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IDSA > SEC Filings for IDSA > Form 8-K on 19-Sep-2013All Recent SEC Filings




Entry into a Material Definitive Agreement, Creation of a

Item 1.01 Entry into a Material Definitive Agreement.

On September 13, 2013, K & R, LLC ("K & R") made a $500,000 refundable, non-interest bearing deposit with Industrial Services of America, Inc. (the "Company") related to K & R's potential purchase of a piece of the Company's real property located at 1565 East 4th Street in Seymour, Indiana. The parties continue to negotiate the terms of the potential transaction. The Company is permitted and intends to use the deposited funds for general corporate purposes. If the parties are unable to agree to the terms of a transaction, the Company is obligated to refund the deposit to K & R.

K & R is wholly owned by Kletter Holding, LLC which is wholly-owned by Harry Kletter, our former Chairman and Chief Executive Officer. As of September 13, 2013, Mr. Kletter beneficially owned 1,752,870 shares, or 24.79%, of the Company's issued and outstanding common stock.

The Company also leases certain real property and equipment from K & R, and receives certain consulting services from K & R, all as more fully described in the section of the Company's Definitive Proxy Statement for the 2013 Annual Meeting of Shareholders titled "Certain Relationships and Related Transactions." The 2013 Proxy Statement was filed with the Securities and Exchange Commission on June 6, 2013.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 above is hereby incorporated into this Item 2.03.

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