Asta Funding (ASFI) 10-Q/A 25 Jun 15 2014 Q1 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2013	Jun. 20, 2015
Document Information [Line Items]
Document Type	10-Q/A
Amendment Flag	true
Amendment Description	We are filing this Amendment No. 1 on Form 10-Q/A to revise and restate the following items of our Quarterly Report on Form 10-Q for the quarter ended December 31, 2013 as originally filed with the Securities and Exchange Commission on February 10, 2014 (the “Original Form 10-Q”): (i) Item 1 of Part I “Financial Information,” (ii) Item 2 of Part I, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” (iii) Item 4 of Part I, “Controls and Procedures,” and (iv) Item 6 of Part II, “Exhibits”, and we have also updated the signature page, the certifications of our Chief Executive Officer and Chief Financial Officer in Exhibits 31.1, 31.2, 32.1 and 32.2, and our financial statements formatted in Extensible Business Reporting Language (XBRL) in Exhibits 101. No other sections were affected, but for the convenience of the reader, this report on Form 10-Q/A restates in its entirety, as amended, our Original Form 10-Q. This report on Form 10-Q/A is presented as of the filing date of the Original Form 10-Q and does not reflect events occurring after that date, or modify or update disclosures in any way other than as required to reflect the revision and restatement described below. We previously reported finance income for certain portfolios of consumer receivables acquired for liquidation using the interest method (“interest method portfolios”) in accordance with the guidance of FASB Accounting Standards Codification (“ASC”), Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality (ASC 310-30) We subsequently concluded that it is more appropriate to recognize finance income on these portfolios using the cost recovery method in accordance with ASC 310-30, and to reflect the change in accounting method in results of operations for the quarter ended December 31, 2013. The effect on the restated results of operations for the quarterly period ended December 31, 2013, was a reduction of pretax income of $2.3 million with an associated tax benefit of $0.8 million which resulted in Net Income attributable to Asta Funding, Inc. of $0.9 million or $0.07 per share from $2.4 million or $0.18 per share. The effect on the comparable quarterly period ended December 31, 2012 was not material. In addition, we identified certain pre-tax misstatements in prior periods related to our accounting for interest method portfolios accounted for under ASC 310-30. The misstatement resulted in an increase in the carrying value of interest method portfolios of approximately $6.4 million, with an associated decrease in deferred tax assets of approximately $2.7 million as of September 30, 2013.The impact of the misstatement in prior years’ financial statements was not material to any of those years, however, the cumulative effect of correcting all of the prior period misstatements in the current year would be material to our current year consolidated financial statements. As such, we have accounted for the cumulative effect of this misstatement as an adjustment to the beginning balance of retained earnings of approximately $3.7 million as of September 30, 2013, in this quarterly report for the period ended December 31, 2013. See Note 2 to the condensed consolidated financial statements for more information.
Document Period End Date	Dec. 31, 2013
Document Fiscal Year Focus	2,014
Document Fiscal Period Focus	Q1
Trading Symbol	ASFI
Entity Registrant Name	ASTA FUNDING INC
Entity Central Index Key	1,001,258
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		13,060,839

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)		Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012
ASSETS
Cash and cash equivalents	[1]	$ 36,103,000	$ 35,179,000	$ 18,317,000	$ 4,953,000
Available for sale investments	[1]	58,479,000	58,035,000
Restricted cash	[1]	948,000	968,000
Consumer receivables acquired for liquidation (at net realizable value)	[1]	59,218,000	64,254,000
Structured settlements	[1]	30,436,000
Investment in personal injury claims	[1]	30,489,000	35,758,000
Due from third party collection agencies and attorneys	[1]	679,000	1,169,000
Prepaid and income taxes receivable	[1]	251,000	1,496,000
Furniture and equipment, net	[1]	956,000	1,106,000
Deferred income taxes	[1]	8,286,000	7,772,000
Goodwill	[1]	2,770,000	1,410,000
Other assets	[1]	4,721,000	4,383,000
Total assets	[1]	233,336,000	211,530,000
LIABILITIES
Non-recourse debt - Bank of Montreal	[1]	33,132,000	35,760,000
Other debt - CBC (including non-recourse notes payable amounting to $13.8 million at December 31, 2013)	[1]	23,363,000
Other liabilities	[1]	2,106,000	2,486,000
Total liabilities	[1]	$ 58,601,000	$ 38,246,000
Commitments and contingencies	[1]
STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding - none	[1]
Common stock, $.01 par value; authorized 30,000,000 shares; issued - 14,917,977 at December 31, 2013 and September 30, 2013; and outstanding 12,974,239 at December 31, 2013 and September 30, 2013	[1]	$ 149,000	$ 149,000
Additional paid-in capital	[1]	79,522,000	79,104,000
Retained earnings	[1]	113,641,000	112,694,000
Accumulated other comprehensive loss	[1]	(755,000)	(674,000)
Treasury stock (at cost), 1,943,738 shares at December 31, 2013 and September 30, 2013	[1]	(17,805,000)	(17,805,000)
Non-controlling interest	[1]	(17,000)	(184,000)
Total stockholders' equity	[1]	174,735,000	173,284,000
Total liabilities and stockholders' equity	[1]	$ 233,336,000	$ 211,530,000
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions		Dec. 31, 2013	Sep. 30, 2013
Other debt, non-recourse notes payable	[1]	$ 13.8
Preferred stock, par value	[1]	$ 0.01	$ 0.01
Preferred stock, shares authorized	[1]	5,000,000	5,000,000
Preferred stock, shares issued	[1]	0	0
Preferred stock, shares outstanding	[1]	0	0
Common stock, par value	[1]	$ 0.01	$ 0.01
Common stock, shares authorized	[1]	30,000,000	30,000,000
Common stock, shares issued	[1]	14,917,977	14,917,977
Common stock, shares outstanding	[1]	12,974,239	12,974,239
Treasury stock, shares	[1]	1,943,738	1,943,738
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - Entity [Domain] - USD ($)		3 Months Ended
		Dec. 31, 2013		Dec. 31, 2012
Revenues
Finance income, net	[1]	$ 4,648,000	[2]	$ 8,430,000	[3]
Other income (includes ($25,000) and $175,000 during the three month periods ended December 31, 2013 and 2012, respectively, of accumulated other comprehensive income reclassification for unrealized net (losses) / gains on available for sale securities)	[1]	3,322,000		2,062,000
Total revenue	[1]	7,970,000		10,492,000
Expenses
General and administrative	[1]	5,767,000		5,593,000
Interest expense	[1]	9,000		569,000
Impairments		0		106,000	[1]
Total expenses	[1]	5,776,000		6,268,000
Income before income taxes	[1]	2,194,000		4,224,000
Income tax expense (includes tax benefit / (expense) of $10,000 and ($71,000) during the three month periods ended December 31, 2013 and 2012, respectively, of accumulated other comprehensive income reclassifications for unrealized net (losses) / gains on available for sale securities)	[1]	798,000		1,691,000
Net income	[1]	1,396,000		2,533,000
Less: net income attributable to non-controlling interest	[1]	449,000		45,000
Net income attributable to Asta Funding, Inc.	[1]	$ 947,000		$ 2,488,000
Net income per share attributable to Asta Funding, Inc.:
Basic	[1]	$ 0.07	[4]	$ 0.19	[5]
Diluted	[1]	$ 0.07	[4]	$ 0.19	[5]
Weighted average number of shares outstanding:
Basic	[1]	12,974,239	[4]	12,941,242	[5]
Diluted	[1]	13,200,084	[4]	13,200,116	[5]
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.
[2]	Includes $4.6 million derived from zero basis pools.
[3]	Includes $6.9 million derived from zero basis pools.
[4]	Net income and per share data have been restated as explained in Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.
[5]	Net income and per share data have been revised as explained in Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Income (Parenthetical) - USD ($)		3 Months Ended
		Dec. 31, 2013	Dec. 31, 2012
Reclassifications for unrealized net (losses) / gains on available for sale securities	[1]	$ (25,000)	$ 175,000
Income tax expense, tax benefit / (expense)	[1]	$ 10,000	$ (71,000)
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income - USD ($)		3 Months Ended
		Dec. 31, 2013	Dec. 31, 2012
Net income	[1]	$ 1,396,000	$ 2,533,000
Net unrealized securities loss, net of tax benefit of $58,000 and $288,000 during the 3 month periods ended December 31, 2013 and 2012, respectively	[1]	(66,000)	(419,000)
Reclassification adjustments for securities sold during the period, net of tax benefit / (expense) of $10,000 and ($71,000) for the 3 months ended December 2013 and 2012, respectively	[1]	(15,000)	98,000
Other comprehensive loss	[1]	(81,000)	(321,000)
Total comprehensive income	[1]	$ 1,315,000	$ 2,212,000
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)		3 Months Ended
		Dec. 31, 2013	Dec. 31, 2012
Net unrealized securities (loss) gain,(taxes)/tax benefit	[1]	$ 58,000	$ 288,000
Reclassification adjustments for securities sold, tax benefit/ (expense)	[1]	$ 10,000	$ (71,000)
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Condensed Consolidated Stateme8

Condensed Consolidated Statement of Stockholders' Equity - Dec. 31, 2013 - USD ($)		Total		Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	[2]	Non- Controlling Interest
Beginning balance (in shares) (As Reported) at Sep. 30, 2013				14,917,977
Beginning balance (in shares) at Sep. 30, 2013	[1]			14,917,977
Beginning balance (As Reported) at Sep. 30, 2013		$ 169,601,000		$ 149,000	$ 79,104,000	$ 109,011,000	$ (674,000)	$ (17,805,000)		$ (184,000)
Beginning balance (Adjustments) at Sep. 30, 2013		3,683,000
Beginning balance at Sep. 30, 2013	[1]	173,284,000		$ 149,000	79,104,000	112,694,000	(674,000)	(17,805,000)		(184,000)
Stock based compensation expense		418,000			418,000
Net income, as restated | As Reported		2,838,000
Net income, as restated | Adjustments		(1,442,000)
Net income, as restated | As Restated		1,396,000				947,000				449,000
Net income, as restated	[1]	1,396,000
Unrealized loss on marketable securities		(81,000)					(81,000)
Distributions to non-controlling interest		(282,000)								(282,000)
Ending balance (in shares) at Dec. 31, 2013				14,917,977
Ending balance (As Reported) at Dec. 31, 2013		172,494,000
Ending balance (Adjustments) at Dec. 31, 2013		2,241,000
Ending balance at Dec. 31, 2013		174,735,000	[1]	$ 149,000	$ 79,522,000	113,641,000	$ (755,000)	$ (17,805,000)		$ (17,000)
Cumulative impact of prior period revisions | Adjustments		$ 3,683,000				$ 3,683,000
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.
[2]	Treasury shares are as follows: September 30, 2013, 1,923,738; December 31, 2013, 1,923,738.

Condensed Consolidated Stateme9

Condensed Consolidated Statement of Stockholders' Equity (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013
Treasury stock, shares	1,923,738	1,923,738

Condensed Consolidated Statem10

Condensed Consolidated Statements of Cash Flows - USD ($)		3 Months Ended
		Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities
Net income	[1]	$ 1,396,000	$ 2,533,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	[1]	150,000	150,000
Deferred income taxes	[1]	(446,000)	312,000
Impairments of consumer receivables acquired for liquidation		0	106,000	[1]
Stock based compensation	[1]	418,000	439,000
Loss / (gain) on sale of available-for-sale securities	[1]	25,000	(175,000)
Changes in:
Prepaid and income taxes receivable	[1]	1,245,000	1,349,000
Due from third party collection agencies and attorneys	[1]	490,000	959,000
Other assets	[1]	(327,000)	(475,000)
Other liabilities	[1]	(736,000)	(446,000)
Net cash provided by operating activities	[1]	2,215,000	4,752,000
Cash flows from investing activities
Purchase of consumer receivables acquired for liquidation	[1]	(520,000)
Principal collected on receivables acquired for liquidation	[1]	5,556,000	5,175,000
Principal collected on receivables accounts represented by account sales	[1]		5,000
Purchase of available-for-sale securities	[1]	(5,618,000)	(23,674,000)
Proceeds from sale of available-for-sale securities	[1]	5,000,000	23,208,000
Proceeds from maturities of certificates of deposit	[1]		13,900,000
Cash paid for acquisition (net of cash acquired)	[1]	(5,588,000)
Investments in personal injury claims - advances	[1]	(4,519,000)	(7,597,000)
Investments in personal injury claims - receipts	[1]	9,788,000	3,193,000
Capital expenditures	[1]		(674,000)
Net cash provided by investing activities	[1]	4,099,000	13,536,000
Cash flows from financing activities
Proceeds from exercise of stock options	[1]		11,000
Changes in restricted cash	[1]	20,000	361,000
Distribution to non-controlling interest	[1]	(282,000)
Repayment of non-recourse debt - Bank of Montreal	[1]	(2,628,000)	(2,620,000)
Repayment of other debt - CBC	[1]	(2,500,000)
Dividends paid	[1]		(1,290,000)
Purchase of treasury stock	[1]		(1,386,000)
Net cash used in financing activities	[1]	(5,390,000)	(4,924,000)
Net increase in cash and cash equivalents	[1]	924,000	13,364,000
Cash and cash equivalents at beginning of period	[1]	35,179,000	4,953,000
Cash and cash equivalents at end of period	[1]	36,103,000	18,317,000
Cash paid for:
Interest	[1]	10,000	$ 572,000
Supplemental disclosures of non-cash investing and financing activities:
Structured settlements	[1]	30,436,000
Other debt - CBC	[1]	$ 23,363,000
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Business and Basis of Presentat

Business and Basis of Presentation	12 Months Ended
	Dec. 31, 2013
Business and Basis of Presentation	Note 1 — Business and Basis of Presentation Business Asta Funding, Inc., together with its wholly owned significant operating subsidiaries Palisades Collection LLC, Palisades Acquisition XVI, LLC (“Palisades XVI”), VATIV Recovery Solutions LLC (“VATIV”), ASFI Pegasus Holdings, LLC (“APH”), Fund Pegasus, LLC (“Fund Pegasus”), AGR Disability Help Center, LLC (“AGR-DHC”) and other subsidiaries, not all wholly owned (collectively, the “Company”), is engaged in the business of purchasing, managing for its own account and servicing distressed consumer receivables, including charged-off receivables, semi-performing receivables and performing receivables. The primary charged-off receivables are accounts that have been written-off by the originators and may have been previously serviced by collection agencies. Semi-performing receivables are accounts where the debtor is currently making partial or irregular monthly payments, but the accounts may have been written-off by the originators. Performing receivables are accounts where the debtor is making regular monthly payments that may or may not have been delinquent in the past. Distressed consumer receivables are the unpaid debts of individuals to banks, finance companies and other credit providers. A large portion of the Company’s distressed consumer receivables are MasterCard ®, Visa ®, other credit card accounts, and telecommunication accounts which were charged-off by the issuers for non-payment. The Company acquires these portfolios at substantial discounts from their face values. The discounts are based on the characteristics (issuer, account size, debtor residence and age of debt) of the underlying accounts of each portfolio. Litigation related receivables are semi-performing investments whereby the Company is assigned the revenue stream from the proceeds received. The Company owns 80% of Pegasus Funding, LLC (“Pegasus”), which invests in funding personal injury claims and 80% of newly-acquired CBC Settlement Funding, LLC (“CBC”), which invests in structured settlements (see Note 6: Acquisition of CBC). AGR-DHC is a disability advocacy group, assisting disabled individuals filing claims for disability benefits under the Social Security Act, from the filing of a claim to disability claim hearings and, if necessary, the appeals process. Basis of Presentation The condensed consolidated balance sheets as of December 31, 2013, the condensed consolidated statements of income for the three month periods ended December 31, 2013 and 2012, the condensed consolidated statements of comprehensive income for the three month periods ended December 31, 2013 and 2012, the condensed consolidated statement of stockholders’ equity as of and for the three months ended December 31, 2013 and the condensed consolidated statements of cash flows for the three month periods ended December 31, 2013 and 2012, are unaudited. The September 30, 2013 financial information included in this report has been extracted from our audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2013. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly our financial position at December 31, 2013 and September 30, 2013, the results of operations for the three month periods ended December 31, 2013 and 2012 and cash flows for the three month periods ended December 31, 2013 and 2012 have been made. The results of operations for the three month periods ended December 31, 2013 and 2012 are not necessarily indicative of the operating results for any other interim period or the full fiscal year. Palisades XVI is a variable interest entity (“VIE”). Asta Funding, Inc. is considered the primary beneficiary because it has the power to direct the significant activities of the VIE via its ownership and service contract. It also has the rights to receive benefits from the collections that exceed the payments to Bank of Montreal. Palisades XVI holds the Great Seneca portfolio of $40.9 million and the Bank of Montreal loan of $33.1 million as of December 31, 2013. Blue Bell Receivables I, LLC, Blue Bell Receivables II, LLC and Blue Bell Receivables III, LLC (the “Blue Bell Entities”) are VIEs. CBC is considered the primary beneficiary because it has the power to direct the significant activities of the VIEs via its ownership and service contract. It also has the rights to receive benefits from the collections that exceed the payments to the note holders. The Blue Bell Entities hold structured settlements of $15.5 million and the non-recourse notes payable of $13.8 million as of December 31, 2013. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission and therefore do not include all information and note disclosures required under generally accepted accounting principles. The Company suggests that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2013 filed with the Securities and Exchange Commission. Basis of Presentation (continued) The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates including management’s estimates of future cash flows and the resulting rates of return. Concentration of Credit Risk - Cash Cash balances are maintained at various depository institutions and are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company had cash balances with seven banks at December 31, 2013 that exceeded the balance insured by the FDIC by approximately $32.1 million. The Company had cash balances with three banks which amounted to approximately $31.3 million as of December 31, 2013. Subsequent Events The Company has evaluated events and transactions occurring subsequent to the Condensed Consolidated Balance Sheet date of December 31, 2013, for items that should potentially be recognized or disclosed in these financial statements. The Company did not identify any items which would require disclosure in or adjustment to the Financial Statements, except as indicated in Note 20. Reclassifications Certain items in the prior period’s financial statements have been reclassified to conform to the current period’s presentation, primarily related to certain balance sheet and cash flow items.

Restatement of Quarterly Financ

Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements	12 Months Ended
	Dec. 31, 2013
Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements	Note 2—Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements Restatement of Quarterly Financial Statements for the Period Ended December 31, 2013 Our previously reported results for the quarter ended December 31, 2013, reported finance income on the interest method in accordance with FASB Accounting Standards Codification (“ASC”) 310-30, Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality Revision of Prior Period Annual Financial Statements In addition, we identified pre-tax errors in prior annual periods related to the application of the interest method for consumer receivables acquired for liquidation and accounted for under ASC 310-30. During those prior annual periods, the Company had determined the effective yield for its distressed consumer receivable portfolios by analyzing actual cash flows versus the amount of cash flows expected to be collected over the life of the loan as opposed to performing this analysis using the current cash flow variations (i.e., actual versus estimated cash flows within a particular quarter). As disclosed in the detail that follows, this misstatement resulted in an increase in finance receivables of approximately $6.4 million, with a decrease in deferred taxes of approximately $2.7 million and a resulting increase to retained earnings of approximately $3.7 million in this Form 10-Q/A as of September 30, 2013. The impact of the misstatements in the prior years’ financial statements was not material to any of those years or interim periods, respectively, however, the cumulative effect of correcting all of the prior period misstatements in fiscal year 2014 would be material to our fiscal year 2014 consolidated financial statements. As such, consistent with the guidance in ASC Topic 250, Accounting Changes and Error Corrections In evaluating whether the previously issued financial statements were materially misstated, the Company applied SEC Staff Accounting Bulletin (SAB) No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements Under SAB No. 108, prior-year misstatements which, if corrected in the current year would be material, must be corrected by adjusting prior year financial statements, even though such correction previously was and continues to be immaterial to the prior-year financial statements. Correcting prior-year financial statements for such “immaterial misstatements” does not require previously filed reports to be amended. In accordance with accounting guidance presented in ASC 250-10 (SEC Staff Accounting Bulletin No. 99, Materiality), the Company assessed the materiality of the misstatements and concluded that they were not material to any of the Company’s previously issued annual or interim period financial statements. Due to the immaterial nature of the misstatement corrections, the cumulative adjustments required to correct the misstatements in the financial statements prior to the fiscal year ended September 30, 2013 are reflected in the revised stockholders’ equity as an adjustment to the beginning balance of retained earnings as of September 30, 2013. The cumulative effect of those adjustments increased previously reported retained earnings by approximately $3.7 million. These adjustments also cumulatively impacted the following balance sheet line items as of September 30, 2013: ASTA FUNDING, INC. AND SUBSIDIARIES Consolidated Balance Sheet September 30, 2013 As Reported Adjustments As Revised ASSETS Cash and cash equivalents $ 35,179,000 $ 0 $ 35,179,000 Investments - available-for-sale 58,035,000 0 58,035,000 Restricted cash 968,000 0 968,000 Consumer receivables acquired for liquidation (at net realizable value) 57,900,000 6,354,000 64,254,000 Investment in personal injury claims 35,758,000 0 35,758,000 Due from third party collection agencies and attorneys 1,169,000 0 1,169,000 Prepaid and income taxes receivable 1,496,000 0 1,496,000 Furniture and equipment, net (net of accumulated depreciation of $4,136,000) 1,106,000 0 1,106,000 Deferred income taxes 10,443,000 (2,671,000 ) 7,772,000 Goodwill 1,410,000 0 1,410,000 Other assets 4,383,000 0 4,383,000 Total assets $ 207,847,000 $ 3,683,000 $ 211,530,000 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Non-recourse debt $ 35,760,000 $ 0 $ 35,760,000 Other liabilities 2,486,000 0 2,486,000 Total liabilities 38,246,000 0 38,246,000 Commitments and contingencies STOCKHOLDERS’ EQUITY Preferred stock, $0.01 par value; authorized 5,000,000; issued and outstanding – none — — — Common stock, $.01 par value, authorized 30,000,000 shares; issued, 14,917,977, and outstanding 12,974,239 149,000 0 149,000 Additional paid in capital 79,104,000 0 79,104,000 Retained earnings 109,011,000 3,683,000 112,694,000 Accumulated other comprehensive loss, net of income taxes (674,000 ) 0 (674,000 ) Treasury stock (at cost), 1,943,738 shares (17,805,000 ) 0 (17,805,000 ) Non-controlling interest (184,000 ) 0 (184,000 ) Total stockholders’ equity 169,601,000 3,683,000 173,284,000 Total liabilities and stockholders’ equity $ 207,847,000 $ 3,683,000 $ 211,530,000 The adjustments discussed above also cumulatively impacted the following balance sheet line items as of December 31, 2013: ASTA FUNDING, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheet December 31, 2013 As Reported Adjustments As Restated ASSETS Cash and cash equivalents $ 36,103,000 $ 0 $ 36,103,000 Available for sale investments 58,479,000 0 58,479,000 Restricted cash 948,000 0 948,000 Consumer receivables acquired for liquidation (at net realizable value) 55,131,000 4,087,000 59,218,000 Structured settlements 30,436,000 0 30,436,000 Investment in personal injury claims 30,489,000 0 30,489,000 Due from third party collection agencies and attorneys 679,000 0 679,000 Prepaid and income taxes receivable 251,000 0 251,000 Furniture and equipment, net 956,000 0 956,000 Deferred income taxes 10,132,000 (1,846,000 ) 8,286,000 Goodwill 2,770,000 0 2,770,000 Other assets 4,721,000 0 4,721,000 Total assets $ 231,095,000 $ 2,241,000 $ 233,336,000 LIABILITIES AND STOCKHOLDERS’ EQUITY Non-recourse debt – Bank of Montreal $ 33,132,000 $ 0 $ 33,132,000 Other debt – CBC (including non-recourse notes payable amounting to $13.8 million) 23,363,000 0 23,363,000 Other liabilities 2,106,000 0 2,106,000 Total liabilities 58,601,000 0 58,601,000 Commitments and contingencies STOCKHOLDERS’ EQUITY Preferred stock, $0.01 par value; authorized 5,000,000 shares; issued and outstanding - none — — — Common stock, $.01 par value, authorized 30,000,000 shares; issued, 14,917,977, and outstanding 12,974,239 149,000 0 149,000 Additional paid in capital 79,522,000 0 79,522,000 Retained earnings 111,400,000 2,241,000 113,641,000 Accumulated other comprehensive loss (755,000 ) 0 (755,000 ) Treasury stock (at cost), 1,943,738 shares (17,805,000 ) 0 (17,805,000 ) Non-controlling interest (17,000 ) 0 (17,000 ) Total stockholders’ equity 172,494,000 2,241,000 174,735,000 Total liabilities and stockholders’ equity $ 231,095,000 $ 2,241,000 $ 233,336,000 The adjustments discussed above, for applying the cost recovery method, net of the related income tax benefit impact, resulted in an overstatement of net income of approximately $1.4 million for the quarterly period ended December 31, 2013. The restatement of the quarterly period ended December 31, 2013 is as follow: ASTA FUNDING, INC. AND SUBSIDIARIES Condensed Consolidated Statement of Income Three Months Ended December 31, 2013 As Reported Adjustments As Restated Revenues Finance income, net $ 6,915,000 $ (2,267,000 ) $ 4,648,000 Other income (includes $25,000 during the three month period ended December 31, 2013 of accumulated other comprehensive income reclassification for unrealized net losses on available for sale securities) 3,322,000 0 3,322,000 10,237,000 (2,267,000 ) 7,970,000 Expenses General and administrative 5,767,000 0 5,767,000 Interest expense 9,000 0 9,000 5,776,000 0 5,776,000 Income before income taxes 4,461,000 (2,267,000 ) 2,194,000 Income tax expense (includes tax benefit of $10,000 during the three month period ended December 31, 2013 of accumulated other comprehensive income reclassifications for unrealized net (losses) / gains on available for sale securities) 1,623,000 (825,000 ) 798,000 Net income 2,838,000 (1,442,000 ) 1,396,000 Less: net income attributable to non-controlling interest 449,000 0 449,000 Net income attributable to Asta Funding, Inc. $ 2,389,000 $ (1,442,000 ) $ 947,000 Net income per share attributable to Asta Funding, Inc.: Basic $ 0.18 $ (0.11 ) $ 0.07 Diluted $ 0.18 $ (0.11 ) $ 0.07 Weighted average number of shares outstanding: Basic 12,974,239 0 12,974,239 Diluted 13,200,084 0 13,200,084 The adjustments discussed above, net of the related income tax expense impact, resulted in an understatement of net income of approximately $0.1 million for the quarterly period ended December 31, 2012. The revision of the quarterly period ended December 31, 2012 is as follows: ASTA FUNDING, INC. AND SUBSIDIARIES Condensed Consolidated Statement of Income Three Months Ended December 31, 2012 As Reported Adjustments As Revised Revenues Finance income, net $ 8,490,000 $ (60,000 ) $ 8,430,000 Other income (includes $175,000 during the three month period ended December 31, 2012 of accumulated other comprehensive income reclassification for unrealized net gains on available for sale securities) 2,062,000 0 2,062,000 10,552,000 (60,000 ) 10,492,000 Expenses General and administrative 5,593,000 0 5,593,000 Interest expense 569,000 0 569,000 Impairments of consumer receivables acquired for liquidation 0 106,000 106,000 6,162,000 106,000 6,268,000 Income before income taxes 4,390,000 (166,000 ) 4,224,000 Income tax expense (includes expense of $71,000 during the three month periods ended December 31, 2012 of accumulated other comprehensive income reclassifications for unrealized net gains on available for sale securities) 1,757,000 (66,000 ) 1,691,000 Net income 2,633,000 (100,000 ) 2,533,000 Less: net income attributable to non-controlling interest 45,000 0 45,000 Net income attributable to Asta Funding, Inc. $ 2,588,000 $ (100,000 ) $ 2,488,000 Net income per share attributable to Asta Funding, Inc.: Basic $ 0.20 $ (0.01 ) $ 0.19 Diluted $ 0.20 $ (0.01 ) $ 0.19 Weighted average number of shares outstanding: Basic 12,941,242 12,941,242 Diluted 13,200,116 13,200,116 The adjustments discussed above also resulted in changes to previously reported amounts in our consolidated statements of cash flows. The previously reported changes in operating assets and liabilities in the reconciliation of net income to cash provided by operating activities have been restated and revised as detailed in the tables below. ASTA FUNDING, INC. AND SUBSIDIARIES Condensed Consolidated Statement of Cash Flows Three Months Ended December 31, 2013 As Reported Adjustments As Restated Cash flows from operating activities Net income $ 2,838,000 $ (1,442,000 ) $ 1,396,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 150,000 0 150,000 Deferred income taxes 379,000 (825,000 ) (446,000 ) Stock based compensation 418,000 0 418,000 Loss / (gain) on sale of available-for-sale securities 25,000 0 25,000 Changes in: Prepaid and income taxes receivable 1,245,000 0 1,245,000 Due from third party collection agencies and attorneys 490,000 0 490,000 Other assets (327,000 ) 0 (327,000 ) Other liabilities (736,000 ) 0 (736,000 ) Net cash provided by operating activities 4,482,000 (2,267,000 ) 2,215,000 Cash flows from investing activities Purchase of consumer receivables acquired for liquidation (520,000 ) 0 (520,000 ) Principal collected on receivables acquired for liquidation 3,289,000 2,267,000 5,556,000 Purchase of available-for-sale securities (5,618,000 ) 0 (5,618,000 ) Proceeds from sale of available-for-sale securities 5,000,000 0 5,000,000 Cash paid for acquisition (net of cash acquired) (5,588,000 ) 0 (5,588,000 ) Investments in personal injury claims – advances (4,519,000 ) 0 (4,519,000 ) Investments in personal injury claims – receipts 9,788,000 0 9,788,000 Net cash provided by investing activities 1,832,000 2,267,000 4,099,000 Cash flows from financing activities Changes in restricted cash 20,000 0 20,000 Distribution to non-controlling interest (282,000 ) 0 (282,000 ) Repayment of non-recourse debt - Bank of Montreal (2,628,000 ) 0 (2,628,000 ) Repayment of other debt – CBC (2,500,000 ) 0 (2,500,000 ) Net cash used in financing activities (5,390,000 ) 0 (5,390,000 ) Net increase in cash and cash equivalents 924,000 0 924,000 Cash and cash equivalents at beginning of period 35,179,000 0 35,179,000 Cash and cash equivalents at end of period $ 36,103,000 $ 0 $ 36,103,000 Supplemental disclosure of cash flow information Cash paid for: Interest $ 10,000 0 $ 10,000 Supplemental disclosures of non-cash investing and financing activities: Structured settlements $ 30,436,000 0 $ 30,436,000 Other debt – CBC 23,363,000 0 23,363,000 ASTA FUNDING, INC. AND SUBSIDIARIES Condensed Consolidated Statement of Cash Flows Three Months Ended December 31, 2012 As Reported Adjustments As Revised Cash flows from operating activities Net income $ 2,633,000 $ (100,000 ) $ 2,533,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 150,000 0 150,000 Deferred income taxes 379,000 (67,000 ) 312,000 Impairments of consumer receivables acquired for liquidation — 106,000 106,000 Stock based compensation 439,000 0 439,000 Loss / (gain) on sale of available-for-sale securities (175,000 ) 0 (175,000 ) Changes in: Prepaid and income taxes receivable 1,349,000 0 1,349,000 Due from third party collection agencies and attorneys 959,000 0 959,000 Other assets (475,000 ) 0 (475,000 ) Other liabilities (446,000 ) 0 (446,000 ) Net cash provided by operating activities 4,813,000 (61,000 ) 4,752,000 Cash flows from investing activities Principal collected on receivables acquired for liquidation 5,114,000 61,000 5,175,000 Principal collected on receivables accounts represented by account sales 5,000 0 5,000 Purchase of available-for-sale securities (23,674,000 ) 0 (23,674,000 ) Proceeds from sale of available-for-sale securities 23,208,000 0 23,208,000 Proceeds from maturities of certificates of deposit 13,900,000 0 13,900,000 Investments in personal injury claims – advances (7,597,000 ) 0 (7,597,000 ) Investments in personal injury claims – receipts 3,193,000 0 3,193,000 Capital expenditures (674,000 ) 0 (674,000 ) Net cash provided by investing activities 13,475,000 61,000 13,536,000 Cash flows from financing activities Proceeds from exercise of stock options 11,000 0 11,000 Changes in restricted cash 361,000 0 361,000 Repayment of non-recourse debt - Bank of Montreal (2,620,000 ) 0 (2,620,000 ) Dividends paid (1,290,000 ) 0 (1,290,000 ) Purchase of treasury stock (1,386,000 ) 0 (1,386,000 ) Net cash used in financing activities (4,924,000 ) 0 (4,924,000 ) Net increase in cash and cash equivalents 13,364,000 0 13,364,000 Cash and cash equivalents at beginning of period 4,953,000 0 4,953,000 Cash and cash equivalents at end of period $ 18,317,000 0 $ 18,317,000 Supplemental disclosure of cash flow information Cash paid for: Interest $ 572,000 $ 0 $ 572,000

Principles of Consolidation

Principles of Consolidation	12 Months Ended
	Dec. 31, 2013
Principles of Consolidation	Note 3 — Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned and majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Investments

Investments	12 Months Ended
	Dec. 31, 2013
Investments	Note 4 — Investments Available-for-Sale Investments classified as available-for-sale at December 31, 2013 and September 30, 2013, consist of the following: Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2013 $ 59,744,000 $ — $ (1,265,000 ) $ 58,479,000 September 30, 2013 $ 59,151,000 $ 27,000 $ (1,143,000 ) $ 58,035,000 The available-for-sale investments do not have any contractual maturities. The Company sold one investment during the first quarter of fiscal year 2014, with an aggregate realized loss of $25,000. Additionally, the Company received $186,000 in capital gains distributions during the first quarter of fiscal year 2014. The Company recorded a total of $161,000 in realized gain related to its available-for sale investments during the first quarter of fiscal year 2014. In the first quarter of fiscal year 2013, the Company sold two investments with an aggregate realized gain of $175,000 and also received $225,000 in capital gains distributions during that quarter. The Company recorded an aggregate realized gain of $400,000 related to its available-for-sale securities during the first quarter of fiscal year 2013. At December 31, 2013, there were six investments, all in an unrealized loss position, four of which had current unrealized losses that had existed for 12 months or more. All of these securities are considered to be acceptable credit risks. Based on the evaluation of the available evidence, including recent changes in market rates and credit rating information, management believes the aggregate decline in fair value for these instruments is temporary. In addition, management has the ability to hold these investment securities for a period of time sufficient to allow for an anticipated recovery or maturity. Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period in which the other-than-temporary impairment is identified.

Consumer Receivables Acquired f

Consumer Receivables Acquired for Liquidation (Restated and Revised)	12 Months Ended
	Dec. 31, 2013
Consumer Receivables Acquired for Liquidation (Restated and Revised)	Note 5 — Consumer Receivables Acquired for Liquidation (Restated and Revised) Accounts acquired for liquidation are stated at their net estimated realizable value and consist primarily of defaulted consumer loans to individuals primarily throughout the United States. The Company may account for its investments in consumer receivable portfolios, using either: • the interest method; or • the cost recovery method. Prior to October 1, 2013 the Company accounted for certain of its investments in finance receivables using the interest method in accordance with the guidance of ASC 310-30. Under the guidance of ASC 310-30, static pools of accounts are established. These pools are aggregated based on certain common risk criteria. Each static pool is recorded at cost and is accounted for as a single unit for the recognition of income, principal payments and loss provision. Effective October 1, 2013, due to the substantial reduction of portfolios reported under the interest method, and the ability to reasonably estimate cash collections required to account for those portfolios under the interest method the Company concluded the cost recovery method is the appropriate accounting method in the circumstances. Although the Company has switched to the cost recovery method on its current inventory of portfolios, the Company must still analyze a portfolio upon acquisition and once a static pool is established for a quarter, individual receivable accounts are not added to the pool (unless replaced by the seller) or removed from the pool (unless sold or returned to the seller). ASC 310-30 requires that the excess of the contractual cash flows over expected cash flows not be recognized as an adjustment of revenue or expense or on the balance sheet. ASC 310-30 initially freezes the internal rate of return, referred to as IRR, estimated when the accounts receivable are purchased, as the basis for subsequent impairment testing. Significant increases in actual or expected future cash flows may be recognized prospectively through an upward adjustment of the IRR over a portfolio’s remaining life. Any increase to the IRR then becomes the new benchmark for impairment testing. Rather than lowering the estimated IRR if the collection estimates are not received or projected to be received, the carrying value of a pool would be impaired, or written down to maintain the then current IRR. Under the interest method, income is recognized on the effective yield method based on the actual cash collected during a period and future estimated cash flows and timing of such collections and the portfolio’s cost. Material variations of cash flow estimates are recorded in the quarter such variations are determined. The estimated future cash flows are reevaluated quarterly. The Company uses the cost recovery method when collections on a particular pool of accounts cannot be reasonably predicted and, as described above, has prospectively adopted the cost recovery method for all portfolios for the period ended December 31, 2013. Under the cost recovery method, no income is recognized until the cost of the portfolio has been fully recovered. Afterwards, all cash collections are recognized as revenue when received. The Company’s extensive liquidating experience is in the field of distressed credit card receivables, telecommunication receivables, consumer loan receivables, retail installment contracts, consumer receivables, and auto deficiency receivables. The Company will analyze a portfolio to determine if the interest method is appropriate for accounting for asset acquisitions within these classes of receivables when it believes it can reasonably estimate the timing of the cash flows. In those situations where the Company diversifies its acquisitions into other asset classes and the Company does not possess the same expertise, or the Company cannot reasonably estimate the timing of the cash flows, with an appropriate degree of precision, the Company utilizes the cost recovery method of accounting for those portfolios of receivables. At December 31, 2013, all of the portfolios are accounted for on the cost recovery method, of which $40.9 million is concentrated in one portfolio, the remaining value of a $300 million portfolio purchase in March 2007 (the “Portfolio Purchase”). The Company aggregates portfolios of receivables acquired sharing specific common characteristics which were acquired within a given quarter. The Company currently considers for aggregation portfolios of accounts, purchased within the same fiscal quarter, that generally meet the following characteristics: • same issuer/originator; • same underlying credit quality; • similar geographic distribution of the accounts; • similar age of the receivable; and • same type of asset class (credit cards, telecommunication, etc.) The Company uses a variety of qualitative and quantitative factors to estimate collections and the timing thereof. This analysis includes the following variables: • the number of collection agencies previously attempting to collect the receivables in the portfolio; • the average balance of the receivables, as higher balances might be more difficult to collect while low balances might not be cost effective to collect; • the age of the receivables, as older receivables might be more difficult to collect or might be less cost effective. On the other hand, the passage of time, in certain circumstances, might result in higher collections due to changing life events of some individual debtors; • past history of performance of similar assets; • time since charge-off; • payments made since charge-off; • the credit originator and its credit guidelines; • our ability to analyze accounts and resell accounts that meet our criteria for resale; • the locations of the debtors, as there are better states to attempt to collect in and ultimately the Company has better predictability of the liquidations and the expected cash flows. Conversely, there are also states where the liquidation rates are not as favorable and that is factored into our cash flow analysis; • financial condition of the seller • jobs or property of the debtors found within portfolios. In the Company’s business model, this is of particular importance as debtors with jobs or property are more likely to repay their obligation and conversely, debtors without jobs or property are less likely to repay their obligation; and • the ability to obtain timely customer statements from the original issuer. The Company obtains and utilizes, as appropriate, input, including but not limited to monthly collection projections and liquidation rates, from third party collection agencies and attorneys, as a further evidentiary matter, to assist in evaluating and developing collection strategies and in evaluating and modeling the expected cash flows for a given portfolio. The following tables summarize the changes in the balance sheet account of consumer receivables acquired for liquidation during the following periods: RESTATED For the Three Months Ended December 31, 2013 Cost Interest Recovery Method Method Total Balance, beginning of period, as previously reported $ 8,071,000 $ 49,829,000 $ 57,900,000 Balance transferred to cost recovery – prior period adjustment (1,304,000 ) 1,304,000 — Adjustment for misapplication of the interest method to prior periods 6,354,000 — 6,354,000 Balance beginning of period, as restated 13,121,000 51,133,000 64,254,000 Reclassification of interest method portfolios to cost recovery method (13,121,000 ) 13,121,000 — Acquisitions of receivable portfolio — 520,000 520,000 Net cash collections from collection of consumer receivables acquired for liquidation — (10,203,000 ) (10,203,000 ) Net cash collections represented by account sales of consumer receivables acquired for liquidation — (1,000 ) (1,000 ) Finance income recognized (1) — 4,648,000 4,648,000 Balance, end of period $ — $ 59,218,000 $ 59,218,000 Finance income as a percentage of collections — 45.6 % 45.6 % (1) Includes $4.6 million derived from zero basis pools. REVISED For the Three Months Ended December 31, 2012 Cost Interest Recovery Method Method Total Balance, beginning of period, as previously reported $ 12,326,000 $ 74,561,000 $ 86,887,000 Balance transferred to cost recovery – prior period adjustment (2,692,000 ) 2,692,000 — Adjustment for misapplication of the interest method to prior periods 5,852,000 1,500,000 7,352,000 Balance, beginning of period, as revised 15,486,000 78,753,000 94,239,000 Net cash collections from collection of consumer receivables acquired for liquidation (8,774,000 ) (4,825,000 ) (13,599,000 ) Net cash collections represented by account sales of consumer receivables acquired for liquidation (3,000 ) (7,000 ) (10,000 ) Impairments (106,000 ) — (106,000 ) Finance income recognized (1) 7,521,000 909,000 8,430,000 Balance, end of period $ 14,124,000 $ 74,830,000 $ 88,954,000 Finance income as a percentage of collections 85.7 % 18.8 % 61.9 % (1) Includes $6.9 million derived from zero basis pools. Accretable yield represents the amount of income the Company can expect to generate over the remaining life of its existing portfolios based on estimated future net cash flows as of December 31, 2013. There were no accretable yield adjustments in the first quarter of fiscal years 2014 and 2013. Changes in accretable yield for the three month periods ended December 31, 2013 and 2012 are as follows: RESTATED REVISED Three Months Three Months Ended Ended December 31, 2013 December 31, 2012 Balance at beginning of period $ 7,679,000 $ 13,508,000 Transfer to cost recovery effective October 1, 2013 (7,679,000 ) — Income recognized on finance receivables, net — (7,521,000 ) Reclassifications from nonaccretable difference (1) — 6,131,000 Balance at end of period $ — $ 12,118,000 (1) Includes portfolios that became zero basis during the period, removal of zero basis portfolios from the accretable yield calculation and other immaterial impairments and accretions based on the extension of certain collection curves. During the three months ended December 31, 2013, the Company purchased $8.6 million of face value portfolios at a cost of $0.5 million, which are accounted for on the cost recovery method. There were no portfolio purchases during the three months ended December 31, 2012. The following table summarizes collections on a gross basis as received by the Company’s third-party collection agencies and attorneys, less commissions and direct costs for the three month periods ended December 31, 2013 and 2012, respectively. For the Three Months Ended December 31, 2013 2012 Gross collections (1) $ 17,325,000 $ 22,086,000 Commissions and fees (2) 7,121,000 8,477,000 Net collections $ 10,204,000 $ 13,609,000 (1) Gross collections include: collections from third-party collection agencies and attorneys, collections from in-house efforts, and collections represented by account sales. (2) Commissions and fees are the contractual commission earned by third party collection agencies and attorneys, and direct costs associated with the collection effort, generally court costs. Includes a 3% fee charged by a servicer on gross collections received by the Company in connection with the Portfolio Purchase. Such arrangement was consummated in December 2007. The fee is charged for asset location, skip tracing and ultimately suing debtors in connection with this portfolio purchase.

Acquisition of CBC as restated

Acquisition of CBC as restated and revised	12 Months Ended
	Dec. 31, 2013
Acquisition of CBC as restated and revised	Note 6 — Acquisition of CBC as restated and revised On December 31, 2013, the Company acquired 80% ownership of CBC and its affiliate, CBC Management Services, LLC for approximately $5.9 million. In addition, the Company will provide financing to CBC of up to $5 million. The 20% non-controlling interests are held by certain former owners. The fair value of non-controlling interests at the acquisition date was determined to be immaterial. The noncontrolling interests will not be entitled to any distributions from CBC until the Company receives distributions of $2,337,190. The noncontrolling interests are entitled to two of the five seats of CBC’s Board of Managers and have the right to approve certain material transactions of CBC. The noncontrolling interests owners are employed by CBC. If the employment is terminated, other than for cause, CBC could be required to purchase their membership interest in CBC. If the employment is terminated for any other reason, CBC has the right to purchase their noncontrolling interests. The purchase price would be determined by a third party appraiser and is payable over a period of time. CBC purchases periodic structured settlements and annuity policies from individuals in exchange for a lump sum payment. The Company accounted for this purchase in accordance with ASC Topic 805 “Business Combinations”. Under this guidance, an entity is required to recognize the assets acquired and liabilities assumed and the consideration given at their fair value on the acquisition date. The following table summarizes the fair value of the assets acquired and the liabilities assumed as of the December 31, 2013 acquisition date: Cash $ 351,000 Structured settlements 30,436,000 Other assets 11,000 Other liabilities (356,000 ) Other debt - CBC (including non-recourse notes payable amounting to $13.8 million) (see Note 11: Other debt-CBC) (25,863,000 ) Total identifiable net assets acquired 4,579,000 Goodwill (see Note 9: Goodwill) 1,360,000 Purchase Price $ 5,939,000 As the transaction consummated on December 31, 2013, there were no actual operational results that were accretive to the Company in the first quarter of fiscal year 2014 and the comparable period of fiscal year 2013. Unaudited results of operations have been prepared as if the acquisition of CBC occurred at the beginning of the fiscal period. Total revenues, as reported, for the first quarter of fiscal year 2014 were $7,427,000. On a pro forma basis, total revenues would have been $9,062,000. Net income attributable to Asta Funding, Inc., as reported, was $947,000. On a pro forma basis, net income attributable to Asta Funding, Inc. would have been $989,000. Total revenues, as reported, for the first quarter of fiscal year 2013 were $9,672,000. On a pro forma basis, total revenues would have been $10,680,000. Net income attributable to Asta Funding, Inc., as reported, was $2,488,000. On a pro forma basis, net income attributable to Asta Funding, Inc. would have been $2,530,000. The acquisition provides the Company with the opportunity to further diversify its portfolio.

Other Investments

Other Investments	12 Months Ended
	Dec. 31, 2013
Other Investments	Note 7 — Other Investments Personal Injury Claims Pegasus purchases interests in personal injury claims from claimants who are a party to personal injury litigation. Pegasus advances to each claimant funds on a non-recourse basis at an agreed upon interest rate, in anticipation of a future settlement. The interest in each claim purchased by Pegasus consists of the right to receive, from such claimant, part of the proceeds or recoveries which such claimant receives by reason of a settlement, judgment or award with respect to such claimant’s claim. The Company, through Pegasus, earned $2.8 million and $1.2 million in interest and fees during the first quarter of fiscal years 2014 and 2013, respectively. The Company had a net invested balance of $30.5 million and $23.0 million on December 31, 2013 and 2012, respectively. The collections yielded net income attributable to non-controlling interest of $449,000 and $45,000 for the three month periods ending December 31, 2013 and 2012, respectively. Pegasus records reserves for bad debts, which, at December 31, 2013, amounted to $1.9 million. Matrimonial Claims (included in Other Assets) On May 18, 2012, the Company formed BP Case Management, LLC (“BPCM”), a joint venture with California-based Balance Point Divorce Funding, LLC (“BP Divorce Funding”). BPCM provides non-recourse funding to a spouse in a matrimonial action. The Company provided a $1.0 million revolving line of credit to partially fund BP Divorce Funding’s operations, with such loan bearing interest at the prevailing prime rate, with an initial term of twenty-four months. The revolving line of credit is collateralized by BP Divorce Funding’s profit share in BPCM and other assets. As of December 31, 2013, the Company’s investment in cases through BPCM was approximately $1.9 million. There was no income recognized in either the first quarter of fiscal years 2014 and 2013.

Furniture & Equipment

Furniture & Equipment	12 Months Ended
	Dec. 31, 2013
Furniture & Equipment	Note 8 — Furniture & Equipment Furniture and equipment consist of the following as of the dates indicated: December 31, September 30, 2013 2013 Furniture $ 310,000 $ 310,000 Equipment 3,622,000 3,622,000 Software 1,211,000 1,211,000 Leasehold improvements 99,000 99,000 5,242,000 5,242,000 Less accumulated depreciation 4,286,000 4,136,000 Balance, end of period $ 956,000 $ 1,106,000

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2013
Goodwill	Note 9 — Goodwill Goodwill represents the excess of the purchase price of an acquired business over the fair value of amounts assigned to assets acquired and liabilities assumed. Goodwill is reviewed for impairment if events or circumstances indicate that an impairment may be present. Any excess in carrying value over the estimated fair value is recorded as impairment loss and charged to results of operations in the period such determination is made. For each of the three month periods ended December 31, 2013 and 2012, management has determined that there was no impairment loss required to be recognized in the carrying value of goodwill. The goodwill balances at September 30, 2013 and December 31, 2013 are as follows: Balance, September 30, 2013 $ 1,410,000 Goodwill from acquisition (see Note 6: Acquisition of CBC) 1,360,000 Balance, December 31, 2013 $ 2,770,000

Non Recourse Debt - Bank of Mon

Non Recourse Debt - Bank of Montreal	12 Months Ended
	Dec. 31, 2013
Non Recourse Debt - Bank of Montreal	Note 10 — Non Recourse Debt — Bank of Montreal In March 2007, Palisades XVI borrowed approximately $227 million under the Receivables Financing Agreement, as amended in July 2007, December 2007, May 2008, February 2009, October 2010 and August 2013 from Bank of Montreal (“BMO”), in order to finance the Portfolio Purchase which had a purchase price of $300 million. The original term of the agreement was three years. This term was extended by each of the Second, Third, Fourth, Fifth Amendments and the most recent agreement signed in August 2013. Since the inception of the Receivables Financing Agreement amendments have been signed to revise various terms of the Receivables Financing Agreement. Currently, the Settlement Agreement and Omnibus Amendment (“Settlement Agreement”) is in effect on August 7, 2013, Palisades XVI, a 100% owned bankruptcy remote subsidiary, entered into a Settlement Agreement with BMO as an amendment to the Receivables Financing Agreement. In consideration for a $15 million prepayment funded by the Company, BMO has agreed to significantly reduce minimum monthly collection requirements and the interest rate. If and when BMO receives the next $15 million of collections from the Portfolio Purchase, less certain credits for payments made prior to the consummation of the Settlement Agreement, the Company is entitled to recover from future net collections the $15 million prepayment that it funded. Thereafter, BMO will have the right to receive 30% of future net collections. The aggregate minimum repayment obligations required under the Settlement Amendment, including interest and principal, for the fiscal years ending September 30, 2014 (9 months) and 2015 is $3.4 million and $3.6 million, respectively. On December 31, 2013 and September 30, 2013, the outstanding balance on this loan was approximately $33.1 million and $35.8 million, respectively. The applicable interest rate at December 31, 2013 and September 30, 2013, was 0.42% and 0.43%, respectively. The average interest rate of the Receivable Financing Agreement was 0.42% and 3.71% for the three month periods ended December 31, 2013 and 2012, respectively. The Company’s average debt obligation for the three month periods ended December 31, 2013 and 2012 was approximately $34.2 million and $60.0 million, respectively.

Other Debt - CBC

Other Debt - CBC	12 Months Ended
	Dec. 31, 2013
Other Debt - CBC	Note 11 — Other Debt - CBC The Company assumed $25.9 million of debt related to the CBC acquisition (see Note 6) on December 31, 2013. On the same date, the Company paid down $2.5 million of the debt. As of December 31, 2013, the remaining debt amounted to $23.4 million, which consists of $9.6 million from a line of credit from an institutional source and $13.8 million non-recourse notes issued by entities 100%-owned and consolidated by CBC. These entities are bankruptcy-remote entities created to issue notes secured by structured settlements. The following table details the other debt at December 31, 2013: Interest Rate December 31, Non-recourse, notes payable with varying monthly installments: Notes payable secured by settlement receivables with principal and interest outstanding payable until June 2025 8.75 % $ 2,776,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until August 2026 7.25 % 5,884,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until April 2032 7.125 % 5,107,000 Subtotal notes payable 13,767,000 $12,500,000 revolving line of credit, $2,904,000 available as of December 31, 2013, interest terms are prime + 1% with floor of 5.5%, expiring on September 30, 2014 5.5 % 9,596,000 Total debt – CBC $ 23,363,000

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies	Note 12— Commitments and Contingencies Employment Agreements In January 2007, the Company entered into an employment agreement (the “Employment Agreement”) with Gary Stern, its Chairman, President and Chief Executive, which expired on December 31, 2009. This Employment Agreement was not renewed and Mr. Stern is continuing in his current roles at the discretion of the Board of Directors until a new agreement is signed. The Company intends to negotiate a new employment agreement with Mr. Stern during fiscal year 2014. The two CBC operating principals entered into renewable two-year employment contracts at the time of acquisition (see Note 6: Acquisition of CBC). Leases The Company leases its facilities in Englewood Cliffs, New Jersey, Houston, Texas and New York, New York. Please refer to the Company’s consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended September 30, 2013, as filed with the Securities and Exchange Commission, for additional information. Upon the acquisition of CBC, the Company is a party to a lease agreement for a facility located in Conshohocken, Pennsylvania. The lease expires in August 2014. Litigation In the ordinary course of its business, the Company is involved in numerous legal proceedings. The Company regularly initiates collection lawsuits, using its network of third party law firms, against consumers. Also, consumers occasionally initiate litigation against the Company, in which they allege that the Company has violated a federal or state law in the process of collecting their account. The Company does not believe that these matters are material to its business or financial condition. The Company is not involved in any material litigation in which it is a defendant.

Income Recognition, Impairments

Income Recognition, Impairments, and Commissions and Fees (Restated and Revised)	12 Months Ended
	Dec. 31, 2013
Income Recognition, Impairments, and Commissions and Fees (Restated and Revised)	Note 13 — Income Recognition, Impairments, and Commissions and Fees (Restated and Revised) Income Recognition The Company accounts for certain of its investments in finance receivables using the interest method under the guidance of ASC 310-30. Under the guidance of ASC 310-30, static pools of accounts are established. These pools are aggregated based on certain common risk criteria. Each static pool is recorded at cost and is accounted for as a single unit for the recognition of income, principal payments and loss provision. Effective October 1, 2013, due to the substantial reduction of portfolios reported under the interest method, and the ability to reasonably estimate cash collections required to account for those portfolios under the interest method the Company concluded the cost recovery method is the appropriate accounting method in the circumstances. Although the Company has switched to the cost recovery method on its current inventory of portfolios, the Company must still analyze a portfolio upon acquisition and once a static pool is established for a quarter, individual receivable accounts are not added to the pool (unless replaced by the seller) or removed from the pool (unless sold or returned to the seller). ASC 310 requires that the excess of the contractual cash flows over expected cash flows not be recognized as an adjustment of revenue or expense or on the balance sheet. For portfolios accounted for using the interest method, ASC 310-30 initially freezes the internal rate of return, referred to as IRR, estimated when the accounts receivable are purchased, as the basis for subsequent impairment testing. Significant increases in actual or expected future cash flows may be recognized prospectively through an upward adjustment of the IRR over a portfolio’s remaining life. Any increase to the IRR then becomes the new benchmark for impairment testing. Rather than lowering the estimated IRR if the collection estimates are not received or projected to be received, the carrying value of a pool would be impaired, or written down to maintain the then current IRR. Under the interest method, income is recognized on the effective yield method based on the actual cash collected during a period and future estimated cash flows and timing of such collections and the portfolio’s cost. Material variations of cash flow estimates are recorded in the quarter such variations are determined. The estimated future cash flows are reevaluated quarterly. Finance income is recognized on cost recovery portfolios after the carrying value has been fully recovered through collections or amounts written down. The Company accounts for its investments in personal injury claims at an agreed upon interest rate, in anticipation of a future settlement. The interest purchased by Pegasus in each claim consists of the right to receive from such claimant part of the proceeds or recoveries which such claimant receives by reason of a settlement, judgment or reward with respect to such claimant’s claim. Open case revenue is estimated, recognized and accrued at a rate based on the expected realization and underwriting guidelines and facts and circumstances for each individual case. These personal injury claims are non-recourse. When a case is closed and the cash is received for the advance provided to a claimant, income is recognized based upon the contractually agreed upon interest rate, and, if applicable, adjusted for any changes due to a settled amount and fees charged to the claimant. The funding of BPCM matrimonial actions is on a non-recourse basis. BPCM income is recognized under the cost recovery method. No income was recognized by the Company as of December 31, 2013, as a result of the CBC acquisition, since the consummation date was December 31, 2013. CBC purchases periodic payments under structured settlements and annuity policies from individuals in exchange for a lump sum payment. Income is recognized on the interest method based on the cash flow of the structured settlement. Impairments As previously discussed, the Company has switched from the interest method to the cost recovery method as of October 1, 2013 on its current inventory of portfolios. In accordance with ASC 310-30, which provides guidance on how to account for differences between contractual and expected cash flows from an investor’s initial investment in loans or debt securities acquired in a transfer if those differences are attributable, at least in part, to credit quality, increases in expected cash flows are recognized prospectively through an adjustment of the internal rate of return while decreases in expected cash flows are recognized as impairments. ASC 310 makes it more likely that impairment losses and accretable yield adjustments for portfolios’ performances which exceed original collection projections will be recorded, as all downward revisions in collection estimates will result in impairment charges, given the requirement that the IRR of the affected pool be held constant. If it is determined a portfolio accounted for on the cost recovery method will not recover the current book value of the portfolio, an impairment would be recorded. There were no impairments recorded during the quarter ended December 31, 2013. The Company recorded a $106,000 impairment in the three month period ended December 31, 2012, as disclosed in Note 2. The Company’s analysis of the timing and amount of cash flows to be generated by our portfolio purchases are based on the following attributes: • the type of receivable, the location of the debtor and the number of collection agencies previously attempting to collect the receivables in the portfolio. The Company has found that there are better states to try to collect receivables and it factors in both better and worse states when establishing its initial cash flow expectations. • the average balance of the receivables influences our analysis in that lower average balance portfolios tend to be more collectible in the short-term and higher average balance portfolios are more appropriate for our law suit strategy and thus yield better results over the longer term. As the Company has significant experience with both types of balances, it is able to factor these variables into our initial expected cash flows; • the age of the receivables, the number of days since charge-off, any payments since charge-off, and the credit guidelines of the credit originator also represent factors taken into consideration in our estimation process. For example, older receivables might be more difficult and/or require more time and effort to collect; • past history and performance of similar assets acquired. As the Company purchase portfolios of like assets, it accumulates a significant historical data base on the tendencies of debtor repayments and factor this into our initial expected cash flows; • the Company’s ability to analyze accounts and resell accounts that meet its criteria; • jobs or property of the debtors found within portfolios. With our business model, this is of particular importance. Debtors with jobs or property are more likely to repay their obligation through the lawsuit strategy and, conversely, debtors without jobs or property are less likely to repay their obligation. The Company believes that debtors with jobs or property are more likely to repay because courts have mandated the debtor must pay the debt. Ultimately, the debtor with property will pay to clear title or release a lien. The Company also believes that these debtors generally might take longer to repay and that is factored into our initial expected cash flows; and • credit standards of the issuer. The Company acquires accounts that have experienced deterioration of credit quality between origination and the date of its acquisition of the accounts. The amount paid for a portfolio of accounts reflects the Company’s determination that it is probable that the Company will be unable to collect all amounts due according to the portfolio of accounts’ contractual terms. The Company considers the expected payments and estimates the amount and timing of undiscounted expected principal, interest and other cash flows for each acquired portfolio coupled with expected cash flows from accounts available for sales. The excess of this amount over the cost of the portfolio, representing the excess of the accounts’ cash flows expected to be collected over the amount paid, is accreted into income recognized on finance receivables accounted for on the interest method over the expected remaining life of the portfolio. The Company believes it has significant experience in acquiring certain distressed consumer receivable portfolios at a significant discount to the amount actually owed by underlying debtors. The Company acquires these portfolios only after both qualitative and quantitative analyses of the underlying receivables are performed and a calculated purchase price is paid so that we believe our estimated cash flow offers us an adequate return on our acquisition costs after our servicing expenses. Additionally, when considering larger portfolio purchases of accounts, or portfolios from issuers with whom the Company has limited experience, it has the added benefit of soliciting its third party collection agencies and attorneys for their input on liquidation rates and, at times, incorporates such input into the estimates that the Company uses for its expected cash flows. Commissions and fees Commissions and fees are the contractual commissions earned by third party collection agencies and attorneys, and direct costs associated with the collection effort, generally court costs. The Company expects to continue to purchase portfolios and utilize third party collection agencies and attorney networks.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2013
Income Taxes	Note 14 — Income Taxes Deferred federal and state taxes principally arise from (i) recognition of finance income collected for tax purposes, but not yet recognized for financial reporting; (ii) provision for impairments/credit losses; and (iii) stock based compensation expense for stock option grants and restricted stock awards recorded in the statement of operations for which no cash distribution has been made. Other components consist of state net operating loss (“NOL”) carry-forwards, which expire in September 2029. The provision for income tax expense for the three month periods ended December 31, 2013 and 2012 reflects income tax expense at an effective rate of 36.4% and 40.0%, respectively. There was no change in the valuation allowance for the three month period ended December 31, 2013. The corporate federal income tax returns of the Company for 2009, 2010, 2011 and 2012 are subject to examination by the IRS, generally for three years after they are filed. The state income tax returns and other state filings of the Company are subject to examination by the state taxing authorities, for various periods generally up to four years after they are filed. In April 2010, the Company received notification from the IRS that the Company’s federal income tax returns would be audited. The current IRS audit period is 2008 through 2012. This audit is currently in progress. Additional tax liabilities, penalties and interest thereon when determined could have a material impact on the Company’s financial statements.

Net Income per Share - (Restate

Net Income per Share - (Restated and Revised)	12 Months Ended
	Dec. 31, 2013
Net Income per Share - (Restated and Revised)	Note 15 — Net Income per Share – (Restated and Revised) Basic per share data is calculated by dividing net income by the weighted average shares outstanding during the period. Diluted earnings per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of securities, including the effect of shares issuable under the Company’s stock based compensation plans. With respect to the assumed proceeds from the exercise of dilutive options, the treasury stock method is calculated using the average market price for the period. The following table presents the computation of basic and diluted per share data for the three months ended December 31, 2013 (restated) and 2012 (revised): RESTATED (1) REVISED (2) December 31, 2013 December 31, 2012 Weighted Weighted Per Per Net Average Share Net Average Share Income Shares Amount (Income) Shares Amount Basic $ 947,000 12,974,239 $ 0.07 $ 2,488,000 12,941,242 $ 0.19 Effect of Dilutive Stock 225,845 258,874 Diluted $ 947,000 13,200,084 $ 0.07 $ 2,488,000 13,200,116 $ 0.19 (1) Net income and per share data have been restated as explained in Note 2 – Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements. (2) Net income and per share data have been revised as explained in Note 2 – Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements. At December 31, 2013, 960,669 options at a weighted average exercise price of $12.33 were not included in the diluted earnings per share calculation as they were antidilutive. At December 31, 2012, 1,013,189 options at a weighted average exercise price of $13.12 were not included in the diluted earnings per share calculation as they were antidilutive.

Stock Based Compensation

Stock Based Compensation	12 Months Ended
	Dec. 31, 2013
Stock Based Compensation	Note 16 — Stock Based Compensation The Company accounts for stock-based employee compensation under ASC 718, Compensation — Stock Compensation (“ASC 718”). ASC 718 requires that compensation expense associated with stock options and other stock based awards be recognized in the statement of operations, rather than a disclosure in the notes to the Company’s consolidated financial statements. In December 2013, the Compensation Committee of the Board of Directors of the Company (“Compensation Committee”) granted 156,700 stock options, of which 70,000 options were awarded to the Officers of the Company and the remaining 86,700 stock options were awarded to non-officer employees of the Company. The exercise price of these options, issued on December 12, 2013, was at the market price on that date. The options vest in three equal annual installments and accounted for as one graded vesting award. The weighted average assumptions used in the option pricing model were as follows: Risk-free interest rate 0.08 % Expected term (years) 6.5 Expected volatility 98.3 % Dividend yield 0.00 % In December 2012, the Compensation Committee granted 160,000 stock options, of which 65,000 options were awarded to three officers of the Company and 20,000 options were awarded to an employee of the Company. The remaining 75,000 shares were issued to six non-employee directors of the Company. The exercise price of these options, issued on December 18, 2012, was at the market price on that date. The options vest in three equal annual installments and accounted for as one graded vesting award. The weighted average assumptions used in the option pricing model were as follows: Risk-free interest rate 0.16 % Expected term (years) 6.0 Expected volatility 101.0 % Dividend yield 1.67 % In addition, the Company granted 102,321 restricted shares to the Chief Executive Officer of the Company. The shares vest in three equal annual installments.

Stock Option Plans

Stock Option Plans	12 Months Ended
	Dec. 31, 2013
Stock Option Plans	Note 17 — Stock Option Plans 2012 Stock Option and Performance Award Plan On February 7, 2012, the Board of Directors adopted the Company’s 2012 Stock Option and Performance Award Plan (the “2012 Plan”), which was approved by the stockholders of the Company on March 21, 2012. The 2012 Plan replaces the Equity Compensation Plan (as defined below). The 2012 Plan provides the Company with flexibility with respect to equity awards by providing for grants of stock awards (i.e. restricted or unrestricted), stock purchase rights and stock appreciation rights, in addition to the granting of stock options. The Company authorized 2,000,000 shares of Common Stock for issuance under the 2012 Plan. Under the 2012 Plan, the Company has granted options to purchase an aggregate of 366,700 shares and an award of 102,321 shares of restricted stock, leaving 1,530,979 shares available as of December 31, 2013. As of December 31, 2013, approximately 53 of the Company’s employees were able to participate in the 2012 Plan. Equity Compensation Plan On December 1, 2005, the Board of Directors adopted the Company’s Equity Compensation Plan (the “Equity Compensation Plan”), which was approved by the stockholders of the Company on March 1, 2006. The Equity Compensation Plan was adopted to supplement the Company’s 2002 Stock Option Plan (as defined below). In addition to permitting the grant of stock options as are permitted under the 2002 Stock Option Plan, the Equity Compensation Plan allows the Company flexibility with respect to equity awards by also providing for grants of stock awards (i.e. restricted or unrestricted), stock purchase rights and stock appreciation rights. The Company authorized 1,000,000 shares of Common Stock for issuance under the Equity Compensation Plan. As of March 21, 2012, no more awards could be issued under this plan. 2002 Stock Option Plan On March 5, 2002, the Board of Directors adopted the Company’s 2002 Stock Option Plan (the “2002 Plan”), which plan was approved by the stockholders of the Company on May 1, 2002. The 2002 Plan was adopted in order to attract and retain qualified directors, officers and employees of, and consultants to, the Company. The 2002 Plan authorizes the granting of incentive stock options (as defined in Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”)) and non-qualified stock options to eligible employees of the Company, including officers and directors of the Company (whether or not employees) and consultants of the Company. The Company authorized 1,000,000 shares of Common Stock authorized for issuance under the 2002 Plan. As of March 5, 2012, no more awards could be issued under this plan. Summary of the Plans Compensation expense for stock options and restricted stock is recognized over the vesting period. Compensation expense for restricted stock is based upon the market price of the shares underlying the awards on the grant date. The following table summarizes stock option transactions under the 2012 Plan, the 2002 Plan, and the Equity Compensation Plan: Three Months Ended December 31, 2013 2012 Weighted Weighted Average Average Exercise Exercise Shares Price Shares Price Outstanding options at the beginning of period 1,622,771 $ 11.31 1,499,471 $ 11.27 Options granted 156,700 8.49 160,000 9.57 Options exercised — — (1,600 ) 6.96 Options forfeited/canceled (210,767 ) 14.39 — — Outstanding options at the end of period 1,568,704 $ 10.61 1,657,871 $ 11.11 Exercisable options at the end of period 977,035 $ 11.95 1,123,070 $ 12.36 The following table summarizes information about the 2012 Plan, 2002 Plan, and the Equity Compensation Plan outstanding options as of December 31, 2013: Options Outstanding Options Exercisable Weighted Weighted Weighted Weighted Remaining Average Average Number Contractual Exercise Number Exercise Range of Exercise Price Outstanding Life (in Years) Price Exercisable Price $2.8751 – $5.7500 17,500 5.3 $ 2.95 17,500 $ 2.95 $5.7501 – $8.6250 934,600 7.6 7.93 499,600 7.77 $8.6251 – $14.3750 260,000 8.8 9.77 103,331 10.50 $14.3751 – $17.2500 1,944 0.4 15.99 1,944 15.99 $17.2501 – $20.1250 339,660 0.8 18.23 339,660 18.23 $25.8751 – $28.7500 15,000 3.0 28.75 15,000 28.75 1,568,704 6.3 $ 10.61 977,035 $ 11.95 The Company recognized $336,000 and $409,000 of compensation expense related to the stock option grants during the three month periods ended December 31, 2013 and 2012, respectively. As of December 31, 2013, there was $2,718,000 of unrecognized compensation cost related to stock option awards. The weighted average period over which such costs are expected to be recognized is 1.9 years. The intrinsic value of the outstanding and exercisable options as of December 31, 2013 was approximately $574,000 and $422,000, respectively. The weighted average remaining contractual life of exercisable options is 4.7 years. There were no options exercised during the three month period ended December 31, 2013. The intrinsic value and the fair value of the options exercised during the three month period ended December 31, 2012 was approximately $5,000 and $9,000, respectively. The proceeds from the exercise of the stock options exercised during the first quarter of fiscal year 2013 were approximately $11,000. There was no tax effect associated with this exercise. The fair value of the stock options that vested during the three month periods ended December 31, 2013 and 2012 was approximately $481,000 and $833,000, respectively. The fair value of the awards granted during the three month periods ended December 31, 2013 and 2012 was approximately $1,021,000 and $1,316,000, respectively. The following table summarizes information about restricted stock transactions: Three Months Ended December 31, 2013 2012 Weighted Weighted Average Grant Average Grant Date Fair Date Fair Shares Value Shares Value Unvested at the beginning of period 102,321 $ 9.57 10,922 $ 7.63 Awards granted — — 102,321 9.57 Vested (34,107 ) 9.57 (10,922 ) 7.63 Forfeited — — — — Unvested at the end of period 68,214 $ 9.57 102,321 $ 9.57 The Company recognized $82,000 and $30,000 of compensation expense related to the restricted stock awards during the three month periods ended December 31, 2013 and 2012, respectively. As of December 31, 2013, there was $641,000 of unrecognized compensation cost related to restricted stock awards. The weighted average remaining period over which such costs are recognized is 2.0 years. There were no awards granted during the first quarter of fiscal year 2014. The fair value of the awards granted during the first quarter of fiscal year 2013 was approximately $979,000. The fair value of the awards vested during the first quarter of fiscal year 2014 and 2013 was $326,000 and $83,000, respectively. The Company recognized an aggregate total of $418,000 and $439,000 in compensation expense for the three month periods ended December 31, 2013 and 2012, respectively, for the stock options and restricted stock grants. As of December 31, 2013, there was a total of $3,359,000 of unrecognized compensation cost related to unvested stock options and restricted stock grants. The method used to calculate stock based compensation is the straight line pro-rated method.

Stockholders' Equity and Prior

Stockholders' Equity and Prior Period Adjustments	12 Months Ended
	Dec. 31, 2013
Stockholders' Equity and Prior Period Adjustments	Note 18 — Stockholders’ Equity and Prior Period Adjustments As more fully disclosed in Note 2, the Company identified pre-tax errors in prior annual periods related to the application of the interest method for consumer receivables acquired for liquidation and accounted for under ASC 310-30. This misstatement resulted in an increase in finance receivables of approximately $6.4 million, with a decrease in deferred taxes of approximately $2.7 million and a resulting increase to retained earnings of approximately $3.7 million in this Form 10-Q/A as of September 30, 2013. The impact of the misstatements in the prior years’ financial statements was not material to any of those years, however, the cumulative effect of correcting all of the prior period misstatements in the current year would be material to our current year consolidated financial statements. As such, consistent with the guidance in ASC Topic 250, we have accounted for these errors as a restatement of prior period financial statements. There were no dividends declared or paid during the three months ended December 31, 2013. During September 2012, the Company declared a cash dividend aggregating $260,000 ($0.02 per share) which was paid November 1, 2012. On December 13, 2012, the Board of Directors of the Company approved the payment of a special accelerated annual dividend of $0.08 per share to shareholders of record on December 24, 2012. The aggregate dividend of $1,030,000 was paid on December 28, 2012. On March 9, 2012, the Company adopted a Rule 10b5-1 Plan in conjunction with its share repurchase program. The Board of Directors approved the repurchase of up to $20 million of the Company’s common stock, which was effective through March 11, 2013. During the three month period ended December 31, 2012, the Company purchased approximately 151,000 shares at an aggregate cost of approximately $1,386,000 under the plan. The Plan expired in March 2013. As of December 31, 2013, stockholders equity includes an amount for other comprehensive loss of $755,000, which reflects unrealized losses in available-for-sale securities. In addition, $17,000 related to the non-controlling interest in Pegasus has been included in stockholders’ equity.

Fair Value of Financial Measure

Fair Value of Financial Measurements and Disclosures (Restated and Revised)	12 Months Ended
	Dec. 31, 2013
Fair Value of Financial Measurements and Disclosures (Restated and Revised)	Note 19 — Fair Value of Financial Measurements and Disclosures (Restated and Revised) Disclosures about Fair Value of Financial Instruments FASB ASC 825, Financial Instruments, (“ASC 825”), requires disclosure of fair value information about financial instruments, whether or not recognized on the balance sheet, for which it is practicable to estimate that value. Because there are a limited number of market participants for certain of the Company’s assets and liabilities, fair value estimates are based upon judgments regarding credit risk, investor expectation of economic conditions, normal cost of administration and other risk characteristics, including interest rate and prepayment risk. These estimates are subjective in nature and involve uncertainties and matters of judgment, which significantly affect the estimates. The estimated fair value of the Company’s financial instruments is summarized as follows: RESTATED REVISED December 31, 2013 September 30, 2013 Carrying Fair Carrying Fair Amount Value Amount Value Financial assets Available-for-sale investments (Level 1) $ 58,479,000 $ 58,479,000 $ 58,035,000 $ 58,035,000 Consumer receivables acquired for liquidation (Level 3) 59,218,000 61,833,000 64,254,000 70,875,000 Structured settlements (Level 3) 30,436,000 30,436,000 — — Financial liabilities Non-Recourse Debt Bank of Montreal (Level 3) 33,132,000 24,570,000 35,760,000 27,000,000 Other debt - CBC, revolving line of credit (Level 3) 9,596,000 9,596,000 — — Other debt - CBC, non-recourse notes payable with varying installments (Level 3) 13,767,000 13,767,000 — — Disclosure of the estimated fair values of financial instruments often requires the use of estimates. The Company uses the following methods and assumptions to estimate the fair value of financial instruments: Available-for-sale investments – The available-for-sale securities consist of mutual funds that are valued based on quoted prices in active markets. Consumer receivables acquired for liquidation – The Company computed the fair value of the consumer receivables acquired for liquidation using its proprietary forecasting model. The Company’s forecasting model utilizes a discounted cash flow analysis. The Company’s cash flows are an estimate of collections for consumer receivables based on variables fully described in Note 4: Consumer Receivables Acquired for Liquidation. These cash flows are discounted to determine the fair value. Structured settlements – The Company determined the fair value based on the discounted forecasted future collections of the structured settlements. Non-recourse Debt – Bank of Montreal – carries a variable rate. The fair value at December 31, 2013 and September 30, 2013 was based on the discounted weighted average forecasted future collections of the Portfolio Purchase. Other debt – CBC, revolving line of credit - The Company determined the fair value based on similar instruments that are available to the Company. Other debt – CBC, non-recourse notes payable with varying installments - The fair value at December 31, 2013 was based on the discounted forecasted future collections of the structured settlements. Fair Value Hierarchy The Company recorded its available-for-sale investments at estimated fair value on a recurring basis. The accompanying consolidated financial statements include estimated fair value information regarding its available-for-sale investments as of December 31, 2013, as required by FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement. Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to assess at the measurement date. Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets; quoted prices in markets that are not active for identical or similar assets or liabilities; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3 – Unobservable inputs that are supported by little or no market activity and significant to the fair value of the liabilities that are developed using the reporting entities’ estimates and assumptions, which reflect those that market participants would use. The Company’s available-for-sale investments are classified as Level 1 financial instruments based on the classifications described above. The Company did not have transfers into or (out of) Level 1 investments during the three month period ended December 31, 2013. The Company had no Level 2 or Level 3 available-for-sale investments during the first quarter of fiscal year 2014.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2013
Subsequent Events	Note 20 — Subsequent Events On February 7, 2014, the manager of AGR Disability Help Center was terminated for cause. A replacement has been hired and the team is in place to continue the management of AGR Disability Help Center.

Business and Basis of Present31

Business and Basis of Presentation (Policies)	12 Months Ended
	Dec. 31, 2013
Business	Business Asta Funding, Inc., together with its wholly owned significant operating subsidiaries Palisades Collection LLC, Palisades Acquisition XVI, LLC (“Palisades XVI”), VATIV Recovery Solutions LLC (“VATIV”), ASFI Pegasus Holdings, LLC (“APH”), Fund Pegasus, LLC (“Fund Pegasus”), AGR Disability Help Center, LLC (“AGR-DHC”) and other subsidiaries, not all wholly owned (collectively, the “Company”), is engaged in the business of purchasing, managing for its own account and servicing distressed consumer receivables, including charged-off receivables, semi-performing receivables and performing receivables. The primary charged-off receivables are accounts that have been written-off by the originators and may have been previously serviced by collection agencies. Semi-performing receivables are accounts where the debtor is currently making partial or irregular monthly payments, but the accounts may have been written-off by the originators. Performing receivables are accounts where the debtor is making regular monthly payments that may or may not have been delinquent in the past. Distressed consumer receivables are the unpaid debts of individuals to banks, finance companies and other credit providers. A large portion of the Company’s distressed consumer receivables are MasterCard ®, Visa ®, other credit card accounts, and telecommunication accounts which were charged-off by the issuers for non-payment. The Company acquires these portfolios at substantial discounts from their face values. The discounts are based on the characteristics (issuer, account size, debtor residence and age of debt) of the underlying accounts of each portfolio. Litigation related receivables are semi-performing investments whereby the Company is assigned the revenue stream from the proceeds received. The Company owns 80% of Pegasus Funding, LLC (“Pegasus”), which invests in funding personal injury claims and 80% of newly-acquired CBC Settlement Funding, LLC (“CBC”), which invests in structured settlements (see Note 6: Acquisition of CBC). AGR-DHC is a disability advocacy group, assisting disabled individuals filing claims for disability benefits under the Social Security Act, from the filing of a claim to disability claim hearings and, if necessary, the appeals process.
Basis of Presentation	Basis of Presentation The condensed consolidated balance sheets as of December 31, 2013, the condensed consolidated statements of income for the three month periods ended December 31, 2013 and 2012, the condensed consolidated statements of comprehensive income for the three month periods ended December 31, 2013 and 2012, the condensed consolidated statement of stockholders’ equity as of and for the three months ended December 31, 2013 and the condensed consolidated statements of cash flows for the three month periods ended December 31, 2013 and 2012, are unaudited. The September 30, 2013 financial information included in this report has been extracted from our audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2013. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly our financial position at December 31, 2013 and September 30, 2013, the results of operations for the three month periods ended December 31, 2013 and 2012 and cash flows for the three month periods ended December 31, 2013 and 2012 have been made. The results of operations for the three month periods ended December 31, 2013 and 2012 are not necessarily indicative of the operating results for any other interim period or the full fiscal year. Palisades XVI is a variable interest entity (“VIE”). Asta Funding, Inc. is considered the primary beneficiary because it has the power to direct the significant activities of the VIE via its ownership and service contract. It also has the rights to receive benefits from the collections that exceed the payments to Bank of Montreal. Palisades XVI holds the Great Seneca portfolio of $40.9 million and the Bank of Montreal loan of $33.1 million as of December 31, 2013. Blue Bell Receivables I, LLC, Blue Bell Receivables II, LLC and Blue Bell Receivables III, LLC (the “Blue Bell Entities”) are VIEs. CBC is considered the primary beneficiary because it has the power to direct the significant activities of the VIEs via its ownership and service contract. It also has the rights to receive benefits from the collections that exceed the payments to the note holders. The Blue Bell Entities hold structured settlements of $15.5 million and the non-recourse notes payable of $13.8 million as of December 31, 2013. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission and therefore do not include all information and note disclosures required under generally accepted accounting principles. The Company suggests that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2013 filed with the Securities and Exchange Commission. Basis of Presentation (continued) The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates including management’s estimates of future cash flows and the resulting rates of return.
Concentration of Credit Risk - Cash	Concentration of Credit Risk - Cash Cash balances are maintained at various depository institutions and are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company had cash balances with seven banks at December 31, 2013 that exceeded the balance insured by the FDIC by approximately $32.1 million. The Company had cash balances with three banks which amounted to approximately $31.3 million as of December 31, 2013.
Subsequent Events	Subsequent Events The Company has evaluated events and transactions occurring subsequent to the Condensed Consolidated Balance Sheet date of December 31, 2013, for items that should potentially be recognized or disclosed in these financial statements. The Company did not identify any items which would require disclosure in or adjustment to the Financial Statements, except as indicated in Note 20.
Reclassifications	Reclassifications Certain items in the prior period’s financial statements have been reclassified to conform to the current period’s presentation, primarily related to certain balance sheet and cash flow items.

Restatement of Quarterly Fina32

Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements (Tables)	12 Months Ended
	Dec. 31, 2013
Restatement of Consolidated Balance Sheet	These adjustments also cumulatively impacted the following balance sheet line items as of September 30, 2013: ASTA FUNDING, INC. AND SUBSIDIARIES Consolidated Balance Sheet September 30, 2013 As Reported Adjustments As Revised ASSETS Cash and cash equivalents $ 35,179,000 $ 0 $ 35,179,000 Investments - available-for-sale 58,035,000 0 58,035,000 Restricted cash 968,000 0 968,000 Consumer receivables acquired for liquidation (at net realizable value) 57,900,000 6,354,000 64,254,000 Investment in personal injury claims 35,758,000 0 35,758,000 Due from third party collection agencies and attorneys 1,169,000 0 1,169,000 Prepaid and income taxes receivable 1,496,000 0 1,496,000 Furniture and equipment, net (net of accumulated depreciation of $4,136,000) 1,106,000 0 1,106,000 Deferred income taxes 10,443,000 (2,671,000 ) 7,772,000 Goodwill 1,410,000 0 1,410,000 Other assets 4,383,000 0 4,383,000 Total assets $ 207,847,000 $ 3,683,000 $ 211,530,000 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Non-recourse debt $ 35,760,000 $ 0 $ 35,760,000 Other liabilities 2,486,000 0 2,486,000 Total liabilities 38,246,000 0 38,246,000 Commitments and contingencies STOCKHOLDERS’ EQUITY Preferred stock, $0.01 par value; authorized 5,000,000; issued and outstanding – none — — — Common stock, $.01 par value, authorized 30,000,000 shares; issued, 14,917,977, and outstanding 12,974,239 149,000 0 149,000 Additional paid in capital 79,104,000 0 79,104,000 Retained earnings 109,011,000 3,683,000 112,694,000 Accumulated other comprehensive loss, net of income taxes (674,000 ) 0 (674,000 ) Treasury stock (at cost), 1,943,738 shares (17,805,000 ) 0 (17,805,000 ) Non-controlling interest (184,000 ) 0 (184,000 ) Total stockholders’ equity 169,601,000 3,683,000 173,284,000 Total liabilities and stockholders’ equity $ 207,847,000 $ 3,683,000 $ 211,530,000 The adjustments discussed above also cumulatively impacted the following balance sheet line items as of December 31, 2013: ASTA FUNDING, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheet December 31, 2013 As Reported Adjustments As Restated ASSETS Cash and cash equivalents $ 36,103,000 $ 0 $ 36,103,000 Available for sale investments 58,479,000 0 58,479,000 Restricted cash 948,000 0 948,000 Consumer receivables acquired for liquidation (at net realizable value) 55,131,000 4,087,000 59,218,000 Structured settlements 30,436,000 0 30,436,000 Investment in personal injury claims 30,489,000 0 30,489,000 Due from third party collection agencies and attorneys 679,000 0 679,000 Prepaid and income taxes receivable 251,000 0 251,000 Furniture and equipment, net 956,000 0 956,000 Deferred income taxes 10,132,000 (1,846,000 ) 8,286,000 Goodwill 2,770,000 0 2,770,000 Other assets 4,721,000 0 4,721,000 Total assets $ 231,095,000 $ 2,241,000 $ 233,336,000 LIABILITIES AND STOCKHOLDERS’ EQUITY Non-recourse debt – Bank of Montreal $ 33,132,000 $ 0 $ 33,132,000 Other debt – CBC (including non-recourse notes payable amounting to $13.8 million) 23,363,000 0 23,363,000 Other liabilities 2,106,000 0 2,106,000 Total liabilities 58,601,000 0 58,601,000 Commitments and contingencies STOCKHOLDERS’ EQUITY Preferred stock, $0.01 par value; authorized 5,000,000 shares; issued and outstanding - none — — — Common stock, $.01 par value, authorized 30,000,000 shares; issued, 14,917,977, and outstanding 12,974,239 149,000 0 149,000 Additional paid in capital 79,522,000 0 79,522,000 Retained earnings 111,400,000 2,241,000 113,641,000 Accumulated other comprehensive loss (755,000 ) 0 (755,000 ) Treasury stock (at cost), 1,943,738 shares (17,805,000 ) 0 (17,805,000 ) Non-controlling interest (17,000 ) 0 (17,000 ) Total stockholders’ equity 172,494,000 2,241,000 174,735,000 Total liabilities and stockholders’ equity $ 231,095,000 $ 2,241,000 $ 233,336,000
Restatement of Condensed Consolidated Statements of Income	The restatement of the quarterly period ended December 31, 2013 is as follow: ASTA FUNDING, INC. AND SUBSIDIARIES Condensed Consolidated Statement of Income Three Months Ended December 31, 2013 As Reported Adjustments As Restated Revenues Finance income, net $ 6,915,000 $ (2,267,000 ) $ 4,648,000 Other income (includes $25,000 during the three month period ended December 31, 2013 of accumulated other comprehensive income reclassification for unrealized net losses on available for sale securities) 3,322,000 0 3,322,000 10,237,000 (2,267,000 ) 7,970,000 Expenses General and administrative 5,767,000 0 5,767,000 Interest expense 9,000 0 9,000 5,776,000 0 5,776,000 Income before income taxes 4,461,000 (2,267,000 ) 2,194,000 Income tax expense (includes tax benefit of $10,000 during the three month period ended December 31, 2013 of accumulated other comprehensive income reclassifications for unrealized net (losses) / gains on available for sale securities) 1,623,000 (825,000 ) 798,000 Net income 2,838,000 (1,442,000 ) 1,396,000 Less: net income attributable to non-controlling interest 449,000 0 449,000 Net income attributable to Asta Funding, Inc. $ 2,389,000 $ (1,442,000 ) $ 947,000 Net income per share attributable to Asta Funding, Inc.: Basic $ 0.18 $ (0.11 ) $ 0.07 Diluted $ 0.18 $ (0.11 ) $ 0.07 Weighted average number of shares outstanding: Basic 12,974,239 0 12,974,239 Diluted 13,200,084 0 13,200,084 The revision of the quarterly period ended December 31, 2012 is as follows: ASTA FUNDING, INC. AND SUBSIDIARIES Condensed Consolidated Statement of Income Three Months Ended December 31, 2012 As Reported Adjustments As Revised Revenues Finance income, net $ 8,490,000 $ (60,000 ) $ 8,430,000 Other income (includes $175,000 during the three month period ended December 31, 2012 of accumulated other comprehensive income reclassification for unrealized net gains on available for sale securities) 2,062,000 0 2,062,000 10,552,000 (60,000 ) 10,492,000 Expenses General and administrative 5,593,000 0 5,593,000 Interest expense 569,000 0 569,000 Impairments of consumer receivables acquired for liquidation 0 106,000 106,000 6,162,000 106,000 6,268,000 Income before income taxes 4,390,000 (166,000 ) 4,224,000 Income tax expense (includes expense of $71,000 during the three month periods ended December 31, 2012 of accumulated other comprehensive income reclassifications for unrealized net gains on available for sale securities) 1,757,000 (66,000 ) 1,691,000 Net income 2,633,000 (100,000 ) 2,533,000 Less: net income attributable to non-controlling interest 45,000 0 45,000 Net income attributable to Asta Funding, Inc. $ 2,588,000 $ (100,000 ) $ 2,488,000 Net income per share attributable to Asta Funding, Inc.: Basic $ 0.20 $ (0.01 ) $ 0.19 Diluted $ 0.20 $ (0.01 ) $ 0.19 Weighted average number of shares outstanding: Basic 12,941,242 12,941,242 Diluted 13,200,116 13,200,116
Restatement of Condensed Consolidated Statements of Cash Flows	ASTA FUNDING, INC. AND SUBSIDIARIES Condensed Consolidated Statement of Cash Flows Three Months Ended December 31, 2013 As Reported Adjustments As Restated Cash flows from operating activities Net income $ 2,838,000 $ (1,442,000 ) $ 1,396,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 150,000 0 150,000 Deferred income taxes 379,000 (825,000 ) (446,000 ) Stock based compensation 418,000 0 418,000 Loss / (gain) on sale of available-for-sale securities 25,000 0 25,000 Changes in: Prepaid and income taxes receivable 1,245,000 0 1,245,000 Due from third party collection agencies and attorneys 490,000 0 490,000 Other assets (327,000 ) 0 (327,000 ) Other liabilities (736,000 ) 0 (736,000 ) Net cash provided by operating activities 4,482,000 (2,267,000 ) 2,215,000 Cash flows from investing activities Purchase of consumer receivables acquired for liquidation (520,000 ) 0 (520,000 ) Principal collected on receivables acquired for liquidation 3,289,000 2,267,000 5,556,000 Purchase of available-for-sale securities (5,618,000 ) 0 (5,618,000 ) Proceeds from sale of available-for-sale securities 5,000,000 0 5,000,000 Cash paid for acquisition (net of cash acquired) (5,588,000 ) 0 (5,588,000 ) Investments in personal injury claims – advances (4,519,000 ) 0 (4,519,000 ) Investments in personal injury claims – receipts 9,788,000 0 9,788,000 Net cash provided by investing activities 1,832,000 2,267,000 4,099,000 Cash flows from financing activities Changes in restricted cash 20,000 0 20,000 Distribution to non-controlling interest (282,000 ) 0 (282,000 ) Repayment of non-recourse debt - Bank of Montreal (2,628,000 ) 0 (2,628,000 ) Repayment of other debt – CBC (2,500,000 ) 0 (2,500,000 ) Net cash used in financing activities (5,390,000 ) 0 (5,390,000 ) Net increase in cash and cash equivalents 924,000 0 924,000 Cash and cash equivalents at beginning of period 35,179,000 0 35,179,000 Cash and cash equivalents at end of period $ 36,103,000 $ 0 $ 36,103,000 Supplemental disclosure of cash flow information Cash paid for: Interest $ 10,000 0 $ 10,000 Supplemental disclosures of non-cash investing and financing activities: Structured settlements $ 30,436,000 0 $ 30,436,000 Other debt – CBC 23,363,000 0 23,363,000 ASTA FUNDING, INC. AND SUBSIDIARIES Condensed Consolidated Statement of Cash Flows Three Months Ended December 31, 2012 As Reported Adjustments As Revised Cash flows from operating activities Net income $ 2,633,000 $ (100,000 ) $ 2,533,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 150,000 0 150,000 Deferred income taxes 379,000 (67,000 ) 312,000 Impairments of consumer receivables acquired for liquidation — 106,000 106,000 Stock based compensation 439,000 0 439,000 Loss / (gain) on sale of available-for-sale securities (175,000 ) 0 (175,000 ) Changes in: Prepaid and income taxes receivable 1,349,000 0 1,349,000 Due from third party collection agencies and attorneys 959,000 0 959,000 Other assets (475,000 ) 0 (475,000 ) Other liabilities (446,000 ) 0 (446,000 ) Net cash provided by operating activities 4,813,000 (61,000 ) 4,752,000 Cash flows from investing activities Principal collected on receivables acquired for liquidation 5,114,000 61,000 5,175,000 Principal collected on receivables accounts represented by account sales 5,000 0 5,000 Purchase of available-for-sale securities (23,674,000 ) 0 (23,674,000 ) Proceeds from sale of available-for-sale securities 23,208,000 0 23,208,000 Proceeds from maturities of certificates of deposit 13,900,000 0 13,900,000 Investments in personal injury claims – advances (7,597,000 ) 0 (7,597,000 ) Investments in personal injury claims – receipts 3,193,000 0 3,193,000 Capital expenditures (674,000 ) 0 (674,000 ) Net cash provided by investing activities 13,475,000 61,000 13,536,000 Cash flows from financing activities Proceeds from exercise of stock options 11,000 0 11,000 Changes in restricted cash 361,000 0 361,000 Repayment of non-recourse debt - Bank of Montreal (2,620,000 ) 0 (2,620,000 ) Dividends paid (1,290,000 ) 0 (1,290,000 ) Purchase of treasury stock (1,386,000 ) 0 (1,386,000 ) Net cash used in financing activities (4,924,000 ) 0 (4,924,000 ) Net increase in cash and cash equivalents 13,364,000 0 13,364,000 Cash and cash equivalents at beginning of period 4,953,000 0 4,953,000 Cash and cash equivalents at end of period $ 18,317,000 0 $ 18,317,000 Supplemental disclosure of cash flow information Cash paid for: Interest $ 572,000 $ 0 $ 572,000

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2013
Available-for-Sale	Investments classified as available-for-sale at December 31, 2013 and September 30, 2013, consist of the following: Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2013 $ 59,744,000 $ — $ (1,265,000 ) $ 58,479,000 September 30, 2013 $ 59,151,000 $ 27,000 $ (1,143,000 ) $ 58,035,000

Consumer Receivables Acquired34

Consumer Receivables Acquired for Liquidation (Restated and Revised) (Tables)	12 Months Ended
	Dec. 31, 2013
Changes in Balance Sheet Account of Consumer Receivables Acquired for Liquidation	The following tables summarize the changes in the balance sheet account of consumer receivables acquired for liquidation during the following periods: RESTATED For the Three Months Ended December 31, 2013 Cost Interest Recovery Method Method Total Balance, beginning of period, as previously reported $ 8,071,000 $ 49,829,000 $ 57,900,000 Balance transferred to cost recovery – prior period adjustment (1,304,000 ) 1,304,000 — Adjustment for misapplication of the interest method to prior periods 6,354,000 — 6,354,000 Balance beginning of period, as restated 13,121,000 51,133,000 64,254,000 Reclassification of interest method portfolios to cost recovery method (13,121,000 ) 13,121,000 — Acquisitions of receivable portfolio — 520,000 520,000 Net cash collections from collection of consumer receivables acquired for liquidation — (10,203,000 ) (10,203,000 ) Net cash collections represented by account sales of consumer receivables acquired for liquidation — (1,000 ) (1,000 ) Finance income recognized (1) — 4,648,000 4,648,000 Balance, end of period $ — $ 59,218,000 $ 59,218,000 Finance income as a percentage of collections — 45.6 % 45.6 % (1) Includes $4.6 million derived from zero basis pools. REVISED For the Three Months Ended December 31, 2012 Cost Interest Recovery Method Method Total Balance, beginning of period, as previously reported $ 12,326,000 $ 74,561,000 $ 86,887,000 Balance transferred to cost recovery – prior period adjustment (2,692,000 ) 2,692,000 — Adjustment for misapplication of the interest method to prior periods 5,852,000 1,500,000 7,352,000 Balance, beginning of period, as revised 15,486,000 78,753,000 94,239,000 Net cash collections from collection of consumer receivables acquired for liquidation (8,774,000 ) (4,825,000 ) (13,599,000 ) Net cash collections represented by account sales of consumer receivables acquired for liquidation (3,000 ) (7,000 ) (10,000 ) Impairments (106,000 ) — (106,000 ) Finance income recognized (1) 7,521,000 909,000 8,430,000 Balance, end of period $ 14,124,000 $ 74,830,000 $ 88,954,000 Finance income as a percentage of collections 85.7 % 18.8 % 61.9 % (1) Includes $6.9 million derived from zero basis pools.
Changes in Accretable Yield	Changes in accretable yield for the three month periods ended December 31, 2013 and 2012 are as follows: RESTATED REVISED Three Months Three Months Ended Ended December 31, 2013 December 31, 2012 Balance at beginning of period $ 7,679,000 $ 13,508,000 Transfer to cost recovery effective October 1, 2013 (7,679,000 ) — Income recognized on finance receivables, net — (7,521,000 ) Reclassifications from nonaccretable difference (1) — 6,131,000 Balance at end of period $ — $ 12,118,000 (1) Includes portfolios that became zero basis during the period, removal of zero basis portfolios from the accretable yield calculation and other immaterial impairments and accretions based on the extension of certain collection curves.
Collections on Gross Basis Less Commissions and Direct Costs	The following table summarizes collections on a gross basis as received by the Company’s third-party collection agencies and attorneys, less commissions and direct costs for the three month periods ended December 31, 2013 and 2012, respectively. For the Three Months Ended December 31, 2013 2012 Gross collections (1) $ 17,325,000 $ 22,086,000 Commissions and fees (2) 7,121,000 8,477,000 Net collections $ 10,204,000 $ 13,609,000 (1) Gross collections include: collections from third-party collection agencies and attorneys, collections from in-house efforts, and collections represented by account sales. (2) Commissions and fees are the contractual commission earned by third party collection agencies and attorneys, and direct costs associated with the collection effort, generally court costs. Includes a 3% fee charged by a servicer on gross collections received by the Company in connection with the Portfolio Purchase. Such arrangement was consummated in December 2007. The fee is charged for asset location, skip tracing and ultimately suing debtors in connection with this portfolio purchase.

Acquisition of CBC as restate35

Acquisition of CBC as restated and revised (Tables)	12 Months Ended
	Dec. 31, 2013
Fair Value of Assets Acquired and Liabilities Assumed	The following table summarizes the fair value of the assets acquired and the liabilities assumed as of the December 31, 2013 acquisition date: Cash $ 351,000 Structured settlements 30,436,000 Other assets 11,000 Other liabilities (356,000 ) Other debt - CBC (including non-recourse notes payable amounting to $13.8 million) (see Note 11: Other debt-CBC) (25,863,000 ) Total identifiable net assets acquired 4,579,000 Goodwill (see Note 9: Goodwill) 1,360,000 Purchase Price $ 5,939,000

Furniture & Equipment (Tables)

Furniture & Equipment (Tables)	12 Months Ended
	Dec. 31, 2013
Furniture and Equipment	Furniture and equipment consist of the following as of the dates indicated: December 31, September 30, 2013 2013 Furniture $ 310,000 $ 310,000 Equipment 3,622,000 3,622,000 Software 1,211,000 1,211,000 Leasehold improvements 99,000 99,000 5,242,000 5,242,000 Less accumulated depreciation 4,286,000 4,136,000 Balance, end of period $ 956,000 $ 1,106,000

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2013
Goodwill	The goodwill balances at September 30, 2013 and December 31, 2013 are as follows: Balance, September 30, 2013 $ 1,410,000 Goodwill from acquisition (see Note 6: Acquisition of CBC) 1,360,000 Balance, December 31, 2013 $ 2,770,000

Other Debt - CBC (Tables)

Other Debt - CBC (Tables)	12 Months Ended
	Dec. 31, 2013
CBC
Components of Other Debt from Acquisition	The following table details the other debt at December 31, 2013: Interest Rate December 31, Non-recourse, notes payable with varying monthly installments: Notes payable secured by settlement receivables with principal and interest outstanding payable until June 2025 8.75 % $ 2,776,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until August 2026 7.25 % 5,884,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until April 2032 7.125 % 5,107,000 Subtotal notes payable 13,767,000 $12,500,000 revolving line of credit, $2,904,000 available as of December 31, 2013, interest terms are prime + 1% with floor of 5.5%, expiring on September 30, 2014 5.5 % 9,596,000 Total debt – CBC $ 23,363,000

Net Income per Share - (Resta39

Net Income per Share - (Restated and Revised) (Tables)	12 Months Ended
	Dec. 31, 2013
Computation of Basic and Diluted per Share	The following table presents the computation of basic and diluted per share data for the three months ended December 31, 2013 (restated) and 2012 (revised): RESTATED (1) REVISED (2) December 31, 2013 December 31, 2012 Weighted Weighted Per Per Net Average Share Net Average Share Income Shares Amount (Income) Shares Amount Basic $ 947,000 12,974,239 $ 0.07 $ 2,488,000 12,941,242 $ 0.19 Effect of Dilutive Stock 225,845 258,874 Diluted $ 947,000 13,200,084 $ 0.07 $ 2,488,000 13,200,116 $ 0.19 (1) Net income and per share data have been restated as explained in Note 2 – Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements. (2) Net income and per share data have been revised as explained in Note 2 – Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Stock Based Compensation (Table

Stock Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2013
Weighted Average Assumptions Used in Option Pricing Model	The weighted average assumptions used in the option pricing model were as follows: Risk-free interest rate 0.08 % Expected term (years) 6.5 Expected volatility 98.3 % Dividend yield 0.00 % Risk-free interest rate 0.16 % Expected term (years) 6.0 Expected volatility 101.0 % Dividend yield 1.67 %

Stock Option Plans (Tables)

Stock Option Plans (Tables)	12 Months Ended
	Dec. 31, 2013
Stock Option Transactions	The following table summarizes stock option transactions under the 2012 Plan, the 2002 Plan, and the Equity Compensation Plan: Three Months Ended December 31, 2013 2012 Weighted Weighted Average Average Exercise Exercise Shares Price Shares Price Outstanding options at the beginning of period 1,622,771 $ 11.31 1,499,471 $ 11.27 Options granted 156,700 8.49 160,000 9.57 Options exercised — — (1,600 ) 6.96 Options forfeited/canceled (210,767 ) 14.39 — — Outstanding options at the end of period 1,568,704 $ 10.61 1,657,871 $ 11.11 Exercisable options at the end of period 977,035 $ 11.95 1,123,070 $ 12.36
Summary of Outstanding Options	The following table summarizes information about the 2012 Plan, 2002 Plan, and the Equity Compensation Plan outstanding options as of December 31, 2013: Options Outstanding Options Exercisable Weighted Weighted Weighted Weighted Remaining Average Average Number Contractual Exercise Number Exercise Range of Exercise Price Outstanding Life (in Years) Price Exercisable Price $2.8751 – $5.7500 17,500 5.3 $ 2.95 17,500 $ 2.95 $5.7501 – $8.6250 934,600 7.6 7.93 499,600 7.77 $8.6251 – $14.3750 260,000 8.8 9.77 103,331 10.50 $14.3751 – $17.2500 1,944 0.4 15.99 1,944 15.99 $17.2501 – $20.1250 339,660 0.8 18.23 339,660 18.23 $25.8751 – $28.7500 15,000 3.0 28.75 15,000 28.75 1,568,704 6.3 $ 10.61 977,035 $ 11.95
Summary of Restricted Stock Transactions	The following table summarizes information about restricted stock transactions: Three Months Ended December 31, 2013 2012 Weighted Weighted Average Grant Average Grant Date Fair Date Fair Shares Value Shares Value Unvested at the beginning of period 102,321 $ 9.57 10,922 $ 7.63 Awards granted — — 102,321 9.57 Vested (34,107 ) 9.57 (10,922 ) 7.63 Forfeited — — — — Unvested at the end of period 68,214 $ 9.57 102,321 $ 9.57

Fair Value of Financial Measu42

Fair Value of Financial Measurements and Disclosures (Restated and Revised) (Tables)	12 Months Ended
	Dec. 31, 2013
Estimated Fair Value of Company's Financial Instruments	The estimated fair value of the Company’s financial instruments is summarized as follows: RESTATED REVISED December 31, 2013 September 30, 2013 Carrying Fair Carrying Fair Amount Value Amount Value Financial assets Available-for-sale investments (Level 1) $ 58,479,000 $ 58,479,000 $ 58,035,000 $ 58,035,000 Consumer receivables acquired for liquidation (Level 3) 59,218,000 61,833,000 64,254,000 70,875,000 Structured settlements (Level 3) 30,436,000 30,436,000 — — Financial liabilities Non-Recourse Debt Bank of Montreal (Level 3) 33,132,000 24,570,000 35,760,000 27,000,000 Other debt - CBC, revolving line of credit (Level 3) 9,596,000 9,596,000 — — Other debt - CBC, non-recourse notes payable with varying installments (Level 3) 13,767,000 13,767,000 — —

Business and Basis of Present43

Business and Basis of Presentation - Additional Information (Detail) - Dec. 31, 2013 $ in Millions	USD ($)Bank
Basis Of Presentation And Significant Accounting Policies [Line Items]
Number of banks in which cash balances maintained | Bank	3
Cash in three banks	$ 31.3
F D I C
Basis Of Presentation And Significant Accounting Policies [Line Items]
Number of banks in which cash balances maintained | Bank	7
Cash balance that exceed the balance insured by FDIC	$ 32.1
Palisades XVI | Great Seneca
Basis Of Presentation And Significant Accounting Policies [Line Items]
Portfolio holdings amount	40.9
Palisades XVI | BMO
Basis Of Presentation And Significant Accounting Policies [Line Items]
Variable interest entity carrying amount loan costs	33.1
Blue Bell Entities
Basis Of Presentation And Significant Accounting Policies [Line Items]
Structured settlement holding amount	15.5
Non-recourse notes payable	$ 13.8
Pegasus
Basis Of Presentation And Significant Accounting Policies [Line Items]
Ownership interest	80.00%
CBC
Basis Of Presentation And Significant Accounting Policies [Line Items]
Ownership interest	80.00%

Restatement of Quarterly Fina44

Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements - Additional Information (Detail) - USD ($)		3 Months Ended
		Dec. 31, 2013		Dec. 31, 2012		Sep. 30, 2013
Error Corrections and Prior Period Adjustments Revision [Line Items]
Finance income, net	[1]	$ 4,648,000	[2]	$ 8,430,000	[3]
Income tax expense	[1]	798,000		1,691,000
Net income	[1]	$ 947,000		$ 2,488,000
Net income per share attributable to Asta Funding, Inc.	[1]	$ 0.07	[4]	$ 0.19	[5]
Consumer receivables acquired for liquidation (at net realizable value)	[1]	$ 59,218,000				$ 64,254,000
Deferred income taxes	[1]	8,286,000				7,772,000
Retained earnings	[1]	113,641,000				112,694,000
Adjustments
Error Corrections and Prior Period Adjustments Revision [Line Items]
Finance income, net		(2,267,000)		$ (60,000)
Income tax expense		(825,000)		(66,000)
Net income		$ (1,442,000)		$ (100,000)
Net income per share attributable to Asta Funding, Inc.		$ (0.11)		$ (0.01)
Consumer receivables acquired for liquidation (at net realizable value)		$ 4,087,000				6,354,000
Deferred income taxes		(1,846,000)				(2,671,000)
Retained earnings		2,241,000				3,683,000
As Reported
Error Corrections and Prior Period Adjustments Revision [Line Items]
Finance income, net		6,915,000		$ 8,490,000
Income tax expense		1,623,000		1,757,000
Net income		$ 2,389,000		$ 2,588,000
Net income per share attributable to Asta Funding, Inc.		$ 0.18		$ 0.20
Consumer receivables acquired for liquidation (at net realizable value)		$ 55,131,000				57,900,000
Deferred income taxes		10,132,000				10,443,000
Retained earnings		$ 111,400,000				$ 109,011,000
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.
[2]	Includes $4.6 million derived from zero basis pools.
[3]	Includes $6.9 million derived from zero basis pools.
[4]	Net income and per share data have been restated as explained in Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.
[5]	Net income and per share data have been revised as explained in Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Restatement and Revision of Pri

Restatement and Revision of Prior Period Adjustment on Consolidated Balance Sheet (Detail) - USD ($)		Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012
ASSETS
Cash and cash equivalents	[1]	$ 36,103,000	$ 35,179,000	$ 18,317,000	$ 4,953,000
Available for sale investments	[1]	58,479,000	58,035,000
Restricted cash	[1]	948,000	968,000
Consumer receivables acquired for liquidation (at net realizable value)	[1]	59,218,000	64,254,000
Structured settlements	[1]	30,436,000
Investment in personal injury claims	[1]	30,489,000	35,758,000
Due from third party collection agencies and attorneys	[1]	679,000	1,169,000
Prepaid and income taxes receivable	[1]	251,000	1,496,000
Furniture and equipment, net	[1]	956,000	1,106,000
Deferred income taxes	[1]	8,286,000	7,772,000
Goodwill	[1]	2,770,000	1,410,000
Other assets	[1]	4,721,000	4,383,000
Total assets	[1]	233,336,000	211,530,000
LIABILITIES
Non-recourse debt	[1]	33,132,000	35,760,000
Other debt - CBC (including non-recourse notes payable amounting to $13.8 million)	[1]	23,363,000
Other liabilities	[1]	2,106,000	2,486,000
Total liabilities	[1]	$ 58,601,000	$ 38,246,000
Commitments and contingencies	[1]
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; authorized 5,000,000 shares; issued and outstanding - none	[1]
Common stock, $.01 par value, authorized 30,000,000 shares; issued, 14,917,977, and outstanding 12,974,239	[1]	$ 149,000	$ 149,000
Additional paid in capital	[1]	79,522,000	79,104,000
Retained earnings	[1]	113,641,000	112,694,000
Accumulated other comprehensive loss	[1]	(755,000)	(674,000)
Treasury stock (at cost), 1,943,738 shares	[1]	(17,805,000)	(17,805,000)
Non-controlling interest	[1]	(17,000)	(184,000)
Total stockholders' equity	[1]	174,735,000	173,284,000
Total liabilities and stockholders' equity	[1]	233,336,000	211,530,000
As Reported
ASSETS
Cash and cash equivalents		36,103,000	35,179,000	18,317,000	4,953,000
Available for sale investments		58,479,000	58,035,000
Restricted cash		948,000	968,000
Consumer receivables acquired for liquidation (at net realizable value)		55,131,000	57,900,000
Structured settlements		30,436,000
Investment in personal injury claims		30,489,000	35,758,000
Due from third party collection agencies and attorneys		679,000	1,169,000
Prepaid and income taxes receivable		251,000	1,496,000
Furniture and equipment, net		956,000	1,106,000
Deferred income taxes		10,132,000	10,443,000
Goodwill		2,770,000	1,410,000
Other assets		4,721,000	4,383,000
Total assets		231,095,000	207,847,000
LIABILITIES
Non-recourse debt		33,132,000	35,760,000
Other debt - CBC (including non-recourse notes payable amounting to $13.8 million)		23,363,000
Other liabilities		2,106,000	2,486,000
Total liabilities		$ 58,601,000	$ 38,246,000
Commitments and contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; authorized 5,000,000 shares; issued and outstanding - none
Common stock, $.01 par value, authorized 30,000,000 shares; issued, 14,917,977, and outstanding 12,974,239		$ 149,000	$ 149,000
Additional paid in capital		79,522,000	79,104,000
Retained earnings		111,400,000	109,011,000
Accumulated other comprehensive loss		(755,000)	(674,000)
Treasury stock (at cost), 1,943,738 shares		(17,805,000)	(17,805,000)
Non-controlling interest		(17,000)	(184,000)
Total stockholders' equity		172,494,000	169,601,000
Total liabilities and stockholders' equity		231,095,000	207,847,000
Adjustments
ASSETS
Cash and cash equivalents		0	0	$ 0	$ 0
Available for sale investments		0	0
Restricted cash		0	0
Consumer receivables acquired for liquidation (at net realizable value)		4,087,000	6,354,000
Structured settlements		0
Investment in personal injury claims		0	0
Due from third party collection agencies and attorneys		0	0
Prepaid and income taxes receivable		0	0
Furniture and equipment, net		0	0
Deferred income taxes		(1,846,000)	(2,671,000)
Goodwill		0	0
Other assets		0	0
Total assets		2,241,000	3,683,000
LIABILITIES
Non-recourse debt		0	0
Other debt - CBC (including non-recourse notes payable amounting to $13.8 million)		0
Other liabilities		0	0
Total liabilities		$ 0	$ 0
Commitments and contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; authorized 5,000,000 shares; issued and outstanding - none
Common stock, $.01 par value, authorized 30,000,000 shares; issued, 14,917,977, and outstanding 12,974,239		$ 0	$ 0
Additional paid in capital		0	0
Retained earnings		2,241,000	3,683,000
Accumulated other comprehensive loss		0	0
Treasury stock (at cost), 1,943,738 shares		0	0
Non-controlling interest		0	0
Total stockholders' equity		2,241,000	3,683,000
Total liabilities and stockholders' equity		$ 2,241,000	$ 3,683,000
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Restatement and Revision of P46

Restatement and Revision of Prior Period Adjustment on Consolidated Balance Sheet (Parenthetical) (Detail) - USD ($)		Dec. 31, 2013	Sep. 30, 2013
Error Corrections and Prior Period Adjustments Revision [Line Items]
Other debt, non-recourse notes payable	[1]	$ 13,800,000
Accumulated depreciation		$ 4,286,000	$ 4,136,000
Preferred stock, par value	[1]	$ 0.01	$ 0.01
Preferred stock, shares authorized	[1]	5,000,000	5,000,000
Preferred stock, shares issued	[1]	0	0
Preferred stock, shares outstanding	[1]	0	0
Common stock, par value	[1]	$ 0.01	$ 0.01
Common stock, shares authorized	[1]	30,000,000	30,000,000
Common stock, shares issued	[1]	14,917,977	14,917,977
Common stock, shares outstanding	[1]	12,974,239	12,974,239
Treasury stock, shares	[1]	1,943,738	1,943,738
As Reported
Error Corrections and Prior Period Adjustments Revision [Line Items]
Other debt, non-recourse notes payable		$ 13,800,000
Preferred stock, par value		$ 0.01	$ 0.01
Preferred stock, shares authorized		5,000,000	5,000,000
Preferred stock, shares issued		0	0
Preferred stock, shares outstanding		0	0
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized		30,000,000	30,000,000
Common stock, shares issued		14,917,977	14,917,977
Common stock, shares outstanding		12,974,239	12,974,239
Treasury stock, shares		1,943,738
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Restatement and Revision of P47

Restatement and Revision of Prior Period Adjustment on Condensed Consolidated Statements of Income (Detail) - Entity [Domain] - USD ($)		3 Months Ended
		Dec. 31, 2013		Dec. 31, 2012
Revenues
Finance income, net	[1]	$ 4,648,000	[2]	$ 8,430,000	[3]
Other income (includes $175,000 during the three month period ended December 31, 2012 of accumulated other comprehensive income reclassification for unrealized net gains on available for sale securities)	[1]	3,322,000		2,062,000
Total Revenues	[1]	7,970,000		10,492,000
Expenses
General and administrative	[1]	5,767,000		5,593,000
Interest expense	[1]	9,000		569,000
Impairments of consumer receivables acquired for liquidation		0		106,000	[1]
Total expenses	[1]	5,776,000		6,268,000
Income before income taxes	[1]	2,194,000		4,224,000
Income tax expense (includes expense of $71,000 during the three month periods ended December 31, 2012 of accumulated other comprehensive income reclassifications for unrealized net gains on available for sale securities)	[1]	798,000		1,691,000
Net income	[1]	1,396,000		2,533,000
Less: net income attributable to non-controlling interest	[1]	449,000		45,000
Net income attributable to Asta Funding, Inc.	[1]	$ 947,000		$ 2,488,000
Net income per share attributable to Asta Funding, Inc.:
Basic	[1]	$ 0.07	[4]	$ 0.19	[5]
Diluted	[1]	$ 0.07	[4]	$ 0.19	[5]
Weighted average number of shares outstanding:
Basic	[1]	12,974,239	[4]	12,941,242	[5]
Diluted	[1]	13,200,084	[4]	13,200,116	[5]
As Reported
Revenues
Finance income, net		$ 6,915,000		$ 8,490,000
Other income (includes $175,000 during the three month period ended December 31, 2012 of accumulated other comprehensive income reclassification for unrealized net gains on available for sale securities)		3,322,000		2,062,000
Total Revenues		10,237,000		10,552,000
Expenses
General and administrative		5,767,000		5,593,000
Interest expense		9,000		569,000
Impairments of consumer receivables acquired for liquidation				0
Total expenses		5,776,000		6,162,000
Income before income taxes		4,461,000		4,390,000
Income tax expense (includes expense of $71,000 during the three month periods ended December 31, 2012 of accumulated other comprehensive income reclassifications for unrealized net gains on available for sale securities)		1,623,000		1,757,000
Net income		2,838,000		2,633,000
Less: net income attributable to non-controlling interest		449,000		45,000
Net income attributable to Asta Funding, Inc.		$ 2,389,000		$ 2,588,000
Net income per share attributable to Asta Funding, Inc.:
Basic		$ 0.18		$ 0.20
Diluted		$ 0.18		$ 0.20
Weighted average number of shares outstanding:
Basic		12,974,239		12,941,242
Diluted		13,200,084		13,200,116
Adjustments
Revenues
Finance income, net		$ (2,267,000)		$ (60,000)
Other income (includes $175,000 during the three month period ended December 31, 2012 of accumulated other comprehensive income reclassification for unrealized net gains on available for sale securities)		0		0
Total Revenues		(2,267,000)		(60,000)
Expenses
General and administrative		0		0
Interest expense		0		0
Impairments of consumer receivables acquired for liquidation				106,000
Total expenses		0		106,000
Income before income taxes		(2,267,000)		(166,000)
Income tax expense (includes expense of $71,000 during the three month periods ended December 31, 2012 of accumulated other comprehensive income reclassifications for unrealized net gains on available for sale securities)		(825,000)		(66,000)
Net income		(1,442,000)		(100,000)
Less: net income attributable to non-controlling interest		0		0
Net income attributable to Asta Funding, Inc.		$ (1,442,000)		$ (100,000)
Net income per share attributable to Asta Funding, Inc.:
Basic		$ (0.11)		$ (0.01)
Diluted		$ (0.11)		$ (0.01)
Weighted average number of shares outstanding:
Basic		0
Diluted		0
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.
[2]	Includes $4.6 million derived from zero basis pools.
[3]	Includes $6.9 million derived from zero basis pools.
[4]	Net income and per share data have been restated as explained in Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.
[5]	Net income and per share data have been revised as explained in Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Restatement and Revision of P48

Restatement and Revision of Prior Period Adjustment on Condensed Consolidated Statements of Income (Parenthetical) (Detail) - USD ($)		3 Months Ended
		Dec. 31, 2013	Dec. 31, 2012
Error Corrections and Prior Period Adjustments Revision [Line Items]
Reclassifications for unrealized net (losses) / gains on available for sale securities	[1]	$ (25,000)	$ 175,000
Income tax expense, tax benefit / (expense)	[1]	$ 10,000	$ (71,000)
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Restatement and Revision of P49

Restatement and Revision of Prior Period Adjustment on Condensed Consolidated Statement of Cash Flows (Detail) - USD ($)		3 Months Ended
		Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities
Net income	[1]	$ 1,396,000	$ 2,533,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	[1]	150,000	150,000
Deferred income taxes	[1]	(446,000)	312,000
Impairments of consumer receivables acquired for liquidation		0	106,000	[1]
Stock based compensation	[1]	418,000	439,000
Loss / (gain) on sale of available-for-sale securities	[1]	25,000	(175,000)
Changes in:
Prepaid and income taxes receivable	[1]	1,245,000	1,349,000
Due from third party collection agencies and attorneys	[1]	490,000	959,000
Other assets	[1]	(327,000)	(475,000)
Other liabilities	[1]	(736,000)	(446,000)
Net cash provided by operating activities	[1]	2,215,000	4,752,000
Cash flows from investing activities
Purchase of consumer receivables acquired for liquidation	[1]	(520,000)
Principal collected on receivables acquired for liquidation	[1]	5,556,000	5,175,000
Principal collected on receivables accounts represented by account sales	[1]		5,000
Purchase of available-for-sale securities	[1]	(5,618,000)	(23,674,000)
Proceeds from sale of available-for-sale securities	[1]	5,000,000	23,208,000
Cash paid for acquisition (net of cash acquired)	[1]	(5,588,000)
Proceeds from maturities of certificates of deposit	[1]		13,900,000
Investments in personal injury claims - advances	[1]	(4,519,000)	(7,597,000)
Investments in personal injury claims - receipts	[1]	9,788,000	3,193,000
Capital expenditures	[1]		(674,000)
Net cash provided by investing activities	[1]	4,099,000	13,536,000
Cash flows from financing activities
Proceeds from exercise of stock options	[1]		11,000
Changes in restricted cash	[1]	20,000	361,000
Distribution to non-controlling interest	[1]	(282,000)
Repayment of non-recourse debt - Bank of Montreal	[1]	(2,628,000)	(2,620,000)
Repayment of other debt - CBC	[1]	(2,500,000)
Dividends paid	[1]		(1,290,000)
Purchase of treasury stock	[1]		(1,386,000)
Net cash used in financing activities	[1]	(5,390,000)	(4,924,000)
Net increase in cash and cash equivalents	[1]	924,000	13,364,000
Cash and cash equivalents at beginning of period	[1]	35,179,000	4,953,000
Cash and cash equivalents at end of period	[1]	36,103,000	18,317,000
Cash paid for:
Interest	[1]	10,000	572,000
Supplemental disclosures of non-cash investing and financing activities:
Structured settlements	[1]	30,436,000
Other debt - CBC	[1]	23,363,000
As Reported
Cash flows from operating activities
Net income		2,838,000	2,633,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		150,000	150,000
Deferred income taxes		379,000	379,000
Impairments of consumer receivables acquired for liquidation			0
Stock based compensation		418,000	439,000
Loss / (gain) on sale of available-for-sale securities		25,000	(175,000)
Changes in:
Prepaid and income taxes receivable		1,245,000	1,349,000
Due from third party collection agencies and attorneys		490,000	959,000
Other assets		(327,000)	(475,000)
Other liabilities		(736,000)	(446,000)
Net cash provided by operating activities		4,482,000	4,813,000
Cash flows from investing activities
Purchase of consumer receivables acquired for liquidation		(520,000)
Principal collected on receivables acquired for liquidation		3,289,000	5,114,000
Principal collected on receivables accounts represented by account sales			5,000
Purchase of available-for-sale securities		(5,618,000)	(23,674,000)
Proceeds from sale of available-for-sale securities		5,000,000	23,208,000
Cash paid for acquisition (net of cash acquired)		(5,588,000)
Proceeds from maturities of certificates of deposit			13,900,000
Investments in personal injury claims - advances		(4,519,000)	(7,597,000)
Investments in personal injury claims - receipts		9,788,000	3,193,000
Capital expenditures			(674,000)
Net cash provided by investing activities		1,832,000	13,475,000
Cash flows from financing activities
Proceeds from exercise of stock options			11,000
Changes in restricted cash		20,000	361,000
Distribution to non-controlling interest		(282,000)
Repayment of non-recourse debt - Bank of Montreal		(2,628,000)	(2,620,000)
Repayment of other debt - CBC		(2,500,000)
Dividends paid			(1,290,000)
Purchase of treasury stock			(1,386,000)
Net cash used in financing activities		(5,390,000)	(4,924,000)
Net increase in cash and cash equivalents		924,000	13,364,000
Cash and cash equivalents at beginning of period		35,179,000	4,953,000
Cash and cash equivalents at end of period		36,103,000	18,317,000
Cash paid for:
Interest		10,000	572,000
Supplemental disclosures of non-cash investing and financing activities:
Structured settlements		30,436,000
Other debt - CBC		23,363,000
Adjustments
Cash flows from operating activities
Net income		(1,442,000)	(100,000)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		0	0
Deferred income taxes		(825,000)	(67,000)
Impairments of consumer receivables acquired for liquidation			106,000
Stock based compensation		0	0
Loss / (gain) on sale of available-for-sale securities		0	0
Changes in:
Prepaid and income taxes receivable		0	0
Due from third party collection agencies and attorneys		0	0
Other assets		0	0
Other liabilities		0	0
Net cash provided by operating activities		(2,267,000)	(61,000)
Cash flows from investing activities
Purchase of consumer receivables acquired for liquidation		0
Principal collected on receivables acquired for liquidation		2,267,000	61,000
Principal collected on receivables accounts represented by account sales			0
Purchase of available-for-sale securities		0	0
Proceeds from sale of available-for-sale securities		0	0
Cash paid for acquisition (net of cash acquired)		0
Proceeds from maturities of certificates of deposit			0
Investments in personal injury claims - advances		0	0
Investments in personal injury claims - receipts		0	0
Capital expenditures			0
Net cash provided by investing activities		2,267,000	61,000
Cash flows from financing activities
Proceeds from exercise of stock options			0
Changes in restricted cash		0	0
Distribution to non-controlling interest		0
Repayment of non-recourse debt - Bank of Montreal		0	0
Repayment of other debt - CBC		0
Dividends paid			0
Purchase of treasury stock			0
Net cash used in financing activities		0	0
Net increase in cash and cash equivalents		0	0
Cash and cash equivalents at beginning of period		0	0
Cash and cash equivalents at end of period		0	0
Cash paid for:
Interest		0	$ 0
Supplemental disclosures of non-cash investing and financing activities:
Structured settlements		0
Other debt - CBC		$ 0
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Available for Sale (Detail)

Available for Sale (Detail) - USD ($)		Dec. 31, 2013	Sep. 30, 2013
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		$ 59,744,000	$ 59,151,000
Unrealized Gains			27,000
Unrealized Losses		(1,265,000)	(1,143,000)
Fair Value	[1]	$ 58,479,000	$ 58,035,000
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Available-for-Sale Investments

Available-for-Sale Investments - Additional Information (Detail)	3 Months Ended
	Dec. 31, 2014USD ($)Investment	Dec. 31, 2013USD ($)Investment
Investments [Line Items]
Number of investments sold	1	2
Realized gain (loss) of investment | $	$ 25,000	$ 175,000
Capital gains received | $	186,000	225,000
Aggregate realized gain related to available-for sale investments | $	$ 161,000	$ 400,000
Number of investments		6
Number of unrealized loss position in investment		6
Number of unrealized loss position existed for 12 months or more		4

Consumer Receivables Acquired52

Consumer Receivables Acquired for Liquidation - Additional Information (Detail) $ in Millions	3 Months Ended
	Dec. 31, 2013USD ($)	Dec. 31, 2012	Mar. 31, 2007USD ($)
Consumer Receivables Acquired For Liquidation [Line Items]
Consumer receivables acquired for liquidation concentrated in one portfolio	$ 40.9
Portfolio purchase	300		$ 300
Face value of charged-off consumer receivables	8.6
Purchased cost of charged-off consumer receivables	$ 0.5
Number of portfolio purchases		0

Changes in Balance Sheet Accoun

Changes in Balance Sheet Account of Consumer Receivables Acquired for Liquidation (Detail) - USD ($)		3 Months Ended
		Dec. 31, 2013		Dec. 31, 2012
Consumer Receivables Acquired For Liquidation [Line Items]
Balance beginning of period, as restated		$ 64,254,000		$ 94,239,000
Acquisitions of receivable portfolio	[1]	520,000
Net cash collections from collection of consumer receivables acquired for liquidation		(10,203,000)		(13,599,000)
Net cash collections represented by account sales of consumer receivables acquired for liquidation		(1,000)		(10,000)
Finance income recognized	[1]	4,648,000	[2]	8,430,000	[3]
Balance, end of period		$ 59,218,000		$ 88,954,000
Finance income as a percentage of collections		45.60%		61.90%
Fully amortized portfolios		$ 4,600,000		$ 6,900,000
Impairments		0		(106,000)	[1]
As Reported
Consumer Receivables Acquired For Liquidation [Line Items]
Balance beginning of period, as restated		57,900,000		86,887,000
Acquisitions of receivable portfolio		520,000
Finance income recognized		6,915,000		8,490,000
Impairments				0
Adjustments
Consumer Receivables Acquired For Liquidation [Line Items]
Adjustment for misapplication of the interest method to prior periods		6,354,000		7,352,000
Acquisitions of receivable portfolio		0
Finance income recognized		(2,267,000)		(60,000)
Impairments				(106,000)
Interest Method
Consumer Receivables Acquired For Liquidation [Line Items]
Balance beginning of period, as restated		13,121,000		15,486,000
Balance transferred to cost recovery - prior period adjustment		(1,304,000)		(2,692,000)
Reclassification of interest method portfolios to cost recovery method		(13,121,000)
Net cash collections from collection of consumer receivables acquired for liquidation				(8,774,000)
Net cash collections represented by account sales of consumer receivables acquired for liquidation				(3,000)
Finance income recognized	[3]			7,521,000
Balance, end of period				$ 14,124,000
Finance income as a percentage of collections				85.70%
Impairments				$ (106,000)
Interest Method | As Reported
Consumer Receivables Acquired For Liquidation [Line Items]
Balance beginning of period, as restated		8,071,000		12,326,000
Interest Method | Adjustments
Consumer Receivables Acquired For Liquidation [Line Items]
Adjustment for misapplication of the interest method to prior periods		6,354,000		5,852,000
Cost Recovery Method
Consumer Receivables Acquired For Liquidation [Line Items]
Balance beginning of period, as restated		51,133,000		78,753,000
Balance transferred to cost recovery - prior period adjustment		1,304,000		2,692,000
Reclassification of interest method portfolios to cost recovery method		13,121,000
Acquisitions of receivable portfolio		520,000
Net cash collections from collection of consumer receivables acquired for liquidation		(10,203,000)		(4,825,000)
Net cash collections represented by account sales of consumer receivables acquired for liquidation		(1,000)		(7,000)
Finance income recognized		4,648,000	[2]	909,000	[3]
Balance, end of period		$ 59,218,000		$ 74,830,000
Finance income as a percentage of collections		45.60%		18.80%
Cost Recovery Method | As Reported
Consumer Receivables Acquired For Liquidation [Line Items]
Balance beginning of period, as restated		$ 49,829,000		$ 74,561,000
Cost Recovery Method | Adjustments
Consumer Receivables Acquired For Liquidation [Line Items]
Adjustment for misapplication of the interest method to prior periods				$ 1,500,000
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.
[2]	Includes $4.6 million derived from zero basis pools.
[3]	Includes $6.9 million derived from zero basis pools.

Changes in Balance Sheet Acco54

Changes in Balance Sheet Account of Consumer Receivables Acquired for Liquidation (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Consumer Receivables Acquired For Liquidation [Line Items]
Fully amortized portfolios	$ 4.6	$ 6.9

Changes in Accretable Yield (De

Changes in Accretable Yield (Detail) - USD ($)		3 Months Ended
		Dec. 31, 2013	Dec. 31, 2012
Consumer Receivables Acquired For Liquidation [Line Items]
Balance at beginning of period		$ 7,679,000	$ 13,508,000
Transfer to cost recovery effective October 1, 2013		$ (7,679,000)
Income recognized on finance receivables, net			(7,521,000)
Reclassifications from nonaccretable difference	[1]		6,131,000
Balance at end of period			$ 12,118,000
[1]	Includes portfolios that became zero basis during the period, removal of zero basis portfolios from the accretable yield calculation and other immaterial impairments and accretions based on the extension of certain collection curves.

Collections on Gross Basis Less

Collections on Gross Basis Less Commissions and Direct Costs (Detail) - USD ($)		3 Months Ended
		Dec. 31, 2013	Dec. 31, 2012
Consumer Receivables Acquired For Liquidation [Line Items]
Gross collections	[1]	$ 17,325,000	$ 22,086,000
Commissions and fees	[2]	7,121,000	8,477,000
Net collections		$ 10,204,000	$ 13,609,000
[1]	Gross collections include: collections from third-party collection agencies and attorneys, collections from in-house efforts, and collections represented by account sales.
[2]	Commissions and fees are the contractual commission earned by third party collection agencies and attorneys, and direct costs associated with the collection effort, generally court costs. Includes a 3% fee charged by a servicer on gross collections received by the Company in connection with the Portfolio Purchase. Such arrangement was consummated in December 2007. The fee is charged for asset location, skip tracing and ultimately suing debtors in connection with this portfolio purchase.

Collections on Gross Basis Le57

Collections on Gross Basis Less Commissions and Direct Costs (Parenthetical) (Detail)	3 Months Ended
	Dec. 31, 2013
Consumer Receivables Acquired For Liquidation [Line Items]
Fee charged on portfolio purchase	3.00%

Acquisition of CBC Restated and

Acquisition of CBC Restated and Revised - Additional Information (Detail) - USD ($)		3 Months Ended
		Dec. 31, 2013	Dec. 31, 2012
Business Acquisition [Line Items]
Total Revenue		$ 7,427,000	$ 9,672,000
Pro forma basis, total revenues		9,062,000	10,680,000
Net income attributable to Asta Funding, Inc.	[1]	947,000	2,488,000
Pro forma basis, net income attributable to Asta Funding, Inc		$ 989,000	$ 2,530,000
CBC
Business Acquisition [Line Items]
Ownership interest acquired, percent		80.00%
Purchase price		$ 5,900,000
Financing to CBC		$ 5,000,000
Non-controlling ownership interest, percent		20.00%
Minimum distribution to be received by parent before distribution to noncontrolling Interests		$ 2,337,190
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Fair Value of Assets Acquired a

Fair Value of Assets Acquired and Liabilities Assumed (Detail) - Dec. 31, 2013 - USD ($)		Total
Business Acquisition [Line Items]
Cash		$ 351,000
Structured settlements	[1]	30,436,000
Other assets		11,000
Other liabilities		(356,000)
Other debt - CBC (including non-recourse notes payable amounting to $13.8 million) (see Note 11: Other debt-CBC)		(25,863,000)
Total identifiable net assets acquired		4,579,000
Goodwill (see Note 9: Goodwill)		1,360,000
Purchase Price		$ 5,939,000
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Fair Value of Assets Acquired60

Fair Value of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) $ in Millions		Dec. 31, 2013USD ($)
Business Acquisition [Line Items]
Non-recourse notes payable	[1]	$ 13.8
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Other Investments - Additional

Other Investments - Additional Information (Detail) - USD ($)		May. 18, 2012	Dec. 31, 2013	Dec. 31, 2012
Other Investments [Line Items]
Net income (loss) attributable to non-controlling interest	[1]		$ 449,000	$ 45,000
Revolving line of credit		$ 1,000,000
Bearing interest at prime rate, with initial term		24 months
Company's investment in cases through BPCM, reserve established amount			1,900,000
Recognized revenue through BPCM			0	0
Pegasus Legal Funding LLC
Other Investments [Line Items]
Earnings in interest and fees			2,800,000	1,200,000
Company's investment in personal injury			30,500,000	23,000,000
Net income (loss) attributable to non-controlling interest			449,000	$ 45,000
Reserves for bad debts			$ 1,900,000
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Furniture and Equipment (Detail

Furniture and Equipment (Detail) - USD ($)		Dec. 31, 2013	Sep. 30, 2013
Property, Plant and Equipment [Line Items]
Total		$ 5,242,000	$ 5,242,000
Less accumulated depreciation		4,286,000	4,136,000
Furniture and equipment, net	[1]	956,000	1,106,000
Furniture
Property, Plant and Equipment [Line Items]
Total		310,000	310,000
Equipment
Property, Plant and Equipment [Line Items]
Total		3,622,000	3,622,000
Software
Property, Plant and Equipment [Line Items]
Total		1,211,000	1,211,000
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total		$ 99,000	$ 99,000
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Goodwill - Additional Informati

Goodwill - Additional Information (Detail) - USD ($)	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Goodwill [Line Items]
Impairment loss	$ 0	$ 0

Goodwill (Detail)

Goodwill (Detail)		3 Months Ended
		Dec. 31, 2013USD ($)
Goodwill [Line Items]
Beginning balance	[1]	$ 1,410,000
Goodwill from acquisition (see Note 6: Acquisition of CBC)		1,360,000
Ending balance	[1]	$ 2,770,000
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Non-Recourse Debt - Additional

Non-Recourse Debt - Additional Information (Detail) - USD ($) $ in Millions	Aug. 07, 2013	Mar. 31, 2007	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2013
Debt Instrument [Line Items]
Receivables financing agreement, consecutive months		3 years
Portfolio purchase		$ 300	$ 300
Percentage of ownership in Palisades XVI	100.00%
Prepayment fund	$ 15
BMO right to receive from future net collections	30.00%
Aggregate minimum repayment obligations 2014			3.4
Aggregate minimum repayment obligations 2015			3.6
Revolving debt level Liquidity			$ 33.1		$ 35.8
Average interest rate			0.42%	3.71%
Average debt obligation			$ 34.2	$ 60
Fifth Amendment
Debt Instrument [Line Items]
Applicable interest rate			0.42%		0.43%
Receivables Financing Agreement
Debt Instrument [Line Items]
Receivables Financing Agreement		$ 227

Other Debt-CBC - Additional Inf

Other Debt-CBC - Additional Information (Detail) - Dec. 31, 2013 - USD ($)		Total
Debt Instrument [Line Items]
Assumed debt related to acquisition		$ 25,863,000
Debt amount of settlement	[1]	2,500,000
Other long term debt outstanding amount	[1]	23,363,000
Issuance of debt notes by Special Purpose Entities	[1]	13,800,000
CBC
Debt Instrument [Line Items]
Assumed debt related to acquisition		25,900,000
Debt amount of settlement		2,500,000
Other long term debt outstanding amount		23,363,000
Amount from line of credit facility		9,596,000
Issuance of debt notes by Special Purpose Entities		$ 13,767,000
Ownership interest acquired, percent		80.00%
CBC | SPE
Debt Instrument [Line Items]
Ownership interest acquired, percent		100.00%
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Component of Other Debt from Ac

Component of Other Debt from Acquisition (Detail) - Dec. 31, 2013 - USD ($)		Total
Debt Instrument [Line Items]
Notes payable secured by settlement receivables with all principal and interest outstanding payable	[1]	$ 13,800,000
Total debt - CBC	[1]	23,363,000
CBC
Debt Instrument [Line Items]
Notes payable secured by settlement receivables with all principal and interest outstanding payable		13,767,000
$12,500,000 revolving line of credit, $2,904,000 available as of December 31, 2013, interest terms are prime + 1% with floor of 5.5%, expiring on September 30, 2014		9,596,000
Total debt - CBC		$ 23,363,000
CBC | Notes payable secured by settlement receivables with principal and interest outstanding payable until June 2025
Debt Instrument [Line Items]
Notes payable secured by settlement receivables with all principal and interest outstanding payable, interest rate		8.75%
Notes payable secured by settlement receivables with all principal and interest outstanding payable		$ 2,776,000
CBC | Notes payable secured by settlement receivables with principal and interest outstanding payable until August 2026
Debt Instrument [Line Items]
Notes payable secured by settlement receivables with all principal and interest outstanding payable, interest rate		7.25%
Notes payable secured by settlement receivables with all principal and interest outstanding payable		$ 5,884,000
CBC | Notes payable secured by settlement receivables with principal and interest outstanding payable until April 2032
Debt Instrument [Line Items]
Notes payable secured by settlement receivables with all principal and interest outstanding payable, interest rate		7.125%
Revolving line of credit, interest rate		5.50%
Notes payable secured by settlement receivables with all principal and interest outstanding payable		$ 5,107,000
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Component of Other Debt from 68

Component of Other Debt from Acquisition (Parenthetical) (Detail) - Dec. 31, 2013 - CBC - USD ($)	Total
Debt Instrument [Line Items]
Line of credit, Current borrowing capacity	$ 12,500,000
Line of credit, Remaining borrowing capacity	$ 2,904,000
Revolving line of credit, expiring date	Sep. 30, 2014
Prime rate
Debt Instrument [Line Items]
Revolving line of credit, basis spread on variable rate	1.00%
Notes payable secured by settlement receivables with principal and interest outstanding payable until June 2025
Debt Instrument [Line Items]
Notes payable secured by settlement receivables with all principal and interest outstanding payable, maturity date	2025-06
Notes payable secured by settlement receivables with principal and interest outstanding payable until August 2026
Debt Instrument [Line Items]
Notes payable secured by settlement receivables with all principal and interest outstanding payable, maturity date	2026-08
Notes payable secured by settlement receivables with principal and interest outstanding payable until April 2032
Debt Instrument [Line Items]
Notes payable secured by settlement receivables with all principal and interest outstanding payable, maturity date	2032-04

Commitments and Contingencies -

Commitments and Contingencies - additional Information (Detail)	3 Months Ended
	Dec. 31, 2013
Commitments and Contingencies [Line Items]
Lease expiry, year and month	2014-08

Income Recognition, Impairmen70

Income Recognition, Impairments, and Commissions and Fees - Additional Information (Detail) - USD ($)		3 Months Ended
		Dec. 31, 2013	Dec. 31, 2012
Income Recognition And Impairments [Line Items]
Total Revenues	[1]	$ 7,970,000	$ 10,492,000
Impairment charges		0	$ 106,000	[1]
CBC Acquisition LLC
Income Recognition And Impairments [Line Items]
Total Revenues		$ 0
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Income Tax [Line Items]
Provision for income tax expense	36.40%	40.00%
State and local net operating loss carry forwards expiration dates	September 2,029
Valuation allowance	$ 0
Federal Income Tax
Income Tax [Line Items]
Income tax returns subject to examination in years	3 years
State and Local Jurisdiction
Income Tax [Line Items]
Income tax returns subject to examination in years		4 years

Computation of Basic and Dilute

Computation of Basic and Diluted Per Share Data (Detail) - USD ($)		3 Months Ended
		Dec. 31, 2013	[1]	Dec. 31, 2012	[2]
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items]
Basic, Net Income		$ 947,000		$ 2,488,000
Effect of Dilutive Stock		0		0
Diluted, Net Income		$ 947,000		$ 2,488,000
Basic, Weighted Average Shares	[3]	12,974,239		12,941,242
Effect of Dilutive Stock, Weighted Average Shares		225,845		258,874
Diluted, Weighted Average Shares	[3]	13,200,084		13,200,116
Basic, Per share amount	[3]	$ 0.07		$ 0.19
Effect of Dilutive Stock, Per share amount		0		0
Diluted, Per share amount	[3]	$ 0.07		$ 0.19
[1]	Net income and per share data have been restated as explained in Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.
[2]	Net income and per share data have been revised as explained in Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.
[3]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Net Income Per Share - Addition

Net Income Per Share - Additional Information (Detail) - $ / shares	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Computation of Earnings Per Share [Line Items]
Shares excluded from diluted earnings per share calculation	960,669	1,013,189
Weighted average exercise price	$ 12.33	$ 13.12

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail)	1 Months Ended		3 Months Ended
	Dec. 31, 2013shares	Dec. 31, 2012Personshares	Dec. 31, 2013Installmentshares	Dec. 31, 2012shares	Sep. 30, 2013shares	Sep. 30, 2012shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares utilized	156,700	160,000	156,700	160,000
Stock option awarded	1,568,704	1,657,871	1,568,704	1,657,871	1,622,771	1,499,471
Number of installment period of stock options vested	3 years	3 years
Number of non-employee directors | Person		6
Number of shares vesting installments | Installment			3
Restricted stock to Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued			102,321
Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option awarded	70,000	65,000	70,000	65,000
Non Officer Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option awarded	86,700	75,000	86,700	75,000
Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option awarded		20,000		20,000

Weighted Average Assumptions Us

Weighted Average Assumptions Used in Option Pricing Model (Detail)	1 Months Ended	3 Months Ended
	Dec. 31, 2012	Dec. 31, 2013
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Risk-free interest rate	0.16%	0.08%
Expected term (years)	6 years	6 years 6 months
Expected volatility	101.00%	98.30%
Dividend yield	1.67%	0.00%

Stock Option Plans - Additional

Stock Option Plans - Additional Information (Detail)		1 Months Ended		3 Months Ended
		Dec. 31, 2013USD ($)shares	Dec. 31, 2012shares	Dec. 31, 2013USD ($)Employeeshares	Dec. 31, 2012USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares utilized | shares		156,700	160,000	156,700	160,000
Intrinsic value of the stock options outstanding		$ 574,000		$ 574,000
Intrinsic value of the stock options exercisable		$ 422,000		$ 422,000
Options exercised, Shares | shares				0	1,600
Fair value of the stock options, vested				$ 481,000	$ 833,000
Weighted average remaining contractual life of exercisable options				4 years 8 months 12 days
Fair value of the stock options, granted				$ 1,021,000	1,316,000
Proceeds from exercise of stock options	[1]				$ 11,000
Awards granted during period | shares					102,321
Stock-based employee compensation	[1]			$ 418,000	$ 439,000
Equity Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock authorized | shares		1,000,000		1,000,000
Stock option awarded stock issued | shares				0
Stock Option Plan expiration date				Mar. 21, 2012
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based employee compensation				$ 336,000	409,000
Unrecognized compensation cost		$ 2,718,000		$ 2,718,000
Unrecognized compensation cost, weighted average remaining period for recognition				1 year 10 months 24 days
Intrinsic value of the stock options exercised					5,000
Fair value of options exercised					9,000
Restricted stock to Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based employee compensation				$ 82,000	30,000
Unrecognized compensation cost		641,000		$ 641,000
Unrecognized compensation cost, weighted average remaining period for recognition				2 years
Fair value of awards, vested				$ 326,000	83,000
Awards granted during period | shares				0
Fair value of the stock options, granted				$ 979,000
Stock Options And Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 3,359,000		3,359,000
Stock-based employee compensation				$ 418,000	$ 439,000
Two Thousand And Twelve Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares utilized | shares				102,321
Eligible employees | Employee				53
Number of shares available | shares		1,530,979		1,530,979
Two Thousand And Twelve Plan | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock authorized | shares			2,000,000		2,000,000
Two Thousand And Twelve Plan | Options to purchase
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares utilized | shares				366,700
Two Thousand And Two Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock authorized | shares		1,000,000		1,000,000
Stock option awarded stock issued | shares				0
Stock Option Plan expiration date				Mar. 5, 2012
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Stock Option Plans (Detail)

Stock Option Plans (Detail) - $ / shares	1 Months Ended		3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding options at the beginning of period, Shares			1,622,771	1,499,471
Options granted, Shares	156,700	160,000	156,700	160,000
Options exercised, Shares			0	(1,600)
Options forfeited/canceled, Shares			(210,767)
Outstanding options at the end of period, Shares	1,568,704	1,657,871	1,568,704	1,657,871
Exercisable options at the end of period, Shares	977,035	1,123,070	977,035	1,123,070
Outstanding options at the beginning of period, Weighted Average Exercise Price			$ 11.31	$ 11.27
Options granted, Weighted Average Exercise Price			8.49	9.57
Options exercised, Weighted Average Exercise Price				6.96
Options forfeited/canceled, Weighted Average Exercise Price			14.39
Outstanding options at the end of period, Weighted Average Exercise Price	$ 10.61	$ 11.11	10.61	11.11
Exercisable options at the end of period, Weighted Average Exercise Price	$ 11.95	$ 12.36	$ 11.95	$ 12.36

Summary of Outstanding Options

Summary of Outstanding Options (Detail) - $ / shares	3 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Weighted Number Outstanding	1,568,704	1,622,771	1,657,871	1,499,471
Options Outstanding, Weighted Average Remaining Contractual Life (in Years)	6 years 3 months 18 days
Options Outstanding, Weighted Average Exercise Price	$ 10.61	$ 11.31	$ 11.11	$ 11.27
Options Exercisable, Number Shares Exercisable	977,035		1,123,070
Options Exercisable, Weighted Average Exercise Price	$ 11.95		$ 12.36
$2.8751 - $ 5.7500
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Lower Range	2.8751
Range of Exercise Price, Upper Range	$ 5.7500
Options Outstanding, Weighted Number Outstanding	17,500
Options Outstanding, Weighted Average Remaining Contractual Life (in Years)	5 years 3 months 18 days
Options Outstanding, Weighted Average Exercise Price	$ 2.95
Options Exercisable, Number Shares Exercisable	17,500
Options Exercisable, Weighted Average Exercise Price	$ 2.95
$5.7501 - $8.6250
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Lower Range	5.7501
Range of Exercise Price, Upper Range	$ 8.6250
Options Outstanding, Weighted Number Outstanding	934,600
Options Outstanding, Weighted Average Remaining Contractual Life (in Years)	7 years 7 months 6 days
Options Outstanding, Weighted Average Exercise Price	$ 7.93
Options Exercisable, Number Shares Exercisable	499,600
Options Exercisable, Weighted Average Exercise Price	$ 7.77
$8.6251 - $14.3750
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Lower Range	8.6251
Range of Exercise Price, Upper Range	$ 14.3750
Options Outstanding, Weighted Number Outstanding	260,000
Options Outstanding, Weighted Average Remaining Contractual Life (in Years)	8 years 9 months 18 days
Options Outstanding, Weighted Average Exercise Price	$ 9.77
Options Exercisable, Number Shares Exercisable	103,331
Options Exercisable, Weighted Average Exercise Price	$ 10.50
$14.3751 - $17.2500
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Lower Range	14.3751
Range of Exercise Price, Upper Range	$ 17.2500
Options Outstanding, Weighted Number Outstanding	1,944
Options Outstanding, Weighted Average Remaining Contractual Life (in Years)	4 months 24 days
Options Outstanding, Weighted Average Exercise Price	$ 15.99
Options Exercisable, Number Shares Exercisable	1,944
Options Exercisable, Weighted Average Exercise Price	$ 15.99
$17.2501- $20.1250
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Lower Range	17.2501
Range of Exercise Price, Upper Range	$ 20.1250
Options Outstanding, Weighted Number Outstanding	339,660
Options Outstanding, Weighted Average Remaining Contractual Life (in Years)	9 months 18 days
Options Outstanding, Weighted Average Exercise Price	$ 18.23
Options Exercisable, Number Shares Exercisable	339,660
Options Exercisable, Weighted Average Exercise Price	$ 18.23
$25.8751 - $28.7500
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Lower Range	25.8751
Range of Exercise Price, Upper Range	$ 28.7500
Options Outstanding, Weighted Number Outstanding	15,000
Options Outstanding, Weighted Average Remaining Contractual Life (in Years)	3 years
Options Outstanding, Weighted Average Exercise Price	$ 28.75
Options Exercisable, Number Shares Exercisable	15,000
Options Exercisable, Weighted Average Exercise Price	$ 28.75

Summary of Restricted Stock Tra

Summary of Restricted Stock Transactions (Detail) - $ / shares	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at the beginning of period, Shares	102,321	10,922
Awards granted, Shares		102,321
Vested, Shares	(34,107)	(10,922)
Forfeited, Shares	0	0
Unvested at the end of period, Shares	68,214	102,321
Unvested at the beginning of period, Weighted Average Grant Date Fair Value	$ 9.57	$ 7.63
Awards granted, Weighted Average Grant Date Fair Value		9.57
Vested, Weighted Average Grant Date Fair Value	9.57	7.63
Forfeited, Weighted Average Grant Date Fair Value	0	0
Unvested at the end of period, Weighted Average Grant Date Fair Value	$ 9.57	$ 9.57

Stockholders' Equity and Prio80

Stockholders' Equity and Prior Period Adjustments- Additional Information (Detail) - USD ($)		Dec. 13, 2012	Sep. 30, 2012	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2013	Mar. 09, 2012
Stockholders Equity Note [Line Items]
Cash dividends		$ 1,030,000	$ 260,000	$ 0
Dividend payment, date of record		Dec. 24, 2012
Dividend per share		$ 0.08	$ 0.02
Dividend, date of payment		Dec. 28, 2012	Nov. 1, 2012
Stock repurchase program authorized amount							$ 20,000,000
Aggregate cost	[1]				$ 1,386,000
Other comprehensive income (loss)	[1]			(755,000)		$ (674,000)
Restatement Adjustment
Stockholders Equity Note [Line Items]
Increase in finance receivables				6,400,000
Decrease in deferred taxes				(2,700,000)
Increase to retained earnings				3,700,000
Pegasus
Stockholders Equity Note [Line Items]
Other comprehensive income (loss)				$ (17,000)
Additional Stock
Stockholders Equity Note [Line Items]
Treasury stock, shares					151,000
Aggregate cost					$ 1,386,000
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.

Fair Value of Financial Measu81

Fair Value of Financial Measurements (Detail) - USD ($)		Dec. 31, 2013	Sep. 30, 2013
Financial assets
Available-for-sale investments	[1]	$ 58,479,000	$ 58,035,000
Structured settlements	[1]	30,436,000
Non-Recourse Debt Bank of Montreal	[1]	33,132,000	35,760,000
Financial liabilities
Non-Recourse Debt Bank of Montreal	[1]	33,132,000	35,760,000
Other debt - CBC, non-recourse notes payable with varying installments	[1]	13,800,000
Carrying Amount | Level 1
Financial assets
Available-for-sale investments		58,479,000	58,035,000
Carrying Amount | Level 3
Financial assets
Consumer receivables acquired for liquidation		59,218,000	64,254,000
Structured settlements		30,436,000
Non-Recourse Debt Bank of Montreal		33,132,000	35,760,000
Financial liabilities
Non-Recourse Debt Bank of Montreal		33,132,000	35,760,000
Other debt - CBC, revolving line of credit		9,596,000
Other debt - CBC, non-recourse notes payable with varying installments		13,767,000
Fair Value | Level 1
Financial assets
Available-for-sale investments		58,479,000	58,035,000
Fair Value | Level 3
Financial assets
Consumer receivables acquired for liquidation		61,833,000	70,875,000
Structured settlements		30,436,000
Non-Recourse Debt Bank of Montreal		24,570,000	27,000,000
Financial liabilities
Non-Recourse Debt Bank of Montreal		24,570,000	$ 27,000,000
Other debt - CBC, revolving line of credit		9,596,000
Other debt - CBC, non-recourse notes payable with varying installments		$ 13,767,000
[1]	For discussion on the adjustments, see Note 2 - Restatement of Quarterly Financial Statements and Revision of Prior Period Financial Statements.