Related Party Transactions

12 Months Ended

Dec. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 14: RELATED PARTY TRANSACTIONS

Information related to the Company’s related party transactions is as follows:

Transactions with ICP and ICP Holdings

The Company has various agreements with ICP and ICP Holdings, including a Contribution Agreement, an LLC Interest Purchase Agreement, a Limited Liability Company Agreement and a Marketing Agreement.   Effective January 1, 2013, the Marketing Agreement expired.  The Company sourced significantly less product from ICP in fiscal 2013 than we did in fiscal 2012.

As of December 31, 2013 and 2012, the Company recorded $1,204 and $4,008, respectively, of amounts due to ICP that are included in the Accounts payable to affiliate, net, caption on the accompanying Consolidated Balance Sheets and purchased approximately $7,736 and $48,611, respectively, of product from ICP during the years ended December 31, 2013 and 2012, respectively, that is included in the Cost of sales caption on the Consolidated Statements of Operations.

As of December 31, 2013, Randy M. Schrick serves as the Interim Co-Chief Executive Officer and Vice President of Engineering of the Company and served as President of ICP from November 2009 to December 2011.

Proxy contest and related matters

As previously disclosed in Note 7: Commitments and Contingencies, pursuant to the Settlement Agreement and the Services Agreement, the Company accrued $915 for costs that will be paid to the Company's former Chief Executive Officer and President, Timothy W. Newkirk. In connection with the Settlement Agreement, the Company also agreed to reimburse, within ten business days of presentment, the members of the Cray Group for all reasonable legal fees and out-of-pocket costs and expenses incurred in connection with the matters related to the proxy contest, up to an aggregate maximum cap of $1,775. The Cray Group submitted reimbursement requests for $1,764, which the Company fully accrued at December 31, 2013.

Long term debt

On July 20, 2009, Union State Bank - Bank of Atchison (“Bank of Atchison”), which previously loaned the Company $1,500, agreed to lend the Company an additional $2,000.  The Company’s former President and Chief Executive Officer, Mr. Newkirk, is a director of the Bank of Atchison.  At December 31, 2013 and 2012, the Company had $746 and $1,070 outstanding, respectively, on a6.63% Secured Promissory Note, due monthly to July 2016.