Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 08, 2019 | Jun. 30, 2018 | |
Entity Information [Line Items] | |||
Entity Registrant Name | INDUSTRIAL SERVICES OF AMERICA INC /FL | ||
Entity Central Index Key | 0000004187 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 8,107,865 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 10,764,635 | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 1,044 | $ 841 |
Income tax receivable | 16 | 0 |
Accounts receivable – trade after allowance for doubtful accounts of $60.0 thousand and $60.0 thousand in 2018 and 2017, respectively | 4,369 | 4,220 |
Receivables and other assets from related parties (Note 8) | 91 | 92 |
Inventories (Note 1) | 6,934 | 5,106 |
Prepaid expenses and other current assets | 159 | 112 |
Total current assets | 12,613 | 10,371 |
Net property and equipment (Note 1) | 9,786 | 11,212 |
Other assets | ||
Deferred income taxes (Note 5) | 27 | 27 |
Other non-current assets | 54 | 116 |
Total other assets | 81 | 143 |
Total assets | 22,480 | 21,726 |
Current liabilities | ||
Current maturities of long-term debt (Note 2) | 3,909 | 4,877 |
Current maturities of long-term debt, related parties (Note 2 and 8) | 32 | 64 |
Current maturities of capital lease obligations (Note 3) | 352 | 300 |
Bank overdrafts | 0 | 148 |
Accounts payable | 2,387 | 1,784 |
Payable and accrued expenses to related parties (Note 8) | 2 | 173 |
Income tax payable | 0 | 2 |
Other current liabilities | 566 | 765 |
Total current liabilities | 7,248 | 8,113 |
Long-term liabilities | ||
Long-term debt, net of current maturities (Note 2) | 2,125 | 0 |
Long-term debt, net of current maturities, related parties (Note 2 and 8) | 1,504 | 1,536 |
Capital lease obligations, net of current maturities (Note 3) | 589 | 819 |
Total long-term liabilities | 4,218 | 2,355 |
Shareholders’ equity | ||
Common stock, $0.0033 par value: 20.0 million shares authorized in 2018 and 2017; 8,107,865 and 8,089,129 shares issued and outstanding in 2018 and 2017, respectively | 27 | 27 |
Additional paid-in capital | 24,133 | 24,028 |
Stock warrants outstanding | 1,025 | 1,025 |
Retained losses | (14,127) | (13,778) |
Treasury stock at cost, 30,690 shares in 2018 and 2017 | (44) | (44) |
Total shareholders’ equity | 11,014 | 11,258 |
Total liabilities and shareholders’ equity | $ 22,480 | $ 21,726 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Allowance for doubtful accounts | $ 60,000 | $ 60,000 |
Common stock, par value | $ 0.0033 | $ 0.0033 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 8,107,865 | 8,089,129 |
Common stock, shares outstanding | 8,107,865 | 8,089,129 |
Treasury stock, shares | 30,690 | 30,690 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from product sales | ||
Total revenue from product sales | $ 61,023 | $ 54,935 |
Cost of sales for product sales | 56,962 | 51,727 |
Gross profit | 4,061 | 3,208 |
Selling, general, and administrative expenses | 3,635 | 3,490 |
Loss before other income (expense) | 426 | (282) |
Other income (expense) | ||
Interest expense, including loan fee amortization | (1,254) | (848) |
Gain on sale of assets | 0 | 27 |
Gain on insurance proceeds | 476 | 0 |
Other (expense) income, net | 16 | (16) |
Total other expense, net | (762) | (837) |
Income (loss) before income taxes | (336) | (1,119) |
Income tax provision (Note 5) | 13 | 12 |
Net Loss | $ (349) | $ (1,131) |
Net loss per share of common stock: | ||
Basic loss per share | $ (0.04) | $ (0.14) |
Diluted loss per share | $ (0.04) | $ (0.14) |
Weighted average shares outstanding: | ||
Basic (in Shares) | 8,102 | 8,078 |
Diluted (in Shares) | 8,102 | 8,078 |
Ferrous operations [Member] | ||
Revenue from product sales | ||
Total revenue from product sales | $ 28,745 | $ 21,885 |
Non-ferrous operations [Member] | ||
Revenue from product sales | ||
Total revenue from product sales | 31,226 | 31,620 |
Auto parts operations and other [Member] | ||
Revenue from product sales | ||
Total revenue from product sales | $ 1,052 | $ 1,430 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Stock Warrants [Member] | Retained Losses [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2016 | $ 12,273 | $ 27 | $ 23,912 | $ 1,025 | $ (12,647) | $ (44) |
Balance (in Shares) at Dec. 31, 2016 | 8,105,231 | (30,690) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock | 0 | $ 0 | ||||
Common stock (in Shares) | 14,588 | |||||
Share-based compensation | 116 | 116 | ||||
Net loss | (1,131) | (1,131) | ||||
Balance at Dec. 31, 2017 | 11,258 | $ 27 | 24,028 | 1,025 | (13,778) | $ (44) |
Balance (in Shares) at Dec. 31, 2017 | 8,119,819 | (30,690) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock | 0 | $ 0 | ||||
Common stock (in Shares) | 18,736 | |||||
Share-based compensation | 105 | 105 | ||||
Net loss | (349) | (349) | ||||
Balance at Dec. 31, 2018 | $ 11,014 | $ 27 | $ 24,133 | $ 1,025 | $ (14,127) | $ (44) |
Balance (in Shares) at Dec. 31, 2018 | 8,138,555 | (30,690) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | ||
Net loss | $ (349) | $ (1,131) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Bad debt expense | 0 | 25 |
Depreciation and amortization | 2,096 | 2,191 |
Share-based compensation expense | 105 | 116 |
Gain on sale of assets | 0 | (27) |
Gain from insurance proceeds | (476) | 0 |
Deferred income taxes | 0 | 0 |
Amortization of loan fees included in interest expense | 273 | 124 |
Change in assets and liabilities | ||
Receivables | (149) | (884) |
Receivables from related parties | 1 | 58 |
Inventories | (1,828) | (1,669) |
Income tax receivable/payable | (18) | 16 |
Prepaid expenses and other assets | 15 | (95) |
Accounts payable | 603 | 179 |
Payables and accrued expenses to related parties | (171) | (405) |
Other current liabilities | (199) | 138 |
Net cash used in operating activities | (97) | (1,364) |
Cash flows from investing activities | ||
Proceeds from insurance claim, net | 476 | 0 |
Proceeds from sale of property and equipment | 0 | 28 |
Purchases of property and equipment | (467) | (132) |
Net cash from (used in) investing activities | 9 | (104) |
Cash flows from financing activities | ||
Loan fees capitalized | (306) | (125) |
Change in bank overdrafts | (148) | 69 |
Proceeds from long-term debt | 2,500 | 0 |
Payments on long-term debt | (7) | 0 |
Payments on long-term debt, related parties | (64) | (33) |
Payments on capital lease obligations | (312) | (204) |
(Payments) proceeds from revolving line of credit, net | (1,372) | 2,076 |
Net cash from financing activities | 291 | 1,783 |
Net change in cash and cash equivalents | 203 | 315 |
Cash and cash equivalents at beginning of year | 841 | 526 |
Cash and cash equivalents at end of year | 1,044 | 841 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 1,004 | 755 |
Tax refunds received | 1 | 5 |
Cash paid for income taxes | 32 | 2 |
Supplemental disclosure of noncash investing and financing activities: | ||
Equipment additions financed by capital lease obligations | 134 | 75 |
Equipment financed by debt | 69 | 0 |
Equipment financed by related party debt | $ 0 | $ 129 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND GENERAL | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and General | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND GENERAL Nature of Business Industrial Services of America, Inc. (a Florida Corporation) and its subsidiaries ("ISA" or the "Company") buys, processes and markets ferrous and non-ferrous metals and other recyclable commodities at four Additionally, ISA operates one All of these activities operate under the Company's Recycling Segment. T he Company' 2017 On March 26, 2018, the Board appointed Todd L. Phillips as Chief Executive Officer. See Note 9 - Share-based Compensation and Other Compensation Agreements Liquidity During the first quarter of 2017 See Note 2 - Long-term Debt and Notes Payable to Bank for discussion of loan arrangements with MidCap and BofA. The borrowings under the working capital line of credit are classified as short-term obligations under generally accepted accounting principles in the United States of America ("GAAP") as the agreement with the lender contains a subjective acceleration clause and requires the Company to maintain a lockbox arrangement with the lender. However, the contractual maturity date of the revolver is February 28, 2020. See Note 1 - Summary of Significant Accounting Policies and General Fair Value of Financial Instruments T he Company carries certain of its financial assets and liabilities at fair value on a recurring basis. Cash and cash equivalents are carried at cost which approximates fair value. Long-term debt is carried at cost, and the fair value is disclosed herein. In addition, the Company measures certain assets, such as long-lived assets, at fair value on a non-recurring basis to evaluate those assets for potential impairment. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date In accordance with applicable accounting standards, the Company categorizes its financial assets and liabilities into the following fair value hierarchy: Level 1 – Financial assets and liabilities with values based on unadjusted quoted prices for identical assets or liabilities in an active market. Examples of Level 1 Level 2 – Financial assets and liabilities with values based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Examples of Level 2 Pricing models are utilized to estimate fair value for certain financial assets and liabilities categorized in Level 2 Level 3 – Financial assets and liabilities with values based on prices or valuation techniques that require inputs that are both unobservable in the market and significant to the overall fair value measurement. These inputs reflect management’s judgment about the assumptions that a market participant would use in pricing the asset or liability, and are based on the best available information, some of which is internally developed. When determining the fair value measurements for financial assets and liabilities carried at fair value on a recurring basis, the Company considers the principal or most advantageous market in which it would transact and consider assumptions that market participants would use when pricing the asset or liability. When possible, ISA looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to market observable data for similar assets and liabilities. Nevertheless, certain assets and liabilities are not actively traded in observable markets, and the Company uses alternative valuation techniques to derive fair value measurements. The Company uses the fair value methodology outlined in the related accounting standards to value the assets and liabilities for cash and debt. All of the Company's cash is defined as Level 1 2 In accordance with this guidance, the following tables represent the fair value hierarchy for Level 1 and Level 2 financial instruments, in thousands, at December 31, 2018 and 2017 Fair Value at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs 2018 Level 1 Level 2 Total Assets: Cash and cash equivalents $ 1,044 $ — $ 1,044 Liabilities Long-term debt $ — $ ( 6,197 ) $ ( 6,197 ) Long-term debt, related parties — ( 1,430 ) ( 1,430 ) Fair Value at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs 2017 Level 1 Level 2 Total Assets: Cash and cash equivalents $ 841 $ — $ 841 Liabilities Current maturities of long-term debt $ — $ ( 4,877 ) $ ( 4,877 ) Long-term debt, related parties — ( 1,331 ) ( 1,331 ) The Company had no transfers in or out of Levels 1 2 3 December 31, 2018 or 2017 . Estimates In preparing the consolidated financial statements in conformity with GAAP, management must make estimates and assumptions. These estimates and assumptions affect the amounts reported for assets, liabilities, revenues and expenses, as well as affecting the disclosures provided. Examples of estimates include the allowance for doubtful accounts, estimates of property tax assessments, estimates of accrued payables, estimates of realizability of deferred income tax assets and liabilities, estimates of inventory balances and values, and estimates of stock option and warrant values. The Company also uses estimates when assessing fair values of assets and liabilities acquired in business acquisitions as well as any fair value and any related impairment charges related to the carrying value of inventory and machinery and equipment and other long-lived assets. Despite Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. Upon consolidation, all inter-company accounts, transactions and profits have been eliminated. Revenue Recognition The Company's revenue is primarily generated from contracts with customers. The Company notes there have been no credit losses recorded on any receivables or contract assets arising from contracts with customers for the years ended December 31, 2018 2017 one Ferrous and nonferrous revenue Ferrous and non-ferrous contracts contain one 30 one one December 31, 2018 2017 Revenue from auto parts operations and other revenue Revenue from auto parts primarily consists of individual transactions by customers who enter the Company’s premises and purchase auto parts by cash or credit card. Related to these sales, a customer may be charged a core charge. The customer has 30 1 Sale prices, core charges and warranties are tracked separately and recognized as revenue when the purchase is completed. No contract assets or contract liabilities were recognized as of December 31, 2018 2017 Reclassifications The Company has reclassified certain items within the accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements for the prior year in order to be comparable with the current presentation. These reclassifications had no effect on previously reported net income (loss) or shareholders' equity. Cash and Cash Equivalents Cash and cash equivalents includes cash in banks with original maturities of three The Company maintains cash balances in excess of federally insured limits. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable consists primarily of amounts due from U.S. customers from product sales. The allowance for doubtful accounts totaled $ 60.0 at December 31, 2018 and 2017 30 to 60 days after the invoice date. Losses are charged off to the allowance when it is deemed further collection efforts will not provide additional recoveries. Major Customer The Company had sales to a major customer that totaled approximately 21.2 16.3 or the years ended December 31, 2018 2017 1.1 0.8 December 31, 2018 2017 We do not have any long-term contracts with customers. We negotiate sale and purchase orders on a daily and monthly basis in the ordinary course of business. Inventories The Company's inventories primarily consist of ferrous and non-ferrous scrap metals, and are valued at the lower of average purchased cost or net realizable value ("NRV") based on the specific scrap commodity. Quantities of inventories are determined based on our inventory systems and are subject to periodic physical verification using estimation techniques including observation, weighing and other industry methods. The Company recognizes inventory impairment and related adjustments when the NRV, based upon current market pricing, falls below recorded value or when the estimated volume is less than the recorded volume of the inventory. The Company records the loss in cost of sales in the period during which the loss is identified Certain assumptions are made regarding future demand and net realizable value in order to assess whether inventory is properly recorded at the lower of cost or NRV. Assumptions are based on historical experience, current market conditions and remaining costs of processing (if any) and disposal. If the anticipated future selling prices of scrap metal and finished steel products should decline, the Company would re-assess the recorded NRV of the inventory and make any adjustments believed necessary in order to reduce the value of the inventory (and increase cost of sales) to the lower of cost or NRV. The Company did not have a lower of cost or NRV inventory write-down for the years ended December 31, 2018 2017 Some commodities are in saleable condition at acquisition. The Company purchases these commodities in small amounts until it has a truckload of material available for shipment. Some commodities are not in saleable condition at acquisition. These commodities must be sorted, shredded, cut or baled. ISA does not have work-in-process inventory that needs to be manufactured to become finished goods. The Company includes processing costs in inventory for all commodities based upon weight Inventories for ferrous and non-ferrous materials as of December 31, 2018 and 2017 consist of the following: December 31, 2018 December 31, 2017 (in thousands) Raw materials $ 4,485 $ 3,046 Finished goods 1,284 1,366 Processing costs 1,165 694 Total inventories for sale $ 6,934 $ 5,106 Property and Equipment Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful lives of the related property. Property and equipment, in thousands, as of December 31, 2018 and 2017 consist of the following: Life 2018 2017 (in thousands) Land $ 4,993 $ 4,993 Equipment and vehicles 1 10 27,408 26,738 Office equipment 1 7 1,457 1,457 Building and leasehold improvements 5 40 7,685 7,685 $ 41,543 $ 40,873 Less accumulated depreciation 31,757 29,661 $ 9,786 $ 11,212 Depreciation expense for the years ended December 31, 2018 and 2017 $ 2.1 $ 2.2 $ 2.1 2018 $ 2.0 $ 51.9 $ 2.2 2017 $ 2.1 $ 74.5 Certain Banking Expenses The Company has included certain banking costs relating to our loans and loan restructuring within interest expense. The loan fees amortization totaled $ 272.7 $ 123.9 December 31, 2018 and 2017 In 2018 2017 306.0 124.9 The Company includes capitalized loan fees as a reduction of debt. Shipping and Handling Fees and Costs Shipping and handling charges incurred by the Company are included in cost of sales and shipping charges billed to the customer are included in revenues in the accompanying consolidated statements of operations. Income Taxes Deferred income taxes are recorded to recognize the tax consequences on future years of differences between the tax basis of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as “temporary differences,” and for net operating loss carry-forwards subject to an ongoing assessment of realizability. Deferred income taxes are measured by applying currently enacted tax laws. The Company uses the deferral method of accounting for available state tax credits relating to the purchase of the shredder equipment. The FASB has issued guidance, included in the ASC, related to the accounting for uncertainty in income taxes recognized in financial statements. The Company recognizes uncertain income tax positions using the "more-likely-than-not" approach as defined in the ASC. The amount recognized is subject to estimate and management’s judgment with respect to the most likely outcome for each uncertain tax position. The amount that is ultimately sustained for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount recognized. The Company has no liability for uncertain tax positions recognized as of December 31, 2018 and 2017 . As a policy, the Company recognizes interest accrued related to unrecognized tax positions in interest expense and penalties in operating expenses. See also Note 5 - Income Taxes Earnings (Loss) Per Share Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share are computed by dividing net income (loss) by the weighted average number of common shares outstanding plus the dilutive effect of stock options, restricted stock units and warrants. Common Stock and Share-based Compensation Arrangements The Company has a Long Term Incentive Plan adopted in 2009 2.4 shares 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 " 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. The Company uses the grant date stock price to value the Company's restricted stock units. The fair value of each restricted stock unit is estimated on the date of grant. The Company uses the Modified Black-Scholes-Merton option-pricing model to value the Company's stock options for each employee stock option award. Note 9 - Share-based Compensation and Other Compensation Agreements Using these option pricing models, the fair value of each stock option award is estimated on the date of grant There are two The Company estimates expected volatility based on traded option volatility of the Company's stock over a term equal to the expected term of the option granted. The expected term of stock option awards granted is derived from historical exercise experience under the Company's stock option plans and represents the period of time that stock option awards granted are expected to be outstanding. The expected term assumption incorporates the contractual term of an option grant, as well as the vesting period of an award. The risk-free interest rate is based on the implied yield on a U.S. Treasury constant maturity with a remaining term equal to the expected term of the option granted. The assumptions used in calculating the fair value of stock-based payment awards represent management's best estimates, but these estimates involve inherent uncertainties and the application of management's judgment. As a result, if factors change and different assumptions are used, stock-based compensation expense could be materially different in the future. In addition, the Company is required to estimate the expected forfeiture rate, and only recognize expense for those shares expected to vest. If the actual forfeiture rate is materially different from the estimate, the stock-based compensation expense could be significantly different from what was recorded in the current period. Treasury shares or new shares are issued for exercised options. The Company does not expect to repurchase any additional shares within the following annual period to accommodate the exercise of outstanding stock options. Under the LTIP, the Company may grant any of these types of awards: non-qualified and incentive stock options; stock appreciation rights; and other stock awards including stock units, restricted stock units, performance shares, performance units and restricted stock. The performance goals that the Company may use for such awards will be based on any one The LTIP is administered by a committee selected by the Board consisting of two one six Gain on Insurance Proceeds The Company filed an insurance claim related to six 2016 2018 $ 744.9 476.4 Subsequent Events The Company has evaluated the period from December 31, 2018 through the date the financial statements herein were issued for subsequent events requiring recognition or disclosure in the financial statements and identified the following: On March 1, 2019, the Company entered into Amendment No. 1 (the "BofA First Amendment") to the Loan and Security Agreement and Consent with BofA, which amended certain terms of the BofA Loan Agreement between the Company and BofA . one -time prepayment of principal in an aggregate amount not to exceed 500.0 to K&R, LLC and (ii) the Company amending certain terms of related party notes to K&R, LLC and 7100 Grade Lane, LLC ("Kletter Notes"). See Note 8 - Related Party Transactions September 30, 2022 On March 1, 2019, the Company entered into first amendments to the Kletter Notes. See Note 8 - Related Party Transactions 500.0 the interest rate of the Kletter Notes from 5.00 7.00 December 31, 2020 December 31, 2022 On March 4, 2019, the Company entered into a master lease agreement with Banc of America Leasing & Capital, LLC. The master lease agreement permits the Company to lease equipment in an amount not to exceed $ 1.0 Impact of Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014 09 Revenue from Contracts with Customers 606 2014 09 On January 1, 2018, the Company adopted ASU 2014 09 Note 1 - Summary of Significant Accounting Policies and General for additional information In November 2015, the FASB issued ASU 2015 17 Balance Sheet Classification of Deferred Taxes 2015 17 2015 2017 In February 2016, the FASB issued ASU No. 2016 02 Leases twelve 606 Revenue from Contracts with Customers The amendments in ASU 2016 02 2016 02 recorded a right-of-use asset and a lease liability of approximately $ 5.6 not expect the changes to have a material impact on the Consolidated Statement of Operations and the Consolidated Statement of Cash Flows. Upon adoption, the Company expects that its financial statement disclosures will be expanded to present additional details of its leasing arrangements In June 2016, the FASB issued ASU 2016 13 Financial Instruments - Credit Losses ASU 2016 13 The Company is evaluating the potential impact of ASU 2016 13 I n August 2016, the FASB issued ASU 2016 15 Statement of Cash Flows, Classification of Certain Cash Receipts and Cash Payments eight 2016 15 2016 15 2016 15 . No other new accounting pronouncements issued or effective during the reporting period had, or are expected to have, a material impact on the Consolidated Financial Statements. |
LONG TERM DEBT AND NOTES PAYABL
LONG TERM DEBT AND NOTES PAYABLE TO BANK | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long Term Debt and Notes Payable to Bank | NOTE 2 - LONG-TERM DEBT AND NOTES PAYABLE TO BANK Summary: On February 29, 2016, the Company entered into a Loan Agreement (the "2016 Loan") 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 8 - Related Party Transactions 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 Note 8 - Related Party Transactions On November 9, 2018, the Company entered into the BofA Loan Agreement with BofA See Note 1 - Summary of Significant Accounting Policies and General MidCap: On February 29, 2016, the Company entered into the 2016 Loan which, as initially entered into, provided a $ 6.0 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 75 of the net orderly liquidation value of eligible inventory; and (c) the lesser of (i) $ 500,000 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 Proceeds from this loan were used to pay transaction expenses, pay off and close the remaining balance on the Wells Fargo revolving line of credit and fund working capital requirements. The interest rate on the 2016 Loan was equal to the prime rate ( 5.25 250 2.50 In the Event of a Default (as defined in the 2016 Loan Agreement), the interest rate would increase by 300 3.00 The 2016 Loan also had a monthly collateral-monitoring fee equal to 27.5 0.275 100 1.00 50 0.50 The 2016 Loan had a maturity date of February 28, 2020 based on the amendment described below. The borrowings under the revolving credit agreement were classified as short-term obligations under GAAP as the agreement with MidCap contained a subjective acceleration clause and required the Company to maintain a lockbox arrangement with the lender. Interest and monthly fees under the 2016 Loan were payable monthly in arrears. The 2016 Loan Agreement contained a minimum line availability covenant equal to $ 350.0 This covenant may have been replaced by a Fixed Charge Coverage Ratio ("FCCR") covenant once the Company achieved an FCCR of 1.0 The Company granted The Company was allowed to sell or refinance up to $ 3.0 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 8.0 8.0 85 2.5 75 400,000 40 1.75 45 The First Amendment contained a minimum line availability covenant equal to $ 350.0 1.1 350.0 20.0 On April 26, 2017, certain borrowing base restrictions were satisfied with MidCap which resulted in an increase in availability of $ 1.75 As of November 9, 2018, in connection with entry into the BofA Loan Agreement, the Company repaid in full the remaining balance of the Company’s revolving line of credit with MidCap. The Company paid to MidCap $ 106.8 Bank of America: On November 9, 2018, the Company entered into the BofA Loan Agreement that provides for (i) a revolving line of credit in the aggregate principal amount of $ 10.0 1.0 2.5 The interest rate on the Revolving Loan is equal to LIBOR 2.25 2.75 LIBOR 2.75 3.25 2.0 Proceeds from the BofA Loan Agreement were used to satisfy the Company’s existing credit facility with Midcap. In addition, proceeds from the Revolving Loan were used to pay fees and transaction expenses associated with the Loans, to pay the Borrowers’ obligations to BofA, and for other corporate purposes of the Borrowers, including working capital. The Revolving Loan is due and payable in full on the Commitment Termination Date (as defined below), and the Borrowers may prepay the Revolving Loan without premium or penalty. The Term Loan will be repaid by consecutive installments of $ 89.3 The Company agreed to pay BofA certain fees in connection with the BofA Loan Agreement, including, without limitation: (i) unused credit line fees, due on the first day of each month and on the Commitment Termination Date, (ii) letter of credit facility fees, payable in monthly arrears on the first day of each month, (iii) a closing fee in the amount of $ 50,000 10,000 Borrowings under the BofA Loan Agreement are secured by all property of each Borrower. The Company’s obligations are also secured by mortgages upon real estate owned by certain wholly-owned subsidiaries of the Company. The BofA Loan Agreement requires the Borrowers to comply with certain customary affirmative and negative covenants that, among other things, will restrict, subject to certain exceptions, the ability of the Borrowers to incur indebtedness, grant liens, make investments, engage in acquisitions, mergers or consolidations, and pay dividends and other restricted payments. The BofA Loan Agreement also requires that the Borrowers maintain a certain fixed charge coverage ratio, calculated as of the last day of each month for the trailing twelve month period then ended. The BofA Loan Agreement will terminate on the earlier of: (i) September 30, 2020, with an option to extend such date to September 30, 2023 upon certain conditions, (ii) the date on which the Borrowers terminate the Revolving Loan pursuant to the BofA Loan Agreement, or (iii) the date on which BofA terminates the Revolving Loan as a result of an Event of Default (the “Commitment Termination Date”). The Company has the right to terminate the BofA Loan Agreement at any time with 30 he borrowings under the revolving credit agreement are classified as short-term obligations under GAAP as the agreement with contains a subjective acceleration clause and requires the Company to maintain a lockbox arrangement with the lender. The BofA Loan Agreement had availability of $ 4.1 December 31, 2018 Other Debt: Amounts owed to K&R, LLC and 7100 Grade Lane LLC are more fully described in Note 8 - Related Party Transactions In June 2018, the Company executed a note for $ 68.9 five 6.0 1.3 Long term debt as of December 31, 2018 and 2017 2018 2017 (in thousands) Revolving $ 3,646 $ 5,018 Bank of America term loan 2,500 — 7 100 Grade Lane, LLC related party note (See Note 8 - Related Party 884 884 K&R, LLC related party notes 652 716 Equipment note, see above description for additional details 63 — Total debt 7,745 6,618 Debt issuance costs ( 175 ) ( 141 ) Total debt and debt issuance costs 7,570 6,477 Less current portion of long-term debt and debt issuance costs 3,941 4,941 Total long-term debt and debt issuance costs $ 3,629 $ 1,536 The annual contractual maturities of long-term debt, in thousands, for the next five December 31, 2018 are as follows: 2019 $ 402 2020 7,306 2021 14 2022 15 2023 8 Total long-term debt $ 7,745 The Company paid and capitalized loan fees in the amount of $ 305.8 124.9 December 31, 2018 2017 |
LEASE COMMITMENTS
LEASE COMMITMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Lease Commitments | NOTE 3 - LEASE COMMITMENTS Operating Leases: The Company leased a portion of its Louisville, Kentucky facility from a related party (see Note 8 - Related Party Transactions 7100 53.8 7100 7100 The lease is for a period of seven 37.5 five 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. two five In addition, the Company is responsible for real estate taxes, insurance, utilities and maintenance expense . The Company signed a lease, effective December 1, 2014, to lease a facility in the Seymour, Indiana area. This lease was for an initial period of three years, with the option to extend the lease for three 3 three 3 Rent is $ 8.2 $ 0.2 The Company exercised the first option to extend the lease. Because ISA exercised the option to renew the lease for a second three year three year . The Company leased a lot in Louisville, Kentucky for a term that commenced in March 2012 and ended in February 2016. The monthly payment amount from March 2012 through February 2014 was $ 3.5 Beginning March 2014, the monthly payment amount increased to $ 3.8 As of August 31, 2015, the Company entered into a settlement to abandon the leased property and pay the remaining balance of scheduled payments over a 19 This amount was fully repaid in 2017 On April 30, 2015, the Company entered into a lease agreement with LK Property (see Note 8 - Related Party Transactions 4.4 6709 3.0 90 40 On March 3, 2018, the Company entered into a lease agreement to lease a piece of equipment for $ 0.6 five Future minimum lease payments for operating leases for the next five December 31, 2018 are as follows Related Party Other Total 2019 $ 461 $ 103 $ 564 2020 450 103 553 2021 450 7 457 2022 450 7 457 2023 450 1 451 2024 338 — 338 Future minimum lease payments $ 2,599 $ 221 $ 2,820 Total rent expense for the years ended December 31, 2018 and 2017 $ 648.5 $ 770.7 Capital Leases: On May 1, 2016, the Company entered into an amended agreement to lease three cranes (the "Crane Lease"). The Crane Lease expires April 30, 2021. Payments were $ 14.5 twelve 31.3 1.3 9.3 The Company entered into a capital lease, effective June 2017, to lease two six 1.4 1.00 At inception, the Company recorded a capital lease obligation of $ 75.2 10.0 The Company entered into a capital lease, effective May 2018, to lease a piece of equipment for use in the Company's operations. The lease is for a period of four 0.6 5.8 At inception, the Company recorded a capital lease obligation of $ 24.7 The Company entered into a capital lease, effective June 2018, to lease a piece of equipment for use in the Company's operations. The lease is for a period of four 0.7 5.8 29.0 The Company entered into a capital lease, effective July 2018, to lease two 6 years and 4 months 1.4 1.00 79.9 10.0 Depreciation and interest expense for capital leases, in thousands, are as follows: For year ended December 31, 2018 2017 Depreciation expense $ 284 $ 264 Interest expense 98 114 Accumulated depreciation and net book value for capital leases, in thousands, are as follows: For year ended December 31, 2018 2017 Accumulated depreciation $ 719 $ 436 Net book value 774 924 Future minimum lease payments for the capital lease for the next five December 31, 2018 Total Principal Interest 2019 $ 424 $ 352 $ 72 2020 424 386 38 2021 143 133 10 2022 39 34 5 2023 24 22 2 2024 15 14 1 Total $ 1,069 $ 941 $ 128 |
EMPLOYEE RETIREMENT PLAN
EMPLOYEE RETIREMENT PLAN | 12 Months Ended |
Dec. 31, 2018 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Retirement Plan | NOTE 4 - EMPLOYEE RETIREMENT PLAN The Company maintains a defined contribution retirement plan under Section 401 E ligible employees may contribute up to 100.0 . Under the plan, the Company matches 25.0 6.0 The Company also offers an additional discretionary match for eligible employees who contribute 7.0 10.0 In an effort to decrease expenses, the Company suspended the employee match under the plan for an undetermined period of time effective March 1, 2014. There was no matching expense under the plan for the years ended December 31, 2018 and 2017 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 5 - INCOME TAXES The income tax provision (benefit), in thousands, consists of the following for the years ended December 31, 2018 2017 2018 2017 Federal Current $ — $ — Deferred — — — — State and Local Current 13 12 Deferred — — 13 12 $ 13 $ 12 A reconciliation of income taxes at the statutory rate to the reported provision (benefit), in thousands, is as follows: 2018 2017 Federal income tax at statutory rate $ ( 71 ) $ ( 380 ) State and local income taxes, net of federal income tax effect 2 ( 52 ) Permanent differences 2 2 Tax reform legislation 920 1,736 Decrease in deferred tax asset valuation allowance ( 779 ) ( 1,258 ) Other differences ( 61 ) ( 36 ) $ 13 $ 12 Significant components of the Company’s deferred tax liabilities and assets, in thousands, as of December 31, 2018 2017 2018 2017 Deferred tax liabilities Property and equipment $ — $ ( 300 ) Gross deferred tax liabilities — ( 300 ) Deferred tax assets State recycling equipment tax credit carry forward 4,586 4,590 Federal net operating loss carry forward 2,980 3,901 State net operating loss carry forward 1,791 1,787 Intangibles and goodwill 1,014 1,178 Stock options 441 424 Accrued expenses 119 160 Interest expense limitation 47 — Property and equipment 38 — Inventory capitalization 23 72 Allowance for doubtful accounts 16 16 Accrued property taxes 6 6 Other 2 8 Gross deferred tax assets 11,063 12,142 Valuation allowance ( 11,036 ) ( 11,815 ) Net deferred tax assets $ 27 $ 27 At December 31, 2018 4.6 5.0 6.0 2018 2017 At December 31, 2018 14.6 29.3 December 31, 2018 A deferred tax asset valuation allowance is established if it is “more likely than not” that the related tax benefits will not be realized. In determining the appropriate valuation allowance, the Company considers the projected realization of tax benefits based on expected levels of future taxable income, considering recent operating losses, available tax planning strategies, reversals of existing taxable temporary differences and taxable income in the state and carry back provisions. As of December 31, 2018 27 On December 22, 2017, the President of the United States signed the Tax Cuts and Jobs Act tax reform legislation into law. This legislation makes significant changes in U.S. tax law including a reduction in the corporate tax rates, changes to net operating loss carryforwards and carrybacks, and a repeal of the corporate alternative minimum tax. The legislation reduced the U.S. corporate tax rate from the rate of 35 21 0.9 1.7 December 31, 2018 2017 The recorded valuation allowance, in thousands, consisted of the following at December 31, 2018 2017 Year Ended December 31, 2018 2017 Valuation allowance, beginning of year $ 11,815 $ 13,073 Decrease in deferred tax asset valuation allowance ( 779 ) ( 1,258 ) Valuation allowance, end of year $ 11,036 $ 11,815 |
CASH AND STOCK DIVIDENDS
CASH AND STOCK DIVIDENDS | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Stock Dividends [Abstract] | |
Cash and Stock Dividends | NOTE 6 - CASH AND STOCK DIVIDENDS Under the previous MidCap and the current Bank of America loan agreements, the Company covenants that so long as the lender remains committed to make any advance or extend any other credit to us, or any obligations remain outstanding, the Company will not declare or pay any dividend or distribution (either in cash or any other property in respect of any stock) or redeem, retire, repurchase or otherwise acquire any of our stock, other than dividends and distributions by subsidiaries of parent to parent. In 2018 and 2017 , the Board of Directors did not declare a cash or stock dividend. |
PER SHARE DATA
PER SHARE DATA | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Per Share Data | NOTE 7 - PER SHARE DATA The computation for basic and diluted loss per share is as follows: 2018 2017 (in thousands, except per share information) Basic loss per share Net loss $ ( 349 ) $ ( 1,131 ) Weighted average shares outstanding 8,102 8,078 Basic loss per share $ ( 0.04 ) $ ( 0.14 ) Diluted loss per share Net loss $ ( 349 ) $ ( 1,131 ) Weighted average shares outstanding 8,102 8,078 Add dilutive — — Diluted weighted average shares outstanding 8,102 8,078 Diluted loss per share $ ( 0.04 ) $ ( 0.14 ) |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 8 - RELATED PARTY TRANSACTIONS During the periods ended December 31, 2018 and 2017 , the Company was involved in various transactions with related parties. A summary of transactions and related balances are as follows. The table at the end of this note should be used in referencing all below paragraphs. K&R, LLC ("K&R") and 7100 7100 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, Orson Oliver assumed the roles of executor of Mr. Kletter’s estate and President of Kletter Holdings LLC December 31, 2018 , Mr. Kletter’s estate, K&R and the Harry Kletter Family Limited Partnership, collectively, beneficially own in excess of 20 The Company leased a portion of the Louisville, Kentucky facility from 7100 LLC (previously from K&R) under an operating lease ( the " Prior Lease"), Effective October 1, 2017, the Company entered into a new lease agreement with 7100 LLC for the same property (the "7100 Lease") that terminates and replaces the 7100 Prior Lease. Note 3 - Lease Commitments During 2015 and continuing into 2017, the Company deferred a portion of these lease payments. A portion of this deferral was converted into a term note during 2016 as described below. The remaining portion of this deferral was converted into a promissory note effective October 1, 2017 as described below. On September 13, 2013, K&R made a $ 500.0 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 . As of December 31, 2018 2017 , the Company had balances related to K&R and 7100 LLC pertaining to refundable lease and property deposits due to and from the Company, prepaid expenses, notes payable due from the Company, interest expense, and rent expense 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 and is inclusive of the $ 500.0 A portion of the amount, approximately $ 620.3 $ 883.8 7100 Interest will accrue monthly at a per annum rate of 5.0 Interest accrued until April 30, 2017, at which time interest is paid as due. This amount of $ 1.5 $ 32.0 If the Company sells property it owns at 7110 principal payment to K&R of $ 500.0 Otherwise, all remaining principal is due at maturity on December 31, 2020. On November 9, 2018 On June 23, 2017, the Company entered into two agreements (referred to as the "Handler Agreement" and the "Crane Agreement") with K&R, each for the purchase of equipment to be used in the operation of the Company's business. Under the Handler Agreement, the Company purchased a hydraulic scrap handler from K&R for a purchase price of $ 90.0 9.0 24 81.0 3.4 1 Under the Crane Agreement, the Company purchased a 2011 Komatsu crane from K&R for a purchase price of $ 60.0 12.0 24 48.0 2.0 1 The Crane Note and the Handler Note are each secured by a security interest in the subject equipment and proceeds the Company derives from the equipment. The Company entered into an agreement and promissory note (the "Back Rent Agreement"), effective October 1, 2017, to pay 7100 LLC $ 345.8 100.0 six 41.0 See Note 1 - Summary of Significant Accounting Policies and General Board of Directors' fees and consulting fees: The Company pays board and committee fees to non-employee directors. Effective October 1, 2017, the Company revised its Board compensation policy to provide an annual retainer of $ 50.0 10.0 5.0 25.0 one LK Property Investments, LLC: On April 30, 2015, the Company entered into a lease agreement with LK Property, for a portion of the 4.4 6709 $ 3.0 90 40 LK Property is an entity principally owned by Daniel M. Rifkin, CEO of MetalX LLC ("MetalX"), a scrap metal recycling company headquartered in Waterloo, Indiana, and the principal owner of Recycling Capital Partners, LLC ("RCP") Metal X, LLC: During 2017 For additional information regarding MetalX, see Note 11 - Financing and Related Matters Related party balances as of and for the years ended December 31, 2018 and 2017 2018 2017 K&R, LLC and 7100 Deposit amounts owed to the Company by related parties ( 1 $ 42 $ 42 Prepaid expenses to related parties ( 1 ) 43 43 Notes payable to related parties ( 3 1,536 1,600 Facility rent payable to related parties ( 2) — 123 Facility rent expense to related parties ( 4 450 597 Interest expense to related parties ( 4 75 75 Board of Directors: * Accounts payable to the Board of Directors for fees ( 2 ) $ — $ 50 Board of director fee expense (4) 257 200 Board portion of share-based compensation expense (4) 50 — LK Property Investments, LLC: Lease deposit to LK Property (1) $ 3 $ 3 Prepaid expenses to LK Property (1) 3 3 Accounts payable to LK Property ( 2 ) 2 — Rent expense to LK Property** (4) 36 36 Metal X, LLC: Accounts receivable from Metal X (1) $ — $ 1 Revenue from product sales to Metal X (4) — 188 * Excludes insignificant amount of travel reimbursement. **Excludes amounts reimbursed to LK Properties for utilities and property tax. (1) Included in receivable and other assets from related parties on the Consolidated Balance Sheets; balances are as of December 31, 2018 2017 . (2) Included in payables and accrued expenses to related parties on the Consolidated Balance Sheets; balances are as of December 31, 2018 2017 . (3) Included in current maturities of long-term debt, related parties and long-term debt related parties on the Consolidated Balance Sheets; balance is as of December 31, 2018 2017 . (4) Included in the Consolidated Statements of Operations; balances are for the year ended December 31, 2018 2017 . |
SHARE-BASED COMPENSATION AND OT
SHARE-BASED COMPENSATION AND OTHER COMPENSATION AGREEMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation and Other Compensation Agreements | NOTE 9 - SHARE-BASED COMPENSATION AND OTHER COMPENSATION AGREEMENTS Following is a summary of stock option activity and number of shares reserved for outstanding options for the years ended December 31, 2018 2017 Total Options Number of shares (in thousands) Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term Weighted Average Grant Date Fair Value Outstanding at December 31, 2016 502 $ 4.78 2.07 $ 2.43 Cancelled ( 30 ) 5.40 — 2.85 Expired ( 90 ) 4.94 — 1.71 Outstanding at December 31, 2017 382 $ 4.70 1.41 $ 2.57 Issued 31 2.46 4.24 1.61 Outstanding at December 31, 2018 413 $ 4.53 0.70 $ 2.49 Exercisable at December 31, 2018 382 $ 4.70 0.41 $ 2.57 Securities available for grant at December 31, 2018 1,645 * Securities available for grant include securities available for stock option grants and RSUs Following Number of shares Weighted Average Grant Non-Vested Options (in thousands) Date Option Fair Value Outstanding at December 31, 2017 — $ — Granted 31 1.61 Outstanding at December 31, 2018 31 $ 1.61 Option Grants: On March 28, 2018, the Company awarded options to purchase 31.0 three 1 3 1 3 twelve three 2.46 The weighted average assumptions relating to the valuation of the Company's stock options awarded in 2018 2018 Weighted average grant-date fair value of grants per option $ 1.61 Volatility 80.40 % Risk-free interest rate 2.59 % Expected life (in years) 5.00 Expected dividend yield — % Restricted Stock Unit Grants: On March 29, 2016, the Compensation Committee granted 11.4 32.0 2016 one On June 15, 2016, at the Company's annual meeting, the Company's shareholders approved a one 170.0 20.0 90.0 The RSUs vested over a period ending June 15, 2018. Each RSU represents the right to receive one 90.0 On March 28, 2018, the Company granted an aggregate of 18.0 six one 44.3 2018 one On March 28, 2018, the Company granted 40.6 RSUs to the CEO under the LTIP pursuant to an RSU agreement. The grant date fair value is based on the Company's closing common stock price on the date one 100.0 2018 one On July 9, 2018, the Compensation Committee of the Board of Directors of the Company granted each of the four 13,228 2009 one 100.0 2018 one Following is a summary of RSU activity: Restricted Stock Units Number of shares (in thousands) WA Remaining Term WA Grant Outstanding at December 31, 2016 45.1 1.05 $ 2.23 Vested ( 22.5 ) — 2.36 Outstanding at December 31, 2017 22.6 0.35 years $ 2.37 Granted 111.6 1.43 2.19 Vested ( 22.6 ) — 2.37 Outstanding at December 31, 2018 111.6 1.43 years $ 2.19 Non-Equity Transactions: Under a retention agreement with the Company's CFO dated March 25, 2016, the Company agreed to pay the CFO bonuses of $ 100.0 125.0 100.0 three The December 31, 2017 bonus of $ 125.0 thousand was paid during the three month period ended March 31, 2018 On September 30, 2016, the Company entered into retention agreements ("Retention Agreements") with certain management employees (individually "Staff Member"). Under the Retention Agreements, if the Staff Member remained 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 agreed to pay the Staff Member a bonus in an amount equal to 25 135.9 three On March 26, 2018, the Board appointed Todd L. Phillips as CEO of the Company. In connection with Mr. Phillips’ appointment as CEO, the Company entered into an Amended and Restated Employment Agreement with Mr. Phillips on March 26, 2018 (the “Employment Agreement”). The Employment Agreement is effective as of January 1, 2018, with the one 12 30 2 300,000 50 33.33 16.67 three 36 three 1 3 Other: As of December 31, 2018 2017 195.7 14.9 Share-based compensation charged to operations relating to stock options and RSU awards was $ 105.0 116.0 December 31, 2018 2017 |
LEGAL PROCEEDINGS AND ENVIRONME
LEGAL PROCEEDINGS AND ENVIRONMENTAL MATTERS | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Environmental Matters | NOTE 10 - LEGAL PROCEEDINGS AND ENVIRONMENTAL MATTERS The Company has litigation from time to time, including employment-related claims, none of which the Company currently believes to be material. The Company's operations are subject to various environmental statutes and regulations, including laws and regulations addressing materials used in the processing of products. In addition, certain of the Company's operations are subject to federal, state and local environmental laws and regulations that impose limitations on the discharge of pollutants into the air and water and establish standards for the treatment, storage and disposal of solid and hazardous wastes. Failure to maintain or achieve compliance with these laws and regulations or with the permits required for operations could result in substantial operating costs and capital expenditures, in addition to fines and civil or criminal sanctions, third party claims for property damage or personal injury, cleanup costs or temporary or permanent discontinuance of operations. Certain of the Company's facilities have been in operation for many years and, over time, the Company and other predecessor operators of these facilities have generated, used, handled and disposed of hazardous and other regulated wastes. Environmental liabilities in material amounts could exist, including cleanup obligations at these facilities or at off-site locations where the Company disposed of materials from its operations, which could result in future expenditures that the Company cannot currently estimate and which could reduce its profits. The Company records liabilities for remediation and restoration costs related to past activities when its obligation is probable and the costs can be reasonably estimated. Costs of future expenditures for environmental remediation are not discounted to their present value. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable. Costs of ongoing compliance activities related to current operations are expensed as incurred. Such compliance has not historically constituted a material expense to the Company. |
FINANCING AND RELATED MATTERS
FINANCING AND RELATED MATTERS | 12 Months Ended |
Dec. 31, 2018 | |
Financing and Related Matters [Abstract] | |
Financing and Related Matters | NOTE 11 - FINANCING AND RELATED MATTERS Securities Purchase Agreement On June 13, 2014, the Company issued 857,143 an investment entity principally owned by Daniel M. Rifkin, the founder and CEO of MetalX, for an aggregate purchase price of $ 3.0 five year warrant to purchase 857,143 6 $ 5.00 The Securities Purchase Agreement provides RCP with preemptive rights and a right of first refusal with respect to future securities offerings by the Company. The Company used the proceeds from the Securities Purchase Agreement for general corporate purposes including debt reduction, growth initiatives, capital expenditures, and review of potential acquisitions. On June 13, 2014, in connection with the Securities Purchase Agreement, the Company and the Investor entered into a Registration Rights Agreement (the "Registration Rights Agreement"), under which the Company (a) prepared filed caused agreed to agreed to The Registration Rights Agreement requires the Company to pay the Investor a loss of liquidity fee for certain periods after February 1, 2015 when the registration statement is not effective or its use is suspended. The Registration Rights Agreement contains customary representations, warranties and covenants, and customary provisions regarding rights of indemnification between the parties with respect to certain applicable securities law liabilities. Director Designation Agreement On June 13, 2014, in connection with the Securities Purchase Agreement, the Company and RCP entered into a Director Designation Agreement (the "Director Designation Agreement") pursuant to which RCP will have the right to designate, and require the Company's Board to appoint, up to two one 5 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND GENERAL (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Liquidity | Liquidity During the first quarter of 2017 See Note 2 - Long-term Debt and Notes Payable to Bank for discussion of loan arrangements with MidCap and BofA. The borrowings under the working capital line of credit are classified as short-term obligations under generally accepted accounting principles in the United States of America ("GAAP") as the agreement with the lender contains a subjective acceleration clause and requires the Company to maintain a lockbox arrangement with the lender. However, the contractual maturity date of the revolver is February 28, 2020. See Note 1 - Summary of Significant Accounting Policies and General |
Fair Value of Financial Instruments | Fair Value of Financial Instruments T he Company carries certain of its financial assets and liabilities at fair value on a recurring basis. Cash and cash equivalents are carried at cost which approximates fair value. Long-term debt is carried at cost, and the fair value is disclosed herein. In addition, the Company measures certain assets, such as long-lived assets, at fair value on a non-recurring basis to evaluate those assets for potential impairment. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date In accordance with applicable accounting standards, the Company categorizes its financial assets and liabilities into the following fair value hierarchy: Level 1 – Financial assets and liabilities with values based on unadjusted quoted prices for identical assets or liabilities in an active market. Examples of Level 1 Level 2 – Financial assets and liabilities with values based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Examples of Level 2 Pricing models are utilized to estimate fair value for certain financial assets and liabilities categorized in Level 2 Level 3 – Financial assets and liabilities with values based on prices or valuation techniques that require inputs that are both unobservable in the market and significant to the overall fair value measurement. These inputs reflect management’s judgment about the assumptions that a market participant would use in pricing the asset or liability, and are based on the best available information, some of which is internally developed. When determining the fair value measurements for financial assets and liabilities carried at fair value on a recurring basis, the Company considers the principal or most advantageous market in which it would transact and consider assumptions that market participants would use when pricing the asset or liability. When possible, ISA looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to market observable data for similar assets and liabilities. Nevertheless, certain assets and liabilities are not actively traded in observable markets, and the Company uses alternative valuation techniques to derive fair value measurements. The Company uses the fair value methodology outlined in the related accounting standards to value the assets and liabilities for cash and debt. All of the Company's cash is defined as Level 1 2 In accordance with this guidance, the following tables represent the fair value hierarchy for Level 1 and Level 2 financial instruments, in thousands, at December 31, 2018 and 2017 Fair Value at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs 2018 Level 1 Level 2 Total Assets: Cash and cash equivalents $ 1,044 $ — $ 1,044 Liabilities Long-term debt $ — $ ( 6,197 ) $ ( 6,197 ) Long-term debt, related parties — ( 1,430 ) ( 1,430 ) Fair Value at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs 2017 Level 1 Level 2 Total Assets: Cash and cash equivalents $ 841 $ — $ 841 Liabilities Current maturities of long-term debt $ — $ ( 4,877 ) $ ( 4,877 ) Long-term debt, related parties — ( 1,331 ) ( 1,331 ) The Company had no transfers in or out of Levels 1 2 3 December 31, 2018 or 2017 . |
Estimates | Estimates In preparing the consolidated financial statements in conformity with GAAP, management must make estimates and assumptions. These estimates and assumptions affect the amounts reported for assets, liabilities, revenues and expenses, as well as affecting the disclosures provided. Examples of estimates include the allowance for doubtful accounts, estimates of property tax assessments, estimates of accrued payables, estimates of realizability of deferred income tax assets and liabilities, estimates of inventory balances and values, and estimates of stock option and warrant values. The Company also uses estimates when assessing fair values of assets and liabilities acquired in business acquisitions as well as any fair value and any related impairment charges related to the carrying value of inventory and machinery and equipment and other long-lived assets. Despite |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. Upon consolidation, all inter-company accounts, transactions and profits have been eliminated. |
Revenue Recognition | Revenue Recognition The Company's revenue is primarily generated from contracts with customers. The Company notes there have been no credit losses recorded on any receivables or contract assets arising from contracts with customers for the years ended December 31, 2018 2017 one Ferrous and nonferrous revenue Ferrous and non-ferrous contracts contain one 30 one one December 31, 2018 2017 Revenue from auto parts operations and other revenue Revenue from auto parts primarily consists of individual transactions by customers who enter the Company’s premises and purchase auto parts by cash or credit card. Related to these sales, a customer may be charged a core charge. The customer has 30 1 Sale prices, core charges and warranties are tracked separately and recognized as revenue when the purchase is completed. No contract assets or contract liabilities were recognized as of December 31, 2018 2017 |
Reclassifications | Reclassifications The Company has reclassified certain items within the accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements for the prior year in order to be comparable with the current presentation. These reclassifications had no effect on previously reported net income (loss) or shareholders' equity. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents includes cash in banks with original maturities of three The Company maintains cash balances in excess of federally insured limits. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable consists primarily of amounts due from U.S. customers from product sales. The allowance for doubtful accounts totaled $ 60.0 at December 31, 2018 and 2017 30 to 60 days after the invoice date. Losses are charged off to the allowance when it is deemed further collection efforts will not provide additional recoveries. |
Major Customer | Major Customer The Company had sales to a major customer that totaled approximately 21.2 16.3 or the years ended December 31, 2018 2017 1.1 0.8 December 31, 2018 2017 We do not have any long-term contracts with customers. We negotiate sale and purchase orders on a daily and monthly basis in the ordinary course of business. |
Inventories | Inventories The Company's inventories primarily consist of ferrous and non-ferrous scrap metals, and are valued at the lower of average purchased cost or net realizable value ("NRV") based on the specific scrap commodity. Quantities of inventories are determined based on our inventory systems and are subject to periodic physical verification using estimation techniques including observation, weighing and other industry methods. The Company recognizes inventory impairment and related adjustments when the NRV, based upon current market pricing, falls below recorded value or when the estimated volume is less than the recorded volume of the inventory. The Company records the loss in cost of sales in the period during which the loss is identified Certain assumptions are made regarding future demand and net realizable value in order to assess whether inventory is properly recorded at the lower of cost or NRV. Assumptions are based on historical experience, current market conditions and remaining costs of processing (if any) and disposal. If the anticipated future selling prices of scrap metal and finished steel products should decline, the Company would re-assess the recorded NRV of the inventory and make any adjustments believed necessary in order to reduce the value of the inventory (and increase cost of sales) to the lower of cost or NRV. The Company did not have a lower of cost or NRV inventory write-down for the years ended December 31, 2018 2017 Some commodities are in saleable condition at acquisition. The Company purchases these commodities in small amounts until it has a truckload of material available for shipment. Some commodities are not in saleable condition at acquisition. These commodities must be sorted, shredded, cut or baled. ISA does not have work-in-process inventory that needs to be manufactured to become finished goods. The Company includes processing costs in inventory for all commodities based upon weight Inventories for ferrous and non-ferrous materials as of December 31, 2018 and 2017 consist of the following: December 31, 2018 December 31, 2017 (in thousands) Raw materials $ 4,485 $ 3,046 Finished goods 1,284 1,366 Processing costs 1,165 694 Total inventories for sale $ 6,934 $ 5,106 |
Property and Equipment | Property and Equipment Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful lives of the related property. Property and equipment, in thousands, as of December 31, 2018 and 2017 consist of the following: Life 2018 2017 (in thousands) Land $ 4,993 $ 4,993 Equipment and vehicles 1 10 27,408 26,738 Office equipment 1 7 1,457 1,457 Building and leasehold improvements 5 40 7,685 7,685 $ 41,543 $ 40,873 Less accumulated depreciation 31,757 29,661 $ 9,786 $ 11,212 Depreciation expense for the years ended December 31, 2018 and 2017 $ 2.1 $ 2.2 $ 2.1 2018 $ 2.0 $ 51.9 $ 2.2 2017 $ 2.1 $ 74.5 |
Certain Banking Expenses | Certain Banking Expenses The Company has included certain banking costs relating to our loans and loan restructuring within interest expense. The loan fees amortization totaled $ 272.7 $ 123.9 December 31, 2018 and 2017 In 2018 2017 306.0 124.9 The Company includes capitalized loan fees as a reduction of debt. |
Shipping and Handling Cost Fees and Costs | Shipping and Handling Fees and Costs Shipping and handling charges incurred by the Company are included in cost of sales and shipping charges billed to the customer are included in revenues in the accompanying consolidated statements of operations. |
Income Taxes | Income Taxes Deferred income taxes are recorded to recognize the tax consequences on future years of differences between the tax basis of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as “temporary differences,” and for net operating loss carry-forwards subject to an ongoing assessment of realizability. Deferred income taxes are measured by applying currently enacted tax laws. The Company uses the deferral method of accounting for available state tax credits relating to the purchase of the shredder equipment. The FASB has issued guidance, included in the ASC, related to the accounting for uncertainty in income taxes recognized in financial statements. The Company recognizes uncertain income tax positions using the "more-likely-than-not" approach as defined in the ASC. The amount recognized is subject to estimate and management’s judgment with respect to the most likely outcome for each uncertain tax position. The amount that is ultimately sustained for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount recognized. The Company has no liability for uncertain tax positions recognized as of December 31, 2018 and 2017 . As a policy, the Company recognizes interest accrued related to unrecognized tax positions in interest expense and penalties in operating expenses. See also Note 5 - Income Taxes |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share are computed by dividing net income (loss) by the weighted average number of common shares outstanding plus the dilutive effect of stock options, restricted stock units and warrants. |
Common Stock and Share-based Compensation Arrangements | Common Stock and Share-based Compensation Arrangements The Company has a Long Term Incentive Plan adopted in 2009 2.4 shares 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 " 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. The Company uses the grant date stock price to value the Company's restricted stock units. The fair value of each restricted stock unit is estimated on the date of grant. The Company uses the Modified Black-Scholes-Merton option-pricing model to value the Company's stock options for each employee stock option award. Note 9 - Share-based Compensation and Other Compensation Agreements Using these option pricing models, the fair value of each stock option award is estimated on the date of grant There are two The Company estimates expected volatility based on traded option volatility of the Company's stock over a term equal to the expected term of the option granted. The expected term of stock option awards granted is derived from historical exercise experience under the Company's stock option plans and represents the period of time that stock option awards granted are expected to be outstanding. The expected term assumption incorporates the contractual term of an option grant, as well as the vesting period of an award. The risk-free interest rate is based on the implied yield on a U.S. Treasury constant maturity with a remaining term equal to the expected term of the option granted. The assumptions used in calculating the fair value of stock-based payment awards represent management's best estimates, but these estimates involve inherent uncertainties and the application of management's judgment. As a result, if factors change and different assumptions are used, stock-based compensation expense could be materially different in the future. In addition, the Company is required to estimate the expected forfeiture rate, and only recognize expense for those shares expected to vest. If the actual forfeiture rate is materially different from the estimate, the stock-based compensation expense could be significantly different from what was recorded in the current period. Treasury shares or new shares are issued for exercised options. The Company does not expect to repurchase any additional shares within the following annual period to accommodate the exercise of outstanding stock options. Under the LTIP, the Company may grant any of these types of awards: non-qualified and incentive stock options; stock appreciation rights; and other stock awards including stock units, restricted stock units, performance shares, performance units and restricted stock. The performance goals that the Company may use for such awards will be based on any one The LTIP is administered by a committee selected by the Board consisting of two one six Gain on Insurance Proceeds The Company filed an insurance claim related to six 2016 2018 $ 744.9 476.4 |
Subsequent Events | Subsequent Events The Company has evaluated the period from December 31, 2018 through the date the financial statements herein were issued for subsequent events requiring recognition or disclosure in the financial statements and identified the following: On March 1, 2019, the Company entered into Amendment No. 1 (the "BofA First Amendment") to the Loan and Security Agreement and Consent with BofA, which amended certain terms of the BofA Loan Agreement between the Company and BofA . one -time prepayment of principal in an aggregate amount not to exceed 500.0 to K&R, LLC and (ii) the Company amending certain terms of related party notes to K&R, LLC and 7100 Grade Lane, LLC ("Kletter Notes"). See Note 8 - Related Party Transactions September 30, 2022 On March 1, 2019, the Company entered into first amendments to the Kletter Notes. See Note 8 - Related Party Transactions 500.0 the interest rate of the Kletter Notes from 5.00 7.00 December 31, 2020 December 31, 2022 On March 4, 2019, the Company entered into a master lease agreement with Banc of America Leasing & Capital, LLC. The master lease agreement permits the Company to lease equipment in an amount not to exceed $ 1.0 |
Impact of Recently Issued Accounting Standards | Impact of Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014 09 Revenue from Contracts with Customers 606 2014 09 On January 1, 2018, the Company adopted ASU 2014 09 Note 1 - Summary of Significant Accounting Policies and General for additional information In November 2015, the FASB issued ASU 2015 17 Balance Sheet Classification of Deferred Taxes 2015 17 2015 2017 In February 2016, the FASB issued ASU No. 2016 02 Leases twelve 606 Revenue from Contracts with Customers The amendments in ASU 2016 02 2016 02 recorded a right-of-use asset and a lease liability of approximately $ 5.6 not expect the changes to have a material impact on the Consolidated Statement of Operations and the Consolidated Statement of Cash Flows. Upon adoption, the Company expects that its financial statement disclosures will be expanded to present additional details of its leasing arrangements In June 2016, the FASB issued ASU 2016 13 Financial Instruments - Credit Losses ASU 2016 13 The Company is evaluating the potential impact of ASU 2016 13 I n August 2016, the FASB issued ASU 2016 15 Statement of Cash Flows, Classification of Certain Cash Receipts and Cash Payments eight 2016 15 2016 15 2016 15 . No other new accounting pronouncements issued or effective during the reporting period had, or are expected to have, a material impact on the Consolidated Financial Statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND GENERAL (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | In accordance with this guidance, the following tables represent the fair value hierarchy for Level 1 and Level 2 financial instruments, in thousands, at December 31, 2018 and 2017 Fair Value at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs 2018 Level 1 Level 2 Total Assets: Cash and cash equivalents $ 1,044 $ — $ 1,044 Liabilities Long-term debt $ — $ ( 6,197 ) $ ( 6,197 ) Long-term debt, related parties — ( 1,430 ) ( 1,430 ) Fair Value at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs 2017 Level 1 Level 2 Total Assets: Cash and cash equivalents $ 841 $ — $ 841 Liabilities Current maturities of long-term debt $ — $ ( 4,877 ) $ ( 4,877 ) Long-term debt, related parties — ( 1,331 ) ( 1,331 ) |
Schedule of inventories for ferrous and non-ferrous materials | Inventories for ferrous and non-ferrous materials as of December 31, 2018 and 2017 consist of the following: December 31, 2018 December 31, 2017 (in thousands) Raw materials $ 4,485 $ 3,046 Finished goods 1,284 1,366 Processing costs 1,165 694 Total inventories for sale $ 6,934 $ 5,106 |
Schedule of Property and Equipment | Property and equipment, in thousands, as of December 31, 2018 and 2017 consist of the following: Life 2018 2017 (in thousands) Land $ 4,993 $ 4,993 Equipment and vehicles 1 10 27,408 26,738 Office equipment 1 7 1,457 1,457 Building and leasehold improvements 5 40 7,685 7,685 $ 41,543 $ 40,873 Less accumulated depreciation 31,757 29,661 $ 9,786 $ 11,212 |
LONG TERM DEBT AND NOTES PAYA_2
LONG TERM DEBT AND NOTES PAYABLE TO BANK (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long term debt as of December 31, 2018 and 2017 2018 2017 (in thousands) Revolving $ 3,646 $ 5,018 Bank of America term loan 2,500 — 7 100 Grade Lane, LLC related party note (See Note 8 - Related Party 884 884 K&R, LLC related party notes 652 716 Equipment note, see above description for additional details 63 — Total debt 7,745 6,618 Debt issuance costs ( 175 ) ( 141 ) Total debt and debt issuance costs 7,570 6,477 Less current portion of long-term debt and debt issuance costs 3,941 4,941 Total long-term debt and debt issuance costs $ 3,629 $ 1,536 |
Schedule of Maturities of Long-term Debt | The annual contractual maturities of long-term debt, in thousands, for the next five December 31, 2018 are as follows: 2019 $ 402 2020 7,306 2021 14 2022 15 2023 8 Total long-term debt $ 7,745 |
LEASE COMMITMENTS (Tables)
LEASE COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of future minimum lease payments for operating leases | Future minimum lease payments for operating leases for the next five December 31, 2018 are as follows Related Party Other Total 2019 $ 461 $ 103 $ 564 2020 450 103 553 2021 450 7 457 2022 450 7 457 2023 450 1 451 2024 338 — 338 Future minimum lease payments $ 2,599 $ 221 $ 2,820 |
Schedule of depreciation and interest expense for capital leases | Depreciation and interest expense for capital leases, in thousands, are as follows: For year ended December 31, 2018 2017 Depreciation expense $ 284 $ 264 Interest expense 98 114 |
Schedule of accumulated depreciation and net book value for capital leases | Accumulated depreciation and net book value for capital leases, in thousands, are as follows: For year ended December 31, 2018 2017 Accumulated depreciation $ 719 $ 436 Net book value 774 924 |
Schedule of future minimum lease payments for capital leases | Future minimum lease payments for the capital lease for the next five December 31, 2018 Total Principal Interest 2019 $ 424 $ 352 $ 72 2020 424 386 38 2021 143 133 10 2022 39 34 5 2023 24 22 2 2024 15 14 1 Total $ 1,069 $ 941 $ 128 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Provision (Benefit) | The income tax provision (benefit), in thousands, consists of the following for the years ended December 31, 2018 2017 2018 2017 Federal Current $ — $ — Deferred — — — — State and Local Current 13 12 Deferred — — 13 12 $ 13 $ 12 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income taxes at the statutory rate to the reported provision (benefit), in thousands, is as follows: 2018 2017 Federal income tax at statutory rate $ ( 71 ) $ ( 380 ) State and local income taxes, net of federal income tax effect 2 ( 52 ) Permanent differences 2 2 Tax reform legislation 920 1,736 Decrease in deferred tax asset valuation allowance ( 779 ) ( 1,258 ) Other differences ( 61 ) ( 36 ) $ 13 $ 12 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax liabilities and assets, in thousands, as of December 31, 2018 2017 2018 2017 Deferred tax liabilities Property and equipment $ — $ ( 300 ) Gross deferred tax liabilities — ( 300 ) Deferred tax assets State recycling equipment tax credit carry forward 4,586 4,590 Federal net operating loss carry forward 2,980 3,901 State net operating loss carry forward 1,791 1,787 Intangibles and goodwill 1,014 1,178 Stock options 441 424 Accrued expenses 119 160 Interest expense limitation 47 — Property and equipment 38 — Inventory capitalization 23 72 Allowance for doubtful accounts 16 16 Accrued property taxes 6 6 Other 2 8 Gross deferred tax assets 11,063 12,142 Valuation allowance ( 11,036 ) ( 11,815 ) Net deferred tax assets $ 27 $ 27 |
Schedule of Valuation Allowance | The recorded valuation allowance, in thousands, consisted of the following at December 31, 2018 2017 Year Ended December 31, 2018 2017 Valuation allowance, beginning of year $ 11,815 $ 13,073 Decrease in deferred tax asset valuation allowance ( 779 ) ( 1,258 ) Valuation allowance, end of year $ 11,036 $ 11,815 |
PER SHARE DATA (Tables)
PER SHARE DATA (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The computation for basic and diluted loss per share is as follows: 2018 2017 (in thousands, except per share information) Basic loss per share Net loss $ ( 349 ) $ ( 1,131 ) Weighted average shares outstanding 8,102 8,078 Basic loss per share $ ( 0.04 ) $ ( 0.14 ) Diluted loss per share Net loss $ ( 349 ) $ ( 1,131 ) Weighted average shares outstanding 8,102 8,078 Add dilutive — — Diluted weighted average shares outstanding 8,102 8,078 Diluted loss per share $ ( 0.04 ) $ ( 0.14 ) |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Related party balances as of and for the years ended December 31, 2018 and 2017 2018 2017 K&R, LLC and 7100 Deposit amounts owed to the Company by related parties ( 1 $ 42 $ 42 Prepaid expenses to related parties ( 1 ) 43 43 Notes payable to related parties ( 3 1,536 1,600 Facility rent payable to related parties ( 2) — 123 Facility rent expense to related parties ( 4 450 597 Interest expense to related parties ( 4 75 75 Board of Directors: * Accounts payable to the Board of Directors for fees ( 2 ) $ — $ 50 Board of director fee expense (4) 257 200 Board portion of share-based compensation expense (4) 50 — LK Property Investments, LLC: Lease deposit to LK Property (1) $ 3 $ 3 Prepaid expenses to LK Property (1) 3 3 Accounts payable to LK Property ( 2 ) 2 — Rent expense to LK Property** (4) 36 36 Metal X, LLC: Accounts receivable from Metal X (1) $ — $ 1 Revenue from product sales to Metal X (4) — 188 * Excludes insignificant amount of travel reimbursement. **Excludes amounts reimbursed to LK Properties for utilities and property tax. (1) Included in receivable and other assets from related parties on the Consolidated Balance Sheets; balances are as of December 31, 2018 2017 . (2) Included in payables and accrued expenses to related parties on the Consolidated Balance Sheets; balances are as of December 31, 2018 2017 . (3) Included in current maturities of long-term debt, related parties and long-term debt related parties on the Consolidated Balance Sheets; balance is as of December 31, 2018 2017 . (4) Included in the Consolidated Statements of Operations; balances are for the year ended December 31, 2018 2017 . |
SHARE-BASED COMPENSATION AND _2
SHARE-BASED COMPENSATION AND OTHER COMPENSATION AGREEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Nonvested Stock Option Activity and Number of Shares Reserved for Outstanding Options | Following is a summary of stock option activity and number of shares reserved for outstanding options for the years ended December 31, 2018 2017 Total Options Number of shares (in thousands) Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term Weighted Average Grant Date Fair Value Outstanding at December 31, 2016 502 $ 4.78 2.07 $ 2.43 Cancelled ( 30 ) 5.40 — 2.85 Expired ( 90 ) 4.94 — 1.71 Outstanding at December 31, 2017 382 $ 4.70 1.41 $ 2.57 Issued 31 2.46 4.24 1.61 Outstanding at December 31, 2018 413 $ 4.53 0.70 $ 2.49 Exercisable at December 31, 2018 382 $ 4.70 0.41 $ 2.57 Securities available for grant at December 31, 2018 1,645 * Securities available for grant include securities available for stock option grants and RSUs Following Number of shares Weighted Average Grant Non-Vested Options (in thousands) Date Option Fair Value Outstanding at December 31, 2017 — $ — Granted 31 1.61 Outstanding at December 31, 2018 31 $ 1.61 |
Schedule of Weighted Average Assumptions | The weighted average assumptions relating to the valuation of the Company's stock options awarded in 2018 2018 Weighted average grant-date fair value of grants per option $ 1.61 Volatility 80.40 % Risk-free interest rate 2.59 % Expected life (in years) 5.00 Expected dividend yield — % |
Summary of restricted stock units | Following is a summary of RSU activity: Restricted Stock Units Number of shares (in thousands) WA Remaining Term WA Grant Outstanding at December 31, 2016 45.1 1.05 $ 2.23 Vested ( 22.5 ) — 2.36 Outstanding at December 31, 2017 22.6 0.35 years $ 2.37 Granted 111.6 1.43 2.19 Vested ( 22.6 ) — 2.37 Outstanding at December 31, 2018 111.6 1.43 years $ 2.19 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND GENERAL (Narrative) (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Mar. 04, 2019 | Mar. 01, 2019 | Feb. 28, 2019 | Jan. 01, 2019 | |
Accounts Receivable and Allowance for Doubtful Accounts | ||||||
Allowance for doubtful accounts | $ 60,000 | $ 60,000 | ||||
Accounts receivable, net | 4,369,000 | 4,220,000 | ||||
Factoring Fees | ||||||
Amortization of loan fees | 273,000 | 124,000 | ||||
Capitalization of loan fees | 306,000 | 124,900 | ||||
Customer Concentration Risk [Member] | ||||||
Accounts Receivable and Allowance for Doubtful Accounts | ||||||
Accounts receivable, net | $ 1,100,000 | $ 800,000 | ||||
Sales Revenue, Segment [Member] | Customer Concentration Risk [Member] | ||||||
Accounts Receivable and Allowance for Doubtful Accounts | ||||||
Major customer percentage | 21.20% | 16.30% | ||||
Minimum [Member] | ||||||
Accounts Receivable and Allowance for Doubtful Accounts | ||||||
Accounts receivable, past due period | 30 days | |||||
Maximum [Member] | ||||||
Accounts Receivable and Allowance for Doubtful Accounts | ||||||
Accounts receivable, past due period | 60 days | |||||
Subsequent Event [Member] | Expected [Member] | ||||||
Advertising Expense | ||||||
Right-of-use asset | $ 5,600,000 | |||||
Right-of-use lease liability | $ 5,600,000 | |||||
Subsequent Event [Member] | Master lease agreement [Member] | Banc of America Leasing & Capital, LLC [Member] | ||||||
Factoring Fees | ||||||
Maximum borrowing capacity | $ 1,000,000 | |||||
Advertising Expense | ||||||
Maximum revolving commitment | $ 1,000,000 | |||||
Subsequent Event [Member] | First amendments to the Kletter Notes [Member] | ||||||
Advertising Expense | ||||||
Debt prepaid | $ 500,000 | |||||
Interest rate (as a percent) | 7.00% | 5.00% | ||||
Subsequent Event [Member] | BofA Amended Loan Agreement [Member] | Maximum [Member] | K and R, LLC [Member] | ||||||
Advertising Expense | ||||||
Debt prepaid | $ 500,000 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND GENERAL (Fair Value of Financial Instruments) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Level 1 [Member] | ||
Assets: | ||
Cash and cash equivalents | $ 1,044 | $ 841 |
Liabilities | ||
Current maturities of long-term debt | 0 | 0 |
Long-term debt, related parties | 0 | 0 |
Level 2 [Member] | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Liabilities | ||
Current maturities of long-term debt | (6,197) | (4,877) |
Long-term debt, related parties | (1,430) | (1,331) |
Estimate of Fair Value Measurement [Member] | ||
Assets: | ||
Cash and cash equivalents | 1,044 | 841 |
Liabilities | ||
Current maturities of long-term debt | (6,197) | (4,877) |
Long-term debt, related parties | $ (1,430) | $ (1,331) |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND GENERAL (Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory, Net [Abstract] | ||
Raw materials | $ 4,485 | $ 3,046 |
Finished goods | 1,284 | 1,366 |
Processing costs | 1,165 | 694 |
Total inventories for sale | $ 6,934 | $ 5,106 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND GENERAL (Property and Equipment) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 41,543,000 | $ 40,873,000 |
Less accumulated depreciation | 31,757,000 | 29,661,000 |
Property and equipment, net | 9,786,000 | 11,212,000 |
Depreciation expense | 2,100,000 | 2,200,000 |
Cost of Sales [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Depreciation expense | 2,000,000 | 2,100,000 |
General and Administrative Expense [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Depreciation expense | 51,900 | 74,500 |
Land [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | 4,993,000 | 4,993,000 |
Equipment and vehicles [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 27,408,000 | 26,738,000 |
Equipment and vehicles [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Life | 1 year | |
Equipment and vehicles [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Life | 10 years | |
Office equipment [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 1,457,000 | 1,457,000 |
Office equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Life | 1 year | |
Office equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Life | 7 years | |
Building and leasehold improvements [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 7,685,000 | $ 7,685,000 |
Building and leasehold improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Life | 5 years | |
Building and leasehold improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Life | 40 years |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND GENERAL (Stock Option Plans, Narrative) (Details) shares in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)peopleitemroofshares | Dec. 31, 2009shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of roofs for which insurance claim filed | roof | 6 | |
Proceeds from insurance settlements | $ | $ 744,900 | |
Gain on settlement of insurance claim | $ | $ 476,400 | |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares available under plan | shares | 2,400 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum term of options | 5 years | |
Granted, Shares | shares | 31 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Holding Period | 6 months | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of awards available for grant | people | 1 | |
Number of performance measures | item | 2 |
LONG TERM DEBT AND NOTES PAYA_3
LONG TERM DEBT AND NOTES PAYABLE TO BANK (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Total debt | $ 7,745 | $ 6,618 |
Debt issuance costs | (175) | (141) |
Total debt and debt issuance costs | 7,570 | 6,477 |
Less current portion of long-term debt and debt issuance costs | 3,941 | 4,941 |
Total long-term debt and debt issuance costs | 3,629 | 1,536 |
Grade Lane 7100, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 884 | 884 |
K and R, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 652 | 716 |
Equipment note [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 63 | 0 |
Revolving credit facility with Bank of America and MidCap [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 3,646 | 5,018 |
Bank of America term loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 2,500 | $ 0 |
LONG TERM DEBT AND NOTES PAYA_4
LONG TERM DEBT AND NOTES PAYABLE TO BANK (Annual Contractual Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
2019 | $ 402 | |
2020 | 7,306 | |
2021 | 14 | |
2022 | 15 | |
2023 | 8 | |
Total long-term debt | $ 7,745 | $ 6,618 |
LONG TERM DEBT AND NOTES PAYA_5
LONG TERM DEBT AND NOTES PAYABLE TO BANK MidCap and Other Debt (Details) - USD ($) | Nov. 09, 2018 | Jul. 01, 2018 | Mar. 31, 2017 | Feb. 29, 2016 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 23, 2017 | Apr. 26, 2017 |
Debt Instrument [Line Items] | |||||||||
Principal amount due to related party | $ 129,000 | ||||||||
Payments of underwriting fees | $ 306,000 | $ 125,000 | |||||||
Amount of loan fees paid and capitalized | 305,800 | 124,900 | |||||||
Note executed | $ 7,570,000 | $ 6,477,000 | |||||||
Equipment note [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt term | 5 years | ||||||||
Face amount | $ 68,900 | ||||||||
Interest rate (as a percent) | 6.00% | ||||||||
Monthly repayment | $ 1,300 | ||||||||
Line of Credit [Member] | MidCap 2016 Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 8,000,000 | $ 6,000,000 | |||||||
Line of Credit Facility Borrowing Capacity Percent of Eligible Domestic Accounts Receivable | 85.00% | ||||||||
Percent of eligible inventory | 75.00% | ||||||||
Eligible inventory | $ 2,500,000 | ||||||||
Line of Credit Facility Borrowing Capacity Appraised Net Forced Liquidation Value Of Eligible Fixed Assets | $ 400,000 | ||||||||
Percent of eligible fixed assets | 40.00% | ||||||||
Minimum borrowing capacity required | $ 350,000 | ||||||||
Fixed Charge Coverage Ratio, multiple used to replace the covenant | 1.1 | ||||||||
Increase in amount available under credit facility | $ 350,000 | ||||||||
Payments of underwriting fees | $ 20,000 | ||||||||
Interest penalties paid as a result of laon agreement termination | $ 106,800 | ||||||||
Secured Debt [Member] | Line of Credit [Member] | MidCap 2016 Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 6,000,000 | ||||||||
Collateral-monitoring fee percent | 0.275% | ||||||||
Annual facility fee | 1.00% | ||||||||
Unused line fee percent | 0.50% | ||||||||
Minimum borrowing capacity required | $ 350,000 | ||||||||
Fixed Charge Coverage Ratio, multiple achieved on an annual basis | 1 | ||||||||
Amount eligible for sale or refinance | $ 3,000,000 | ||||||||
Secured Debt [Member] | Line of Credit [Member] | MidCap 2016 Loan [Member] | Prime Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Prime rate percent | 5.25% | ||||||||
Basis spread on variable rate | 2.50% | ||||||||
Interest rate increase | 3.00% | ||||||||
Equipment Sublimit [Member] | Line of Credit [Member] | MidCap 2016 Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of eligible accounts receivable | 85.00% | ||||||||
Eligible accounts receivable | $ 2,500,000 | ||||||||
Percent of eligible inventory | 75.00% | ||||||||
Eligible inventory | $ 500,000 | ||||||||
Percent of eligible fixed assets | 45.00% | 40.00% | |||||||
Line of Credit Facility Borrowing Capacity Eligible Fixed Assets | $ 1,750,000 | $ 1,750,000 | |||||||
Debt term | 60 months |
LONG TERM DEBT AND NOTES PAYA_6
LONG TERM DEBT AND NOTES PAYABLE TO BANK (Bank of America) (Details) - USD ($) | Nov. 09, 2018 | Dec. 31, 2018 |
BofA Loan Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 10,000,000 | |
Increase in interest rate during a continuance of an Event of Default | 2.00% | |
Closing fees | $ 50,000 | |
Administrative fees | $ 10,000 | |
Notice period to terminate agreement | 30 days | |
Amount available under facility | $ 4,100,000 | |
Revolving Loan [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 1,000,000 | |
Interest rate, description of variable rate basis | LIBOR | |
Revolving Loan [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate | 2.25% | |
Revolving Loan [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate | 2.75% | |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 2,500,000 | |
Interest rate, description of variable rate basis | LIBOR | |
Consecutive installments of loan | $ 89,300 | |
Term Loan [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate | 2.75% | |
Term Loan [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate | 3.25% |
LEASE COMMITMENTS (Operating Le
LEASE COMMITMENTS (Operating Leases - Narrative) (Details) | Mar. 03, 2018USD ($) | Oct. 01, 2017USD ($)item | Apr. 30, 2015USD ($)a | Dec. 01, 2014USD ($)extension | Mar. 02, 2014USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Feb. 28, 2014USD ($) | Aug. 31, 2015 |
Operating Leased Assets [Line Items] | |||||||||
Lease term | 5 years | ||||||||
Monthly rent expense, gross | $ 600 | ||||||||
Rent expense, gross | $ 648,500 | $ 770,700 | |||||||
Affiliated Entity, LK Property Investments, LLC [Member] | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Monthly rental payments | $ 3,000 | ||||||||
Termination notice period | 90 days | ||||||||
Reimbursement percentage of property taxes | 40.00% | ||||||||
Affiliated Entity, LK Property Investments, LLC [Member] | ISA Real Estate LLC [Member] | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Number of acres | a | 4.4 | ||||||||
Facility [Member] | Louisville, Kentucky [Member] | K and R, LLC [Member] | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Monthly rent expense, gross | $ 53,800 | ||||||||
Facility [Member] | Louisville, Kentucky [Member] | Grade Lane 7100, LLC [Member] | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Lease term | 7 years | ||||||||
Monthly rent expense, gross | $ 37,500 | ||||||||
Number of additional consecutive terms to extend the lease | item | 2 | ||||||||
Description of leasing arrangements | 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. | ||||||||
Lease renewal, option period | 5 years | ||||||||
Facility [Member] | Seymour, Indiana [Member] | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Lease term | 3 years | ||||||||
Number of lease extensions | extension | 3 | ||||||||
Monthly rent expense, gross | $ 8,200 | ||||||||
Lease renewal, option period | 3 years | ||||||||
Monthly rent, increase | $ 200 | ||||||||
Lot [Member] | Louisville, Kentucky [Member] | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Lease term | 19 months | ||||||||
Monthly rent expense, gross | $ 3,800 | $ 3,500 |
LEASE COMMITMENTS (Future Minim
LEASE COMMITMENTS (Future Minimum Lease Payments for Operating Leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leased Assets [Line Items] | |
2019 | $ 564 |
2020 | 553 |
2021 | 457 |
2022 | 457 |
2023 | 451 |
2024 | 338 |
Future minimum lease payments | 2,820 |
Related Party [Member] | |
Operating Leased Assets [Line Items] | |
2019 | 461 |
2020 | 450 |
2021 | 450 |
2022 | 450 |
2023 | 450 |
2024 | 338 |
Future minimum lease payments | 2,599 |
Other [Member] | |
Operating Leased Assets [Line Items] | |
2019 | 103 |
2020 | 103 |
2021 | 7 |
2022 | 7 |
2023 | 1 |
2024 | 0 |
Future minimum lease payments | $ 221 |
LEASE COMMITMENTS (Capital Leas
LEASE COMMITMENTS (Capital Leases - Narrative) (Details) | May 01, 2016USD ($) | Jul. 31, 2018USD ($) | Jun. 30, 2018USD ($) | May 31, 2018USD ($) | Jun. 30, 2017USD ($) |
Capital lease obligation effective May 2016 [Member] | Crane Lease [Member] | |||||
Debt Instrument [Line Items] | |||||
Monthly payments for the first twelve months following the amendment date | $ 14,500 | ||||
Monthly payments for the reminder of the lease term | 31,300 | ||||
Capital lease obligation, net book value | $ 1,300,000 | ||||
Weighted average cost of capital (as a percent) | 9.30% | ||||
Capital lease obligation effective June 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of pieces of equipment on lease | 2 | ||||
Lease term | 6 years | ||||
Monthly rent expense, gross | $ 1,400 | ||||
Purchase price per item of equipment upon the expiration of the lease | 1 | ||||
Capital lease obligation, net book value | $ 75,200 | ||||
Weighted average cost of capital (as a percent) | 10.00% | ||||
Capital lease obligation effective May 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Lease term | 4 years | ||||
Monthly rent expense, gross | $ 600 | ||||
Capital leases obligation, interest rate | 5.80% | ||||
Capital lease obligation, net book value | $ 24,700 | ||||
Capital lease obligation effective June 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Lease term | 4 years | ||||
Monthly rent expense, gross | $ 700 | ||||
Capital leases obligation, interest rate | 5.80% | ||||
Capital lease obligation, net book value | $ 29,000 | ||||
Capital lease obligation effective July 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of pieces of equipment on lease | 2 | ||||
Lease term | 6 years 4 months | ||||
Monthly rent expense, gross | $ 1,400 | ||||
Purchase price per item of equipment upon the expiration of the lease | 1 | ||||
Capital lease obligation, net book value | $ 79,900 | ||||
Weighted average cost of capital (as a percent) | 10.00% |
LEASE COMMITMENTS (Depreciation
LEASE COMMITMENTS (Depreciation and Interest Expense for Capital Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | ||
Depreciation expense | $ 284 | $ 264 |
Interest expense | $ 98 | $ 114 |
LEASE COMMITMENTS (Accumulated
LEASE COMMITMENTS (Accumulated Depreciation and Net Book Value for Capital Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Leases [Abstract] | ||
Accumulated depreciation | $ 719 | $ 436 |
Net book value | $ 774 | $ 924 |
LEASE COMMITMENTS (Future Min_2
LEASE COMMITMENTS (Future Minimum Lease Payments for Capital Leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Future minimum lease payments for capital leases - Total | |
2019 | $ 424 |
2020 | 424 |
2021 | 143 |
2022 | 39 |
2023 | 24 |
2024 | 15 |
Total | 1,069 |
Future minimum lease payments for capital leases - Principal | |
2019 | 352 |
2020 | 386 |
2021 | 133 |
2022 | 34 |
2023 | 22 |
2024 | 14 |
Total | 941 |
Future minimum lease payments for capital leases - Interest | |
2019 | 72 |
2020 | 38 |
2021 | 10 |
2022 | 5 |
2023 | 2 |
2024 | 1 |
Total | $ 128 |
EMPLOYEE RETIREMENT PLAN (Detai
EMPLOYEE RETIREMENT PLAN (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Defined Contribution Plan [Line Items] | |
Percentage of employer matching contribution | 25.00% |
Employer matching contribution, percent of employees' gross pay | 6.00% |
Minimum [Member] | |
Defined Contribution Plan [Line Items] | |
Percent of weekly contribution incentive | 7.00% |
Maximum [Member] | |
Defined Contribution Plan [Line Items] | |
Percent of weekly contribution incentive | 10.00% |
After January 1, 2013 [Member] | |
Defined Contribution Plan [Line Items] | |
Percentage of maximum annual employee contribution | 100.00% |
INCOME TAXES (Income Tax Provis
INCOME TAXES (Income Tax Provision (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Federal [Abstract] | ||
Current | $ 0 | $ 0 |
Deferred | 0 | 0 |
Federal income tax expense (benefit) | 0 | 0 |
State and Local [Abstract] | ||
Current | 13 | 12 |
Deferred | 0 | 0 |
State income tax expense (benefit) | 13 | 12 |
Income tax provision (benefit) | $ 13 | $ 12 |
INCOME TAXES (Income Tax Reconc
INCOME TAXES (Income Tax Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ||
Federal income tax at statutory rate | $ (71) | $ (380) |
State and local income taxes, net of federal income tax effect | 2 | (52) |
Permanent differences | 2 | 2 |
Tax reform legislation | 920 | 1,736 |
(Decrease) Increase in deferred tax asset valuation allowance | (779) | (1,258) |
Other differences | (61) | (36) |
Income tax provision (benefit) | $ 13 | $ 12 |
INCOME TAXES (Deferred Tax Liab
INCOME TAXES (Deferred Tax Liabilities and Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Tax Liabilities [Abstract] | |||
Property and equipment | $ 0 | $ (300) | |
Gross deferred tax liabilities | 0 | (300) | |
Deferred tax assets | |||
State recycling equipment tax credit carry forward | 4,586 | 4,590 | |
Federal net operating loss carry forward | 2,980 | 3,901 | |
State net operating loss carry forward | 1,791 | 1,787 | |
Intangibles and goodwill | 1,014 | 1,178 | |
Stock options | 441 | 424 | |
Accrued expenses | 119 | 160 | |
Interest expense limitation | 47 | 0 | |
Property and equipment | 38 | 0 | |
Inventory capitalization | 23 | 72 | |
Allowance for doubtful accounts | 16 | 16 | |
Accrued property taxes | 6 | 6 | |
Other | 2 | 8 | |
Gross deferred tax assets | 11,063 | 12,142 | |
Valuation allowance | (11,036) | (11,815) | $ (13,073) |
Net deferred tax assets | $ 27 | $ 27 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) | Dec. 22, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Examination and Tax Carryforward [Line Items] | |||
State recycling equipment tax credit carry forward | $ 4,586,000 | $ 4,590,000 | |
Operating loss carryforwards | $ 14,600,000 | ||
Corporate tax rate (as a percentage) | 35.00% | 21.00% | |
Revaluation deferred tax assets and liabilities, change in enacted tax rate | $ 920,000 | 1,736,000 | |
State and Local Jurisdiction [Member] | |||
Income Tax Examination and Tax Carryforward [Line Items] | |||
Net operating loss carryforward | 29,300,000 | ||
Recycling tax credit carryforwards, net of valuation allowance | 27,000 | ||
State and Local Jurisdiction [Member] | General Business Tax Credit Carryforward [Member] | |||
Income Tax Examination and Tax Carryforward [Line Items] | |||
State recycling equipment tax credit carry forward | 4,600,000 | ||
State recycling equipment tax credits | $ 5,000 | $ 6,000 |
INCOME TAXES (Valuation Allowan
INCOME TAXES (Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance, beginning of year | $ 11,815 | $ 13,073 |
(Decrease) Increase in deferred tax asset valuation allowance | (779) | (1,258) |
Valuation allowance, end of year | $ 11,036 | $ 11,815 |
PER SHARE DATA (Details)
PER SHARE DATA (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Basic loss per share | ||
Net loss | $ (349) | $ (1,131) |
Weighted average shares outstanding | 8,102 | 8,078 |
Basic loss per share (in dollars per share) | $ (0.04) | $ (0.14) |
Diluted loss per share | ||
Net loss | $ (349) | $ (1,131) |
Weighted average shares outstanding | 8,102 | 8,078 |
Add dilutive | 0 | 0 |
Diluted weighted average shares outstanding | 8,102 | 8,078 |
Diluted loss per share (in dollars per share) | $ (0.04) | $ (0.14) |
RELATED PARTY TRANSACTIONS (Sch
RELATED PARTY TRANSACTIONS (Schedule of Related Party Transactions) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Jun. 23, 2017 | Feb. 29, 2016 | |
Related Party Transaction [Line Items] | ||||
Notes Payable, Related Parties | $ 129,000 | |||
Board portion of share-based compensation expense | $ 105,000 | $ 116,000 | ||
Accounts payable | 2,000 | 173,000 | ||
Director [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses | 257,000 | 200,000 | ||
Board portion of share-based compensation expense | 50,000 | 0 | ||
Accounts payable | 0 | 50,000 | ||
K and R, LLC [Member] | Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Deposits (included in other long-term assets) | 42,000 | 42,000 | ||
Notes Payable, Related Parties | 1,536,000 | 1,600,000 | $ 1,500,000 | |
K and R, LLC [Member] | Prepaid expenses [Member] | Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses | 43,000 | 43,000 | ||
K and R, LLC [Member] | Accrued Rent Payable [Member] | Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Accrued rent payable | 0 | 123,000 | ||
K and R, LLC [Member] | Rent Expense, Property [Member] | Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses | 450,000 | 597,000 | ||
K and R, LLC [Member] | Interest expense [Member] | Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses | 75,000 | 75,000 | ||
Affiliated Entity, LK Property Investments, LLC [Member] | Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Deposits (included in other long-term assets) | 3,000 | 3,000 | ||
Accounts payable | 2,000 | 0 | ||
Affiliated Entity, LK Property Investments, LLC [Member] | Prepaid expenses [Member] | Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses | 3,000 | 3,000 | ||
Affiliated Entity, LK Property Investments, LLC [Member] | Rent Expense, Property [Member] | Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses | 36,000 | 36,000 | ||
MetalX, LLC [Member] | Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from Related Parties | 0 | 188,000 | ||
Accounts Receivable, Related Parties | $ 0 | $ 1,000 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) | Nov. 01, 2017USD ($)mo | Oct. 01, 2017USD ($) | Jun. 23, 2017USD ($) | Apr. 30, 2015USD ($)a | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Feb. 29, 2016USD ($) | Sep. 13, 2013USD ($) |
Deposit from related party [Abstract] | ||||||||
Accounts payable | $ 2,000 | $ 173,000 | ||||||
Notes Payable, Related Parties | $ 129,000 | |||||||
Amount paid as down payment under the agreement | $ 467,000 | 132,000 | ||||||
Director [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Deposit from related party [Abstract] | ||||||||
Vesting period | 1 year | |||||||
Director [Member] | Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Deposit from related party [Abstract] | ||||||||
Amount of share granted | $ 25,000 | |||||||
Non-employee directors [Member] | ||||||||
Deposit from related party [Abstract] | ||||||||
Revised amount of annual retainer (per Board member) | 50,000 | |||||||
Chairman of audit committee [Member] | ||||||||
Deposit from related party [Abstract] | ||||||||
Additional amount of annual retainer | 10,000 | |||||||
Chairman of other standing committees [Member] | ||||||||
Deposit from related party [Abstract] | ||||||||
Additional amount of annual retainer | $ 5,000 | |||||||
Former Chairman and Chief Executive Officer [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of stock owned by investor | 20.00% | |||||||
Affiliated Entity, LK Property Investments, LLC [Member] | ||||||||
Deposit from related party [Abstract] | ||||||||
Monthly rental payments | $ 3,000 | |||||||
Termination notice period | 90 days | |||||||
Reimbursement percentage of property taxes | 40.00% | |||||||
Affiliated Entity, LK Property Investments, LLC [Member] | ISA Real Estate LLC [Member] | ||||||||
Deposit from related party [Abstract] | ||||||||
Number of acres | a | 4.4 | |||||||
Grade Lane 7100, LLC [Member] | K and R, LLC [Member] | ||||||||
Deposit from related party [Abstract] | ||||||||
Face principal amount | $ 345,800 | |||||||
Payment of initial amount at the signing of the agreement | $ 100,000 | |||||||
Number of consecutive monthly payments | mo | 6 | |||||||
Amount payable in equal monthly installments under the agreement | $ 41,000 | |||||||
K and R, LLC [Member] | Handler Agreement [Member] | ||||||||
Deposit from related party [Abstract] | ||||||||
Amount of assets purchased under the agreement | 90,000 | |||||||
Amount paid as down payment under the agreement | $ 9,000 | |||||||
Debt instrument term | 24 months | |||||||
Face principal amount | $ 81,000 | |||||||
Amount payable in equal monthly installments under the agreement | $ 3,400 | |||||||
Interest rate Upon a default of promissory note (as a percentage) | 1.00% | |||||||
K and R, LLC [Member] | Crane Agreement [Member] | ||||||||
Deposit from related party [Abstract] | ||||||||
Amount of assets purchased under the agreement | $ 60,000 | |||||||
Amount paid as down payment under the agreement | $ 12,000 | |||||||
Debt instrument term | 24 months | |||||||
Face principal amount | $ 48,000 | |||||||
Amount payable in equal monthly installments under the agreement | $ 2,000 | |||||||
Interest rate Upon a default of promissory note (as a percentage) | 1.00% | |||||||
K and R, LLC [Member] | Affiliated Entity [Member] | ||||||||
Deposit from related party [Abstract] | ||||||||
Notes Payable, Related Parties | $ 1,536,000 | $ 1,600,000 | $ 1,500,000 | |||||
Due from Related Parties | 32,000 | |||||||
Due to Related Parties | 500,000 | |||||||
Kletter Notes [Member] | Unsecured Debt [Member] | Grade Lane 7100, LLC [Member] | Affiliated Entity [Member] | ||||||||
Deposit from related party [Abstract] | ||||||||
Notes Payable, Related Parties | 883,800 | |||||||
Kletter Notes [Member] | Unsecured Debt [Member] | Kletter Estate [Member] | Affiliated Entity [Member] | ||||||||
Deposit from related party [Abstract] | ||||||||
Notes Payable, Related Parties | 1,500,000 | |||||||
Kletter Notes [Member] | Unsecured Debt [Member] | K and R, LLC [Member] | Affiliated Entity [Member] | ||||||||
Deposit from related party [Abstract] | ||||||||
Notes Payable, Related Parties | $ 620,300 | |||||||
Interest rate | 5.00% | |||||||
Louisville, Kentucky [Member] | K and R, LLC [Member] | Affiliated Entity [Member] | ||||||||
Deposit from related party [Abstract] | ||||||||
Payable to related parties | $ 500,000 |
SHARE-BASED COMPENSATION AND _3
SHARE-BASED COMPENSATION AND OTHER COMPENSATION AGREEMENTS (Narrative) (Details) | Jul. 09, 2018USD ($)directorshares | Mar. 28, 2018USD ($)item$ / sharesshares | Mar. 26, 2018USD ($) | Oct. 01, 2017 | Jun. 15, 2016shares | Mar. 29, 2016USD ($)shares | Jan. 31, 2015shares | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2016USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Awards granted (in Shares) | 31,000 | |||||||||||
Payment of retention amounts | $ | $ 135,900 | |||||||||||
Stock Options [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock options (in Shares) | 31,000 | |||||||||||
Unrecognized stock-based compensation | $ | $ 195,700 | $ 14,900 | $ 195,700 | |||||||||
Share-based compensation expense | $ | $ 105,000 | $ 116,000 | ||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Awards granted (in Shares) | 13,228 | 18,000 | 11,400 | 111,600 | ||||||||
Number of employees under the LTIP | item | 6 | |||||||||||
Number of day prior to grant closing common stock price taken into consideration for grant date fair value | 1 day | 1 day | ||||||||||
Grant date fair value | $ | $ 100,000 | $ 44,300 | $ 32,000 | |||||||||
Award vesting | 22,600 | 22,500 | ||||||||||
Number of shares in each RSU | 1 | 1 | 1 | |||||||||
Share-based compensation expense | $ | $ 105,000 | $ 116,000 | ||||||||||
Number of non-employee directors | director | 4 | |||||||||||
CFO [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Awards granted (in Shares) | 170,000 | 20,000 | ||||||||||
CFO [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Awards granted (in Shares) | 90,000 | |||||||||||
Award vesting | 90,000 | |||||||||||
Number of shares in each RSU | 1 | |||||||||||
Director [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period | 1 year | |||||||||||
President/CFO [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Accrued bonuses | $ | $ 125,000 | $ 100,000 | ||||||||||
Staff [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Percentage of bonus to be paid on annual base salary | 25.00% | |||||||||||
CEO | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Percentage of bonus to be paid on annual base salary | 50.00% | |||||||||||
Initial term of employment agreement | 1 year | |||||||||||
Period of initial term automatically extended | 12 months | |||||||||||
Notice period to terminate employment agreement | 30 days | |||||||||||
Annual base salary | $ | $ 300,000 | |||||||||||
CEO | Stock Options [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock options (in Shares) | 31,000 | |||||||||||
Vesting period | 3 years | 3 years | ||||||||||
Exercise price (USD per Share) | $ / shares | $ 2.46 | |||||||||||
Percentage of annual equity compensation awards to be paid on annual base salary | 16.67% | |||||||||||
CEO | Restricted Stock Units (RSUs) [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period | 3 years | |||||||||||
Awards granted (in Shares) | 40,600 | |||||||||||
Number of day prior to grant closing common stock price taken into consideration for grant date fair value | 1 day | |||||||||||
Grant date fair value | $ | $ 100,000 | |||||||||||
Number of shares in each RSU | 1 | |||||||||||
Percentage of annual equity compensation awards to be paid on annual base salary | 33.33% | |||||||||||
Expiration period | 36 months | |||||||||||
CEO | Tranche One | Stock Options [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting percentage | 33.33333% | 33.33333% | ||||||||||
CEO | Tranche Two | Stock Options [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting percentage | 33.33333% |
SHARE-BASED COMPENSATION AND _4
SHARE-BASED COMPENSATION AND OTHER COMPENSATION AGREEMENTS - Stock Option Activity (Details) - Stock Options [Member] - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Number of Shares [Roll Forward] | ||||
Beginning Balance, Outstanding Shares | 382 | 502 | ||
Issued, Shares | 31 | |||
Cancelled, Shares | (30) | |||
Expired, Shares | (90) | |||
Ending Balance, Outstanding Shares | 413 | 382 | 502 | |
Exercisable, Shares | 382 | |||
Available for Grant, Shares | [1] | 1,645 | ||
Weighted Average Exercise Price per Share | ||||
Outstanding, Weighted Average Exercise Price ($ per share) | $ 4.70 | $ 4.78 | ||
Granted, Weighted Average Exercise Price ($ per share) | 2.46 | |||
Cancelled, Weighted Average Exercise Price Share ($ per share) | 5.40 | |||
Expired, Weighted Average Exercise Price ($ per share) | 4.94 | |||
Outstanding, Weighted Average Exercise Price ($ per share) | 4.53 | $ 4.70 | $ 4.78 | |
Exercisable, Weighted Average Exercise Price ($ per share) | $ 4.70 | |||
Weighted Average Remaining Contractual Term [Roll Forward] | ||||
Outstanding, Weighted Average Remaining Contractual Term | 8 months 12 days | 1 year 4 months 28 days | 2 years 25 days | |
Issued, Weighted Average Remaining Contractual Term | 4 years 2 months 26 days | |||
Exercisable, Weighted Average Remaining Contractual Term | 4 months 28 days | |||
Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Outstanding, Weighted Average Grant Date Fair Value ($ per share) | $ 2.57 | $ 2.43 | ||
Issued, Weighted Average Grant Date Fair Value ($ per share) | 1.61 | |||
Cancelled, Weighted Average Grant Date Fair Value ($ per share) | 2.85 | |||
Expired, Weighted Average Grant Date Fair Value ($ per share) | 1.71 | |||
Outstanding, Weighted Average Grant Date Fair Value ($ per share) | 2.49 | $ 2.57 | $ 2.43 | |
Exercisable, Weighted Average Grant Date Fair Value ($ per share) | $ 2.57 | |||
[1] | Securities available for grant include securities available for stock option grants andRSUs. |
SHARE-BASED COMPENSATION AND _5
SHARE-BASED COMPENSATION AND OTHER COMPENSATION AGREEMENTS - Nonvested Options (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Nonvested Options, Number of Shares | |
Beginning balance | shares | 0 |
Granted, Shares | shares | 31 |
Ending balance | shares | 31 |
Weighted Average Grant Date Option Fair Value | |
Beginning balance | $ / shares | $ 0 |
Granted, Weighted Average Grant Date Fair Value ($ per Share) | $ / shares | 1.61 |
Ending balance | $ / shares | $ 1.61 |
SHARE-BASED COMPENSATION AND _6
SHARE-BASED COMPENSATION AND OTHER COMPENSATION AGREEMENTS (Weighted Average Assumptions) (Details) - Stock Options [Member] | 12 Months Ended |
Dec. 31, 2018$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average grant-date fair value of grants per option | $ 1.61 |
Volatility | 80.40% |
Risk-free interest rate | 2.59% |
Expected life (in years) | 5 years |
Expected dividend yield | 0.00% |
SHARE-BASED COMPENSATION AND _7
SHARE-BASED COMPENSATION AND OTHER COMPENSATION AGREEMENTS (Restricted Stock Units Activity) (Details) - $ / shares | Jul. 09, 2018 | Mar. 28, 2018 | Mar. 29, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Number of shares | ||||||
Granted, Shares | 31,000 | |||||
Weighted Average Grant Date Fair Value | ||||||
Granted, Weighted Average Grant Date Fair Value ($ per Share) | $ 1.61 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Number of shares | ||||||
Beginning Balance, Outstanding Shares | 22,600 | 45,100 | ||||
Granted, Shares | 13,228 | 18,000 | 11,400 | 111,600 | ||
Vested, Shares | (22,600) | (22,500) | ||||
Ending Balance, Outstanding Shares | 111,600 | 22,600 | 45,100 | |||
Weighted Average Remaining Contractual Term | ||||||
Outstanding, Weighted Average Remaining Contractual Term | 1 year 5 months 5 days | 4 months 6 days | 1 year 18 days | |||
Granted, Weighted Average Remaining Contractual Term | 1 year 5 months 5 days | |||||
Weighted Average Grant Date Fair Value | ||||||
Outstanding, Weighted Average Grant Date Fair Value ($ per Share) | $ 2.37 | $ 2.23 | ||||
Granted, Weighted Average Grant Date Fair Value ($ per Share) | 2.19 | |||||
Vested, Weighted Average Grant Date Fair Value ($ per Share) | 2.37 | 2.36 | ||||
Outstanding, Weighted Average Grant Date Fair Value ($ per Share) | $ 2.19 | $ 2.37 | $ 2.23 |
FINANCING AND RELATED MATTERS (
FINANCING AND RELATED MATTERS (Details) $ / shares in Units, $ in Thousands | Jun. 13, 2014USD ($)director$ / sharesshares | Dec. 31, 2018USD ($)director | Dec. 31, 2017USD ($) |
Related Party Transaction [Line Items] | |||
Purchase price | $ | $ 0 | $ 0 | |
Number of board members designated by investor | director | 1 | ||
Securities Purchase Agreement [Member] | Recycling Capital Partners, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Shares issued | shares | 857,143 | ||
Purchase price | $ | $ 3,000 | ||
Warrant term | 5 years | ||
Additional shares | shares | 857,143 | ||
Expiration period | 6 months | ||
Exercise price (USD per Share) | $ / shares | $ 5 | ||
Director Designation Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Number of board members authorized to appoint | director | 2 | ||
Percentage of stock owned by investor | 5.00% |