017, 12.50% (11,250) of the RSUs vest and become nonforfeitable; (iv) on December 31, 2017, 12.50% (11,250) of the RSUs vest and become nonforfeitable; and (v) on June 15, 2018, 12.50% (11,250) of the RSUs vest and become nonforfeitable. Each RSU represents the right to receive one share of the Company's common stock upon the vesting of the RSU, subject to the terms and conditions set forth in the RSU Agreement and the Plan. The CFO has continued his employment by the Company through June 30, 2017 and the related 67,500 RSUs vested and became nonforfeitable. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | he RSUs vest as follows if and to the extent that the CFO remains employed by the Company through each of the following dates: (i) on July 1, 2016, 50.00% (45,000) of the RSUs vest and become nonforfeitable; (ii) on December 31, 2016, 12.50% (11,250) of the RSUs vest and become nonforfeitable; (iii) on June 30, 2017, 12.50% (11,250) of the RSUs vest and become nonforfeitable; (iv) on December 31, 2017, 12.50% (11,250) of the RSUs vest and become nonforfeitable; and (v) on June 15, 2018, 12.50% (11,250) of the RSUs vest and become nonforfeitable. Each RSU represents the right to receive one share of the Company's common stock upon the vesting of the RSU, subject to the terms and conditions set forth in the RSU Agreement and the Plan. The CFO has continued his employment by the Company through June 30, 2017 and the related 67,500 RSUs vested and became nonforfeitable. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | he RSUs vest as follows if and to the extent that the CFO remains employed by the Company through each of the following dates: (i) on July 1, 2016, 50.00% (45,000) of the RSUs vest and become nonforfeitable; (ii) on December 31, 2016, 12.50% (11,250) of the RSUs vest and become nonforfeitable; (iii) on June 30, 2017, 12.50% (11,250) of the RSUs vest and become nonforfeitable; (iv) on December 31, 2017, 12.50% (11,250) of the RSUs vest and become nonforfeitable; and (v) on June 15, 2018, 12.50% (11,250) of the RSUs vest and become nonforfeitable. Each RSU represents the right to receive one share of the Company's common stock upon the vesting of the RSU, subject to the terms and conditions set forth in the RSU Agreement and the Plan. The CFO has continued his employment by the Company through June 30, 2017 and the related 67,500 RSUs vested and became nonforfeitable. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | Under a retention agreement with the Company's CFO dated March 25, 2016, the Company will pay the CFO bonuses of $100.0 thousand and $125.0 thousand on each of December 31, 2016 and December 31, 2017, respectively, as long as he remains employed with the Company on those dates. The December 31, 2016 bonus of $100.0 thousand was paid during the three month period ended March 31, 2017. If the CFO's employment is terminated without cause during 2017, the Company is required to pay him an amount equal to $125.0 thousand times the quotient of the number of full months employed in 2017 divided by 12. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | On September 30, 2016, the Company entered into retention agreements ("Retention Agreements") with certain management employees (individually "Staff Member"). Under the Retention Agreement, if the Staff Member remains continuously employed by the Company through and including the date which is the first to occur of: (a) the date of a change in control of the Company; (b) the date the Staff Member is terminated without cause; and (c) December 31, 2017, the Company will pay the Staff Member a bonus in an amount equal to 25% of the Staff Member's then-current annual base salary. At September 30, 2016, the Company estimated this liability to be $132.7 thousand. The Company evaluates the liability on an ongoing basis, and will expense the liability through December 31, 2017 unless determined otherwise. The Company has accrued $79.6 thousand as of June 30, 2017. | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | On September 30, 2016, the Company entered into retention agreements ("Retention Agreements") with certain management employees (individually "Staff Member"). Under the Retention Agreement, if the Staff Member remains continuously employed by the Company through and including the date which is the first to occur of: (a) the date of a change in control of the Company; (b) the date the Staff Member is terminated without cause; and (c) December 31, 2017, the Company will pay the Staff Member a bonus in an amount equal to 25% of the Staff Member's then-current annual base salary. At September 30, 2016, the Company estimated this liability to be $132.7 thousand. The Company evaluates the liability on an ongoing basis, and will expense the liability through December 31, 2017 unless determined otherwise | [
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10-Q | 0000897101-17-000957 | 20170809160349 | 20170630 | INDUSTRIAL SERVICES OF AMERICA INC | 5% of the Company's outstanding common stock. Pursuant to the Director Designation Agreement, the Company and RCP agreed that the designation and appointment of the Designated Director nominees will not violate applicable law and will not cause the Company to become delisted from any securities exchange or other trading market. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | The Company has incurred losses since 2008 resulting from a combination of: declining net interest income, as our loan portfolio decreased from $109.8 million at December 31, 2008 to $62.3 million at December 31, 2016; increased provisions for loan losses between 2009 and 2012; and increasing non-interest expense related to professional fees and repossessed asset write-downs and costs. The Company recently incurred net losses of $650 for the six months ended June 30, 2017 and $1,260 during the year ended December 31, 2016. Our interest income for the six months ended June 30, 2017 has increased with the increase in the balance of our loan portfolio, however, this growth has also resulted in an increase to our provision for loan losses. Our non-interest expense has also increased for compensation and occupancy cost and includes costs for problem asset resolution at the beginning of the year. The loss for 2016 was largely a result of our net interest income reflecting the low balance of our loan portfolio, increasing professional fees for problem asset resolution and additional costs associated with operating as a public company. Non-interest expense for 2016 was also impacted by an operational loss not reimbursable from our insurance. The Bank’s total capital to risk-based capital ratio and Tier 1 leverage capital to average assets ratio have continued to decline and were 12.1% and 7.5% respectively, at June 30, 2017. Under the Consent Order with the Office of the Comptroller of the Currency (the "OCC"), we are required to maintain a leverage capital ratio of 8% and a total risk-based capital ratio of 12%. At June 30, 2017, the Bank's Tier 1 leverage capital was $420 lower than Consent Order Tier 1 leverage capital requirements, and therefore, the Bank was not in compliance with the Order. At July 31, 2017, the Bank's total risk-based capital ratio was less than the 12% requirement under the Consent Order. To comply with the capital levels of the Consent Order and to execute on our business plan that contemplates significant growth, we will need to raise additional capital. Such capital may not be available on terms that will allow us to execute on our business plan and become profitable, or may not be available at all. If we are not able to raise the additional capital required to comply with the Consent Order and to execute on our business plan, we will explore other strategic options, including the merger or sale of the Company. The Company engaged an investment banking firm to assist the Board of Directors in evaluating the strategic options, which include the sale of stock, issuance of debt or sale of the Company. The investment banking firm will be compensated based on the specific action plan ultimately executed by the Company. A member of the Company's Board of Directors is a partner in the investment banking firm. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | resulting from a combination of: declining net interest income, as our loan portfolio decreased from $109.8 million at December 31, 2008 to $62.3 million at December 31, 2016; increased provisions for loan losses between 2009 and 2012; and increasing non-interest expense related to professional fees and repossessed asset write-downs and costs. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | Non-interest expense for 2016 was also impacted by an operational loss not reimbursable from our insurance. The Bank’s total capital to risk-based capital ratio and Tier 1 leverage capital to average assets ratio have continued to decline and were 12.1% and 7.5% respectively, at | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | . Under the Consent Order with the Office of the Comptroller of the Currency (the "OCC"), we are required to maintain a leverage capital ratio of 8% and a total risk-based capital ratio of 12%. At June 30, 2017, the Bank's Tier 1 leverage capital was $420 lower than Consent Order Tier 1 leverage capital requirements, and therefore, the Bank was not in compliance with the Order. At July 31, 2017, the Bank's total risk-based capital ratio was less than the 12% requirement under the Consent Order. To comply with the capital levels of the Consent Order and to execute on our business plan that contemplates significant growth, we will need to raise additional capital. Such capital may not be available on terms that will allow us to execute on our business plan and become profitable, or may not be available at all. If we are not able to raise the additional capital required to comply with the Consent Order and to execute on our business plan, we will explore other strategic options, including the merger or sale of the Company. The Company engaged an investment banking firm to assist the Board of Directors in evaluating the strategic options, which include the sale of stock, issuance of debt or sale of the Company. The investment banking firm will be compensated based on the specific action plan ultimately executed by the Company. A member of the Company's Board of Directors is a partner in the investment banking firm. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | al ratio of 8% and a total risk-based capital ratio of 12%. At June 30, 2017, the Bank's Tier 1 leverage capital was $420 lower than Consent Order Tier 1 leverage capital requirements, and therefore, the Bank was not in compliance with the Order. At July 31, 2017, the Bank's total risk-based capital ratio was less than the 12% requirement under the Consent Order. To | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | he Bank's Tier 1 leverage capital was $420 lower than Consent Order Tier 1 leverage capital requirements, and therefore, the Bank was not in compliance with the Order. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | We sold $2.0 million of securities available for sale during the six months ended June 30, 2017 resulting in a loss of $6. There were no sales of securities available for sale for the six months ended 2016. There were no securities pledged to secure any of the borrowings of the Company as of June 30, 2017 and December 31, 2016. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | resulting in a loss of $6. There were no sales of securities available for sale for the six months ended 2016. There were no securities pledged to secure any of the borrowings of the Company as of | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | Our troubled debt restructurings totaled $1,262 at June 30, 2017 and $1,576 at December 31, 2016. There were no loans modified as troubled debt restructurings during the six months ended June 30, 2017 or the year ended December 31, 2016. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | There was one loans modification as troubled debt restructuring with a balance of $53 as of June 30, 2017, which was reported as nonaccrual. There were two loans modified as troubled debt restructurings with a balance of $345 which were reported as nonaccrual as of December 31, 2016. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | There was one loans modification as troubled debt restructuring with a balance of $53 as of June 30, 2017 | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | , which was reported as nonaccrual. There were two loans modified as troubled debt restructurings with a balance of $345 which were reported as nonaccrual as of December 31, 2016. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. During the six months ended June 30, 2017, one loan totaling $253 secured by a multi-family building, had payments in default and was transferred to repossessed assets and sold during the period. During the year-ended December 31, 2016, the same loan totaling $284, had payments in default and was reported as non-accrual at December 31, 2016. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | , one loan totaling $253 secured by a multi-family building, had payments in default and was transferred to repossessed assets and sold during the period. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | The Company has allocated $21 to specific reserves on $519 of loans to customers whose loan terms have been modified in troubled debt restructurings as of June 30, 2017. At December 31, 2016, the Company has allocated $32 to specific reserves on $1,231 of loans to customers whose loan terms have been modified in troubled debt restructurings. The Company has not committed to lend additional amounts as of June 30, 2017 and December 31, 2016 to customers with outstanding loans that are classified as troubled debt restructurings. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | The Company has allocated $21 to specific reserves on $519 of loans to customers whose loan terms have been modified in troubled debt restructurings as of June 30, 2017 | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | , the Company has allocated $32 to specific reserves on $1,231 of loans to customers whose loan terms have been modified in troubled debt restructurings. The Company has not committed to lend additional amounts as of June 30, 2017 | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | Impaired loans, which are measured for impairment using the fair value of the collateral (less cost to sell) for collateral dependent loans, had an aggregate balance of $691 with a $0 valuation allowance at June 30, 2017 and an aggregate balance of $1,714 with a $10 valuation allowance at December 31, 2016. The impaired loans resulted in no provision for the three months ended June 30, 2017 and a $31 provision for loan losses for the six months ended June 30, 2017. There was no provision for the three and six months ended June 30, 2016. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | Impaired loans, which are measured for impairment using the fair value of the collateral (less cost to sell) for collateral dependent loans, had an aggregate balance of $691 with a $0 valuation allowance at June 30, 2017 | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | and an aggregate balance of $1,714 with a $10 valuation allowance at December 31, 2016. The impaired loans resulted in no provision for the three months ended June 30, 2017 and a $31 provision for loan losses for the six months ended June 30, 2017. There was no provision for the three and six months ended June 30, 2016. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | Repossessed assets, consisting of other real estate owned, are measured at the lower of cost or fair value less costs to sell. Repossessed assets were carried at $802 at June 30, 2017 consisting of the cost basis of $816 and a valuation allowance of $14. Repossessed assets were carried at $408 at December 31, 2016 consisting of the cost basis of $643 and a valuation allowance of $235. There were no write-downs on repossessed assets for the three and six months ended June 30, 2017 and 2016. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | Repossessed assets, consisting of other real estate owned, are measured at the lower of cost or fair value less costs to sell. Repossessed assets were carried at $802 at June 30, 2017 | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | $643 and a valuation allowance of $235. There were no write-downs on repossessed assets for the three and six months ended June 30, 2017 and 2016. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | Effective as of January 1, 2016, financial institutions are required to maintain a capital conservation buffer to avoid restrictions on capital distributions and other payments. If a financial institution’s capital conservation buffer falls below the minimum requirement, its maximum payout amount for capital distributions and discretionary payments declines to a set percentage of eligible retained income based on the size of the buffer. The implementation of the capital conservation buffer began on January 1 2016 at the 0.625% level and will be phased in over a three year period (increasing by 0.625% on each subsequent January 1, until it reaches 2.5% on January 1, 2019. As of June 30, 2017, the Bank’s capital conservation buffer stood at 1.25%. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | Quantitative measures established by regulation to help ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total and Tier I capital as defined in the regulations to risk-weighted assets as defined and of Tier I capital to adjusted total assets as defined. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios. On November 25, 2015 the Bank entered into a Consent Order with the OCC that reduced the Bank’s regulatory compliance burden. Concurrent with the execution of the Consent Order, the Old Order entered into between the Bank and the OCC dated December 19, 2012 was terminated. The Consent Order reduced the Bank’s minimum required Tier 1 leverage capital ratio to 8% from 9% under the Old Order and its minimum total risk-based capital ratio to 12% from 13% under the Old Order. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | 19, 2012 was terminated. The Consent Order reduced the Bank’s minimum required Tier 1 leverage capital ratio to 8% from 9% under the Old Order and its minimum total risk-based capital ratio to 12% from 13% under the Old Order. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | Stock option expense was $10 and $17 during the three and six months ended June 30, 2017. As of June 30, 2017, there was $99 of unrecognized compensation cost related to stock options granted under the Plan. The cost is expected to be recognized over a weighted-average period of approximately 2.5 years. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | The fair value of the restricted stock awards was $10.70 per share, which was the closing price of the stock on the January 27, 2017 grant date. None of the restricted stock awards were vested or forfeited as of June 30, 2017. Restricted stock award expense was $14 and $24 during the three and six months ended June 30, 2017. As of June 30, 2017, there was $143 of unrecognized compensation cost related to non-vested shares granted under the Plan. The cost is expected to be recognized over a weighted-average period of approximately 2.5 years. | [
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10-Q | 0000897101-17-001006 | 20170814132247 | 20170630 | Ben Franklin Financial, Inc. | As of July 31, 2017, the Bank’s risk-based capital ratio was less than the 12% required under the Consent Order, see Note 2 for further discussion. | [
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10-Q | 0000897101-17-001133 | 20170914143015 | 20170731 | MGC DIAGNOSTICS Corp | The MGC Diagnostics Corporation 2003 Employee Stock Purchase Plan, as amended (“Purchase Plan”), allows participating employees to purchase up to 200,000 shares of the Company’s common stock at a discount through payroll deductions. The Purchase Plan is available to all employees subject to eligibility requirements. Under the Purchase Plan, participating employees may purchase the Company’s common stock on a voluntary after-tax basis at a price that is the lower of 85% of the fair market value of one share of common stock at the beginning or end of each stock purchase phase. The Purchase Plan is carried out in six-month phases, with phases beginning on January 1 and July 1 of each calendar year. For the phase that ended on June 30, 2017, employees purchased 4,333 shares at a price of $6.71 per share. As of July 31, 2017, the Company has withheld approximately $5,000 from employees participating in the phase that began on July 1, 2017. As of July 31, 2017, 39,677 shares of common stock were available for future purchase under the Purchase Plan. | [
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10-Q | 0000897101-17-001133 | 20170914143015 | 20170731 | MGC DIAGNOSTICS Corp | On July 24, 2014, the Company entered into a credit agreement with BMO Harris Bank NA. The Agreement, as amended, included a $4.0 million term loan and a $250,000 revolving credit facility. The term loan, which bore interest at a floating rate, was payable in equal monthly principal installments of $66,667 over a five year period commencing August 31, 2014 and was evidenced by a term note. The Company borrowed the $4.0 million under the term loan on July 24, 2014 and used these proceeds in connection with its August 1, 2014 acquisition of Medisoft SA. On June 14, 2016, the Company paid off the remaining balance of the term loan and terminated the revolving credit facility. | [
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10-Q | 0000897101-17-001133 | 20170914143015 | 20170731 | MGC DIAGNOSTICS Corp | On March 17, 2017, Medisoft, S.A. entered into a credit agreement with ING Belgium SA. The agreement includes a €150,000 revolving credit facility, with no stated end date. Medisoft, S.A . may use the revolving credit facility from time to time for working capital or general corporate needs. The credit agreement is collateralized by the business assets of Medisoft, S.A. to the extent of €250,000 in principal. Borrowings under the revolving credit facility are characterized as a EURIBOR Loan. Interest is calculated daily based on the outstanding balance of the loan using a EURIBOR rate plus margin of 1.5% and paid quarterly. As of July 31, 2017, the outstanding balance on the loan was €130,000 and the interest rate was 1.5%. | [
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10-Q | 0000897101-17-001133 | 20170914143015 | 20170731 | MGC DIAGNOSTICS Corp | The Company records its interim provision for income taxes based on its estimated worldwide annual effective rate for the year. In computing this provision, the Company excluded MGC Diagnostics Belgium S.P.R.L. net losses of $97,000 and $331,000 for the three- and nine-month periods ended July 31, 2017, respectively, for which no benefit can be recognized due to future expected losses and resulting valuation allowance related to these losses. As a result, the $833,000 fiscal 2017 year to date tax expense compared to the world wide consolidated pre-tax income of $1,658,000 (which excludes the MGC Diagnostics Belgium S.P.R.L. loss) results in an effective rate of approximately 50.2%. | [
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10-Q | 0000897101-17-001133 | 20170914143015 | 20170731 | MGC DIAGNOSTICS Corp | and $331,000 for the three- and nine-month periods ended July 31, 2017, respectively, for which no benefit can be recognized due to future expected losses and resulting valuation allowance related to these losses. As a result, the $833,000 fiscal 2017 year to date tax expense compared to the world wide consolidated pre-tax income of $1,658,000 (which excludes the MGC Diagnostics Belgium S.P.R.L. loss) results in an effective rate of approximately 50.2%. | [
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10-Q | 0000897101-17-001133 | 20170914143015 | 20170731 | MGC DIAGNOSTICS Corp | , 2017, respectively, for which no benefit can be recognized due to future expected losses and resulting valuation allowance related to these losses. As a result, the $833,000 fiscal 2017 year to date tax expense compared to the world wide consolidated pre-tax income of $1,658,000 (which excludes the MGC Diagnostics Belgium S.P.R.L. loss) results in an effective rate of approximately 50.2%. | [
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10-Q | 0000897101-17-001133 | 20170914143015 | 20170731 | MGC DIAGNOSTICS Corp | The provision for income taxes for 2017 includes federal alternative minimum tax (AMT) expense, state and foreign income tax expense, and expense related to reserves for uncertain tax provisions. For the nine months ended July 31, 2017, the Company recorded a domestic income tax expense of $754,000 based on an estimated U.S. annual effective tax rate of 40.9%. The differences from the federal statutory rate results from the effects of anticipated federal alternative minimum tax (AMT) whose credit cannot be offset due to the partial valuation allowance, state taxes expected to be paid and permanent differences whose effects are to increase the effective rate, including non-deductible meals and entertainment expenses, stock-based compensation expense and expense related to reserves for uncertain tax positions. For the nine months ended July 31, 2017, the foreign tax expense of $79,000 is primarily from the increase in the valuation allowance against deferred tax assets for Medisoft, S.A. | [
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10-Q | 0000897101-17-001133 | 20170914143015 | 20170731 | MGC DIAGNOSTICS Corp | of $754,000 based on an estimated U.S. annual effective tax rate of 40.9%. The differences from the federal statutory rate re | [
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10-Q | 0000897101-17-001133 | 20170914143015 | 20170731 | MGC DIAGNOSTICS Corp | The Company has federal net operating loss (“NOL”) and general business tax credit carry forwards; however, the utilization of some of these tax loss and tax credit carry forwards is limited under Internal Revenue Code (“IRC”) §382 and §383, respectively, as a result of an IRS-deemed change in ownership that occurred in the fourth quarter of fiscal 2006. The Company’s estimated domestic NOL carry forwards of $6.5 million that are not limited as of October 31, 2016 include $2.8 million of income tax deductions in excess of previously recorded tax benefits. The tax benefit of these excess deductions was added to deferred tax assets as of October 31, 2016 as a result of the adoption of ASU 2016-09 retroactively to November 1, 2015; however the additional benefit was offset by an equivalent increase to the valuation allowance for domestic net deferred tax assets. These loss carry forwards will expire in years 2018 through 2032. Additionally, the Company has general business credit carry forwards of $461,000 that will expire in 2033. Use of this general business credit carry forward is not limited because it was generated after the change in ownership. The Company also has $266,000 of alternative minimum tax credit carry forwards that do not have expiration dates. The alternative minimum tax credit carry forwards are limited by IRC §383, but their ultimate use is not affected since these do not expire. In addition, as of October 31, 2016, the Company has foreign NOL carry forwards of approximately $4.8 million. Foreign NOL expiration varies by country; however, a substantial portion of the foreign NOLs are in Belgium, and do not expire. As of October 31, 2016, the Company had a remaining valuation allowances for domestic and international entities of approximately $1,951,000 and $772,000, respectively. | [
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10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | The Company has a Long Term Incentive Plan adopted in 2009 ("LTIP") under which it may grant equity awards for up to 2.4 million shares of common stock, which are reserved by the Board of Directors for issuance of equity awards. The Company provides compensation benefits by granting stock options and other share-based awards to employees and directors. The exercise price of each option is equal to the market price of the Company's stock on the date of grant. The maximum term of the option is five years. The plan is accounted for based on FASB’s authoritative guidance titled "ASC 718 - Compensation - Stock Compensation." The Company recognizes share-based compensation expense for the fair value of the awards, on the date granted, on a straight-line basis over their vesting term (service period). Compensation expense is recognized only for share-based payments expected to vest. The Company estimates forfeitures at the date of grant based on the Company's historical experience and future expectations. | [
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10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | 2.4 million shares of common stock, which are reserved by the Board of Directors for issuance of equity awards. | [
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10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | “Stock Option Agreement”), the Company granted Algar an option to purchase a total of 1.5 million shares (in four tranches) of Company common stock (the "Algar Options") at an exercise price per share of $5.00. The Algar Options were not issued under the LTIP. | [
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10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | The Company entered into a lease agreement to lease a portion of its Louisville, Kentucky facility with 7100 Grade Lane LLC, a related party, effective October 1, 2017 (the "7100 Lease"). The lease replaces a lease the Company previously held with the related party for the same properties, 7100 and 7020 Grade Lane, that was due to expire December 31, 2017 (the "7100 Prior Lease"). See Note 4 - Lease Commitments and Note 6 - Related Party Transactions for additional information. The lease is for a period of seven years with rent payments of $37.5 thousand per month for the first five years. For each of the following one year periods, the annual rent increases the lesser of (a) the percentage change in the CPI over the preceding twelve months, or (b) 2% of the previous year's annual rent. The Company has the option to extend the lease for two additional consecutive terms, each such extended term to be for a period of five years. In addition, the Company is responsible for real estate taxes, insurance, utilities and maintenance expense. | [
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10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | The Company entered into a lease agreement to lease a portion of its Louisville, Kentucky facility with 7100 Grade Lane LLC, a related party, effective October 1, 2017 (the "7100 Lease"). The lease replaces a lease the Company previously held with the related party for the same properties, 7100 and 7020 Grade Lane, that was due to expire December 31, 2017 (the "7100 Prior Lease"). See Note 4 - Lease Commitments and Note 6 - Related Party Transactions for additional information. The lease is for a period of seven years with rent payments of $37.5 thousand per month for the first five years. For each of the following one year periods, the annual rent increases the lesser of (a) the percentage change in the CPI over the preceding twelve months, or (b) 2% of the previous year's annual rent. The Company has the option to extend the lease for two additional consecutive terms, each such extended term to be for a period of five years. In addition, the Company is responsible for real estate taxes, insurance, utilities and maintenance expense. | [
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10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | In addition, the Company entered into an agreement and promissory note (the "Back Rent Agreement"), effective October 1, 2017, to pay 7100 Grade Lane LLC $345.8 thousand for back rent past due and owed under the 7100 Prior Lease (see facility rent payable to related parties in Note 6 - Related Party Transactions) with an initial payment of $100.0 thousand due as of the signing of the Back Rent Agreement with six consecutive monthly payments of $41.0 thousand each, beginning November 1, 2017. The Company paid the initial payment of $100.0 thousand and the first payment of $41.0 thousand as of the date the financial statements herein were issued. | [
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10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | In addition, the Company entered into an agreement and promissory note (the "Back Rent Agreement"), effective October 1, 2017, to pay 7100 Grade Lane LLC $345.8 thousand for back rent past due and owed under the 7100 Prior Lease (see facility rent payable to related parties in Note 6 - Related Party Transactions) with an initial payment of $100.0 thousand due as of the signing of the Back Rent Agreement with six consecutive monthly payments of $41.0 thousand each, beginning November 1, 2017. The Company paid the initial payment of $100.0 thousand and the first payment of $41.0 thousand as of the date the financial statements herein were issued. | [
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10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | On February 29, 2016, the Company closed on new financings with MidCap and paid off all remaining amounts due to the Company's previous lender Wells Fargo. Additionally on February 29, 2016, the Company converted certain amounts payable to related parties into unsecured term notes payable to the same related parties as more fully described in Note 6 - Related Party Transactions. On March 31, 2017, the Company entered into an amendment to increase the line of credit, subject to the satisfaction of certain borrowing base restrictions (which have been satisfied), and extend the maturity date more fully described below. On June 23, 2017, in connection with the purchase of equipment to be used in the operation of the Company's business, the Company issued notes totaling $129.0 thousand principal amount due to a related party. See Note 6 - Related Party Transactions. | [
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10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | On March 31, 2017, the Company entered into an amendment to increase the line of credit, subject to the satisfaction of certain borrowing base restrictions (which have been satisfied), and extend the maturity date more fully described below. On June 23, 2017, in connection with the purchase of equipment to be used in the operation of the Company's business, the Company issued notes totaling $129.0 thousand principal amount due to a related party. See Note 6 - Related Party Transactions. | [
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10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | On February 29, 2016, the Company entered into the 2016 Loan, which, as initially entered into, provided a $6.0 million senior, secured asset-based line of credit with MidCap. The Company could borrow up to the sum of (a) 85% of the value of its eligible domestic accounts receivable; (b) the lesser of (i) $2.5 million and (ii) 75% of the net orderly liquidation value of eligible inventory; and (c) the lesser of (i) $500,000 and (ii) 40% of appraised net forced liquidation value of eligible fixed assets (the "Equipment Sublimit"). The Equipment Sublimit amortizes monthly on a straight line basis over sixty (60) months with no reduction to the overall line of credit availability. As described below, the 2016 Loan was amended on March 31, 2017. | [
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10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | The interest rate on the 2016 Loan is equal to the prime rate (4.25% as of September 30, 2017) plus 250 basis points (2.50%). In the Event of a Default (as defined in the 2016 Loan Agreement), the interest rate will increase by 300 basis points (3.00%). The 2016 Loan also has a monthly collateral-monitoring fee equal to 27.5 basis points (0.275%) of the average daily balance outstanding, an annual facility fee of 100 basis points (1.00%) and an unused line fee equal to an annual rate of 50 basis points (0.50%) of the average undrawn portion of the 2016 Loan. | [
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10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | The Company is subject to a prepayment fee of $120.0 thousand if the 2016 Loan is terminated or prepaid prior to the one year anniversary of the loan. The Company is subject to a prepayment fee of $60.0 thousand if the 2016 Loan is terminated or prepaid subsequent to the one year anniversary of the loan, but prior to the maturity date. The $60.0 thousand fee is reduced to zero if the 2016 Loan is refinanced by an FDIC insured institution after eighteen months from February 29, 2016. | [
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10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | The 2016 Loan Agreement contains a minimum line availability covenant equal to $350.0 thousand. This covenant may be replaced by a Fixed Charge Coverage Ratio ("FCCR") covenant once the Company has achieved a FCCR of 1.0x on an annualized basis. | [
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10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | The Company is allowed to sell or refinance up to $3.0 million in fair market value of real property provided (i) the proceeds from such refinance or sale remain with the Company; and (ii) no event of default exists at the time of such refinance or sale. | [
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10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | $3.0 million in fair market value of real property provided (i) the proceeds from such refinance or sale remain with the Company; and (ii) no event of default exists at the time of such refinance or sale. | [
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10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | On March 31, 2017, the Company and each of its wholly-owned subsidiaries entered into an amendment to the 2016 Loan with MidCap ("First Amendment"). The First Amendment increased the line of credit from $6.0 million to $8.0 million and extended the maturity date to February 28, 2020. As amended, the line of credit permits the Company to borrow an amount under the 2016 Loan equal to the lesser of (A) $8.0 million; and (B)(i) 85% of the value of the Company’s eligible domestic accounts receivable, plus (ii) the lesser of (x) $2.5 million and (y) 75% of the net orderly liquidation value of eligible inventory, plus (iii) the lesser of (x) $400,000 and (y) 40% of appraised net forced liquidation value of eligible fixed assets, plus (iv) the lesser of (x) $1.75 million and (y) 45% of the appraised value of certain properties owned by the Company (subject to MidCap's receipt of any third-party or internal approvals it may require in its discretion), minus (v) any amount which MidCap may require from time to time, pursuant to terms of the agreement, in order to secure amounts owed to MidCap under the agreement. The First Amendment contains a minimum line availability covenant equal to $350.0 thousand, the same as the original 2016 Loan. This covenant may be replaced by a FCCR covenant once the Company has achieved an FCCR of 1.1x on an annualized basis. The Company paid underwriting fees of $20.0 thousand at closing. | [
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},
{
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"Label": "idsa:LineOfCreditFacilityBorrowingCapacityPercentOfEligibleFixedAssets",
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"Value": 0.45
},
{
"Currency / Unit": "iso4217:USD",
"End character": 1202,
"End date for period": "2017-09-30",
"Label": "idsa:LineOfCreditFacilityCovenantComplianceMinimumBorrowingCapacity",
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"Start date for period": "2017-09-30",
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},
{
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"Label": "us-gaap:PaymentsOfDebtIssuanceCosts",
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"Start date for period": "2017-01-01",
"Value": 20000
}
] |
10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | On April 26, 2017, certain borrowing base restrictions were satisfied with MidCap which resulted in an increase in availability of $1.75 million. | [
{
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"Label": "idsa:LineOfCreditFacilityBorrowingCapacityEligibleFixedAssets",
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"Start date for period": "2017-04-26",
"Value": 1750000
}
] |
10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | The Company paid and capitalized loan fees in the amount of $124.9 thousand during the nine month period ended September 30, 2017. | [
{
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"Start date for period": "2017-01-01",
"Value": 124900
}
] |
10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | Effective October 1, 2017, the Company entered into a new lease agreement with a related party for the same property (the "7100 Lease") that terminates and replaces the 7100 Prior Lease. The lease is for a period of seven years with rent payments of $37.5 thousand per month for the first five years. For each of the following one year periods, the annual rent increases the lesser of (a) the percentage change in the CPI over the preceding twelve months, or (b) 2% of the previous year's annual rent. The Company has the option to extend the lease for two additional consecutive terms, each such extended term to be for a period of five years. See the Subsequent Events section of Note 1 - Summary of Significant Accounting Policies and General. | [
{
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"Start date for period": "2017-10-01",
"Value": 37500
}
] |
10-Q | 0000897101-17-001414 | 20171108160914 | 20170930 | INDUSTRIAL SERVICES OF AMERICA INC | Effective October 1, 2017, the Company entered into a new lease agreement with a related party for the same property (the "7100 Lease") that terminates and replaces the 7100 Prior Lease. The lease is for a period of seven years with rent payments of $37.5 thousand per month for the first five years. For each of the following one year periods, the annual rent increases the lesser of (a) the percentage change in the CPI over the preceding twelve months, or (b) 2% of the previous year's annual rent. The Company has the option to extend the lease for two additional consecutive terms, each such extended term to be for a period of five years. See the Subsequent Events section of Note 1 - Summary of Significant Accounting Policies and General. | [
{
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"Label": "idsa:OperatingLeasesMonthlyRentExpenseGross",
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"Start date for period": "2017-10-01",
"Value": 37500
}
] |
Subsets and Splits