0001654954-20-001561.txt : 20200214 0001654954-20-001561.hdr.sgml : 20200214 20200214080444 ACCESSION NUMBER: 0001654954-20-001561 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20200214 DATE AS OF CHANGE: 20200214 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ISSUER DIRECT CORP CENTRAL INDEX KEY: 0000843006 STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL PRINTING [2750] IRS NUMBER: 261331503 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-41710 FILM NUMBER: 20613996 BUSINESS ADDRESS: STREET 1: 1 GLENWOOD AVE. STREET 2: SUITE 1001 CITY: RALEIGH STATE: NC ZIP: 27603 BUSINESS PHONE: 9194611600 MAIL ADDRESS: STREET 1: 1 GLENWOOD AVE. STREET 2: SUITE 1001 CITY: RALEIGH STATE: NC ZIP: 27603 FORMER COMPANY: FORMER CONFORMED NAME: DOCUCON INC DATE OF NAME CHANGE: 20071002 FORMER COMPANY: FORMER CONFORMED NAME: DOCUCON INCORPORATED DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Forager Capital Management, LLC CENTRAL INDEX KEY: 0001802986 IRS NUMBER: 453145346 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 2024 3RD AVENUE NORTH STREET 2: SUITE 201 CITY: BIRMINGHAM STATE: AL ZIP: 35203 BUSINESS PHONE: 205-383-4763 MAIL ADDRESS: STREET 1: 2024 3RD AVENUE NORTH STREET 2: SUITE 201 CITY: BIRMINGHAM STATE: AL ZIP: 35203 SC 13G 1 forager_ec13g-isdr.htm SC 13G template_sc13g.htm
 
 
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
SCHEDULE 13G
(Amendment No. )1
 
Under the Securities Exchange Act of 1934
 
 
ISSUER DIRECT CORPORATION
 
 
(Name of Issuer)
 
 
 
 
 
Common Stock
 
 
(Title of Class of Securities)
 
 
 
 
 
46520M204
 
 
(CUSIP Number)
 
 
 
 
 
December 31, 2019
 
 
(Date of Event Which Requires Filing of this Statement)
 
 
 
 
 
Check the appropriate box to designate the rule pursuant to which this Schedule is filed
 

Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
_________
1             The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosure provided in a prior cover page.
 
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes)
 
 
 
 
 
 
 
CUSIP NO. 46520M204
13G
 Page 2 of 6 Pages
 
1.
Names of Reporting Persons.

Forager Capital Management, LLC 
2.
Check the Appropriate Box if a Member of a Group (See Instructions)
 
(a) 
(b) 
3.
SEC Use Only
 
4.
Citizenship of Place of Organization
Delaware
Number of Shares
Beneficially
Owned by Each
Reporting  Person
With
5.
Sole Voting Power 
230,543
6.
Shared Voting Power
0
7. 
Sole Dispositive Power 
230,543
8.
Shared Dispositive Power
0
9.
Aggregate Amount Beneficially Owned by each Reporting Person
230,543
10.
Check if the Aggregate Amount in Row (9) Excludes Certain Shares  ☐
[   ]
11.
Percent of Class Represented by Amount in Row 9
6.07%
12.
Type of Reporting Person (See Instructions)
IA
 
 
 
 
 
CUSIP NO. 46520M204
13G
 Page 3 of 6 Pages
 
SCHEDULE 13G
Item 1.
 
(a)         Name of Issuer:
 
Issuer Direct Corporation
 
(b)         Address of Issuer's Principal Executive Offices:
 
One Glenwood Ave, Suite 1001
Raleigh, NC 27603
 
Item 2.
 
(a)         Name of Person Filing:
 
Forager Capital Management, LLC
 
(b)         Address of Principal Business Office, or if None, Residence:
 
2024 3rd Ave. N, Suite 201
Birmingham, AL 35203
 
(c)         Citizenship:
 
Forager Capital Management, LLC – a Delaware limited liability company
 
(d)         Title of Class of Securities:
 
Incorporated by reference from the Cover Pages.
 
(e)         CUSIP Number:
 
Incorporated by reference from the Cover Pages.
 
Item 3. 
If this Statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:
 
(a)  ☒     An investment adviser registered under Section 203 of the Investment Advisers Act of 1940 or under the laws of any state. This statement is being filed by Forager Capital Management, LLC as a registered investment adviser. All of the securities covered by this report are owned legally by Forager Capital Management, LLC’s investment advisory clients and none are owned directly or indirectly by Forager Capital Management, LLC. As permitted by Rule 13d-4, the filing of this statement shall not be construed as an admission that Forager Capital Management, LLC is the beneficial owner of any of the securities covered by this statement.
 
 
 
 
  
CUSIP NO. 46520M204
13G
 Page 4 of 6 Pages
 
Item 4.
Ownership.
 
(a)
Amount Beneficially Owned:
 
230,543
 
(b)
Percent of Class:
 
6.07%
 
(c)
Number of Shares as to Which Such Person has:
 
(i)           Sole Power to Vote or Direct the Vote.
 
230,543
 
(ii)          Shared Power to Vote or to Direct the Vote.
 
0
 
(iii)         Sole Power to Dispose or to Direct the Disposition of.
 
230,543
 
(iv)         Shared Power to Dispose or to Direct the Disposition of.
 
0
 
Item 5.
Ownership of Five Percent (5%) or Less of a Class.
 
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following
 
Item 6.
Ownership of More than Five Percent (5%) on Behalf of Another Person.
 
Various persons, including an investment fund and owners of the separate accounts to which Forager Capital Management, LLC serves as investment adviser, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities that are the subject of this schedule. Except as may be otherwise indicated if this is a joint filing, not more than 5% of the class of securities that is the subject of this schedule is owned by any one client advised by Forager Capital Management, LLC.

 
 
 
  
CUSIP NO. 46520M204
13G
 Page 5 of 6 Pages
 
Item 7. 
Identification and Classification of the Subsidiary which Acquired the Security being Reported on by the Parent Holding Company.
 
Not Applicable.
 
Item 8. 
Identification and Classification of Members of the Group.
 
Not Applicable.
 
Item 9. 
Notice of Dissolution of Group.
 
Not Applicable.
 
Item 10. 
Certifications.
 
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
 
 
 
 
   
CUSIP NO. 46520M204
13G
 Page 6 of 6 Pages
 
SIGNATURE
 
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
 
 
Forager Capital Management, LLC
 
 
 
 
 
Dated: February 14, 2020
By:
/s/Johnathan Wilhelm
 
 
Name:  
Johnathan Wilhelm
 
 
Title:  
Partner