LEASE COMMITMENTS

12 Months Ended

Dec. 31, 2015

LEASE COMMITMENTS

Operating Leases:

The Company leases a portion of our Louisville, Kentucky facility from a related party (see Note 10 - Related Party Transactions) under an operating lease expiring December 31, 2017. Effective January 1, 2013, the lease amount increased from $48.5 thousand to $53.8 thousand per month based on the CPI index as stated in the lease agreement. In addition, the Company is also 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 is for a period of three years. The Company has the option to extend the lease for three (3) additional three (3) year periods. Rent is $8.0 thousand per month and increases each year by $200 per month. In the event ISA exercises the option to renew the lease for a second three-year term, at the end of the second three-year term, ISA has the option to purchase the property.

The Company signed a lease, effective October 1, 2014, to lease three cranes for $28.9 thousand per month. This lease is for a period of five years.

The Company signed a lease, effective December 1, 2010, to lease equipment from a related party (see Note 10 - Related Party Transactions) under an operating lease for a monthly payment of $5.5 thousand. The lease expired November 2015 and is now operating month to month.

The Company signed a lease, effective December 1, 2010, to lease equipment from a related party (see Note 10 - Related Party Transactions) under an operating lease that expires May 2016 for a monthly payment of $5.0 thousand.

The Company previously leased office space in Dallas, Texas. The lease was renewed effective October 1, 2014 for a period of six months with monthly payments of $1.0 thousand. The lease was not renewed as of April 15, 2015.

The Company leased a lot in Louisville, KY 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 thousand. Beginning March 2014, the monthly payment amount increased to $3.8 thousand for the remaining term. 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 month period, ending March 31, 2017. As the lease was terminated, future payments are not included in the future minimum lease payments table below.

Future minimum lease payments for operating leases, in thousands, as of December 31, 2015 are as follows:



2016	$	1,168
2017	1,142
2018	404
2019	286
2020	—

Future minimum lease payments	$	3,000

Total rent expense for the years ended December 31, 2015 and 2014 was $1,357.4 thousand and $981.7 thousand, respectively.