XML 45 R30.htm IDEA: XBRL DOCUMENT v3.7.0.1
RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2016
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions

Related party balances as of and for the years ended December 31, 2016 and 2015 are as follows, in thousands:

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

2015

K&R, LLC and 7100 LLC:

 

 

 

 

 

Deposit amounts owed to the Company by related parties

(1)

 

$

42

 

 

$

74

 

Property deposit payable to related parties

(2)

 

—

 

 

500

 

Note payable to related parties

(3)

 

1,504

 

 

—

 

Accrued interest to related parties

(2)

 

63

 

 

—

 

Facility rent payable to related parties

(2)

 

176

 

 

821

 

Equipment rent payable to related parties

(2)

 

15

 

 

132

 

Facility rent expense to related parties

 (4)

 

646

 

 

646

 

Equipment rent expense to related parties

 (4)

 

25

 

 

126

 

Interest expense to related parties 

  (4)

 

63

 

 

—

 

 

 

 

 

 

 

Algar, Inc.:

 

 

 

 

 

Accounts receivable from Algar for scrap transactions

(1), (5)

 

$

—

 

 

$

93

 

Accounts receivable from Algar for logistical services

(1), (5)

 

—

 

 

19

 

Accounts payable to Algar

(2), (5)

 

—

 

 

28

 

Bonus payable to Algar

(2), (6)

 

180

 

 

189

 

Revenue from scrap sales to Algar

(4), (7)

 

7

 

 

117

 

Revenue from logistical services to Algar

(4), (7)

 

48

 

 

69

 

Revenue from IT services to Algar

(4), (7)

 

16

 

 

23

 

Scrap material purchases from Algar

(4), (7)

 

1,204

 

 

1,225

 

Management fee expense

(4), (7)

 

238

 

 

250

 

Bonus expense to Algar

(4), (7)

 

180

 

 

—

 

Net rental income from Algar 

(4), (7)

 

16

 

 

—

 

Other expenses to Algar

(4), (7)

 

14

 

 

30

 

 

 

 

 

 

 

Board of Directors: *

 

 

 

 

 

Accounts payable to the Board of Directors for fees

(2)

 

$

144

 

 

$

250

 

Board of director fee expense

(4)

 

251

 

 

180

 

Board of director consulting expense

(4)

 

—

 

 

25

 

 

 

 

 

 

 

LK Property Investments, LLC:

 

 

 

 

 

Lease deposit to LK Property

(1)

 

$

3

 

 

$

3

 

Accounts payable to LK Property

(2)

 

—

 

 

2

 

Rent expense to LK Property**

(4)

 

36

 

 

24

 

Loss on the sale of assets to LK Property

(4)

 

—

 

(102

) 

 

 

 

 

 

 

Metal X, LLC:

 

 

 

 

 

Accounts receivable from Metal X

(1)

 

$

105

 

 

$

19

 

Revenue from product sales to Metal X

(4)

 

246

 

 

1,905

 

 

 

 

 

 

 

SG&D Ventures, LLC:

 

 

 

 

 

Gain on the sale of assets to SG&D

(4)

 

$

—

 

 

$

1

 

 

* Excludes insignificant amount of travel reimbursement.

**Excludes amounts reimbursed to LK Properties for utilities and property tax.

(1) Included in receivables from related parties on the Consolidated Balance Sheets; balances are as of December 31, 2016 and 2015.

(2) Included in payable and accrued expenses to related parties on the Consolidated Balance Sheets; balances are as of December 31, 2016 and 2015.

(3) Included in long-term liabilities on the Consolidated Balance Sheets; balance is as of December 31, 2016 and 2015.

(4) Included in the Consolidated Statements of Operations; balances are for the year ended December 31, 2016 and 2015.

 

As discussed above, the Company and Algar mutually agreed to terminate the Management Agreement pursuant to the Termination Agreement on September 30, 2016.  Therefore, the Company considers Algar a related party through the termination date.  The Company reported the Algar related party balances as follows:

(5) The 2016 balances are excluded as Algar was not a related party at December 31, 2016.

(6) The 2016 balance includes the bonus payable amount at December 31, 2016 as this amount was earned on September 30, 2016 while Algar was a related party.

(7)  The 2016 balances include transactions for the nine month period ended September 30, 2016, the period Algar was a related party.