Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 14, 2018 | Mar. 31, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | ASTA FUNDING INC | ||
Entity Central Index Key | 1,001,258 | ||
Trading Symbol | asfi | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 6,685,415 | ||
Entity Public Float | $ 48,889 | ||
Document Type | 10-K/A | ||
Document Period End Date | Sep. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | true | ||
Amendment Description | As previously disclosed in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on January 18, 2018, the Board of Directors (the "Board") of Asta Funding, Inc. ("Asta" or the "Company"), upon the recommendation of the Audit Committee of the Board (the "Audit Committee"), determined that the Company's previously issued financial statements for each of the years ended September 30, 2016, 2015 and 2014 and the interim periods contained therein (collectively, the "Non-Reliance Periods"), could no longer be relied upon. As a result, the Company is filing this Amendment No. 1 on Form 10-K/A (this "Amendment") to amend and restate the Company's original Annual Report on Form 10-K for the fiscal year ended September 30, 2016, which was filed with the SEC on December 14, 2016 (the "Original Form 10-K"). The Board, upon recommendation of the Audit Committee, also determined that the Company's previously issued unaudited financial statements for the quarters ended December 31, 2016, March 31, 2017 and June 30, 2017 can no longer be relied upon. As a result, the Company expects to file, at a later time, amendments to its Quarterly Reports on Form 10-Q for those quarters. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |||||
ASSETS | ||||||||||||||||||
Cash and cash equivalents | $ 16,282,000 | $ 14,589,000 | $ 17,533,000 | $ 19,117,000 | $ 19,947,000 | $ 22,718,000 | $ 22,628,000 | $ 25,663,000 | $ 26,147,000 | $ 24,579,000 | $ 25,862,000 | $ 33,260,000 | $ 34,190,000 | |||||
Available-for-sale investments | 56,763,000 | 56,744,000 | 55,589,000 | 55,045,000 | 59,727,000 | 69,686,000 | 70,110,000 | 66,991,000 | ||||||||||
Consumer receivables acquired for liquidation (at net realizable value) | 13,427,000 | 14,485,000 | 16,440,000 | 18,809,000 | 15,057,000 | 17,238,000 | 21,307,000 | 24,078,000 | ||||||||||
Other investments | 3,590,000 | 3,426,000 | 3,417,000 | 4,183,000 | 4,239,000 | 4,412,000 | 3,382,000 | 4,693,000 | ||||||||||
Due from third party collection agencies and attorneys | 1,050,000 | 971,000 | 1,078,000 | 995,000 | 1,347,000 | 1,216,000 | 1,909,000 | 1,503,000 | ||||||||||
Prepaid and income taxes receivable | 714,000 | 4,600,000 | 6,999,000 | 6,293,000 | 7,595,000 | 149,000 | 807,000 | |||||||||||
Furniture and equipment (net of accumulated depreciation of $1,662,000 at September 30, 2016 and $4,816,000 at September 30, 2015) | 196,000 | 173,000 | 306,000 | 335,000 | 426,000 | 420,000 | 475,000 | 595,000 | ||||||||||
Equity method investment | 48,582,000 | 45,118,000 | 37,613,000 | 36,418,000 | 40,751,000 | 39,187,000 | 35,881,000 | 35,086,000 | ||||||||||
Deferred income taxes | 14,903,000 | 12,891,000 | 12,729,000 | 13,183,000 | 13,484,000 | 9,845,000 | 7,376,000 | 6,716,000 | ||||||||||
Goodwill | 1,410,000 | 1,410,000 | 1,410,000 | 1,410,000 | 1,410,000 | 1,410,000 | 1,410,000 | 1,410,000 | ||||||||||
Other assets | 6,585,000 | 7,445,000 | 7,238,000 | 7,364,000 | 6,803,000 | 7,142,000 | 7,233,000 | 6,173,000 | ||||||||||
Assets related to discontinued operations | 91,506,000 | 84,768,000 | 80,087,000 | 74,628,000 | 70,023,000 | 61,947,000 | 54,581,000 | 48,651,000 | ||||||||||
Total assets | 255,008,000 | 246,620,000 | 240,439,000 | 237,780,000 | 240,326,000 | 235,221,000 | 226,441,000 | 222,366,000 | 217,200,000 | [1],[2] | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||
Other liabilities | 3,987,000 | 4,323,000 | 3,921,000 | 1,868,000 | 2,375,000 | 1,607,000 | 457,000 | 462,000 | ||||||||||
Liabilities related to discontinued operations | 69,238,000 | 64,753,000 | 61,470,000 | 58,216,000 | 54,544,000 | 49,341,000 | 43,379,000 | 39,397,000 | ||||||||||
Total liabilities | 73,225,000 | 69,076,000 | 65,391,000 | 60,084,000 | 56,919,000 | 52,240,000 | 43,836,000 | 39,859,000 | ||||||||||
Commitments and contingencies | [3] | [3] | [4] | [3] | ||||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||||
Preferred stock | ||||||||||||||||||
Common stock | 133,000 | 133,000 | 132,000 | 132,000 | 131,000 | 131,000 | 131,000 | 130,000 | ||||||||||
Additional paid-in capital | 67,034,000 | 66,582,000 | 65,620,000 | 65,423,000 | 65,049,000 | 64,756,000 | 64,472,000 | 64,081,000 | ||||||||||
Retained earnings | 126,738,000 | 122,764,000 | 118,898,000 | 120,728,000 | 119,165,000 | 118,838,000 | 118,017,000 | 118,120,000 | ||||||||||
Accumulated other comprehensive (loss) income, net of income taxes | 803,000 | 990,000 | 512,000 | 344,000 | 20,000 | (1,141,000) | (308,000) | 38,000 | 145,000 | |||||||||
Treasury stock (at cost) | (12,925,000) | (12,925,000) | (10,114,000) | (8,931,000) | (1,751,000) | |||||||||||||
Non-controlling interests | 793,000 | 397,000 | 293,000 | 138,000 | ||||||||||||||
Total stockholders’ equity | 181,783,000 | 177,544,000 | 175,048,000 | 177,696,000 | 183,407,000 | 182,981,000 | 182,605,000 | 182,507,000 | $ 181,768,000 | $ 181,274,000 | $ 175,811,000 | $ 174,882,000 | $ 173,468,000 | |||||
Total liabilities and stockholders’ equity | $ 255,008,000 | $ 246,620,000 | $ 240,439,000 | $ 237,780,000 | $ 240,326,000 | $ 235,221,000 | $ 226,441,000 | $ 222,366,000 | ||||||||||
[1] | Includes other amounts in other line items on the consolidated balance sheet and excludes assets from discontinued operations. | |||||||||||||||||
[2] | The Company has included assets related to discontinued operations under Corporate. See Note 2 - Discontinued Operations in the Company's notes to consolidated financial statements. | |||||||||||||||||
[3] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | |||||||||||||||||
[4] | In connection with the Company determining it lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods, the Company has corrected the presentation and has now accounted for its investment in Pegasus under the equity method in accordance with ASC 810 - Consolidation and US GAAP. The correction of the error has resulted in a reduction in total revenues of $20,212,000, $8,482,000 and $7,134,000 for the years ended September 30, 2016, 2015 and 2014, respectively, a reduction in expenses of $7,151,000, $8,425,000 and $4,845,000 for the years ended September 30, 2016, 2015 and 2014, respectively, and a decrease in non-controlling interest of $2,612,000, $11,000 and $458,000 for the years ended September 30, 2016, 2015 and 2014, respectively. This change to the equity method of accounting had no effect on net income during the Non-Reliance Periods. Additionally, there were other corrections made to the Pegasus financial statements which have been included in the adjustment column in the restatement tables, which are included in #6, below. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Furniture and equipment, accumulated depreciation | $ 1,662,000 | $ 4,816,000 | ||||||
Preferred stock, authorized (in shares) (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, par value (in dollars per share) (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, issued (in shares) (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Preferred stock, outstanding (in shares) (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 |
Common stock, issued (in shares) | 13,336,508 | 13,297,508 | 13,197,476 | 13,189,977 | 13,061,673 | 13,060,839 | 13,060,839 | 13,060,839 |
Common stock, outstanding (in shares) | 11,876,224 | 11,837,224 | 12,011,476 | 12,154,177 | 12,859,873 | 13,060,839 | 13,060,839 | 13,060,839 |
Treasury stock, shares (in shares) | 1,460,284 | 1,460,284 | 1,186,000 | 1,035,800 | 201,800 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues: | |||||||||||||||||||||
Finance Income Recognized | $ 4,333,000 | $ 4,572,000 | $ 4,879,000 | $ 5,106,000 | $ 5,030,000 | $ 5,090,000 | $ 5,454,000 | $ 4,990,000 | $ 5,015,000 | $ 4,984,000 | $ 5,011,000 | $ 4,594,000 | $ 9,985,000 | $ 10,444,000 | $ 9,605,000 | $ 14,557,000 | $ 15,534,000 | $ 14,589,000 | $ 18,890,000 | $ 20,564,000 | $ 19,604,000 |
Disability fee income | 1,311,000 | 1,169,000 | 872,000 | 659,000 | 523,000 | 552,000 | 200,000 | 159,000 | 125,000 | 137,000 | 86,000 | 30,000 | 1,531,000 | 359,000 | 116,000 | 2,700,000 | 911,000 | 253,000 | 4,011,000 | 1,434,000 | 378,000 |
Total revenues | 5,644,000 | 5,741,000 | 5,751,000 | 5,765,000 | 5,553,000 | 5,642,000 | 5,654,000 | 5,149,000 | 5,140,000 | 5,121,000 | 5,097,000 | 4,624,000 | 11,516,000 | 10,803,000 | 9,721,000 | 17,257,000 | 16,445,000 | 14,842,000 | 22,901,000 | 21,998,000 | 19,982,000 |
Forgiveness of non-recourse debt | 26,101,000 | 26,101,000 | 26,101,000 | ||||||||||||||||||
Other income (includes ($63,000), ($155,000), and ($143,000) during the years ended September 30, 2016, 2015 and 2014, respectively, of accumulated other comprehensive income reclassifications for realized net losses on securities). | 528,000 | 176,000 | 608,000 | 392,000 | 352,000 | 519,000 | 221,000 | 477,000 | 279,000 | 200,000 | 408,000 | 510,000 | 1,000,000 | 698,000 | 918,000 | 1,176,000 | 1,217,000 | 1,118,000 | 1,704,000 | 1,569,000 | 1,397,000 |
6,172,000 | 5,917,000 | 6,359,000 | 6,157,000 | 5,905,000 | 6,161,000 | 5,875,000 | 5,626,000 | 5,419,000 | 31,422,000 | 5,505,000 | 5,134,000 | 12,516,000 | 11,501,000 | 10,639,000 | 18,433,000 | 17,662,000 | 42,061,000 | 24,605,000 | 23,567,000 | 47,480,000 | |
Expenses: | |||||||||||||||||||||
General and administrative expenses | 6,287,000 | 7,069,000 | 10,222,000 | 5,729,000 | 6,764,000 | 5,741,000 | 6,453,000 | 5,420,000 | 5,385,000 | 4,324,000 | 5,587,000 | 5,234,000 | 15,951,000 | 11,873,000 | 10,821,000 | 23,020,000 | 17,614,000 | 15,145,000 | 29,308,000 | 24,378,000 | 20,530,000 |
Interest expense | 3,000 | 6,000 | 9,000 | 15,000 | 18,000 | 18,000 | |||||||||||||||
Impairments of consumer receivables acquired for liquidation | 41,000 | 124,000 | 19,591,000 | 124,000 | 124,000 | 19,591,000 | 164,000 | 19,591,000 | |||||||||||||
(Earnings) loss from equity method investment | (2,531,000) | (6,193,000) | (333,000) | (1,494,000) | (415,000) | 79,000 | (10,000) | 400,000 | 55,000 | (215,000) | 25,000 | (1,796,000) | (1,827,000) | 390,000 | (1,771,000) | (6,193,000) | 469,000 | (1,986,000) | (10,551,000) | 54,000 | (1,931,000) |
3,797,000 | 876,000 | 10,013,000 | 4,235,000 | 6,349,000 | 5,820,000 | 6,443,000 | 5,820,000 | 5,440,000 | 23,703,000 | 5,618,000 | 3,447,000 | 14,248,000 | 12,263,000 | 9,065,000 | 15,124,000 | 18,083,000 | 32,768,000 | 18,921,000 | 24,432,000 | 38,208,000 | |
Income (loss) before income tax from continuing operations | 2,375,000 | 5,041,000 | (3,654,000) | 1,922,000 | (444,000) | 341,000 | (568,000) | (194,000) | (21,000) | 7,719,000 | (113,000) | 1,687,000 | (1,732,000) | (762,000) | 1,574,000 | 3,309,000 | (421,000) | 9,293,000 | 5,684,000 | (865,000) | 9,272,000 |
Provision for income taxes | $ (97,000) | 1,752,000 | (1,269,000) | 631,000 | $ (67,000) | 11,000 | 517,000 | 2,984,000 | (17,000) | 655,000 | (638,000) | 11,000 | 638,000 | 1,114,000 | 11,000 | 3,622,000 | 1,017,000 | (56,000) | 4,139,000 | ||
Income (loss) from continuing operations | (2,385,000) | 1,291,000 | (205,000) | $ (538,000) | 4,735,000 | 1,032,000 | (1,094,000) | (773,000) | 936,000 | 2,195,000 | (432,000) | 5,671,000 | 4,667,000 | (809,000) | 5,133,000 | ||||||
Income from discontinued operations | 2,906,000 | 1,776,000 | 371,000 | ||||||||||||||||||
Net income | $ 3,866,000 | $ (1,830,000) | $ 1,563,000 | $ 821,000 | $ (103,000) | $ (78,000) | $ 4,649,000 | $ (6,000) | $ 1,032,000 | $ (267,000) | $ (181,000) | $ 1,026,000 | $ 3,599,000 | $ 640,000 | $ 5,675,000 | $ 7,573,000 | $ 967,000 | $ 5,504,000 | |||
Basic earnings (loss) per common share from continuing operations (in dollars per share) | $ 0.21 | $ 0.27 | $ (0.20) | $ 0.11 | $ (0.03) | $ 0.02 | $ (0.04) | $ (0.02) | $ (0.04) | $ 0.36 | $ (0.01) | $ 0.08 | $ (0.09) | $ (0.06) | $ 0.07 | $ 0.18 | $ (0.03) | $ 0.44 | $ 0.39 | $ (0.06) | $ 0.39 |
Basic earnings per common share from discontinued operations (in dollars per share) | 0.12 | 0.05 | 0.05 | 0.02 | 0.05 | 0.04 | 0.03 | 0.01 | 0.03 | (0.01) | 0.01 | 0.07 | 0.05 | 0.01 | 0.12 | 0.08 | 0 | 0.24 | 0.13 | 0.03 | |
Basic earnings per share (in dollars per share) | 0.33 | 0.32 | (0.15) | 0.13 | 0.02 | 0.06 | (0.01) | (0.01) | (0.01) | 0.35 | 0 | 0.08 | (0.02) | (0.01) | 0.08 | 0.30 | 0.05 | 0.44 | 0.63 | 0.07 | 0.42 |
Diluted earnings (loss) per common share from continuing operations (in dollars per share) | 0.19 | 0.26 | (0.20) | 0.10 | (0.03) | 0.02 | (0.04) | (0.02) | (0.04) | 0.36 | (0.01) | 0.08 | (0.09) | (0.06) | 0.07 | 0.18 | (0.03) | 0.43 | 0.37 | (0.06) | 0.39 |
Diluted earnings per common share from discontinuing operations (in dollars per share) | 0.12 | 0.05 | 0.05 | 0.02 | 0.05 | 0.04 | 0.03 | 0.01 | 0.03 | (0.01) | 0.01 | 0.07 | 0.05 | 0.01 | 0.11 | 0.08 | 0 | 0.24 | 0.13 | 0.03 | |
Diluted earnings per share (in dollars per share) | $ 0.31 | $ 0.31 | $ (0.15) | $ 0.12 | $ 0.02 | $ 0.06 | $ (0.01) | $ (0.01) | $ (0.01) | $ 0.35 | $ 0 | $ 0.08 | $ (0.02) | $ (0.01) | $ 0.08 | $ 0.29 | $ 0.05 | $ 0.43 | $ 0.61 | $ 0.07 | $ 0.42 |
Weighted-average shares outstanding: | |||||||||||||||||||||
Basic (in shares) | 12,023,077 | 11,897,139 | 12,076,120 | 12,155,421 | 13,042,169 | 13,060,839 | 13,060,839 | 13,013,719 | 12,985,838 | 12,984,882 | 12,979,350 | 12,974,239 | 12,115,987 | 13,036,938 | 12,976,766 | 12,023,156 | 13,044,905 | 12,979,472 | 11,996,500 | 13,044,215 | 12,981,076 |
Diluted (in shares) | 12,672,973 | 12,433,424 | 12,076,120 | 12,431,886 | 13,323,796 | 13,313,406 | 13,060,839 | 13,013,719 | 13,199,636 | 13,214,703 | 12,979,350 | 13,200,084 | 12,115,987 | 13,036,938 | 13,204,671 | 12,294,073 | 13,311,776 | 13,208,015 | 12,508,561 | 13,314,605 | 13,205,933 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parentheticals) - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reclassification for unrealized net gain (loss) on available for sale securities | $ (63,000) | $ (155,000) | $ (143,000) |
Income tax (benefit) expense | $ 24,000 | $ 62,000 | $ 59,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Comprehensive income is as follows: | ||||||||||||||||||
Net income (loss) | $ 3,866,000 | $ (1,830,000) | $ 1,563,000 | $ 821,000 | $ (103,000) | $ (78,000) | $ 4,649,000 | $ (6,000) | $ 1,032,000 | $ (267,000) | $ (181,000) | $ 1,026,000 | $ 3,599,000 | $ 640,000 | $ 5,675,000 | $ 7,573,000 | $ 967,000 | $ 5,504,000 |
Net unrealized securities gain/(loss), net | 560,000 | 156,000 | 330,000 | (223,000) | (48,000) | (183,000) | 394,000 | 452,000 | (66,000) | 486,000 | (231,000) | 386,000 | 1,046,000 | (454,000) | 780,000 | 867,000 | (254,000) | 902,000 |
Reclassification adjustments for securities sold, net of tax benefit | (19,000) | (20,000) | (95,000) | 23,000 | (69,000) | (15,000) | (20,000) | 23,000 | (15,000) | (39,000) | (72,000) | (84,000) | (38,000) | (93,000) | (86,000) | |||
Foreign currency translation, net of tax benefit (expense) | (63,000) | 12,000 | 14,000 | (515,000) | (298,000) | 53,000 | (4,000) | 26,000 | (245,000) | (37,000) | (760,000) | (4,000) | (46,000) | 222,000 | 3,000 | |||
Net current-period other comprehensive income | 478,000 | 168,000 | 324,000 | (833,000) | (346,000) | (107,000) | 321,000 | 452,000 | (81,000) | 492,000 | (453,000) | 371,000 | 970,000 | (1,286,000) | 692,000 | 783,000 | (125,000) | 819,000 |
Total comprehensive income | $ 4,344,000 | $ (1,662,000) | $ 1,887,000 | $ (12,000) | $ (449,000) | $ (185,000) | $ 4,970,000 | $ 446,000 | $ 951,000 | $ 225,000 | $ (634,000) | $ 1,397,000 | $ 4,569,000 | $ (646,000) | $ 6,367,000 | $ 8,356,000 | $ 842,000 | $ 6,323,000 |
Consolidated Statements of Com7
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Unrealized gain (loss) on marketable securities, tax | $ 373,000 | $ 220,000 | $ 148,000 | $ 32,000 | $ 126,000 | $ 263,000 | $ 306,000 | $ 58,000 | $ (283,000) | $ (32,000) | $ 306,000 | $ (647,000) | $ 306,000 | $ (528,000) | $ 297,000 | $ (597,000) | ||
Reclassification adjustments for securities, tax (expense) benefit | 13,000 | 11,000 | 64,000 | 16,000 | $ 47,000 | $ 10,000 | 24,000 | 48,000 | 25,000 | 62,000 | 57,000 | |||||||
Foreign currency translation, tax benefit (expense) | $ 42,000 | $ 8,000 | $ 9,000 | $ 343,000 | $ 199,000 | $ (35,000) | $ (17,000) | $ 199,000 | $ 42,000 | $ 506,000 | $ 31,000 | $ (148,000) | $ (2,000) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Sep. 30, 2013 | 14,917,977 | ||||||
Balance at Sep. 30, 2013 | $ 149,000 | $ 79,104,000 | $ 112,694,000 | $ (674,000) | $ (17,805,000) | $ 173,468,000 | |
Exercise of options (in shares) | |||||||
Exercise of options | |||||||
Stock based compensation expense | 418,000 | 418,000 | |||||
Net Income | 1,032,000 | 1,032,000 | |||||
Unrealized gain on marketable securities | (66,000) | (66,000) | |||||
Reclassification adjustments for securities sold, net of tax benefit | (15,000) | (15,000) | |||||
Foreign currency translation, net of tax benefit (expense) | |||||||
Non-controlling interest | 45,000 | 45,000 | |||||
Restricted stock (in shares) | |||||||
Balance (in shares) at Dec. 31, 2013 | 14,917,977 | ||||||
Balance at Dec. 31, 2013 | $ 149,000 | 79,522,000 | 113,726,000 | (755,000) | (17,805,000) | 45,000 | 174,882,000 |
Balance (in shares) at Sep. 30, 2013 | 14,917,977 | ||||||
Balance at Sep. 30, 2013 | $ 149,000 | 79,104,000 | 112,694,000 | (674,000) | (17,805,000) | 173,468,000 | |
Exercise of options (in shares) | 10,000 | ||||||
Exercise of options | 30,000 | 30,000 | |||||
Stock based compensation expense | 851,000 | 851,000 | |||||
Net Income | 1,026,000 | 1,026,000 | |||||
Unrealized gain on marketable securities | 386,000 | 386,000 | |||||
Reclassification adjustments for securities sold, net of tax benefit | (15,000) | (15,000) | |||||
Retirement of treasury stock (in shares) | (1,943,738) | ||||||
Retirement of treasury stock | $ (19,000) | (17,786,000) | 17,805,000 | ||||
Foreign currency translation, net of tax benefit (expense) | |||||||
Non-controlling interest | 65,000 | 65,000 | |||||
Restricted stock (in shares) | |||||||
Balance (in shares) at Mar. 31, 2014 | 12,984,239 | ||||||
Balance at Mar. 31, 2014 | $ 130,000 | 62,199,000 | 113,720,000 | (303,000) | 65,000 | 175,811,000 | |
Balance (in shares) at Sep. 30, 2013 | 14,917,977 | ||||||
Balance at Sep. 30, 2013 | $ 149,000 | 79,104,000 | 112,694,000 | (674,000) | (17,805,000) | 173,468,000 | |
Exercise of options (in shares) | 11,500 | ||||||
Exercise of options | 40,000 | 40,000 | |||||
Stock based compensation expense | 1,368,000 | 1,368,000 | |||||
Net Income | 5,675,000 | 5,675,000 | |||||
Unrealized gain on marketable securities | 780,000 | 780,000 | |||||
Reclassification adjustments for securities sold, net of tax benefit | (84,000) | (84,000) | |||||
Retirement of treasury stock (in shares) | (1,943,738) | ||||||
Retirement of treasury stock | $ (19,000) | (17,786,000) | 17,805,000 | ||||
Foreign currency translation, net of tax benefit (expense) | (4,000) | (4,000) | |||||
Non-controlling interest | 31,000 | 31,000 | |||||
Restricted stock (in shares) | |||||||
Balance (in shares) at Jun. 30, 2014 | 12,985,739 | ||||||
Balance at Jun. 30, 2014 | $ 130,000 | 62,726,000 | 118,369,000 | 18,000 | 31,000 | 181,274,000 | |
Balance (in shares) at Sep. 30, 2013 | 14,917,977 | ||||||
Balance at Sep. 30, 2013 | $ 149,000 | 79,104,000 | 112,694,000 | (674,000) | (17,805,000) | $ 173,468,000 | |
Exercise of options (in shares) | 11,600 | 11,600 | |||||
Exercise of options | 40,000 | $ 40,000 | |||||
Stock based compensation expense | 1,822,000 | 1,822,000 | |||||
Net Income | 5,504,000 | 5,504,000 | |||||
Unrealized gain on marketable securities | 902,000 | 902,000 | |||||
Reclassification adjustments for securities sold, net of tax benefit | (86,000) | (86,000) | |||||
Retirement of treasury stock (in shares) | (1,943,738) | ||||||
Retirement of treasury stock | $ (19,000) | (17,786,000) | 17,805,000 | ||||
Foreign currency translation, net of tax benefit (expense) | 3,000 | 3,000 | |||||
Non-controlling interest | 115,000 | 115,000 | |||||
Balance (in shares) at Sep. 30, 2014 | 12,985,839 | ||||||
Balance at Sep. 30, 2014 | $ 130,000 | 63,180,000 | 118,198,000 | 145,000 | 115,000 | 181,768,000 | |
Balance (in shares) at Dec. 31, 2013 | 14,917,977 | ||||||
Balance at Dec. 31, 2013 | $ 149,000 | 79,522,000 | 113,726,000 | (755,000) | (17,805,000) | 45,000 | 174,882,000 |
Net Income | (6,000) | ||||||
Reclassification adjustments for securities sold, net of tax benefit | |||||||
Foreign currency translation, net of tax benefit (expense) | |||||||
Balance (in shares) at Mar. 31, 2014 | 12,984,239 | ||||||
Balance at Mar. 31, 2014 | $ 130,000 | 62,199,000 | 113,720,000 | (303,000) | 65,000 | 175,811,000 | |
Net Income | 4,649,000 | ||||||
Reclassification adjustments for securities sold, net of tax benefit | (69,000) | ||||||
Foreign currency translation, net of tax benefit (expense) | (4,000) | ||||||
Balance (in shares) at Jun. 30, 2014 | 12,985,739 | ||||||
Balance at Jun. 30, 2014 | $ 130,000 | 62,726,000 | 118,369,000 | 18,000 | 31,000 | 181,274,000 | |
Balance (in shares) at Sep. 30, 2014 | 12,985,839 | ||||||
Balance at Sep. 30, 2014 | $ 130,000 | 63,180,000 | 118,198,000 | 145,000 | 115,000 | 181,768,000 | |
Exercise of options (in shares) | 60,000 | ||||||
Exercise of options | 469,000 | 469,000 | |||||
Stock based compensation expense | 432,000 | 432,000 | |||||
Net Income | (78,000) | (78,000) | |||||
Unrealized gain on marketable securities | (183,000) | (183,000) | |||||
Reclassification adjustments for securities sold, net of tax benefit | 23,000 | 23,000 | |||||
Foreign currency translation, net of tax benefit (expense) | 53,000 | 53,000 | |||||
Restricted stock (in shares) | 15,000 | ||||||
Balance (in shares) at Dec. 31, 2014 | 13,060,839 | ||||||
Balance at Dec. 31, 2014 | $ 130,000 | 64,081,000 | 118,120,000 | 38,000 | 138,000 | 182,507,000 | |
Balance (in shares) at Sep. 30, 2014 | 12,985,839 | ||||||
Balance at Sep. 30, 2014 | $ 130,000 | 63,180,000 | 118,198,000 | 145,000 | 115,000 | 181,768,000 | |
Exercise of options (in shares) | 60,000 | ||||||
Exercise of options | $ 1,000 | 469,000 | 470,000 | ||||
Stock based compensation expense | 823,000 | 823,000 | |||||
Net Income | (181,000) | (181,000) | |||||
Unrealized gain on marketable securities | (231,000) | (231,000) | |||||
Reclassification adjustments for securities sold, net of tax benefit | 23,000 | 23,000 | |||||
Foreign currency translation, net of tax benefit (expense) | (245,000) | (245,000) | |||||
Non-controlling interest | 178,000 | 178,000 | |||||
Restricted stock (in shares) | 15,000 | ||||||
Balance (in shares) at Mar. 31, 2015 | 13,060,839 | ||||||
Balance at Mar. 31, 2015 | $ 131,000 | 64,472,000 | 118,017,000 | (308,000) | 293,000 | 182,605,000 | |
Balance (in shares) at Sep. 30, 2014 | 12,985,839 | ||||||
Balance at Sep. 30, 2014 | $ 130,000 | 63,180,000 | 118,198,000 | 145,000 | 115,000 | 181,768,000 | |
Exercise of options (in shares) | 60,000 | ||||||
Exercise of options | $ 1,000 | 469,000 | 470,000 | ||||
Stock based compensation expense | 1,107,000 | 1,107,000 | |||||
Net Income | 640,000 | 640,000 | |||||
Unrealized gain on marketable securities | (454,000) | (454,000) | |||||
Reclassification adjustments for securities sold, net of tax benefit | (72,000) | (72,000) | |||||
Foreign currency translation, net of tax benefit (expense) | (760,000) | (760,000) | |||||
Non-controlling interest | 282,000 | 282,000 | |||||
Restricted stock (in shares) | 15,000 | ||||||
Balance (in shares) at Jun. 30, 2015 | 13,060,839 | ||||||
Balance at Jun. 30, 2015 | $ 131,000 | 64,756,000 | 118,838,000 | (1,141,000) | 397,000 | 182,981,000 | |
Balance (in shares) at Sep. 30, 2014 | 12,985,839 | ||||||
Balance at Sep. 30, 2014 | $ 130,000 | 63,180,000 | 118,198,000 | 145,000 | 115,000 | $ 181,768,000 | |
Exercise of options (in shares) | 60,834 | 60,834 | |||||
Exercise of options | $ 1,000 | 476,000 | $ 477,000 | ||||
Stock based compensation expense | 1,393,000 | 1,393,000 | |||||
Net Income | 967,000 | 967,000 | |||||
Unrealized gain on marketable securities | (254,000) | (254,000) | |||||
Reclassification adjustments for securities sold, net of tax benefit | (93,000) | (93,000) | |||||
Foreign currency translation, net of tax benefit (expense) | 222,000 | 222,000 | |||||
Non-controlling interest | 678,000 | 678,000 | |||||
Restricted stock (in shares) | 15,000 | ||||||
Purchase of treasury stock | (1,751,000) | (1,751,000) | |||||
Balance (in shares) at Sep. 30, 2015 | 13,061,673 | ||||||
Balance at Sep. 30, 2015 | $ 131,000 | 65,049,000 | 119,165,000 | 20,000 | (1,751,000) | 793,000 | 183,407,000 |
Balance (in shares) at Dec. 31, 2014 | 13,060,839 | ||||||
Balance at Dec. 31, 2014 | $ 130,000 | 64,081,000 | 118,120,000 | 38,000 | 138,000 | 182,507,000 | |
Net Income | (103,000) | ||||||
Foreign currency translation, net of tax benefit (expense) | (298,000) | ||||||
Balance (in shares) at Mar. 31, 2015 | 13,060,839 | ||||||
Balance at Mar. 31, 2015 | $ 131,000 | 64,472,000 | 118,017,000 | (308,000) | 293,000 | 182,605,000 | |
Net Income | 821,000 | ||||||
Reclassification adjustments for securities sold, net of tax benefit | (95,000) | ||||||
Foreign currency translation, net of tax benefit (expense) | (515,000) | ||||||
Balance (in shares) at Jun. 30, 2015 | 13,060,839 | ||||||
Balance at Jun. 30, 2015 | $ 131,000 | 64,756,000 | 118,838,000 | (1,141,000) | 397,000 | 182,981,000 | |
Balance (in shares) at Sep. 30, 2015 | 13,061,673 | ||||||
Balance at Sep. 30, 2015 | $ 131,000 | 65,049,000 | 119,165,000 | 20,000 | (1,751,000) | 793,000 | 183,407,000 |
Stock based compensation expense | 278,000 | 278,000 | |||||
Net Income | 1,563,000 | 1,563,000 | |||||
Unrealized gain on marketable securities | 330,000 | 330,000 | |||||
Reclassification adjustments for securities sold, net of tax benefit | (20,000) | (20,000) | |||||
Foreign currency translation, net of tax benefit (expense) | 14,000 | 14,000 | |||||
Restricted stock (in shares) | 5,000 | ||||||
Purchase of treasury stock | (7,180,000) | (7,180,000) | |||||
Purchase of subsidiary shares from non-controlling interest | 1,000 | 999,000 | 1,000,000 | ||||
Purchase of subsidiary shares from non-controlling interest | (903,000) | (793,000) | (1,696,000) | ||||
Balance (in shares) at Dec. 31, 2015 | 13,189,977 | ||||||
Balance at Dec. 31, 2015 | $ 132,000 | 65,423,000 | 120,728,000 | 344,000 | (8,931,000) | 177,696,000 | |
Balance (in shares) at Sep. 30, 2015 | 13,061,673 | ||||||
Balance at Sep. 30, 2015 | $ 131,000 | 65,049,000 | 119,165,000 | 20,000 | (1,751,000) | 793,000 | 183,407,000 |
Exercise of options (in shares) | 7,499 | ||||||
Exercise of options | 47,000 | 47,000 | |||||
Stock based compensation expense | 428,000 | 428,000 | |||||
Net Income | (267,000) | (267,000) | |||||
Unrealized gain on marketable securities | 486,000 | 486,000 | |||||
Reclassification adjustments for securities sold, net of tax benefit | (20,000) | (20,000) | |||||
Foreign currency translation, net of tax benefit (expense) | 26,000 | 26,000 | |||||
Restricted stock (in shares) | 5,000 | ||||||
Purchase of treasury stock | (8,363,000) | (8,363,000) | |||||
Purchase of subsidiary shares from non-controlling interest | 1,000 | 999,000 | 1,000,000 | ||||
Purchase of subsidiary shares from non-controlling interest | (903,000) | (793,000) | (1,696,000) | ||||
Balance (in shares) at Mar. 31, 2016 | 13,197,476 | ||||||
Balance at Mar. 31, 2016 | $ 132,000 | 65,620,000 | 118,898,000 | 512,000 | (10,114,000) | 175,048,000 | |
Balance (in shares) at Sep. 30, 2015 | 13,061,673 | ||||||
Balance at Sep. 30, 2015 | $ 131,000 | 65,049,000 | 119,165,000 | 20,000 | (1,751,000) | 793,000 | 183,407,000 |
Exercise of options (in shares) | 107,531 | ||||||
Exercise of options | $ 1,000 | 870,000 | 871,000 | ||||
Stock based compensation expense | 567,000 | 567,000 | |||||
Net Income | 3,599,000 | 3,599,000 | |||||
Unrealized gain on marketable securities | 1,046,000 | 1,046,000 | |||||
Reclassification adjustments for securities sold, net of tax benefit | (39,000) | (39,000) | |||||
Foreign currency translation, net of tax benefit (expense) | (37,000) | (37,000) | |||||
Restricted stock (in shares) | 5,000 | ||||||
Purchase of treasury stock | (11,174,000) | (11,174,000) | |||||
Purchase of subsidiary shares from non-controlling interest | 1,000 | 999,000 | 1,000,000 | ||||
Purchase of subsidiary shares from non-controlling interest | (903,000) | (793,000) | (1,696,000) | ||||
Balance (in shares) at Jun. 30, 2016 | 13,297,508 | ||||||
Balance at Jun. 30, 2016 | $ 133,000 | 66,582,000 | 122,764,000 | 990,000 | (12,925,000) | 177,544,000 | |
Balance (in shares) at Sep. 30, 2015 | 13,061,673 | ||||||
Balance at Sep. 30, 2015 | $ 131,000 | 65,049,000 | 119,165,000 | 20,000 | (1,751,000) | 793,000 | $ 183,407,000 |
Exercise of options (in shares) | 146,531 | 146,531 | |||||
Exercise of options | $ 1,000 | 1,203,000 | $ 1,204,000 | ||||
Stock based compensation expense | 686,000 | 686,000 | |||||
Net Income | 7,573,000 | 7,573,000 | |||||
Unrealized gain on marketable securities | 867,000 | 867,000 | |||||
Reclassification adjustments for securities sold, net of tax benefit | (38,000) | (38,000) | |||||
Foreign currency translation, net of tax benefit (expense) | (46,000) | (46,000) | |||||
Restricted stock (in shares) | 5,000 | ||||||
Purchase of treasury stock | (11,174,000) | (11,174,000) | |||||
Purchase of subsidiary shares from non-controlling interest | 123,304 | ||||||
Purchase of subsidiary shares from non-controlling interest | $ 1,000 | 96,000 | (793,000) | (696,000) | |||
Balance (in shares) at Sep. 30, 2016 | 13,336,508 | ||||||
Balance at Sep. 30, 2016 | $ 133,000 | 67,034,000 | 126,738,000 | 803,000 | (12,925,000) | 181,783,000 | |
Balance (in shares) at Dec. 31, 2015 | 13,189,977 | ||||||
Balance at Dec. 31, 2015 | $ 132,000 | 65,423,000 | 120,728,000 | 344,000 | (8,931,000) | 177,696,000 | |
Net Income | (1,830,000) | ||||||
Reclassification adjustments for securities sold, net of tax benefit | |||||||
Foreign currency translation, net of tax benefit (expense) | 12,000 | ||||||
Balance (in shares) at Mar. 31, 2016 | 13,197,476 | ||||||
Balance at Mar. 31, 2016 | $ 132,000 | 65,620,000 | 118,898,000 | 512,000 | (10,114,000) | 175,048,000 | |
Net Income | 3,866,000 | ||||||
Reclassification adjustments for securities sold, net of tax benefit | (19,000) | ||||||
Foreign currency translation, net of tax benefit (expense) | (63,000) | ||||||
Balance (in shares) at Jun. 30, 2016 | 13,297,508 | ||||||
Balance at Jun. 30, 2016 | $ 133,000 | $ 66,582,000 | $ 122,764,000 | $ 990,000 | $ (12,925,000) | $ 177,544,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | |||
Income (loss) from continuing operations | $ 4,667,000 | $ (809,000) | $ 5,133,000 |
Income from discontinued operations | 2,906,000 | 1,776,000 | 371,000 |
Net income (loss) | 7,573,000 | 967,000 | 5,504,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 377,000 | 319,000 | 363,000 |
Deferred income taxes | (2,423,000) | (6,017,000) | 354,000 |
Impairments of consumer receivables acquired for liquidation | 164,000 | 19,591,000 | |
Stock based compensation | 686,000 | 1,393,000 | 1,822,000 |
Loss on sale of available-for-sale securities | 63,000 | 155,000 | 143,000 |
Unrealized gain on other investments | (359,000) | (68,000) | |
Unrealized foreign exchange loss on other investments | 8,000 | 829,000 | |
Reserve for loss on investment | 1,000,000 | ||
Operating Lease Adjustment | 21,000 | ||
Forgiveness of non-recourse debt | (26,101,000) | ||
(Earnings) loss from equity method investment | (10,551,000) | 54,000 | (1,931,000) |
Changes in: | |||
Prepaid and income taxes receivable | 6,398,000 | (6,951,000) | 852,000 |
Due from third party collection agencies and attorneys | 297,000 | 132,000 | (310,000) |
Other assets | (1,582,000) | (2,814,000) | 326,000 |
Other liabilities | 1,566,000 | 902,000 | (355,000) |
Changes in net assets and liabilities related to discontinued operations | (13,007,000) | (11,021,000) | (7,832,000) |
Net cash provided by (used in) operating activities | (9,318,000) | (21,993,000) | (7,571,000) |
Cash flows from investing activities: | |||
Purchase of consumer receivables acquired for liquidation | (8,162,000) | (2,110,000) | (5,078,000) |
Principal collected on consumer receivables acquired for liquidation | 9,628,000 | 15,602,000 | 21,076,000 |
Principal collected on consumer receivable accounts represented by account sales | 2,000 | 113,000 | |
Purchase of available-for-sale securities | (12,019,000) | (17,843,000) | (20,111,000) |
Proceeds from sales of available-for-sale securities | 16,302,000 | 24,178,000 | 12,560,000 |
Purchase of other investments | (5,000,000) | ||
Change in equity method investment | 2,720,000 | (6,471,000) | 4,737,000 |
Purchase of non-controlling interest | (800,000) | ||
Capital expenditures | (168,000) | (1,000) | |
Changes in investing activities related to discontinued operations | (8,002,000) | (11,080,000) | (12,122,000) |
Net cash used in investing activities | (501,000) | (2,723,000) | 1,175,000 |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 1,205,000 | 476,000 | 40,000 |
Purchase of treasury stock | (11,174,000) | (1,751,000) | |
Change in restricted cash | 968,000 | ||
Repayments of non-recourse debt — Bank of Montreal, net | (9,659,000) | ||
Changes in financing activities related to discontinued operations | 15,824,000 | 19,316,000 | 6,432,000 |
Net cash (used in) provided by financing activities | 5,854,000 | 18,042,000 | (2,219,000) |
Net decrease in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations | (3,965,000) | (6,674,000) | (8,615,000) |
Less: net increase in cash, cash equivalents and restricted cash classified within assets related to discontinued operations | 300,000 | 474,000 | 572,000 |
Net decrease in cash and cash equivalents | (3,665,000) | (6,200,000) | (8,043,000) |
Cash and cash equivalents at beginning of year | 19,947,000 | 26,147,000 | 34,190,000 |
Cash and cash equivalents at end of year | 16,282,000 | 19,947,000 | 26,147,000 |
Supplemental disclosure of cash flow information: | |||
Interest | 3,252,000 | 2,398,000 | 1,004,000 |
Income taxes | 307,000 | 13,060,000 | 3,100,000 |
Supplemental disclosures of non-cash investing and financing activities: | |||
Retirement of treasury stock | 17,505,000 | ||
Structured settlements | 30,436,000 | ||
Other debt — CBC | 23,363,000 | ||
Restricted Stock [Member] | |||
Supplemental disclosures of non-cash investing and financing activities: | |||
Issuance of restricted stock to purchase subsidiary shares from non-controlling interest | $ 1,000,000 |
Note A - Restatement of Previou
Note A - Restatement of Previously Reported Consolidated Financial Statements | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Reclassifications [Text Block] | NOTE A — Restatement of Previously Reported Consolidated Financial Statements As previously disclosed in the Current Report on Form 8 January 18, 2018, January 11, 2018, September 30, 2016, 2015 2014 no No. 1 10 10 September 30, 2016 ( 10 The Board’s decision to restate the Company’s financial statements for the Non-Reliance Periods stems from the re-evaluation of the Company's historical conclusions to consolidate Pegasus Funding, LLC (“Pegasus Matter”). Management has determined that the Company lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods. As such, the Company should have reported its investment in Pegasus under the equity method in accordance with accounting principles generally accepted in the United States (“US GAAP”). In connection with this evaluation, the Company determined that it had not not September 30, 2016, 2015 2014. 2016, 2015 2014 The “As Reported” amounts in the tables below represent the amounts reported in the Original Form 10 December 14, 2016, December 13, 2017 ( The following errors in the Company’s annual financial statements were identified and corrected as part of the Restatement: 1. In connection with the Company determining it lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods, the Company has corrected the presentation and has now accounted for its investment in Pegasus under the equity method in accordance with ASC 810 $20,212,000, $8,482,000 $7,134,000 September 30, 2016, 2015 2014, $7,151,000, $8,425,000 $4,845,000 September 30, 2016, 2015 2014, $2,612,000, $11,000 $458,000 September 30, 2016, 2015 2014, no #6, 2. The Company determined that it had not 830 $148,000 September 30, 2016, $118,000 September 30, 2015, $165,000 September 30, 2016, $1,667,000 $186,000 September 30, 2015 2014, $313,000 September 30, 2016, $1,780,000 $186,000 September 30, 2015 2014, $952,000 September 30, 2016, $305,000 September 30, 2015. $18,000 September 30, 2016 $565,000 2015. $718,000 $1,705,000 September 30, 2016 2015, 3. The Company did not September 30, 2016. December 2017, 822 $727,000 September 30, 2016, $727,000 September 30, 2016. 4. The Company has determined that it had not $195,000, $193,000 $261,000 September 30, 2016, 2015 2014, $648,000 $453,000 September 30, 2016 2015, 5. The Company discovered that it did not June 2015 $317,000, $56,000 $69,000 September 30, 2016, 2015 2014, $307,000 $997,000 September 30, 2016 2015, $756,000 $1,078,000 September 30, 2016 2015, 6. The Company identified other liabilities that had not $234,000 $290,000 September 30, 2016 2014, $292,000 September 30, 2015, $102,000 $100,000 September 30, 2016 2014, $100,000 September 30, 2015. September 30, 2015, $40,000. $141,000 September 30, 2016, $67,000 September 30, 2015. 7. The Company identified other transactions that had been recorded in incorrect accounts and/or for improper amounts. The net corrections of these transactions, which were individually immaterial, resulted an increase in net assets of $33,000 $45,000 September 30, 2016 2015, $11,000 September 30, 2016. 8. Certain of the corrections noted above impacted earnings (loss) before taxes which, in turn, required a calculation of the tax impact. The net impact was an increase to income taxes of $242,000 September 30, 2016, $1,120,000 $254,000 September 30, 2015 2014, $473,000 $293,000 September 30, 2016 2015, $52,000 2014. The nature of the restatement adjustments and the impact of the adjustments to Fiscal 2016 Consolidated Balance Sheet September 30, 2016 As Reported(1) De-Consolidation of Pegasus ( 1 ) Adjustments Restated ASSETS Cash and cash equivalents $ 16,829,000 $ (539,000 ) $ (8,000 ) (2)(7) $ 16,282,000 Available for sale investments (at fair value) 56,764,000 — (1,000 ) (7) 56,763,000 Consumer receivables acquired for liquidation (at net realizable value) 14,320,000 — (893,000 ) (2)(4) 13,427,000 Investment in personal injury claims, net 48,289,000 (48,289,000 ) — — Other investments, net 3,590,000 — 3,590,000 Due from third party collection agencies and attorneys 1,005,000 — 45,000 (2)(4) 1,050,000 Prepaid and income taxes receivable 880,000 — (166,000 ) (8) 714,000 Furniture and equipment, net 196,000 — — 196,000 Equity method investment — 48,481,000 101,000 (6) 48,582,000 Deferred income taxes 15,530,000 — (627,000 ) (2)(8) 14,903,000 Goodwill 1,410,000 — — 1,410,000 Other assets 6,807,000 (188,000 ) (34,000 ) (2)(6) 6,585,000 Assets related to discontinued operations 90,428,000 — 1,078,000 (5)(7) 91,506,000 Total assets $ 256,048,000 $ (535,000 ) $ (505,000 ) $ 255,008,000 LIABILITIES Other liabilities $ 4,927,000 $ (1,180,000 ) $ 240,000 (2)(4) $ 3,987,000 Income taxes payable 493,000 (493,000 ) (8) — Liabilities related to discontinued operations 68,482,000 — 756,000 (5)(6) 69,238,000 Total liabilities 73,902,000 (1,180,000 ) 503,000 73,225,000 Commitments and contingencies STOCKHOLDERS’ EQUITY Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none — — — — Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,336,508 at September 30, 2016; and outstanding 11,876,224 at September 30, 2016 133,000 — — 133,000 Additional paid-in capital 67,026,000 — 8,000 (6) 67,034,000 Retained earnings 128,471,000 — (1,733,000 ) (2)(3)(4)(5)(6)(7)(8) 126,738,000 Accumulated other comprehensive income (loss) 86,000 — 717,000 (2) 803,000 Treasury stock (at cost) 1,460,284 shares at September 30, 2016 (12,925,000 ) — — (12,925,000 ) Non-controlling interest (645,000 ) 645,000 — — Total stockholders’ equity 182,146,000 645,000 (1,008,000 ) 181,783,000 Total liabilities and stockholders’ equity $ 256,048,000 $ (535,000 ) $ (505,000 ) $ 255,008,000 The nature of the restatement adjustments and the impact of the adjustments to Fiscal 2015 Consolidated Balance Sheet September 30, 2015 As Reported(1) De-Consolidation of Pegasus ( 1 ) Adjustments Restated ASSETS Cash and cash equivalents $ 22,918,000 $ (3,016,000 ) $ 45,000 (2) $ 19,947,000 Available for sale investments (at fair value) 59,727,000 — 59,727,000 Consumer receivables acquired for liquidation (at net realizable value) 15,608,000 — (551,000 ) (2)(4) 15,057,000 Investment in personal injury claims, net 36,668,000 (36,668,000 ) — — Other investments, net 4,239,000 — 4,239,000 Due from third party collection agencies and attorneys 1,422,000 — (75,000 ) (4) 1,347,000 Prepaid and income taxes receivable 6,744,000 — 851,000 (8) 7,595,000 Furniture and equipment, net 426,000 — — 426,000 Equity method investment — 40,751,000 40,751,000 Deferred income taxes 12,279,000 — 722,000 (8) 13,001,000 Goodwill 1,410,000 — — 1,410,000 Other assets 6,917,000 108,000 (222,000 ) (8) 6,803,000 Assets related to discontinued operations 69,014,000 — 1,009,000 (5)(6) 70,023,000 Total assets $ 237,372,000 $ 1,175,000 $ 1,779,000 $ 240,326,000 LIABILITIES Other liabilities $ 2,584,000 $ (593,000 ) $ 384,000 (2)(6) $ 2,375,000 Liabilities related to discontinued operations 53,468,000 — 1,076,000 (5) 54,544,000 Total liabilities 56,052,000 (593,000 ) 1,460,000 56,919,000 Commitments and contingencies STOCKHOLDERS’ EQUITY Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none — — — — Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,336,508 at December 31, 2016 and September 30, 2016; and outstanding 11,876,224 at December 31, 2016 and September 30, 2016 131,000 — — 131,000 Additional paid-in capital 65,011,000 — 38,000 (6) 65,049,000 Retained earnings 120,611,000 — (1,446,000 ) (2)(3)(4)(5)(6)(7)(8) 119,165,000 Accumulated other comprehensive income (loss) (1,685,000 ) — 1,705,000 (2) 20,000 Treasury stock (at cost) 1,460,284 shares at December 31, 2016 and September 30, 2016 (1,751,000 ) — — (1,751,000 ) Non-controlling interest (997,000 ) 1,768,000 22,000 (5)(6) 793,000 Total stockholders’ equity 181,320,000 1,768,000 319,000 183,407,000 Total liabilities and stockholders’ equity $ 237,372,000 $ 1,175,000 $ 1,779,000 $ 240,326,000 The nature of the restatement adjustments and the impact of the adjustments to Fiscal 2016 Consolidated Statement of Operations As Reported Pegasus Deconsolidation (1) Adjustments As Restated Revenues: Finance income, net $ 19,056,000 $ — $ (166,000 ) (2)(4) $ 18,890,000 Personal injury claims income 20,212,000 (20,212,000 ) — — Disability fee income 4,011,000 — — 4,011,000 Total revenues 43,279,000 (20,212,000 ) (166,000 ) 22,901,000 Forgiveness of non-recourse debt — — — — Other income (includes ($63,000) during year ended September 30, 2016 of accumulated other comprehensive income reclassification for realized net (losses) /gains on available for sale securities). 1,585,000 — 119,000 (6) 1,704,000 44,864,000 (20,212,000 ) (47,000 ) 24,605,000 Expenses: General and administrative expenses 36,381,000 (7,151,000 ) 78,000 (2)(6) 29,308,000 Interest expense 9,000 — (9,000 ) (2) — Impairments of consumer receivables acquired for liquidation 164,000 — — 164,000 (Earnings) loss from equity method investment — (10,449,000 ) (102,000 ) (6) (10,551,000 ) 36,554,000 (17,600,000 ) (33,000 ) 18,921,000 Income before tax from continuing operations 8,310,000 (2,612,000 ) (14,000 ) 5,684,000 Income tax expense (benefit) 775,000 242,000 (8) 1,017,000 Income (loss) from continuing operations 7,535,000 (2,612,000 ) (256,000 ) 4,667,000 Income net of tax from discontinued operations 2,937,000 — (31,000 ) (3)(4)(5)(6)(7)(8) 2,906,000 Net income attributable to non-controlling interest 2,612,000 (2,612,000 ) — — Net income. $ 7,860,000 $ — $ (287,000 ) $ 7,573,000 Basic earnings per common share: Continuing Operations $ 0.41 $ 0.39 Discontinued Operations $ 0.24 $ 0.24 $ 0.65 $ 0.63 Diluted earnings per common share: Continuing Operations $ 0.39 $ 0.37 Discontinued Operations $ 0.23 $ 0.24 $ 0.62 $ 0.61 Weighted-average shares outstanding: Basic 11,996,500 11,996,500 Diluted 12,508,561 12,508,561 The nature of the restatement adjustments and the impact of the adjustments to Fiscal 2015 Consolidated Statement of Operations As Reported Pegasus Deconsolidation (1) Adjustments As Restated Revenues: Finance income, net $ 20,757,000 $ — $ (193,000 ) (4) $ 20,564,000 Personal injury claims income 8,482,000 (8,482,000 ) — — Disability fee income 1,434,000 — — 1,434,000 Total revenues 30,673,000 (8,482,000 ) (193,000 ) 21,998,000 Forgiveness of non-recourse debt — — — — Other income (includes ($155,000) during year ended September 30, 2015 of accumulated other comprehensive income reclassification for realized net (losses) /gains on available for sale securities). 1,687,000 — (118,000 ) (6) 1,569,000 32,360,000 (8,482,000 ) (311,000 ) 23,567,000 Expenses: General and administrative expenses 31,428,000 (8,425,000 ) 1,375,000 (2)(6) 24,378,000 (Earnings) loss from equity method investment — (46,000 ) 100,000 (6) 54,000 31,428,000 (8,471,000 ) 1,475,000 24,432,000 Income before income taxes from continuing operations 932,000 (11,000 ) (1,786,000 ) (865,000 ) Income tax expense (benefit) 1,064,000 (1,120,000 ) (8) (56,000 ) Income (loss) from continuing operations (132,000 ) (11,000 ) (666,000 ) (809,000 ) Income net of tax from discontinued operations 2,159,000 — (383,000 ) (5)(6)(8) 1,776,000 Less net income attributable to non-controlling interest 11,000 (11,000 ) — — Net income $ 2,016,000 $ — $ (1,049,000 ) $ 967,000 Basic earnings per common share: Continuing Operations $ (0.01 ) $ (0.06 ) Discontinued Operations $ 0.16 $ 0.13 $ 0.15 $ 0.07 Diluted earnings per common share: Continuing Operations $ (0.01 ) $ (0.06 ) Discontinued Operations $ 0.16 $ 0.13 $ 0.15 $ 0.07 Weighted-average shares outstanding: Basic 13,044,215 13,044,215 Diluted 13,314,605 13,314,605 The nature of the restatement adjustments and the impact of the adjustments to Fiscal 2014 Consolidated Statement of Operations As Reported Pegasus Deconsolidation (1) Adjustments As Restated Revenues: Finance income, net $ 19,865,000 $ — $ (261,000 ) (4) $ 19,604,000 Personal injury claims income 7,134,000 (7,134,000 ) — — Disability fee income 378,000, — — 378,000 Total revenues 27,377,000 (7,134,000 ) (261,000 ) 19,982,000 Forgiveness of non-recourse debt 26,101,000 — — 26,101,000 Other income (includes ($143,000) during year ended September 30, 2014 of accumulated other comprehensive income reclassification for realized net (losses) /gains on available for sale securities). 1,397,000 — — 1,397,000 54,875,000 (7,134,000 ) (261,000 ) 47,480,000 Expenses: General and administrative expenses 24,831,000 (4,845,000 ) 544,000 (2)(6) 20,530,000 Interest expense 18,000 — — 18,000 Impairments of consumer receivables acquired for liquidation 19,591,000 — — 19,591,000 (Earnings) loss from equity method investment (1,831,000 ) (100,000 ) (6) (1,931,000 ) 44,440,000 (6,676,000 ) 444,000 38,208,000 Income before income taxes from continuing operations 10,435,000 (458,000 ) (705,000 ) 9,272,000 Income tax provision 4,393,000 — (254,000 ) (8) 4,139,000 Income (loss) from continuing operations 6,042,000 (458,000 ) (451,000 ) 5,133,000 Income net of income taxes from discontinuing operations 317,000 — 54,000 (8) 371,000 Less net income attributable to non-controlling interest 458,000 (458,000 ) — — Net income attributable to Asta Funding, Inc. $ 5,901,000 $ — $ (397,000 ) $ 5,504,000 Basic earnings per common share: Continuing Operations $ 0.43 $ 0.39 Discontinued Operations $ 0.02 $ 0.03 $ 0.45 $ 0.42 Diluted earnings per common share: Continuing Operations $ 0.43 $ 0.39 Discontinued Operations $ 0.02 $ 0.03 $ 0.45 $ 0.42 Weighted-average shares outstanding: Basic 12,981,076 12,981,076 Diluted 13,205,933 13,205,933 Consolidated Statement of Comprehensive Income For the year ended September 30, 201 6 As Reported Pegasus Deconsolidation Adjustments As Restated Net Income $ 7,860,000 $ — $ (287,000 ) $ 7,573,000 Net unrealized securities gain/(loss), net of tax expense of $528,000 during the year ended September 30, 2016 868,000 — (1,000 ) 867,000 Reclassification adjustments for securities sold, net of tax benefit of $25,000 during the year ended September 30, 2016 (39,000 ) — 1,000 (38,000 ) Foreign currency translation, net of tax benefit (expense) of $31,000 942,000 — (988,000 ) (46,000 ) Other comprehensive income (loss) 1,771,000 — (988,000 ) 783,000 Total comprehensive income $ 9,631,000 — $ (1,275,000 ) $ 8,356,000 Consolidated Statement of Comprehensive Income For the year ended September 30, 2015 As Reported Pegasus Deconsolidation Adjustments As Restated Net Income $ 2,016,000 $ — $ (1,049,000 ) $ 967,000 Net unrealized securities gain/(loss), net of tax expense of $528,000 during the year ended September 30, 2016 (260,000 ) — 6,000 (254,000 ) Reclassification adjustments for securities sold, net of tax benefit of $25,000 during the year ended September 30, 2016 (87,000 ) — (6,000 ) (93,000 ) Foreign currency translation, net of tax benefit (expense) of ($148,000) (1,480,000 ) — 1,702,000 222,000 Other comprehensive income (loss) (1,827,000 ) — 1,702,000 (125,000 ) Total comprehensive income $ 189,000 — $ 653,000 $ 842,000 Consolidated Statement of Comprehensive Income For the year ended September 30, 2014 As Reported Pegasus Deconsolidation Adjustments As Restated Net Income $ 5,901,000 $ — $ (397,000 ) $ 5,504,000 Net unrealized securities gain/(loss), net of tax expense of $528,000 during the year ended September 30, 2016 900,000 — 2,000 902,000 Reclassification adjustments for securities sold, net of tax benefit of $25,000 during the year ended September 30, 2016 (84,000 ) — (2,000 ) (86,000 ) Foreign currency translation, net of tax benefit (expense) of ($2,000) — — 3,000 3,000 Other comprehensive income (loss) 816,000 — 3,000 819,000 Total comprehensive income $ 6,717,000 — $ (394,000 ) $ 6,323,000 Consolidated Statement of Cash Flow Year Ended September 30, 2016 As Reported Adjustments As Restated Cash flows from operating activities: Income from continuing operations $ 7,535,000 $ (2,868,000 ) $ 4,667,000 Income from discontinued operations 2,937,000 (31,000 ) 2,906,000 Net income 10,472,000 (2,899,000 ) 7,573,000 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 497,000 (120,000 ) 377,000 Deferred income taxes (3,251,000 ) 1,279,000 (1,972,000 ) Impairments of consumer receivables acquired for liquidation 164,000 — 164,000 Stock based compensation 686,000 — 686,000 Loss on sale of available-for-sale securities 63,000 — 63,000 Unrealized gain on other investments (359,000 ) — (359,000 ) Unrealized foreign exchange loss on other investments 8,000 — 8,000 Reserve for loss on investment 1,000,000 — 1,000,000 Operating Lease Adjustment 21,000 — 21,000 (Earnings) loss from equity method investment — (10,551,000 ) (10,551,000 ) Changes in: Prepaid and income taxes receivable 5,864,000 534,000 6,398,000 Due from third party collection agencies and attorneys 417,000 (120,000 ) 297,000 Other assets (597,000 ) (985,000 ) (1,582,000 ) Income taxes payable 493,000 (493,000 ) — Other liabilities 2,475,000 (909,000 ) 1,566,000 Changes in net assets and liabilities related to discontinued operations (13,515,000 ) 508,000 (13,007,000 ) Net cash provided by (used in) operating activities 4,438,000 (13,756,000 ) (9,318,000 ) Cash flows from investing activities: Purchase of consumer receivables acquired for liquidation (8,162,000 ) — (8,162,000 ) Principal collected on consumer receivables acquired for liquidation 9,286,000 342,000 9,628,000 Purchase of available-for-sale securities (12,020,000 ) 1,000 (12,019,000 ) Proceeds from sales of available-for-sale securities 16,302,000 — 16,302,000 Increase in equity method investment — 2,720,000 2,720,000 Purchase of non-controlling interest (800,000 ) — (800,000 ) Investments in personal injury claims — advances (36,890,000 ) 36,890,000 — Investments in personal injury claims — receipts 25,269,000 (25,269,000 ) — Capital expenditures (175,000 ) 7,000 (168,000 ) Cash flows from investing activities related to discontinued operations: (8,002,000 ) — (8,002,000 ) Net cash used in investing activities (15,192,000 ) 14,691,000 (501,000 ) Cash flows from financing activities: Proceeds from exercise of stock options 1,204,000 — 1,204,000 Purchase of treasury stock (11,174,000 ) — (11,174,000 ) Change in restricted cash — — — Distributions to non-controlling interest (1,489,000 ) 1,489,000 — Repayments of non-recourse debt — Bank of Montreal, net — — — Cash flows from financing activities related to discontinued operations: 15,824,000 — 15,824,000 Net cash (used in) provided by financing activities 4,365,000 1,489,000 5,854,000 Net (decrease) increase in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations (6,389,000 ) 2,424,000 (3,965,000 ) Less: net increase in cash, cash equivalents and restricted cash classified within assets related to discontinued operations 300,000 - 300,000 Net decrease in cash and cash equivalents (6,089,000 ) 2,424,000 (3,665,000 ) Cash and cash equivalents at beginning of year 22,918,000 (2,971,000 ) 19,947,000 Cash and cash equivalents at end of year $ 16,829,000 $ (547,000 ) $ 16,282,000 Consolidated Statement of Cash Flow Year Ended September 30, 2015 As Reported Adjustments As Restated Cash flows from operating activities: Loss from continuing operations $ (132,000 ) $ (677,000 ) $ (809,000 ) Income from discontinued operations 2,159,000 (383,000 ) 1,776,000 Net income 2,027,000 (1,060,000 ) 967,000 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 319,000 — 319,000 Deferred income taxes (5,343,000 ) (547,000 ) (5,890,000 ) Stock based compensation 1,434,000 (41,000 ) 1,393,000 Loss on sale of available-for-sale securities 155,000 — 155,000 Unrealized gain on other investments (68,000 ) — (68,000 ) Unrealized foreign exchange loss on other investments 829,000 — 829,000 (Earnings) loss from equity method investment — 54,000 54,000 Changes in: Prepaid and income taxes receivable (6,314,000 ) (637,000 ) (6,951,000 ) Due from third party collection agencies and attorneys (396,000 ) 528,000 132,000 Other assets (2,551,000 ) (263,000 ) (2,814,000 ) Other liabilities (489,000 ) 1,391,000 902,000 Changes in net assets and liabilities related to discontinued operations (11,676,000 ) 655,000 (11,021,000 ) Net cash provided by (used in) operating activities (22,073,000 ) 80,000 (21,993,000 ) Cash flows from investing activities: Purchase of consumer receivables acquired for liquidation (2,110,000 ) — (2,110,000 ) Principal collected on consumer receivables acquired for liquidation 15,944,000 (342,000 ) 15,602,000 Principal collected on consumer receivable accounts represented by account sales 2,000 — 2,000 Purchase of available-for-sale securities (17,843,000 ) — (17,843,000 ) Proceeds from sales of available-for-sale securities 24,178,000 — 24,178,000 Increase in equity method investment — (6,471,000 ) (6,471,000 ) Purchase of other investments (5,000,000 ) — (5,000,000 ) Investments in personal injury claims — advances (25,077,000 ) 25,077,000 — Investments in personal injury claims — receipts 20,761,000 (20,761,000 ) — Capital expenditures (90,000 ) 89,000 (1,000 ) Cash flows from investing activities related to discontinued operations: (11,080,000 ) — (11,080,000 ) Net cash used in investing activities (315,000 ) (2,408,000 ) (2,723,000 ) Cash flows from financing activities: Proceeds from exercise of stock options 476,000 1,000 477,000 Purchase of treasury stock (1,751,000 ) — (1,751,000 ) Change in restricted cash — — — Distributions to non-controlling interest (996,000 ) 996,000 — Repayments of non-recourse debt — Bank of Montreal, net — — — Cash flows from financing activities related to discontinued operations: 19,316,000 — 19,316,000 Net cash (used in) provided by financing activities 17,045,000 997,000 18,042,000 Net decrease in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations (5,343,000 ) (1,331,000 ) (6,674,000 ) Less: net increase in cash, cash equivalents and restricted cash classified within assets related to discontinued operations 474,000 - 474,000 Net decrease in cash and cash equivalents (4,869,000 ) (1,331,000 ) (6,200,000 ) Cash and cash equivalents at beginning of year 27,787,000 (1,640,000 ) 26,147,000 Cash and cash equivalents at end of year $ 22,918,000 $ (2,971,000 ) $ 19,947,000 Consolidated Statement of Cash Flow Year Ended September 30, 2014 As Reported Adjustments As Restated Cash flows from operating activities: Loss from continuing operations $ 6,042,000 $ (909,000 ) $ 5,133,000 Income from discontinued operations 317,000 54,000 371,000 Net income 6,359,000 (855,000 ) 5,504,000 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 363,000 — 363,000 Deferred income taxes 446,000 (90,000 ) 356,000 Impairment of consumer receivables acquired for liquidation 19,591,000 1,000 19,592,000 Stock based compensation 1,744,000 78,000 1,822,000 Loss on sale of available-for-sale securities 143,000 — 143,000 Forgiveness of non-recourse debt (26,101,000 ) — (26,101,000 ) (Earnings) loss from equity method investment — (1,931,000 ) (1,931,000 ) Changes in: Prepaid and income taxes receivable 1,066,000 (214,000 ) 852,000 Due from third party collection agencies and attorneys 143,000 (453,000 ) (310,000 ) Other assets (1,592,000 ) 1,918,000 326,000 Other liabilities 745,000 (1,100,000 ) (355,000 ) Changes in net assets and liabilities related to discontinued operations (6,547,000 ) (1,285,000 ) (7,832,000 ) Net cash provided by (used in) operating activities (3,640,000 ) (3,931,000 ) (7,571,000 ) Cash flows from investing activities: Purchase of consumer receivables acquired for liquidation (5,078,000 ) — (5,078,000 ) Principal collected on consumer receivables acquired for liquidation 20,271,000 805,000 21,076,000 Principal collected on consumer receivable accounts represented by account sales 26,000 87,000 113,000 Purchase of available-for-sale securities (20,111,000 ) — (20,111,000 ) Proceeds from sales of available-for-sale securities 12,560,000 — 12,560,000 Increase in equity method investment — 4,737,000 4,737,000 Cash paid for acquisition (net of cash acquired) (5,588,000 ) — (5,588,000 ) Investments in personal injury claims — advances (22,218,000 ) 22,218,000 — Investments in personal injury claims — receipts 25,624,000 (25,624,000 ) — Cash flows from investing activities related to discontinued operations: (6,534,000 ) — (6,534,000 ) Net cash used in investing activities (1,048,000 ) 2,223,000 1,175,000 Cash flows from financing activities: Proceeds from exercise of stock options 40,000 — 40,000 Change in restricted cash 968,000 — 968,000 Distributions to non-controlling interest (1,057,000 ) 1,057,000 — Repayments of non-recourse debt — Bank of Montreal, net (9,659,000 ) — (9,659,000 ) Cash flows from financing activities related to discontinued operations: 6,432,000 — 6,432,000 Net cash (used in) provided by financing activities (3,276,000 ) 1,057,000 (2,219,000 ) Net decrease in cash and cash equivalents including cash, cash equivalents classified within assets related to discontinued operations (7,964,000 ) (651,000 ) (8,615,000 ) Less: net increase in cash and cash equivalents classified within assets related to discontinued operations 572,000 - 572,000 Net decrease in cash and cash equivalents (7,392,000 ) (651,000 ) (8,043,000 ) Cash and cash equivalents at beginning of year 35,179,000 (989,000 ) 34,190,000 Cash and cash equivalents at end of year $ 27,787,000 $ (1,640,000 ) $ 26,147,000 |
Note B - The Company and Its Si
Note B - The Company and Its Significant Accounting Policies (Restated) | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE B — THE COMPANY AND ITS SIGNIFICANT ACCOUNTING POLICIES (restated) ( c ontinued) [1] Asta Funding, Inc., together with its wholly owned significant operating subsidiaries Palisades Collection, LLC, Palisades Acquisition XVI, LLC (“Palisades XVI”), Palisades Acquisition XIX, LLC (“Palisades XIX”), Palisades Acquisition XXIII, LLC (“Palisades XXIII”), VATIV Recovery Solutions LLC (“VATIV”), ASFI Pegasus Holdings, LLC (“APH”), Fund Pegasus, LLC (“Fund Pegasus”), GAR Disability Advocates, LLC (“GAR Disability Advocates”) and other subsidiaries, which are not 50% Discontinued Operations On December 13, 2017, Consumer receivables The Company started out in the consumer receivable business in 1994. Personal injury claims Pegasus conducts its business solely in the United States. Pegasus obtains its business from external brokers and internal sales professionals soliciting individuals with personal injury claims. Business is also obtained from the Pegasus website and through attorneys. Social security benefit advocacy GAR Disability Advocates provides its disability advocacy services throughout the United States. It relies upon search engine optimization (“SEO”) to bring awareness to its intended market. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and industry practices. [2] Consumer receivables The Company’s cash requirements have been and will continue to be significant. In the past, we have depended upon external financing to acquire consumer receivables, fund operating expenses, interest and income taxes. We have depended solely on operating cash flow to fund the acquisition of portfolios, pay operating expenses, and taxes. Net collections decreased $7.7 21.0% $36.7 2015 $29.0 2016. twelve Personal Injury Claims On December 28, 2011, 80% 20%. On November 8, 2016, not December 28, 2016. December 28, 2011 ( Pursuant to the Term Sheet, the parties thereto have agreed that Pegasus will continue in existence in order to collect advances on its existing Portfolio. The Company will fund overhead expenses relating to the collection of the portfolio based on a budget agreed upon by the Company and PLF. Any cash received by Pegasus will be distributed to its members in the order provided for in the Operating Agreement. The Company will be allocated an amount equal to 20% October 1, 2016 January 2, 2017, Disability Advocates Funding for the GAR Disability Advocates business is from the Company and internally-generated revenues. [3] The consolidated financial statements include the accounts of the Company and its wholly and majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. 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. Palisades XVI holds the Great Seneca portfolio, a $300 March 2007 ( September 30, 2016, $4.2 Non-Recourse Debt — Bank of Montreal [4] The Company considers all highly liquid investments with a maturity of three Cash balances are maintained at various depository institutions and are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company had cash balances with 10 $14.0 September 30, 2016. As of September 30, 2016 2015, $0.5 $0.2 not [5] Investments that the Company intends to hold for an indefinite period of time, but not Declines in the fair value of individual available-for-sale securities below their respective costs that are other than temporary will result in write-downs of the individual securities to their fair value. Factors affecting the determination of whether another-than-temporary impairment has occurred include: a downgrading of the security by a rating agency, a significant deterioration in the financial condition of the issuer, or that management would not [6] Income Recognition The Company accounts for certain of its investments in finance receivables using the guidance of FASB Accounting Standards Codification (“ASC”), Receivables — Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310” 310, Under the guidance of ASC 310 30, not The Company uses the cost recovery method when collections on a particular pool of accounts cannot be reasonably predicted. Under the cost recovery method, no zero 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 will consist 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, revenue 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 matrimonial actions is on a non-recourse basis. Revenue from matrimonial actions is recognized under the cost recovery method. CBC purchases periodic payments under structured settlements and annuity policies from individuals in exchange for a lump sum payment. The Company elected to carry structured settlements at fair value. Unearned income on structured settlements is recognized as interest income using the effective interest method over the life of the related settlement. Changes in fair value are recorded in unrealized gain (loss) in structured settlements in our statements of operations. The Company recognizes revenue for GAR Disability Advocates when cases close and fees are collected. Impairments and accretable yield adjustments The Company accounts for its impairments in accordance with ASC 310, 310 310 If collection projections indicate the carrying value will not third [7] Equity method investment Investee companies that are not not 20% 50% not Pegasus is the Company's 80% 50% When the Company's carrying value in an equity method investee company is reduced to zero, no not not no September 30, 2016, 2015 2014. [8] Commissions and fees are the contractual commissions earned by third third [9] Furniture and equipment is stated at cost. Depreciation is provided using the straight-line method over the estimated useful lives of the assets ( 3 7 [10] Deferred federal and state taxes arise from (i) recognition of finance income collected for tax purposes, but not [11] (restated) Basic per share data is determined by dividing net income by the weighted average shares outstanding during the period. Diluted per share data is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. The assumed proceeds from the exercise of dilutive options are calculated using the treasury stock method based on the average market price for the period. The following table presents the computation of basic and diluted per share data for the fiscal years ended September 30, 2016, 2015 2014: Year Ended September 30, 2016 2015 2014 (As restated) (As restated) (As restated) Income (loss) from continuing operations $ 4,667,000 $ (809,000 ) $ 5,133,000 Income (loss) from discontinued operations 2,906,000 1,776,000 371,000 Net income $ 7,573,000 $ 967,000 $ 5,504,000 Basic earnings (loss) per common share from continuing operations $ 0.39 $ (0.06 ) $ 0.39 Basic earnings per common share from discontinued operations 0.24 0.13 0.03 Basic earnings per share $ 0.63 $ 0.07 $ 0.42 Diluted earnings (loss) per common share from continuing operations $ 0.37 $ (0.06 ) $ 0.39 Diluted earnings per common share from discontinuing operations 0.23 0.13 0.03 Diluted earnings per share $ 0.60 $ 0.07 $ 0.42 Weighted average number of common shares outstanding: Basic 11,996,500 13,044,215 12,981,076 Dilutive effect of stock options 512,061 270,390 224,857 Diluted 12,508,561 13,314,605 13,205,933 At September 30, 2016, 300,470 $9.82 not September 30, 2015, 418,962 $9.57 not September 30, 2014, 960,559 $12.12 not [12] 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. With respect to income recognition the Company takes into consideration the relative credit quality of the underlying receivables constituting the portfolio acquired, the strategy involved to maximize the collections thereof, the time required to implement the collection strategy as well as other factors to estimate the anticipated cash flows. Actual results could differ from those estimates including management’s estimates of future cash flows and the resultant allocation of collections between principal and interest resulting there from. Downward revisions to estimated cash flows will result in impairments. [13] The Company accounts for stock-based employee compensation under FASB ASC 718, Compensation — Stock Compensation 718” 718 [14] In May 2014, 606, December 15, 2017 December 15, 2016, In February 2015, 2015 02, 810 810. December 15, 2015. not In January 2016, No. 2016 01, December 15, 2017, In February 2016, No. 2016 02 December 15, 2018 may In March 2016, No. 2016 09, December 15, 2016, In June 2016, 2016 13, 326 December 15, 2019. In August 2016 2016 15, 230 eight December 15, 2017. not In January 2017, 2017 04 350 2 December 15, 2019, not [15] Most of the Company's operations use their local currency as their functional currency. Financial statements of subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for revenues, expenses, gains and losses. Translation adjustments for subsidiaries whose local currency is their functional currency are recorded as a component of accumulated other comprehensive income (loss) within equity. Transaction gains and losses resulting from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized as incurred in the accompanying consolidated statements of operations. |
Note C - Discontinued Operation
Note C - Discontinued Operations | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE C — DISCONTINUED OPERATIONS Principles of consolidation: On December 13, 2017, $10.5 $4.49 $5.75 7% first As a result of this sale, all prior periods presented in the Company's consolidated financial statements will account for CBC as a discontinued operation. This determination resulted in the reclassification of the assets and liabilities comprising the structured settlement business to assets related to discontinued operations in the consolidated balance sheets, and a corresponding adjustment to our consolidated statements of operations to reflect discontinued operations for all periods presented. Blue Bell Receivables I, LLC, Blue Bells Receivables II, LLC, Blue Bell Receivables III, LLC, Blue Bell Receivables IV, LLC, Blue Bell Receivables V, LLC and Blue Bell Receivables VI, 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 held structured settlements of $85.7 $57.3 September 30, 2016. On December 31, 2013, 80% $5.9 On December 31, 2015, 20% $1,800,000, $1,000,000 $800,000 two 61,652 $8.11 $400,000 123,304 one On January 1, 2016, two two one The carrying amounts of assets and liabilities of the discontinued operations are as follows: September 30, 2016 2015 (As restated) (As restated) ASSETS Cash and cash equivalents $ 1,198,000 $ 1,188,000 Restricted cash 499,000 209,000 Structured Settlements 86,091,000 64,636,000 Furniture and equipment (net of accumulated depreciation of $96,000 at September 30, 2016 and $82,000 at September 30, 2015) 47,000 54,000 Goodwill 1,405,000 1,405,000 Other assets 2,266,000 2,531,000 Total assets related to discontinued operations $ 91,506,000 $ 70,023,000 LIABILITIES AND MEMB ERS’ EQUITY Other Debt - CBC $ 67,435,000 $ 51,611,000 Other liabilities 1,803,000 2,933,000 Total liabilities related to discontinued operations $ 69,238,000 $ 54,544,000 The line items constituting earnings from discontinued operations consist of the following: Year Ended September 30, 2016 2015 2014 (As restated) (As restated) (As restated) Revenue $ 14,446,000 $ 11,817,000 $ 5,209,000 General and administrative expenses 5,623,000 5,618,000 3,359,000 Operating profit 8,823,000 6,199,000 1,850,000 Interest expense 3,214,000 2,396,000 1,243,000 Income before income taxes 5,609,000 3,803,000 607,000 Income taxes 2,599,000 1,349,000 166,000 Net income before non-controlling interest 3,010,000 2,454,000 441,000 Non-controlling interest 104,000 678,000 70,000 Net income from discontinued operations $ 2,906,000 $ 1,776,000 $ 371,000 Structured settlements consist of the following as of September 30, 2016 2015: September 30, September 30, Maturity(1)(2) $ 133,059,000 $ 99,135,000 Unearned income (46,968,000 ) (34,499,000 ) Net carrying value $ 86,091,000 $ 64,636,000 ( 1 The maturity value represents the aggregate unpaid principal balance at September 30, 2016 2015. ( 2 There are no September 30, 2016 2015. Encumbrances on structured settlements as of September 30, 2016 2015 September 30, September 30, Notes payable secured by settlement receivables with principal and interest outstanding payable until June 2025 (3) $ 1,862,000 $ 2,270,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until August 2026 (3) 4,242,000 4,713,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until April 2032 (3) 3,987,000 4,497,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until February 2037 (3) 18,979,000 20,147,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until March 30, 2034 (3) 14,507,000 15,361,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until February 2043 (3) 13,705,000 — $25,000,000 revolving line of credit (3) 10,153,000 4,623,000 Encumbered structured settlements 67,435,000 51,611,000 Structured settlements not encumbered 18,656,000 13,025,000 Total structured settlements $ 86,091,000 $ 64,636,000 At September 30, 2016, September 30, 2017 $ 9,295,000 September 30, 2018 8,093,000 September 30, 2019 8,122,000 September 30, 2020 7,538,000 September 30, 2021 8,334,000 Thereafter 91,677,000 Total $ 133,059,000 The Company assumed $25.9 December 31, 2013, $12.5 5.5%. March 27, 2014 September 29, 2014, three $22.0 4.75%. March 11, 2015, March 1, 2015, February 28, 2015 March 1, 2017. $22.0 $25.0 4.75% 4.1%. November 26, 2014, fourth $21.8 5.4%. September 25, 2015, fifth $16.6 5.1%. July 8, 2016, $14.8 4.85%. As of September 30, 2016, $67.4 $10.1 $57.3 100% September 30, 2016 2015: Interest Rate September 30, September 30, Notes payable secured by settlement receivables with principal and interest outstanding payable until June 2025 8.75 % $ 1,862,000 $ 2,270,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until August 2026 7.25 % 4,242,000 4,713,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until April 2032 7.125 % 3,987,000 4,497,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until February 2037 5.39 % 18,979,000 20,147,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until March 2034 5.07 % 14,507,000 15,361,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until February 2043 4.85 % 13,705,000 – Subtotal notes payable 57,282,000 46,988,000 $25,000,000 revolving line of credit expiring on March 1, 2017 4.1 % 10,153,000 4,623,000 Total debt — CBC $ 67,435,000 $ 51,611,000 |
Note D - Available-for-Sale Inv
Note D - Available-for-Sale Investments | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Available-for-sale Investments [Text Block] | NOTE D — AVAILABLE - FOR -SALE INVESTMENTS Mutual funds investments classified as available-for-sale at September 30, 2016 2015 Amortized Unrealized Unrealized Fair Value 2016 $ 55,724,000 $ 1,088,000 $ (49,000 ) $ 56,763,000 2015 $ 60,069,000 $ 98,000 $ (440,000 ) $ 59,727,000 The available-for-sale investments did not three September 30, 2016, $63,000. $92,000 2016. four September 30, 2015, $155,000. $234,000 2015. five 2014, $143,000 $186,000 At September 30, 2016, six two 12 September 30, 2015, six four Three four 12 one four 12 not Unrealized holding gains and losses on available-for-sale securities are included in other comprehensive income within stockholders’ equity. Realized gains (losses) on available-for-sale securities are included in other income and, when applicable, are reported as a reclassification adjustment in other comprehensive income. |
Note E - Consumer Receivables A
Note E - Consumer Receivables Acquired for Liquidation (Restated) | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE E — CONSUMER RECEIVABLES ACQUIRED FOR LIQUIDATION (restated) 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 • the interest method; or • the cost recovery method. Prior to October 1, 2013 310 30. 310 30, October 1, 2013, 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 to ensure which method is appropriate, and once a static pool is established for a quarter, individual receivable accounts are not The Company uses the cost recovery method when collections on a particular pool of accounts cannot be reasonably predicted. Under the cost recovery method, no pool can become fully amortized ( zero The Company has 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 aggregates portfolios of receivables acquired sharing specific common characteristics which were acquired within a given quarter. In addition, the Company uses a variety of qualitative and quantitative factors to estimate collections and the timing thereof. The Company obtains and utilizes, as appropriate, input, including but not third The following tables summarize the changes in the balance sheet account of consumer receivables acquired for liquidation during the following periods: For the Year Ended September 30, 2016 2015 Balance, beginning of period $ 15,057,000 $ 28,551,000 Acquisitions of receivable portfolio 8,207,000 2,110,000 Net cash collections from collection of consumer receivables acquired for liquidation (28,756,000 ) (34,664,000 ) Net cash collections represented by account sales of consumer receivables acquired for liquidation (84,000 ) (79,000 ) Impairment (166,000 ) — Effect of foreign currency translation 279,000 (1,426,000 ) Finance income recognized 18,890,000 20,565,000 Balance, end of period $ 13,427,000 $ 15,057,000 Finance income as a percentage of collections 65.5 % 59.19 % During the year ended September 30, 2016, $162.9 $8.2 September 30, 2015, $28.0 $2.1 The following table summarizes collections received by the Company’s third September 30, 2016, 2015 2014, For the Years Ended September 30, 2016 2015 2014 Gross collections(1) $ 49,002,000 $ 59,198,000 $ 68,545,000 Less: commissions and fees(2) 20,162,000 24,456,000 27,910,000 Net collections $ 28,840,000 $ 34,742,000 $ 40,635,000 ( 1 Gross collections include collections from third ( 2 Commissions and fees are the contractual commissions earned by third 3% December 2007. |
Note F - Litigation Funding
Note F - Litigation Funding | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Other Investments Disclosure [Text Block] | NOTE F — LITIGATION FUNDING Equity Method Investment (restated) Equity method investments as of September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Carrying Value Ownership Percentage Carrying Value Ownership Percentage Pegasus Funding, LLC $ 48,582,000 80 % $ 40,751,000 80 % The carrying value of the Company's equity investment at September 30, 2016 $48,582,000, $7,831,000 $40,751,000. $10,551,000, $2,720,000 2016. The carrying value of the Company's equity investment at September 30, 2015 $40,751,000, $6,417,000 $34,334,000. $6,471,000 2015, $54,000. The results of operations and financial position of the Company’s equity investment in Pegasus are summarized below: Condensed Statement of Operations Information For the year ended September 30, 2016 2015 2014 Personal injury claims income $ 20,339,000 $ 8,358,000 $ 7,259,000 Operating expenses 7,151,000 8,425,000 4,846,000 (Loss) income from operations $ 13,188,000 $ (67,000 ) $ 2,413,000 Company’s equity income (loss) from operations $ 10,551,000 $ (54,000 ) $ 1,931,000 Condensed Balance Sheet Information September 30, 2016 September 30, 2015 Current assets $ 48,828,000 $ 39,576,000 Non-current assets 188,000 — Total Assets $ 49,016,000 $ 39,576,000 Current liabilities $ 34,404,000 $ 37,124,000 Non-current liabilities 1,053,000 593,000 Equity 13,559,000 1,859,000 Total Liabilities and Equity $ 49,016,000 $ 39,576,000 On December 28, 2011, $20.3 2016 $8.4 $7.3 2015 2014, $48.6 $40.8 September 30, 2016 2015, Pegasus records reserves for bad debts, which, at September 30, 2016 2015 $8.5 $5.5 For the Years Ended 2016 2015 Balance at beginning of period $ 5,459,000 $ 2,474,000 Provisions for losses 3,785,000 3,789,000 Write offs (702,000 ) (804,000 ) Balance at end of period $ 8,542,000 $ 5,459,000 On November 8, 2016, not December 28, 2016. December 28, 2011 ( The difference in the Company’s carrying value of the equity investment of $48.6 $45.3 $34.4 |
Note G - Matrimonial Claims
Note G - Matrimonial Claims | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Investment Holdings [Text Block] | NOTE G — MATRIMONIAL CLAIMS On May 18, 2012, $1.0 twenty-four September 2014, August 2016, $1.5 August 14, 2016, March 31, 2017, September 2014 September 30, 2016 $1.5 September 30, 2016, $2.5 $461,000 September 30, 2016 $524,000. no September 30, 2015 2014. |
Note H - Furniture and Equipmen
Note H - Furniture and Equipment (Restated) | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE H — FURNITURE AND EQUIPMENT (restated) Furniture and equipment as of September 30, 2016 2015 2016 2015 Furniture $ 273,000 $ 311,000 Equipment 235,000 3,622,000 Software 1,350,000 1,210,000 Leasehold improvements — 99,000 1,858,000 5,242,000 Less accumulated depreciation and amortization 1,662,000 4,816,000 $ 196,000 $ 426,000 Depreciation expense for the years ended September 30, 2016, 2015 2014 $377,000, $319,000, $361,000, |
Note I - Non Recourse Debt
Note I - Non Recourse Debt | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE I — NON RECOURSE DEBT Non-Recourse Debt — Bank of Montreal (“BMO”) In March 2007, $227 July 2007, December 2007, May 2008, February 2009, October 2010 August 2013 ( $300 three August 2013. On August 7, 2013, 100% $15 $15 30% $15 June 3, 2014, $2,901,199 $1,866,036 $16.9 During the month of June, $16.9 September 30, 2016, $159,000. October 11, 2016. Bank Hapoalim B.M. (“Bank Hapoalim”) Line of Credit On May 2, 2014, $20 $20.0 $30 three 275 $150 March 30, 2016, 225 $50 $100 No not no September 30, 2016. $10 |
Note J - Other Liabilities (Res
Note J - Other Liabilities (Restated) | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | NOTE J — OTHER LIABILITIES (restated) Other liabilities as of September 30, 2016 2015 2016 2015 Accounts payable and accrued expenses $ 1,638,000 $ 2,375,000 Lawsuit reserve (see Note L – Commitments and Contingencies – Legal Matters 2,345,000 — Other 4,000 — Total other liabilities $ 3,987,000 $ 2,375,000 |
Note K - Income Taxes (Restated
Note K - Income Taxes (Restated) | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE K — INCOME TAXES (restated) The components of the provision for income taxes for the years ended September 30, 2016, 2015 2014 2016 2015 2014 Current: Federal $ 5,385,000 $ 6,686,000 $ 3,951,000 State 645,000 — — Interest on IRS payment 9,000 624,000 — 6,039,000 7,310,000 3,951,000 Deferred: Federal (3,256,000 ) (8,154,000 ) (1,732,000 ) State 833,000 2,137,000 2,086,000 (2,423,000 ) (6,017,000 ) 354,000 Sub-total 3,616,000 1,293,000 4,305,000 Less: tax on discontinued operations 2,599,000 1,349,000 166,000 Provision for income taxes $ 1,017,000 $ (56,000 ) $ 4,139,000 The difference between the statutory federal income tax rate on the Company’s pre-tax income and the Company’s effective income tax rate is summarized for the years ended September 30, 2016, 2015 2014 2016 2015 2014 Statutory federal income tax rate 35.0 % 34.0 % 34.0 % State income tax, net of federal benefit 8.6 22.4 11.1 State tax rate change (21.4 ) — 9.2 Permanent difference in municipal interest (6.9 ) 37.1 (3.9 ) Permanent difference other 3.1 (26.5 ) 0.2 IRS interest — (172.7 ) — Federal prior year provision to return difference (1.7 ) 4.6 0.2 Change in tax law 12.5 — — Change in valuation allowance (10.4 ) 107.6 (6.6 ) Other (0.9 ) (0.1 ) 0.4 Effective income tax rate 17.9 % 6.4 % 44.6 % The Company recognized a net deferred tax asset of $14,903,000 $13,484,000 September 30, 2016 2015, September 30, September 30, Impairments/bad debt reserves $ 3,353,000 $ 1,999,000 Revenue recognition pertaining to the cost over estimated collections method 13,514,000 9,913,000 State tax net operating loss carry forward 7,793,000 7,878,000 Stock based compensation 3,477,000 3,150,000 Unrealized gain on structured settlements (6,496,000 ) (3,488,000 ) Foreign currency 515,000 612,000 Depreciation, amortization and other (129,000 ) (302,000 ) Deferred income taxes 22,027,000 19,762,000 Deferred tax valuation allowance (7,124,000 ) (6,761,000 ) Deferred income taxes $ 14,903,000 $ 13,001,000 The Company files consolidated Federal and state income tax returns. Substantially all of the Company’s subsidiaries are single member limited liability companies and, therefore, do not September 30, 2009 September 30, 2029. September 30, 2016 $73.7 $16.5 $1.0 September 30, 2016, 2013 2009 2013, no The Company accounts for income taxes using the asset and liability method which requires the recognition of deferred tax assets and, if applicable, deferred tax liabilities, for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and, if applicable, liabilities. Additionally, the Company would adjust deferred taxes to reflect estimated tax rate changes, if applicable. The Company conducts periodic evaluations to determine whether it is more likely than not not not, not September 30, 2016. $7.1 September 30, 2016 $6.8 September 30, 2015. twenty 740, not not 50 Interest and penalties are presented as a component of income taxes. $9,000 $624,000 2016 2015 July 16, 2015, $13 September 30, 2009 September 30, 2013. no deductions, and credits to the tax returns under examination. The payment does not $633,000 September 30, 2013, July 15, 2015, September 30, 2014, no December 1, 2015, no The tax returns for the 2014, 2015 2016 not |
Note L - Commitments and Contin
Note L - Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE L — COMMITMENTS AND CONTINGENCIES Leases The Company leases its facilities in (i) Englewood Cliffs, New Jersey, (ii) Houston, Texas, (iii) New York, New York. The leases are operating leases, and the Company incurred related rent expense in the amounts of $936,000, $967,000 $617,000 September 30, 2016, 2015 2014, Year Ending September 30, 2017 $ 690,000 2018 444,000 2019 448,000 2020 289,000 $ 1,871,000 Employment Agreement On March 10, 2016, $275,000, 18 one 1 one On January 1, 2016, two two one two $250,000. ● Sixty day notification required by either party to terminate the employment agreement; and ● Standard non-compete clause during the term of the employment agreement and for two The employment contracts of the original two December 2016. not On November 11, 2016, Legal Matters In June 2015, one third The Company filed a motion to strike the class action allegations and compel arbitration or, to the extent the court declines to order arbitration, to dismiss the RICO claims. On or about March 31, 2015, July 2015, $13,000 $39,000. July 24, 2015. third not The plaintiffs’ attorneys advised that they are contemplating the filing of another punitive class action complaint against the Company alleging substantially the same claims as those that were asserted in this matter. In anticipation of such an eventuality, the Company agreed to non-binding mediation in order to reach a global settlement with other putative class members, which would avert the possibility of further individual or class actions with respect to the affected accounts. Through March 31, 2016, two $4 third $3.875 $2.0 three March 31, 2016, The Company reassessed the situation as of September 30, 2016 $0.3 three September 30, 2016 ( In the ordinary course of the Company’s business, it is involved in numerous legal proceedings. The Company regularly initiates collection lawsuits, using its network of third not 10 not |
Note M - Concentrations (Restat
Note M - Concentrations (Restated) | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE M — CONCENTRATIONS (restated) At September 30, 2016, 14% three three third three 14% 84% third March 2016, third 41% September 30, 2015 17% September 30, 2016. September 30, 2016, 10% |
Note N - Stock Option Plans
Note N - Stock Option Plans | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Stock Option Plans [Text Block] | NOTE N — STOCK OPTION PLANS 2012 On February 7, 2012, 2012 “2012 March 21, 2012. 2012 The 2012 The Company authorized 2,000,000 2012 September 30, 2016, 484,200 245,625 2012 59,068 1,329,243 September 30, 2016. September 30, 2016, 120 2012 Equity Compensation Plan On December 1, 2005, March 1, 2006. 2002 In addition to permitting the grant of stock options as are permitted under the 2002 The Company authorized 1,000,000 March 21, 2012, no 2002 On March 5, 2002, 2002 “2002 May 1, 2002. 2002 The 2002 422 1986, not The Company authorized 1,000,000 2002 March 5, 2012, no Stock Based Compensation The Company accounts for stock-based employee compensation under ASC 718, Compensation — Stock Compensation 718” 718 On December 16, 2015, 67,100 9,100 58,000 three one The weighted average assumptions used in the option pricing model were as follows: Risk-free interest rate 0.24 % Expected term (years) 6.25 Expected volatility 23.4 % Dividend yield 0.00 % On December 16, 2015, 5,000 June 30, 2016. In February 2015, 45,400 February 23, 2015, three one Risk-free interest rate 0.12 % Expected term (years) 5.9 Expected volatility 32.7 % Dividend yield 0.00 % On October 2, 2014, 15,000 three first In February 2014, 5,000 Risk-free interest rate 0.06 % Expected term (years) 5.9 Expected volatility 35.3 % Dividend yield 0.00 % In December 2013, 156,700 70,000 86,700 December 12, 2013, three one Risk-free interest rate 0.08 % Expected term (years) 6.5 Expected volatility 98.3 % Dividend yield 0.00 % The following table summarizes stock option transactions under the plans: Year Ended September 30, 2016 2015 2014 Shares Weighted Shares Weighted Shares Weighted Outstanding options at the beginning of year 1,043,566 $ 8.47 1,403,259 $ 10.78 1,622,771 $ 11.31 Options granted 67,100 7.93 45,400 8.37 161,700 8.48 Options forfeited/cancelled (14,468 ) 8.12 (344,259 ) 17.90 (369,612 ) 12.33 Options exercised (146,531 ) 8.22 (60,834 ) 7.83 (11,600 ) 3.46 Outstanding options at the end of year 949,667 $ 8.47 1,043,566 $ 8.47 1,403,259 $ 10.78 Exercisable options at the end of year 830,326 $ 8.51 860,891 $ 8.41 888,587 $ 12.15 The Company recognized $558,000, $1,022,000 $1,496,000 September 30, 2016, 2015 2014, September 30, 2016, $163,000 1.2 The intrinsic value of the outstanding and exercisable options as of September 30, 2016 $2,199,000 $1,925,000 2016 2015 $338,000 $76,000, September 30, 2016 2015 $918,000 $379,000, September 30, 2016 2015 $1,205,000 $476,000, September 30, 2016 5.0 2016 2015 $1,359,000 $3,201,000, September 30, 2016 2015 $532,000 $298,000, The following table summarizes information about the plans’ outstanding options as of September 30, 2016: Options Outstanding Options Exercisable Range of Exercise Price Number Weighted Weighted Number Weighted $2.8751 - $5.7500 3,800 2.6 $ 2.95 3,800 $ 2.95 $5.7501 - $8.6250 798,867 5.4 7.96 679,526 7.92 $8.6251 - $11.5000 132,000 6.3 9.41 132,000 9.41 $11.5001 - $28.7500 15,000 0.2 28.75 15,000 28.75 949,667 5.5 $ 8.47 830,326 $ 8.51 The following table summarizes information about restricted stock transactions: Year Ended 30, 2016 Weighted Year Ended 30, 2015 Weighted Unvested at the beginning of period 44,107 $ 9.28 68,214 $ 9.57 Awards granted 5,000 7.89 15,000 8.30 Vested (49,107 ) 9.36 (39,107 ) 9.41 Forfeited — 0.00 — 0.00 Unvested at the end of period — $ 8.00 44,107 $ 9.28 The Company recognized $128,000, $371,000 $326,000 September 30, 2016, 2015 2014, September 30, 2016, $67,000 1.4 5,000 2016, $40,000, 15,000 first 2015, $125,000. September 30, 2016 2015 $460,000 $368,000, The Company recognized an aggregate total of $686,000, $1,393,000 $1,822,000 September 30, 2016, 2015 2014, September 30, 2016, $230,000 |
Note O - Stockholders' Equity
Note O - Stockholders' Equity | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE O — STOCKHOLDERS’ EQUITY Dividends are declared at the discretion of the Board of Directors and depend upon the Company’s financial condition, operating results, capital requirements and other factors that the Board of Directors deems relevant. In addition, agreements with the Company’s lenders may, September 30, 2016, no No 2016 2015. On August 11, 2015, $15,000,000 10b 18 10 5 1 to December 31, 2015. December 17, 2015 March 31, 2016 $15 March 17, 2016, $9.9 December 31, 2016 $15 March 22, 2016, no September 30, 2016, 1,186,000 $10.1 On May 25, 2016, 4, 1 2 3 As of and for the year ended September 30, 2016, Pursuant to the Agreement, the Company made available to Mangrove and its representatives certain confidential information relating to the Company or its subsidiaries, and Mangrove agreed to make available to the Company and its representatives certain confidential information relating to Mangrove and its affiliates (collectively, the “Confidential Information”). The Company and Mangrove agreed not not one not Further, under the terms of the Agreement, Mangrove and the Company have agreed to certain restrictions during the Discussion Period, which began on May 25, 2016 not third not 220 not On November 21, 2016, 1 2 3 30 referred to as the Restricted Activities, and specifically nothing shall restrict Mangrove or its representatives from calling a special meeting, nominating one 14A 1934, January 6, 2017. |
Note P - Retirement Plan
Note P - Retirement Plan | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE P — RETIREMENT PLAN The Company maintains a 401 September 30, 2016, 2015 2014 $140,000, $113,000 $119,000, |
Note Q - Fair Value of Financia
Note Q - Fair Value of Financial Measurements and Disclosures (Restated) | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE Q — FAIR VALUE OF FINANCIAL MEASUREMENTS AND DISCLOSURES (restated) Disclosures about Fair Value of Financial Instruments FASB ASC 825, Financial Instruments 825” not The estimated fair value of the Company’s financial instruments is summarized as follows: September 30, 2016 September 30, 2015 Carrying Fair Carrying Fair Financial assets Cash and cash equivalents (Level 1) $ 16,282,000 $ 16,282,000 $ 19,947,000 $ 19,947,000 Available-for-sale investments (Level 1) 56,763,000 56,763,000 59,727,000 59,727,000 Consumer receivables acquired for liquidation (Level 3) 13,427,000 47,233,000 15,057,000 31,339,000 Structured settlements (Level 3) (2) 86,091,000 86,091,000 64,635,000 64,635,000 Other investments(1) 3,590,000 3,590,000 4,239,000 4,239,000 Financial liabilities Other debt — CBC, revolving line of credit (Level 3) (2) 10,154,000 10,154,000 4,623,000 4,623,000 Other debt — CBC, non-recourse notes payable with varying installments (Level 3) (2) 57,281,000 57,281,000 46,988,000 46,988,000 ( 1 The Company has elected to early adopt ASU 2015 07 2015 07, not ( 2 Classified as discontinued operations on the consolidated balance sheet. 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: Cash and cash equivalents — The carrying amount of cash and cash equivalents approximates fair value. 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 C: 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. Unrealized gains (losses) on structured settlements is comprised of both unrealized gains resulting from fair market valuation at the date of acquisition of the structured settlements and the subsequent fair value adjustments resulting from the change in the discount rate. Other investments — The Company estimated the fair value using the net asset value per share of the investment. There are no 5 Other debt CBC, revolving line of credit — The Company determined the fair value based on similar instruments in the market. 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 September 30, 2016, 820, Fair Value Measurements and Disclosures 820” 820 820 Level 1 Level 2 1 not Level 3 no A significant unobservable input used in the fair value measurement of structured settlements is the discount rate. Significant increases and decreases in the discount rate used to estimate the fair value of structured settlements could decrease or increase the fair value measurement of the structured settlements. The discount rate could be affected by factors, which include, but are not 10 The Company’s available-for-sale investments are classified as Level 1 not 1 September 30, 2016. no 2 3 September 30, 2016. The following table sets forth the Company’s quantitative information about its Level 3 September 30, 2016: Fair Value Valuation Unobservable Rate Structured settlements at fair value $ 86,091,000 Discounted cash flow Discount rate 4.85 % The changes in structured settlements at fair value using significant unobservable inputs (Level 3 September 30, 2016 Balance at September 30, 2015 $ 64,635,000 Total gains included in earnings 8,040,000 Purchases 15,962,000 Sales — Interest accreted 5,414,000 Payments received (7,960,000 ) Total $ 86,091,000 The amount of total gains for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets held at September 30, 2016, and recorded as income (loss) from discontinued operations on the Company’s consolidated statement of operations. $ 8,040,000 Realized and unrealized gains and losses included in earnings in the accompanying consolidated statements of operations for the year ended September 30, 2016 Total gains (losses) included in earnings in fiscal year 2016 $ 8,040,000 Change in unrealized gains (losses) relating to assets still held at September 30, 2016 $ 8,040,000 |
Note R - Related Party Transact
Note R - Related Party Transactions (Restated) | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE R — RELATED PARTY TRANSACTIONS (restated) On December 12, 2011, not two December 31, 2013 $150,000 $25,000 30,000 three second third first $25,000 September 30, 2014. not On September 17, 2015, two $80,000 September 30, 2016, $80,000 In addition, A. L. Piccolo & Co., Inc. (“ALP”), which is also owned by Louis Piccolo, receives a fee from Pegasus which is calculated based on amounts loaned to Pegasus by Fund Pegasus up to maximum of $700,000. six 4% December 28, 2016, September 30, 2016, 2015and 2014, Pegasus paid ALP $133,000 September 30, 2016, $193,000, On July 1, 2015, April 30, 2016, September 30, 2016, $88,000. In June 2015, $0.5 $1.2 For the years ended September 30, 2016 2015, $330,000 $624,000, September 30, 2016 2015, $0.8 $1.1 |
Note S - Supplementary Financia
Note S - Supplementary Financial Information (Unaudited and Restated) | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE S — SUPPLEMENTARY FINANCIAL INFORMATION (Unaudited and Restated) Consolidated Balance Sheet December 31, 201 5 As Reported(1) Adjustments Restated ASSETS Cash and cash equivalents $ 21,419,000 $ (2,302,000 ) (2) $ 19,117,000 Available for sale investments (at fair value) 55,045,000 — 55,045,000 Consumer receivables acquired for liquidation (at net realizable value) 17,843,000 966,000 (5) 18,809,000 Investment in personal injury claims, net 34,632,000 (34,632,000 ) (2) — Other investments, net 4,183,000 — 4,183,000 Due from third party collection agencies and attorneys 929,000 66,000 (5) 995,000 Prepaid and income taxes receivable 5,838,000 455,000 (9) 6,293,000 Furniture and equipment, net 336,000 (1,000 ) (2) 335,000 Equity method investment — 36,418,000 (2) 36,418,000 Deferred income taxes 12,955,000 228,000 (9) 13,183,000 Goodwill 1,410,000 — 1,410,000 Other assets 7,462,000 (98,000 ) (5) 7,364,000 Assets related to discontinued operations 73,923,000 705,000 (4)(6) 74,628,000 Total assets $ 235,975,000 $ 1,805,000 $ 237,780,000 LIABILITIES Other liabilities $ 2,715,000 $ (847,000 ) (7) $ 1,868,000 Liabilities related to discontinued operations 57,182,000 1,034,000 (4)(6) 58,216,000 Total liabilities 59,897,000 187,000 60,084,000 Commitments and contingencies STOCKHOLDERS’ EQUITY Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none — — — Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,189,977 at December 31, 2015; and outstanding 12,154,177 at December 31, 2015 132,000 — 132,000 Additional paid-in capital 65,420,000 3,000 (7) 65,423,000 Retained earnings 122,417,000 (1,689,000 ) (3)(5)(6)(7)(9) 120,728,000 Accumulated other comprehensive income (loss) (1,127,000 ) 1,471,000 (3) 344,000 Treasury stock (at cost) 1,035,800 shares at December 31, 2015 (8,931,000 ) — (8,931,000 ) Non-controlling interest (1,833,000 ) 1,833,000 (2) — Total stockholders’ equity 176,078,000 1,618,000 177,696,000 Total liabilities and stockholders’ equity $ 235,975,000 $ 1,805,000 $ 237,780,000 * Due to rounding the sum of quarterly totals for earnings per share may not Consolidated Statement of Operations As Reported (1) Adjustments As Restated Three Months Ended December 31, 2015: Revenues: Finance income, net $ 5,142,000 $ (36,000 ) (5) $ 5,106,000 Personal injury claims income 3,085,000 (3,085,000 ) (2) — Disability fee income 659,000 — 659,000 Total revenues 8,886,000 (3,121,000 ) 5,765,000 Forgiveness of non-recourse debt — — — Other income 515,000 (123,000 ) (7) 392,000 9,401,000 (3,244,000 ) 6,157,000 Expenses: General and administrative expenses 6,943,000 (1,214,000 ) (2)(3)(6)(7)(8) 5,729,000 Interest expense 2,000 (2,000 ) (7) — Impairments of consumer receivables acquired for liquidation — (Earnings) loss from Equity Method Investment — (1,494,000 ) (2) (1,494,000 ) 6,945,000 (2,710,000 ) 4,235,000 Income before tax from continuing operations 2,456,000 (534,000 ) 1,922,000 Income tax expense (benefit) 715,000 (84,000 ) (9) 631,000 Income (loss) from continuing operations 1,741,000 (450,000 ) 1,291,000 Income net of tax from discontinued operations 438,000 (166,000 ) 272,000 Net income attributable to non-controlling interest 373,000 (373,000 ) (2) — Net income attributable to Asta Funding, Inc. $ 1,806,000 $ (243,000 ) $ 1,563,000 Basic Earnings per common share: Continuing operations $ 0.11 $ 0.11 Discontinued operations 0.04 0.02 $ 0.15 $ 0.13 Diluted Earnings per common share: Continuing operations $ 0.11 $ 0.10 Discontinued operations 0.04 0.02 $ 0.15 $ 0.12 Weighted-average shares outstanding: Basic 12,155,421 12,155,421 Diluted 12,431,886 12,431,886 Consolidated Statement of Comprehensive Income T hree M onths ended December 31 , 201 5 As Reported (1) Adjustments As Restated Net Income $ 1,806,000 $ (243,000 ) $ 1,563,000 Net unrealized securities gain/(loss), net of tax expense of $220,000 during the 3 month period ended December 31, 2015. 336,000 (6,000 ) 330,000 Reclassification adjustments for securities sold, net of tax benefit of $11,000 during the 3 month period ended December 31, 2015. (20,000 ) — (20,000 ) Foreign currency translation, net of tax expense of $9,000 242,000 (228,000 ) 14,000 Other comprehensive income (loss) 558,000 (234,000 ) 324,000 Total comprehensive income $ 2,364,000 $ (477,000 ) $ 1,887,000 Consolidated Statements of Stockholders’ Equity As of December 31, 2015 Common Stock Additional Retained Accumulated Treasury Non- Total Issued Amount Balance, September 30, 201 5 13,061,673 $ 131,000 $ 65,049,000 $ 119,165,000 $ 20,000 $ (1,751,000 ) $ 793,000 $ 183,407,000 Restricted common stock 5,000 — — — — — — — Stock based compensation expense — — 278,000 — — — 278,000 Net income, — — — 1,563,000 — — 1,563,000 Unrealized gain on marketable securities — — — — 330,000 — — 330,000 Amount reclassified from other comprehensive (loss) income — — — — (20,000 ) — — (20,000 ) Purchase of treasury stock — — (7,180,000 ) — (7,180,000 ) Foreign currency translation, net — — — — 14,000 — — 14,000 Purchase of subsidiary shares from non-controlling interest — — (903,000 ) — — — (793,000 ) (1,696,000 ) Issuance of restricted stock to purchase subsidiary shares from non-controlling interest 123,304 1,000 999,000 — — — — 1,000,000 Balance, Dec ember 3 1 , 201 5 , (as restated) 13,189,977 $ 132,000 $ 65,423,000 $ 120,728,000 $ 344,000 $ (8,931,000 ) $ — $ 177,696,000 Consolidated Statement of Cash Flow Three M onths ended Dec ember 3 1 , 201 5 As Reported (1) Adjustments As Restated Cash flows from operating activities: Loss from continuing operations $ 1,368,000 $ (77,000 ) $ 1,291,000 Income from discontinued operations 438,000 (166,000 ) 272,000 Net income 1,806,000 (243,000 ) 1,563,000 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 120,000 (30,000 ) 90,000 Deferred income taxes (876,000 ) 971,000 95,000 Stock based compensation 283,000 (5,000 ) 278,000 Loss on sale of available-for-sale securities 31,000 — 31,000 Unrealized gain on other investments (62,000 ) — (62,000 ) Unrealized foreign exchange loss on other investments 118,000 — 118,000 Pegasus non-controlling interest 373,000 (373,000 ) — (Earnings) loss from equity method investment — (1,494,000 ) (1,494,000 ) Changes in: Prepaid and income taxes receivable 906,000 (87,000 ) 819,000 Due from third party collection agencies and attorneys 493,000 (141,000 ) 352,000 Other assets (423,000 ) (1,937,000 ) (2,360,000 ) Other liabilities (219,000 ) (274,000 ) (493,000 ) Changes in net assets and liabilities related to discontinued operations (2,049,000 ) 1,570,000 (479,000 ) Net cash provided by (used in) operating activities 501,000 (2,043,000 ) (1,542,000 ) Cash flows from investing activities: Purchase of consumer receivables acquired for liquidation (4,419,000 ) (1,632,000 ) (6,051,000 ) Principal collected on consumer receivables acquired for liquidation 2,184,000 115,000 2,299,000 Purchase of available-for-sale securities (7,136,000 ) — (7,136,000 ) Proceeds from sales of available-for-sale securities 12,303,000 — 12,303,000 Increase in equity method investment — 5,827,000 5,827,000 Purchase of non-controlling interest (800,000 ) — (800,000 ) Investments in personal injury claims — advances (7,013,000 ) 7,013,000 — Investments in personal injury claims — receipts 9,049,000 (9,049,000 ) — Cash flows from investing activities related to discontinued operations: (2,544,000 ) — (2,544,000 ) Net cash provided by investing activities 1,624,000 2,274,000 3,898,000 Cash flows from financing activities: Purchase of treasury stock (7,180,000 ) — (7,180,000 ) Distributions to non-controlling interest (438,000 ) 438,000 — Cash flows from financing activities related to discontinued operations: 4,306,000 — 4,306,000 Net cash (used in) provided by financing activities (3,312,000 ) 438,000 (2,874,000 ) Net (decrease) increase in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations (1,187,000 ) 669,000 (518,000 ) Less: net decrease in cash, cash equivalents and restricted cash classified within assets related to discontinued operations (312,000 ) - (312,000 ) Net decrease in cash and cash equivalents (1,499,000 ) 669,000 (830,000 ) Cash and cash equivalents at beginning of year 22,918,000 (2,971,000 ) 19,947,000 Cash and cash equivalents at end of period $ 21,419,000 $ (2,302,000 ) $ 19,117,000 Consolidated Balance Sheet March 31, 201 6 As Reported(1) Adjustments Restated ASSETS Cash and cash equivalents $ 18,656,000 $ (1,123,000 ) (2) $ 17,533,000 Available for sale investments (at fair value) 55,589,000 — 55,589,000 Consumer receivables acquired for liquidation (at net realizable value) 16,784,000 (344,000 ) (5) 16,440,000 Investment in personal injury claims, net 35,144,000 (35,144,000 ) (2) — Other investments, net 3,417,000 — 3,417,000 Due from third party collection agencies and attorneys 1,050,000 28,000 (5) 1,078,000 Prepaid and income taxes receivable 6,575,000 424,000 (9) 6,999,000 Furniture and equipment, net 306,000 — 306,000 Equity method investment — 37,613,000 (2) 37,613,000 Deferred income taxes 13,187,000 (458,000 ) (9) 12,729,000 Goodwill 1,410,000 — 1,410,000 Other assets 7,337,000 (99,000 ) (7) 7,238,000 Assets related to discontinued operations 79,325,000 762,000 (6)(7)(8) 80,087,000 Total assets $ 238,780,000 $ 1,659,000 $ 240,439,000 LIABILITIES Other liabilities 4,818,000 (897,000 ) (7) 3,921,000 Liabilities related to discontinued operations 60,553,000 917,000 (4)(6) 61,470,000 Total liabilities 65,371,000 20,000 65,391,000 Commitments and contingencies STOCKHOLDERS’ EQUITY Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none — — — Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,197,476 at March 31, 2016; and outstanding 12,011,476 at March 31, 2016 132,000 — 132,000 Additional paid-in capital 65,612,000 8,000 (7) 65,620,000 Retained earnings 120,586,000 (1,688,000 ) (3) 118,898,000 Accumulated other comprehensive (loss) income (706,000 ) 1,218,000 (3)(5)(6)(7)(8)(9) 512,000 Treasury stock (at cost) 1,186,000 shares at March 31, 2016 (10,114,000 ) — (10,114,000 ) Non-controlling interest (2,101,000 ) 2,101,000 (2) — Total stockholders’ equity 173,409,000 1,639,000 175,048,000 Total liabilities and stockholders’ equity $ 238,780,000 $ 1,659,000 $ 240,439,000 Consolidated Statement of Operations As Reported (1) Adjustments As Restated Three Months ended March 31, 201 6 : Revenues: Finance income, net $ 4,914,000 $ (35,000 ) (5) $ 4,879,000 Personal injury claims income 1,846,000 (1,846,000 ) (2) — Disability fee income 872,000 — 872,000 Total revenues 7,632,000 (1,881,000 ) 5,751,000 Forgiveness of non-recourse debt — — — Other income 378,000 230,000 (7) 608,000 8,010,000 (1,651,000 ) 6,359,000 Expenses: General and administrative expenses 11,842,000 (1,620,000 ) (2)(3)(6)(7) 10,222,000 Interest expense (2,000 ) 2,000 (7) — Impairments of consumer receivables acquired for liquidation 124,000 — 124,000 (Earnings) loss from Equity Method Investment — (333,000 ) (2) (333,000 ) 11,964,000 (1,951,000 ) 10,013,000 Income before tax from continuing operations (3,954,000 ) 300,000 (3,654,000 ) Income tax (benefit) expense (1,753,000 ) 484,000 (9) (1,269,000 ) Loss from continuing operations (2,201,000 ) (184,000 ) (2,385,000 ) Income net of tax from discontinued operations 453,000 102,000 555,000 Net income attributable to non-controlling interest 83,000 (83,000 ) (2) — Net (loss) income attributable to Asta Funding, Inc. $ (1,831,000 ) $ 1,000 $ (1,830,000 ) Basic Earnings per common share: Continuing operations $ (0.19 ) $ (0.20 ) Discontinued operations 0.04 0.05 (0.15 ) (0.15 ) Diluted Earnings per common share: Continuing operations (0.19 ) (0.20 ) Discontinued operations $ 0.04 $ 0.05 (0.15 ) (0.15 ) Weighted-average shares outstanding: Basic 12,076,120 12,076,120 Diluted 12,076,120 12,076,120 Consolidated Statement of Operations As Reported(1) Adjustments As Restated Six Months ended March 31, 2016: Revenues: Finance income, net $ 10,056,000 $ (71,000 ) (5) $ 9,985,000 Personal injury claims income 4,931,000 (4,931,000 ) (2) — Disability fee income 1,531,000 — 1,531,000 Total revenues 16,518,000 (5,002,000 ) 11,516,000 Forgiveness of non-recourse debt — — — Other income 893,000 107,000 (7) 1,000,000 17,411,000 (4,895,000 ) 12,516,000 Expenses: General and administrative expenses 18,785,000 (2,834,000 ) (2)(3)(6)(7) 15,951,000 Interest expense — — — Impairments of consumer receivables acquired for liquidation 124,000 — 124,000 (Earnings) loss from Equity Method Investment — (1,827,000 ) (2) (1,827,000 ) 18,909,000 (4,661,000 ) 14,248,000 Income before tax from continuing operations (1,498,000 ) (234,000 ) (1,732,000 ) Income tax (benefit) expense (1,038,000 ) 400,000 (9) (638,000 ) Loss from continuing operations (460,000 ) (634,000 ) (1,094,000 ) Income net of tax from discontinued operations 891,000 64,000 827,000 Net income attributable to non-controlling interest 456,000 (456,000 ) (2) — Net (loss) income attributable to Asta Funding, Inc. $ (25,000 ) $ (242,000 ) $ (267,000 ) Basic Earnings per common share: Continuing operations $ (0.07 ) $ (0.09 ) Discontinued operations 0.07 0.07 (0.00 ) (0.02 ) Diluted Earnings per common share: Continuing operations (0.07 ) (0.09 ) Discontinued operations $ 0.07 $ 0.07 (0.00 ) (0.02 ) Weighted-average shares outstanding: Basic 12,115,987 12,115,987 Diluted 12,115,987 12,115,987 Consolidated Statement of Comprehensive Income T hree M onths ended March 31, 2016 As Reported (1) Adjustments As Restated Net Income $ (1,831,000 ) $ 1,000 $ (1,830,000 ) Net unrealized securities gain, net of tax expense of $104,000 during the year ended March 31, 2016 167,000 (11,000 ) 156,000 Reclassification adjustments for securities sold — — — Foreign currency translation, net of tax benefit (expense) of $8,000 254,000 (242,000 ) 12,000 Other comprehensive income (loss) 421,000 (253,000 ) 168,000 Total comprehensive income $ (1,410,000 ) $ (252,000 ) $ (1,662,000 ) Consolidated Statement of Comprehensive Income Six Months ended March 31, 2016 As Reported(1) Adjustments As Restated Net Income $ (25,000 ) $ (242,000 ) $ (267,000 ) Net unrealized securities gain, net of tax benefit (expense) of ($283,000) during the six month ended March 31, 2016 503,000 (17,000 ) 486,000 Reclassification adjustments for securities sold (20,000 ) — (20,000 ) Foreign currency translation, net of tax benefit (expense) of ($17,000) 496,000 (470,000 ) 26,000 Other comprehensive income (loss) 979,000 (487,000 ) 492,000 Total comprehensive income $ 954,000 $ (729,000 ) $ 225,000 Consolidated Statements of Stockholders’ Equity As of March 31, 201 6 Common Stock Additional Retained Accumulated Treasury Non- Total Issued Amount Balance, September 30, 2015 13,061,673 $ 131,000 $ 65,049,000 $ 119,165,000 $ 20,000 $ (1,751,000 ) $ 793,000 $ 183,407,000 Exercise of options 7,499 — 47,000 — — — — 47,000 Restricted common stock 5,000 — — — — — — — Stock based compensation expense — — 428,000 — — — 428,000 Net income, — — — (267,000 ) — — (267,000 ) Unrealized gain on marketable securities — — — — 486,000 — — 486,000 Amount reclassified from other comprehensive (loss) income — — — — (20,000 ) — — (20,000 ) Purchase of treasury stock — — (8,363,000 ) — (8,363,000 ) Foreign currency translation, net — — — — 26,000 — — 26,000 Purchase of subsidiary shares from non-controlling interest — — (903,000 ) — — — (793,000 ) (1,696,000 ) Issuance of restricted stock to purchase subsidiary shares from non-controlling interest 123,304 1,000 999,000 — — — — 1,000,000 Balance, March 31, 201 6 , (as restated) 13,197,476 $ 132,000 $ 65,620,000 $ 118,898,000 $ 512,000 $ (10,114,000 ) $ — $ 175,048,000 Consolidated Statement of Cash Flow Six Months ended March 31, 2016 As Reported (1) Adjustments As Restated Cash flows from operating activities: Loss from continuing operations $ (916,000 ) $ (178,000 ) $ (1,094,000 ) Income from discontinued operations 891,000 (64,000 ) 827,000 Net income (25,000 ) (242,000 ) (267,000 ) Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 246,000 (60,000 ) 186,000 Deferred income taxes (1,202,000 ) 1,646,000 444,000 Impairments of consumer receivables acquired for liquidation 124,000 — 124,000 Stock based compensation 428,000 — 428,000 Loss on sale of available-for-sale securities 31,000 — 31,000 Unrealized gain on other investments (152,000 ) — (152,000 ) Unrealized foreign exchange loss on other investments (26,000 ) — (26,000 ) Reserve for loss on investment 1,000,000 — 1,000,000 Pegasus non-controlling interest 456,000 (456,000 ) — (Earnings) loss from equity method investment — (333,000 ) (333,000 ) Changes in: Prepaid and income taxes receivable 169,000 (56,000 ) 113,000 Due from third party collection agencies and attorneys 372,000 (103,000 ) 269,000 Other assets (392,000 ) (1,843,000 ) (2,235,000 ) Other liabilities 2,018,000 (446,000 ) 1,572,000 Changes in net assets and liabilities related to discontinued operations (5,164,000 ) 1,213,000 (3,951,000 ) Net cash used in operating activities (2,117,000 ) (680,000 ) (2,797,000 ) Cash flows from investing activities: Purchase of consumer receivables acquired for liquidation (6,141,000 ) (44,000 ) (6,185,000 ) Principal collected on consumer receivables acquired for liquidation 4,841,000 (164,000 ) 4,677,000 Purchase of available-for-sale securities (7,419,000 ) — (7,419,000 ) Proceeds from sales of available-for-sale securities 12,303,000 — 12,303,000 Increase in equity method investment — 3,471,000 3,471,000 Purchase of non-controlling interest (800,000 ) — (800,000 ) Investments in personal injury claims — advances (12,649,000 ) 12,649,000 — Investments in personal injury claims — receipts 14,173,000 (14,173,000 ) — Capital expenditures (65,000 ) — (65,000 ) Cash flows from investing activities related to discontinued operations: (4,921,000 ) — (4,921,000 ) Net cash (used in) provided by investing activities (678,000 ) 1,739,000 1,061,000 Cash flows from financing activities: Proceeds from exercise of stock options 47,000 — 47,000 Purchase of treasury stock (8,363,000 ) — (8,363,000 ) Distributions to non-controlling interest (789,000 ) 789,000 — Cash flows from financing activities related to discontinued operations: 7,797,000 — 7,797,000 Net cash (used in) provided by financing activities (1,308,000 ) 789,000 (519,000 ) Net (decrease) increase in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations (4,103,000 ) 1,848,000 (2,255,000 ) Less: net decrease in cash, cash equivalents and restricted cash classified within assets related to discontinued operations (159,000 ) - (159,000 ) Net decrease in cash and cash equivalents (4,262,000 ) 1,848,000 (2,414,000 ) Cash and cash equivalents at beginning of year 22,918,000 (2,971,000 ) 19,947,000 Cash and cash equivalents at end of period $ 18,656,000 $ (1,123,000 ) $ 17,533,000 Consolidated Balance Sheet June 30, 201 6 As Reported(1) Adjustments Restated ASSETS Cash and cash equivalents $ 15,997,000 $ (1,408,000 ) (2) $ 14,589,000 Available for sale investments (at fair value) 56,744,000 — 56,744,000 Consumer receivables acquired for liquidation (at net realizable value) 14,540,000 (55,000 ) (5) 14,485,000 Investment in personal injury claims, net 43,684,000 (43,684,000 ) (2) — Other investments, net 3,426,000 — 3,426,000 Due from third party collection agencies and attorneys 1,081,000 (110,000 ) (5) 971,000 Prepaid and income taxes receivable 4,680,000 (80,000 ) (9) 4,600,000 Furniture and equipment, net 173,000 — 173,000 Equity method investment — 45,118,000 (2) 45,118,000 Deferred income taxes 12,270,000 621,000 (9) 12,891,000 Goodwill 1,410,000 — 1,410,000 Other assets 7,676,000 (231,000 ) (2) 7,445,000 Assets related to discontinued operations 84,098,000 670,000 (6)(7) 84,768,000 Total assets $ 245,779,000 $ 841,000 $ 246,620,000 LIABILITIES Other liabilities $ 5,420,000 $ (1,097,000 ) (7) $ 4,323,000 Income taxes payable — — — Liabilities related to discontinued operations 63,869,000 884,000 (6)(7) 64,753,000 Total liabilities 69,289,000 (213,000 ) 69,076,000 Commitments and contingencies STOCKHOLDERS’ EQUITY Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none — — — Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,297,508 at June 30, 2016; and outstanding 11,837,224 at June 30, 2016 133,000 — 133,000 Additional paid-in capital 66,575,000 7,000 (7) 66,582,000 Retained earnings 123,782,000 (1,018,000 ) (3)(5)(6)(7)(8)(9) 122,764,000 Accumulated other comprehensive income (loss) (173,000 ) 1,163,000 (3) 990,000 Treasury stock (at cost) 1,460,284 shares at June 30, 2016 (12,925,000 ) — (12,925,000 ) Non-controlling interest (902,000 ) 902,000 (2) — Total stockholders’ equity 176,490,000 1,054,000 177,544,000 Total liabilities and stockholders’ equity $ 245,779,000 $ 841,000 $ 246,620,000 Consolidated Statement of Operations As Reported (1) Adjustments As Restated Three Months Ended June 30 , 201 6 : Revenues: Finance income, net $ 4,612,000 $ (40,000 ) (5) $ 4,572,000 Personal injury claims income 9,838,000 (9,838,000 ) (2) — Disability fee income 1,169,000 — 1,169,000 Total revenues 15,619,000 (9,878,000 ) 5,741,000 Forgiveness of non-recourse debt — — — Other income 169,000 7,000 (7) 176,000 15,788,000 (9,871,000 ) 5,917,000 Expenses: General and administrative expenses 9,244,000 (2,175,000 ) (2)(3)(6)(7)(8) 7,069,000 (Earnings) loss from Equity Method Investment — (6,193,000 ) (2) (6,193,000 ) 9,244,000 (8,368,000 ) 876,000 Income before tax from continuing operations 6,544,000 (1,503,000 ) 5,041,000 Income tax expense (benefit) 2,410,000 (658,000 ) (9) 1,752,000 Income (loss) from continuing operations 4,134,000 (845,000 ) 3,289,000 Income net of tax from discontinued operations 610,000 (33,000 ) 577,000 Net income attributable to non-controlling interest 1,548,000 (1,548,000 ) (2) — Net income attributable to Asta Funding, Inc. $ 3,196,000 $ 670,000 $ 3,866,000 Basic Earnings per common share: Continuing operations $ 0.22 $ 0.27 Discontinued operations 0.05 0.05 $ 0.27 $ 0.32 Diluted Earnings per common share: Continuing operations $ 0.21 $ 0.26 Discontinued operations 0.05 0.05 $ 0.26 $ 0.31 Weighted-average shares outstanding: Basic 11,897,139 11,897,139 Diluted 12,433,424 12,433,424 Consolidated Statement of Operations As Reported(1) Adjustments As Restated Nine Months Ended June 30, 2016: Revenues: Finance income, net $ 14,668,000 $ (111,000 ) (5) $ 14,557,000 Personal injury claims income 14,769,000 (14,769,000 ) (2) — Disability fee income 2,700,000 — 2,700,000 Total revenues 32,137,000 (14,880,000 ) 17,257,000 Forgiveness of non-recourse debt — — — Other income 1,062,000 114,000 (7) 1,176,000 33,199,000 (14,766,000 ) 18,433,000 Expenses: General and administrative expenses 28,029,000 (5,009,000 ) (2)(3)(6)(7)(8) 23,020,000 Impairments 124,000 — 124,000 (Earnings) loss from Equity Method Investment — (8,020,000 ) (2) (8,020,000 ) 28,153,000 (13,029,000 ) 15,124,000 Income before tax from continuing operations 5,046,000 (1,737,000 ) 3,309,000 Income tax expense (benefit) 1,372,000 (258,000 ) (9) 1,114,000 Income (loss) from continuing operations 3,674,000 (1,479,000 ) 2,195,000 Income net of tax from discontinued operations 1,501,000 (97,000 ) 1,404,000 Net income attributable to non-controlling interest 2,004,000 (2,004,000 ) (2) — Net income attributable to Asta Funding, Inc. $ 3,171,000 $ 428,000 $ 3,599,000 Basic Earnings per common share: Continuing operations $ 0.14 $ 0.18 Discontinued operations 0.12 0.12 $ 0.26 $ 0.30 Diluted Earnings per common share: Continuing operations $ 0.14 $ 0.18 Discontinued operations 0.12 0.11 $ 0.26 $ 0.29 Weighted-average shares outstanding: Basic 12,023,156 12,023,156 Diluted 12,294,073 12,294,073 Consolidated Statement of Comprehensive Income T hree M onths ended June 30, 2016 As Reported (1) Adjustments As Restated Net Income $ 3,196,000 $ 670,000 $ 3,866,000 Net unrealized securities gain/(loss), net of tax expense of $373,000 during the year ended June 30, 2016 543,000 17,000 560,000 Reclassification adjustments for securities sold, net of tax benefit of $13,000 during the three month period ended June 30, 2016 (19,000 ) — (19,000 ) Foreign currency translation, net of tax benefit (expense) of $42,000 9,000 (72,000 ) (63,000 ) Other comprehensive income (loss) 533,000 (55,000 ) 478,000 Total comprehensive income $ 3,729,000 $ 615,000 $ 4,344,000 Consolidated Statement of Comprehensive Income Nine Months ended June 30, 2016 As Reported (1) Adjustments As Restated Net Income $ 3,171,000 $ 428,000 $ 3,599,000 Net unrealized securities gain/(loss), net of tax benefit (expense) of ($647,000) during the nine month ended June 30, 2016 1,046,000 — 1,046,000 Reclassification adjustments for securities sold, net of tax benefit (expense) of $24,000 during the nine month ended June 30, 2016 (39,000 ) — (39,000 ) Foreign currency translation, net of tax benefit (expense) of $25,000 505,000 (542,000 ) (37,000 ) Other comprehensive income (loss) 1,512,000 (542,000 ) 970,000 Total comprehensive income $ 4,683,000 $ (114,000 ) $ 4,569,000 Consolidated Statements of Stockholders’ Equity As of June 30, 2016 Common Stock Additional Retained Accumulated Treasury Non- Total Issued Amount Balance, September 30, 2015 13,061,673 $ 131,000 $ 65,049,000 $ 119,165,000 $ 20,000 $ (1,751,000 ) $ 793,000 $ 183,407,000 Exercise of options 107,531 1,000 870,000 — — — — 871,000 Restricted common stock 5,000 — — — — — — — Stock based compensation expense — — 567,000 — — — 567,000 Net income, — — — 3,599,000 — — 3,599,000 Unrealized gain on marketable securities — — — — 1,046,000 — — 1,046,000 Amount reclassified from other comprehensive (loss) income — — — — (39,000 ) — — (39,000 ) Purchase of treasury stock — — (11,174,000 ) — (11,174,000 ) Foreign currency translation, net — — — — (37,000 ) — — (37,000 ) Purchase of subsidiary shares from non-controlling interest — — (903,000 ) — — — (793,000 ) (1,696,000 ) Issuance of restricted stock to purchase subsidiary shares from non-controlling interest 123,304 1,000 999,000 — — — — 1,000,000 Balance, June 3 0 , 201 6 , (as restated) 13,297,508 $ 133,000 $ 66,582,000 $ 122,764,000 $ 990,000 $ (12,925,000 ) $ — $ 177,544,000 Consolidated Statement of Cash Flow Nine Months ended June 30, 2016 As Reported (1) Adjustments As Restated Cash flows from operating activities: Loss from continuing operations $ 1,670,000 $ 525,000 $ 2,195,000 Income from discontinued operations 1,501,000 (97,000 ) 1,404,000 Net income 3,171,000 428,000 3,599,000 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 442,000 (89,000 ) 353,000 Deferred income taxes (662,000 ) 584,000 (78,000 ) Impairments of consumer receivables acquired for liquidation 124,000 — 124,000 Stock based compensation 567,000 — 567,000 Loss on sale of available-for-sale securities 63,000 — 63,000 Unrealized gain on other investments (246,000 ) — (246,000 ) Unrealized foreign exchange loss on other investments 59,000 — 59,000 Reserve for loss on investment 1,000,000 — 1,000,000 Pegasus non-controlling interest 2,004,000 (2,004,000 ) — Operating Lease Adjustment 21,000 — 21,000 (Earnings) loss from equity method investment — (6,193,000 ) (6,193,000 ) Changes in: Prepaid and income taxes receivable 2,064,000 448,000 2,512,000 Due from third party collection agencies and attorneys 341,000 35,000 376,000 Other assets (964,000 ) (1,480,000 ) (2,444,000 ) Other liabilities 2,686,000 (775,000 ) 1,911,000 Changes in net assets and liabilities related to discontinued operations (7,770,000 ) 1,121,000 (6,649,000 ) Net cash provided by (used in) operating activities 2,900,000 (7,925,000 ) (5,025,000 ) Cash flows from investing activities: Purchase of consumer receivables acquired for liquidation (6,470,000 ) (466,000 ) (6,936,000 ) Principal collected on consumer receivables acquired for liquidation 7,414,000 (113,000 ) 7,301,000 Principal collected on consumer receivable accounts represented by account sales — 83,000 83,000 Purchase of available-for-sale securities (11,704,000 ) — (11,704,000 ) Proceeds from sales of available-for-sale securities 16,302,000 — 16,302,000 Increase in equity method investment — 1,826,000 1,826,000 Purchase of non-controlling interest (800,000 ) — (800,000 ) Investments in personal injury claims — advances (27,689,000 ) 27,689,000 — Investments in personal injury claims — receipts 20,673,000 (20,673,000 ) — Capital expenditures (123,000 ) 3,000 (120,000 ) Cash flows from investing activities related to discontinued operations: (6,756,000 ) — (6,756,000 ) Net cash (used in) provided by investing activities (9,153,000 ) 8,349,000 (804,000 ) Cash flows from financing activities: Proceeds from exercise of stock options 872,000 — 872,000 Purchase of treasury stock (11,174,000 ) — (11,174,000 ) Distributions to non-controlling interest (1,139,000 ) 1,139,000 — Cash flows from financing activities related to discontinued operations: 11,056,000 — 11,056,000 Net cash (used in) provided by financing activities (385,000 ) 1,139,000 754,000 Net (decrease) increase in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations (6,638,000 ) 1,563,000 (5,075,000 ) Less: net decrease in cash, cash equivalents and restricted cash classified within assets related to discontinued operations (283,000 ) - (283,000 ) Net decrease in cash and cash equivalents (6,921,000 ) 1,563,000 (5,358,000 ) Cash and cash equivalents at beginning of year 22,918,000 (2,971,000 ) 19,947,000 Cash and cash equivalents at end of period $ 15,997,000 $ (1,408,000 ) $ 14,589,000 Consolidated Statement of Operations As Reported (1) Adjustments As Restated Three Months Ended September 30 , 201 6 : Revenues: Finance income, net $ 4,388,000 $ (55,000 ) (5) $ 4,333,000 Personal injury claims income 5,444,000 (5,444,000 ) (2) — Disability fee income 1,311,000 — 1,311,000 Total revenues 11,143,000 (5,499,000 ) 5,644,000 Forgiveness of non-recourse debt — — — Other income (includes ($31,000) during the three months ended December 31, 2015 of accumulated other comprehensive income reclassification for realized net (losses) /gains on available for sale securities). 524,000 4,000 (7) 528,000 11,667,000 (5,495,000 ) 6,172,000 Expenses: General and administrative expenses 8,352,000 (2,065,000 ) (2)(3)(6)(7)(8) 6,287,000 Interest expense 9,000 (9,000 ) (7) — Impairments of consumer receivables acquired for liquidation 41,000 — 41,000 (Earnings) loss from Equity Method Investment — (2,531,000 ) (2) (2,531,000 ) 8,402,000 (4,605,000 ) 3,797,000 Income before tax from continuing operations 3,265,000 (890,000 ) 2,375,000 Income tax expense (benefit) (595,000 ) 498,000 (9) (97,000 ) Income (loss) from continuing operations 3,860,000 (1,388,000 ) 2,472,000 Income net of tax from discontinued operations 1,436,000 67,000 1,503,000 Net income attributable to non-controlling interest 607,000 (607,000 ) (2) — Net income attributable to Asta Funding, Inc. $ 4,689,000 $ (714,000 ) $ 3,975,000 Basic Earnings per common share: Continuing operations $ 0.27 $ 0.21 Discontinued operations 0.12 0.12 $ 0.39 $ 0.33 Diluted Earnings per common share: Continuing operations $ 0.26 $ 0.19 Discontinued operations 0.11 0.12 $ 0.37 $ 0.31 Weighted-average shares outstanding: Basic 12,023,077 12,023,077 Diluted 12,672,973 12,672,973 Consolidated Balance Sheet December 31, 201 4 As Reported(1) Adjustments Restated ASSETS Cash and cash equivalents $ 27,089,000 $ (1,426,000 ) (2) $ 25,663,000 Available for sale investments (at fair value) 66,991,000 — 66,991,000 Consumer receivables acquired for liquidation (at net realizable value) 25,728,000 (1,650,000 ) (5) 24,078,000 Investment in personal injury claims, net 33,378,000 (33,378,000 ) (2) — Other investments, net 5,000,000 (307,000 ) (7) 4,693,000 Due from third party collection agencies and attorneys 933,000 570,000 (5) 1,503,000 Prepaid and income taxes receivable 211,000 596,000 (9) 807,000 Furniture and equipment, net 595,000 — 595,000 Equity method investment — 35,086,000 (2) 35,086,000 Deferred income taxes 6,907,000 (191,000 ) (9) 6,716,000 Goodwill 1,410,000 — 1,410,000 Other a |
Note T - Segment Reporting (Res
Note T - Segment Reporting (Restated) | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE T — SEGMENT REPORTING (restated) The Company operates through strategic business units that are aggregated into three three • Consumer receivables — may may may may not • GAR Disability Advocates • Personal Injury Claims (Equity Method of Accounting) January 2017, not ASTA FUNDING, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements September 30, 2016 2015 NOTE T — SEGMENT REPORTING (restated) ( c ontinued) Certain non-allocated administrative costs, interest income, interest expense and various other non-operating income and expenses are reflected in Corporate. Corporate assets include cash and cash equivalents, available-for-sale securities, property and equipment, goodwill, deferred taxes, other assets and assets related to discontinued operations. (Dollars in millions) Consumer GAR Disability Corporate (Equity Investment) Personal Injury Claims(2) Total Fiscal Year Ended September 30, 2016: Revenues $ 18.9 $ 4.0 $ — $ — $ 22.9 Other income — — 1.7 — 1.7 Segment profit (loss) 14.2 (7.3 ) (11.7 ) 10.5 5.7 Segment assets(1) (4) 18.9 2.0 185.5 48.6 255.0 2015: Revenues 20.6 1.4 — — 22.0 Other income — — 1.6 — 1.6 Segment profit (loss) 16.3 (5.8 ) (11.3 ) (0.1 ) (0.9 ) Segment assets(1) (4) 21.5 2.6 175.4 40.8 240.3 2014: Revenues 19.6 0.4 — — 20.0 Other income 26.1 — 1.4 — 27.5 Segment profit (loss) 22.9 (2.7 ) (12.8 ) 1.9 9.3 Segment assets(1) (4) 36.4 1.0 145.5 34.3 217.2 The Company does not ( 1 Includes other amounts in other line items on the consolidated balance sheet and excludes assets from discontinued operations. ( 2 The Company records Pegasus as an equity investment in its consolidated financial statements. For segment reporting the Company has included its pro-rated share of the earnings and losses from its investment under the Personal Injury Claims segment, and the carrying value of the investment is included in segment assets. ( 3 Corporate is not three ( 4 The Company has included assets related to discontinued operations under Corporate. See Note C - Discontinued Operations in the Company's notes to consolidated financial statements. ASTA FUNDING, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements September 30, 2016 2015 |
Note U - Accumulated Other Comp
Note U - Accumulated Other Comprehensive Income (Loss) (Restated) | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE U - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ( restated ) Accumulated other comprehensive income (loss) consists of: 2016 2015 2014 Unrealized gain on marketable securities Foreign currency translation, net Total Unrealized gain on marketable securities Foreign currency translation, net Total Unrealized gain on marketable securities Beginning Balance $ (205,000 ) $ 225,000 $ 20,000 $ 142,000 $ 3,000 $ 145,000 $ (674,000 ) Change in unrealized gains (losses) on foreign currency translation, net - (46,000 ) (46,000 ) - 222,000 222,000 3,000 Change in unrealized gains (losses) on marketable securities 867,000 - 867,000 (254,000 ) (254,000 ) 900,000 Amount reclassified from accumulated other comprehensive income (38,000 ) - (38,000 ) (93,000 ) (93,000 ) (84,000 ) Net current-period other comprehensive income 829,000 (46,000 ) 783,000 (347,000 ) 222,000 (125,000 ) 819,000 Ending balance $ 624,000 $ 179,000 $ 803,000 $ (205,000 ) $ 225,000 $ 20,000 $ 145,000 |
Note V - Subsequent Events
Note V - Subsequent Events | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE V — SUBSEQUENT EVENTS Mangrove Matter On January 6, 2017, The Settlement Agreement provided that, within ten 5,314,009 $10.35 no February 28, 2017. 4,005,701 not January 6, 2017 eleven $10.35 The Settlement Agreement includes customary standstill and related provisions. Mangrove and the Company also agreed on a mutual release of claims. Additionally, the Company indemnified Mangrove from and against any excise tax imposed as a result of this Settlement Agreement. The Settlement Agreement was terminable by either the Company or Mangrove by written notice at any time after the close of business on the second not February 28, 2017 In connection with the Settlement Agreement, the Company also entered into a Voting Agreement dated January 6, 2017 ( not 49% not On January 19, 2017, 5,314,009 $10.35 January 6, 2017, 4,005,701 If more than 5,314,009 not The tender offer expired on February 15, 2017, 11:59 6,022,253 not 708,244 88.24% not 5,314,009 not 44.7% February 6, 2017. second 2017 $54.2 $797,000 January 18, 2017 $10.20 2012 471,086 March 10, 2017 $4.9 Simia On November 11, 2016, Under the Employment Agreement, Mr. Preece will receive an annual base salary of $250,000, 15% 18%. third 15% The Employment Agreement has a five may may two two As of July 17, 2017, no Pegasus On November 8, 2016, not December 28, 2016. December 28, 2011 ( Pursuant to the Term Sheet, the parties thereto have agreed that Pegasus will continue in existence in order to collect advances on its existing Portfolio. The Company will fund overhead expenses relating to the collection of its Portfolio based on a budget agreed upon by the Company and PLF. Any cash received by Pegasus will be distributed to its members in the order provided for in the Operating Agreement. The Company will be repaid an amount equal to 20% October 1, 2016 January 2, 2017, In connection with the Term Sheet, the parties thereto have also entered into a customary mutual release and non-disparagement agreement as well as a release from the non-competition obligations under the Operating Agreement. The Company filed for arbitration with the American Arbitration Association ("AAA") against Pegasus in April 2017 April 18, 2017, June 30, 2017 $24.7 On July 17, 2017, August 25, 2017 On January 12, 2018, Additionally, on January 12, 2018, 20% $1,800,000. 100% As a result of the purchase of the Seller’s 20% January 12, 2018 March 31, 2018, CBC Discontinued Operations On December 13, 2017, $10.5 $4.49 $5.75 7% first As a result of this sale all prior periods presented in the Company's consolidated financial statements will account for CBC as a discontinued operation. This determination resulted in the reclassification of the assets and liabilities comprising the structured settlement business to assets related to discontinued operations in the consolidated balance sheets, and a corresponding adjustment to our consolidated statements of operations to reflect discontinued operations for all periods presented. Legal Matter On November 24, 2017, $0.8 During fiscal year 2018, a competitor of CBC alleged that CBC had unlawfully purchased certain of the competitor's trade secrets and customer lists from intermediaries who allegedly arranged and/or paid for said materials from the competitor. CBC denied any wrongdoing and disclaimed liability. The parties settled the matter for a payment by the Company of $0.5 November 22, 2017, On January 23, 2018, $2.3 one third $4.6 third Stockholder Rights Agreement On May 5, 2017, one May 15, 2017. one one $28.60, The Rights generally become exercisable on the earlier of (i) ten 10% ten The exercise price payable, and the number of shares of Preferred Stock or other securities or property issuable, upon exercise of the Rights are subject to adjustment from time to time to prevent dilution. In the event that, after a person or a group has become an Acquiring Person, the Company is acquired in a merger or other business combination transaction (or 50% two may $0.01 may one June 1, 2018. Special Dividend On February 5, 2018, $5.30 February 28, 2018 February 16, 2018, March 1, 2018. $35 IRS Examination The Company's amended federal tax return for the year ended September 30, 2014 2015 US Tax Reform On December 22, 2017 35% 21%. September 30, 2017, one not first 2018. Nasdaq On September 4, 2018, the Company received notice from Nasdaq that the Panel determined to continue the listing of the Company’s common stock while it works to file all restated and delayed periodic reports due to be filed with the SEC, as discussed in the Company’s Current Reports on Form 8-K filed with the SEC on January 18, 2018, May 16, 2018 and August 15, 2018. More specifically, on or before November 30, 2018, the Company must be current with all SEC periodic public filings, which will include each Quarterly Report on Form 10-Q for the periods ended December 31, 2017, March 31, 2018 and June 30, 2018. The Company is also required to provide the Panel with updates of material events that occur during the exception period. Board of Directors Mr. Edward Celano, a member of the Board of Directors of the Company, passed away unexpectedly on June 4, 2018. four two 5605 2 two three 5605 2 not ● Rule 5605 1 5605 2 ● Rule 5605 2 three On June 5, 2018, 5605 1 5605 2 On July 19, 2018, July 19, 2018 On July 23, 2018, Restatement of the Company's Financial Statements On January 11, 2018, September 30, 2016, 2015 2014 December 31, 2016, March 31, 2017 June 30, 2017 ( no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | [1] Asta Funding, Inc., together with its wholly owned significant operating subsidiaries Palisades Collection, LLC, Palisades Acquisition XVI, LLC (“Palisades XVI”), Palisades Acquisition XIX, LLC (“Palisades XIX”), Palisades Acquisition XXIII, LLC (“Palisades XXIII”), VATIV Recovery Solutions LLC (“VATIV”), ASFI Pegasus Holdings, LLC (“APH”), Fund Pegasus, LLC (“Fund Pegasus”), GAR Disability Advocates, LLC (“GAR Disability Advocates”) and other subsidiaries, which are not 50% Discontinued Operations On December 13, 2017, Consumer receivables The Company started out in the consumer receivable business in 1994. Personal injury claims Pegasus conducts its business solely in the United States. Pegasus obtains its business from external brokers and internal sales professionals soliciting individuals with personal injury claims. Business is also obtained from the Pegasus website and through attorneys. Social security benefit advocacy GAR Disability Advocates provides its disability advocacy services throughout the United States. It relies upon search engine optimization (“SEO”) to bring awareness to its intended market. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and industry practices. |
Liquidity Disclosure [Policy Text Block] | [2] Consumer receivables The Company’s cash requirements have been and will continue to be significant. In the past, we have depended upon external financing to acquire consumer receivables, fund operating expenses, interest and income taxes. We have depended solely on operating cash flow to fund the acquisition of portfolios, pay operating expenses, and taxes. Net collections decreased $7.7 21.0% $36.7 2015 $29.0 2016. twelve Personal Injury Claims On December 28, 2011, 80% 20%. On November 8, 2016, not December 28, 2016. December 28, 2011 ( Pursuant to the Term Sheet, the parties thereto have agreed that Pegasus will continue in existence in order to collect advances on its existing Portfolio. The Company will fund overhead expenses relating to the collection of the portfolio based on a budget agreed upon by the Company and PLF. Any cash received by Pegasus will be distributed to its members in the order provided for in the Operating Agreement. The Company will be allocated an amount equal to 20% October 1, 2016 January 2, 2017, Disability Advocates Funding for the GAR Disability Advocates business is from the Company and internally-generated revenues. |
Consolidation, Policy [Policy Text Block] | [3] The consolidated financial statements include the accounts of the Company and its wholly and majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. 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. Palisades XVI holds the Great Seneca portfolio, a $300 March 2007 ( September 30, 2016, $4.2 Non-Recourse Debt — Bank of Montreal |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | [4] The Company considers all highly liquid investments with a maturity of three Cash balances are maintained at various depository institutions and are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company had cash balances with 10 $14.0 September 30, 2016. As of September 30, 2016 2015, $0.5 $0.2 not |
Investment, Policy [Policy Text Block] | [5] Investments that the Company intends to hold for an indefinite period of time, but not Declines in the fair value of individual available-for-sale securities below their respective costs that are other than temporary will result in write-downs of the individual securities to their fair value. Factors affecting the determination of whether another-than-temporary impairment has occurred include: a downgrading of the security by a rating agency, a significant deterioration in the financial condition of the issuer, or that management would not |
Income Recognition Impairments and Accretable Yield Adjustments [Policy Text Block] | [6] Income Recognition The Company accounts for certain of its investments in finance receivables using the guidance of FASB Accounting Standards Codification (“ASC”), Receivables — Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310” 310, Under the guidance of ASC 310 30, not The Company uses the cost recovery method when collections on a particular pool of accounts cannot be reasonably predicted. Under the cost recovery method, no zero 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 will consist 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, revenue 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 matrimonial actions is on a non-recourse basis. Revenue from matrimonial actions is recognized under the cost recovery method. CBC purchases periodic payments under structured settlements and annuity policies from individuals in exchange for a lump sum payment. The Company elected to carry structured settlements at fair value. Unearned income on structured settlements is recognized as interest income using the effective interest method over the life of the related settlement. Changes in fair value are recorded in unrealized gain (loss) in structured settlements in our statements of operations. The Company recognizes revenue for GAR Disability Advocates when cases close and fees are collected. Impairments and accretable yield adjustments The Company accounts for its impairments in accordance with ASC 310, 310 310 If collection projections indicate the carrying value will not third |
Equity Method Investments [Policy Text Block] | [7] Equity method investment Investee companies that are not not 20% 50% not Pegasus is the Company's 80% 50% When the Company's carrying value in an equity method investee company is reduced to zero, no not not no September 30, 2016, 2015 2014. |
Commissions, Policy [Policy Text Block] | [8] Commissions and fees are the contractual commissions earned by third third |
Property, Plant and Equipment, Policy [Policy Text Block] | [9] Furniture and equipment is stated at cost. Depreciation is provided using the straight-line method over the estimated useful lives of the assets ( 3 7 |
Income Tax, Policy [Policy Text Block] | [10] Deferred federal and state taxes arise from (i) recognition of finance income collected for tax purposes, but not |
Earnings Per Share, Policy [Policy Text Block] | [11] (restated) Basic per share data is determined by dividing net income by the weighted average shares outstanding during the period. Diluted per share data is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. The assumed proceeds from the exercise of dilutive options are calculated using the treasury stock method based on the average market price for the period. The following table presents the computation of basic and diluted per share data for the fiscal years ended September 30, 2016, 2015 2014: Year Ended September 30, 2016 2015 2014 (As restated) (As restated) (As restated) Income (loss) from continuing operations $ 4,667,000 $ (809,000 ) $ 5,133,000 Income (loss) from discontinued operations 2,906,000 1,776,000 371,000 Net income $ 7,573,000 $ 967,000 $ 5,504,000 Basic earnings (loss) per common share from continuing operations $ 0.39 $ (0.06 ) $ 0.39 Basic earnings per common share from discontinued operations 0.24 0.13 0.03 Basic earnings per share $ 0.63 $ 0.07 $ 0.42 Diluted earnings (loss) per common share from continuing operations $ 0.37 $ (0.06 ) $ 0.39 Diluted earnings per common share from discontinuing operations 0.23 0.13 0.03 Diluted earnings per share $ 0.60 $ 0.07 $ 0.42 Weighted average number of common shares outstanding: Basic 11,996,500 13,044,215 12,981,076 Dilutive effect of stock options 512,061 270,390 224,857 Diluted 12,508,561 13,314,605 13,205,933 At September 30, 2016, 300,470 $9.82 not September 30, 2015, 418,962 $9.57 not September 30, 2014, 960,559 $12.12 not |
Use of Estimates, Policy [Policy Text Block] | [12] 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. With respect to income recognition the Company takes into consideration the relative credit quality of the underlying receivables constituting the portfolio acquired, the strategy involved to maximize the collections thereof, the time required to implement the collection strategy as well as other factors to estimate the anticipated cash flows. Actual results could differ from those estimates including management’s estimates of future cash flows and the resultant allocation of collections between principal and interest resulting there from. Downward revisions to estimated cash flows will result in impairments. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | [13] The Company accounts for stock-based employee compensation under FASB ASC 718, Compensation — Stock Compensation 718” 718 |
New Accounting Pronouncements, Policy [Policy Text Block] | [14] In May 2014, 606, December 15, 2017 December 15, 2016, In February 2015, 2015 02, 810 810. December 15, 2015. not In January 2016, No. 2016 01, December 15, 2017, In February 2016, No. 2016 02 December 15, 2018 may In March 2016, No. 2016 09, December 15, 2016, In June 2016, 2016 13, 326 December 15, 2019. In August 2016 2016 15, 230 eight December 15, 2017. not In January 2017, 2017 04 350 2 December 15, 2019, not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | [15] Most of the Company's operations use their local currency as their functional currency. Financial statements of subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for revenues, expenses, gains and losses. Translation adjustments for subsidiaries whose local currency is their functional currency are recorded as a component of accumulated other comprehensive income (loss) within equity. Transaction gains and losses resulting from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized as incurred in the accompanying consolidated statements of operations. |
Note A - Restatement of Previ33
Note A - Restatement of Previously Reported Consolidated Financial Statements (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Balance Sheet Restatement Adjustments [Table Text Block] | September 30, 2016 As Reported(1) De-Consolidation of Pegasus ( 1 ) Adjustments Restated ASSETS Cash and cash equivalents $ 16,829,000 $ (539,000 ) $ (8,000 ) (2)(7) $ 16,282,000 Available for sale investments (at fair value) 56,764,000 — (1,000 ) (7) 56,763,000 Consumer receivables acquired for liquidation (at net realizable value) 14,320,000 — (893,000 ) (2)(4) 13,427,000 Investment in personal injury claims, net 48,289,000 (48,289,000 ) — — Other investments, net 3,590,000 — 3,590,000 Due from third party collection agencies and attorneys 1,005,000 — 45,000 (2)(4) 1,050,000 Prepaid and income taxes receivable 880,000 — (166,000 ) (8) 714,000 Furniture and equipment, net 196,000 — — 196,000 Equity method investment — 48,481,000 101,000 (6) 48,582,000 Deferred income taxes 15,530,000 — (627,000 ) (2)(8) 14,903,000 Goodwill 1,410,000 — — 1,410,000 Other assets 6,807,000 (188,000 ) (34,000 ) (2)(6) 6,585,000 Assets related to discontinued operations 90,428,000 — 1,078,000 (5)(7) 91,506,000 Total assets $ 256,048,000 $ (535,000 ) $ (505,000 ) $ 255,008,000 LIABILITIES Other liabilities $ 4,927,000 $ (1,180,000 ) $ 240,000 (2)(4) $ 3,987,000 Income taxes payable 493,000 (493,000 ) (8) — Liabilities related to discontinued operations 68,482,000 — 756,000 (5)(6) 69,238,000 Total liabilities 73,902,000 (1,180,000 ) 503,000 73,225,000 Commitments and contingencies STOCKHOLDERS’ EQUITY Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none — — — — Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,336,508 at September 30, 2016; and outstanding 11,876,224 at September 30, 2016 133,000 — — 133,000 Additional paid-in capital 67,026,000 — 8,000 (6) 67,034,000 Retained earnings 128,471,000 — (1,733,000 ) (2)(3)(4)(5)(6)(7)(8) 126,738,000 Accumulated other comprehensive income (loss) 86,000 — 717,000 (2) 803,000 Treasury stock (at cost) 1,460,284 shares at September 30, 2016 (12,925,000 ) — — (12,925,000 ) Non-controlling interest (645,000 ) 645,000 — — Total stockholders’ equity 182,146,000 645,000 (1,008,000 ) 181,783,000 Total liabilities and stockholders’ equity $ 256,048,000 $ (535,000 ) $ (505,000 ) $ 255,008,000 September 30, 2015 As Reported(1) De-Consolidation of Pegasus ( 1 ) Adjustments Restated ASSETS Cash and cash equivalents $ 22,918,000 $ (3,016,000 ) $ 45,000 (2) $ 19,947,000 Available for sale investments (at fair value) 59,727,000 — 59,727,000 Consumer receivables acquired for liquidation (at net realizable value) 15,608,000 — (551,000 ) (2)(4) 15,057,000 Investment in personal injury claims, net 36,668,000 (36,668,000 ) — — Other investments, net 4,239,000 — 4,239,000 Due from third party collection agencies and attorneys 1,422,000 — (75,000 ) (4) 1,347,000 Prepaid and income taxes receivable 6,744,000 — 851,000 (8) 7,595,000 Furniture and equipment, net 426,000 — — 426,000 Equity method investment — 40,751,000 40,751,000 Deferred income taxes 12,279,000 — 722,000 (8) 13,001,000 Goodwill 1,410,000 — — 1,410,000 Other assets 6,917,000 108,000 (222,000 ) (8) 6,803,000 Assets related to discontinued operations 69,014,000 — 1,009,000 (5)(6) 70,023,000 Total assets $ 237,372,000 $ 1,175,000 $ 1,779,000 $ 240,326,000 LIABILITIES Other liabilities $ 2,584,000 $ (593,000 ) $ 384,000 (2)(6) $ 2,375,000 Liabilities related to discontinued operations 53,468,000 — 1,076,000 (5) 54,544,000 Total liabilities 56,052,000 (593,000 ) 1,460,000 56,919,000 Commitments and contingencies STOCKHOLDERS’ EQUITY Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none — — — — Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,336,508 at December 31, 2016 and September 30, 2016; and outstanding 11,876,224 at December 31, 2016 and September 30, 2016 131,000 — — 131,000 Additional paid-in capital 65,011,000 — 38,000 (6) 65,049,000 Retained earnings 120,611,000 — (1,446,000 ) (2)(3)(4)(5)(6)(7)(8) 119,165,000 Accumulated other comprehensive income (loss) (1,685,000 ) — 1,705,000 (2) 20,000 Treasury stock (at cost) 1,460,284 shares at December 31, 2016 and September 30, 2016 (1,751,000 ) — — (1,751,000 ) Non-controlling interest (997,000 ) 1,768,000 22,000 (5)(6) 793,000 Total stockholders’ equity 181,320,000 1,768,000 319,000 183,407,000 Total liabilities and stockholders’ equity $ 237,372,000 $ 1,175,000 $ 1,779,000 $ 240,326,000 |
Schedule of Statement of Operations Restatement Adjustments [Table Text Block] | As Reported Pegasus Deconsolidation (1) Adjustments As Restated Revenues: Finance income, net $ 19,056,000 $ — $ (166,000 ) (2)(4) $ 18,890,000 Personal injury claims income 20,212,000 (20,212,000 ) — — Disability fee income 4,011,000 — — 4,011,000 Total revenues 43,279,000 (20,212,000 ) (166,000 ) 22,901,000 Forgiveness of non-recourse debt — — — — Other income (includes ($63,000) during year ended September 30, 2016 of accumulated other comprehensive income reclassification for realized net (losses) /gains on available for sale securities). 1,585,000 — 119,000 (6) 1,704,000 44,864,000 (20,212,000 ) (47,000 ) 24,605,000 Expenses: General and administrative expenses 36,381,000 (7,151,000 ) 78,000 (2)(6) 29,308,000 Interest expense 9,000 — (9,000 ) (2) — Impairments of consumer receivables acquired for liquidation 164,000 — — 164,000 (Earnings) loss from equity method investment — (10,449,000 ) (102,000 ) (6) (10,551,000 ) 36,554,000 (17,600,000 ) (33,000 ) 18,921,000 Income before tax from continuing operations 8,310,000 (2,612,000 ) (14,000 ) 5,684,000 Income tax expense (benefit) 775,000 242,000 (8) 1,017,000 Income (loss) from continuing operations 7,535,000 (2,612,000 ) (256,000 ) 4,667,000 Income net of tax from discontinued operations 2,937,000 — (31,000 ) (3)(4)(5)(6)(7)(8) 2,906,000 Net income attributable to non-controlling interest 2,612,000 (2,612,000 ) — — Net income. $ 7,860,000 $ — $ (287,000 ) $ 7,573,000 Basic earnings per common share: Continuing Operations $ 0.41 $ 0.39 Discontinued Operations $ 0.24 $ 0.24 $ 0.65 $ 0.63 Diluted earnings per common share: Continuing Operations $ 0.39 $ 0.37 Discontinued Operations $ 0.23 $ 0.24 $ 0.62 $ 0.61 Weighted-average shares outstanding: Basic 11,996,500 11,996,500 Diluted 12,508,561 12,508,561 As Reported Pegasus Deconsolidation (1) Adjustments As Restated Revenues: Finance income, net $ 20,757,000 $ — $ (193,000 ) (4) $ 20,564,000 Personal injury claims income 8,482,000 (8,482,000 ) — — Disability fee income 1,434,000 — — 1,434,000 Total revenues 30,673,000 (8,482,000 ) (193,000 ) 21,998,000 Forgiveness of non-recourse debt — — — — Other income (includes ($155,000) during year ended September 30, 2015 of accumulated other comprehensive income reclassification for realized net (losses) /gains on available for sale securities). 1,687,000 — (118,000 ) (6) 1,569,000 32,360,000 (8,482,000 ) (311,000 ) 23,567,000 Expenses: General and administrative expenses 31,428,000 (8,425,000 ) 1,375,000 (2)(6) 24,378,000 (Earnings) loss from equity method investment — (46,000 ) 100,000 (6) 54,000 31,428,000 (8,471,000 ) 1,475,000 24,432,000 Income before income taxes from continuing operations 932,000 (11,000 ) (1,786,000 ) (865,000 ) Income tax expense (benefit) 1,064,000 (1,120,000 ) (8) (56,000 ) Income (loss) from continuing operations (132,000 ) (11,000 ) (666,000 ) (809,000 ) Income net of tax from discontinued operations 2,159,000 — (383,000 ) (5)(6)(8) 1,776,000 Less net income attributable to non-controlling interest 11,000 (11,000 ) — — Net income $ 2,016,000 $ — $ (1,049,000 ) $ 967,000 Basic earnings per common share: Continuing Operations $ (0.01 ) $ (0.06 ) Discontinued Operations $ 0.16 $ 0.13 $ 0.15 $ 0.07 Diluted earnings per common share: Continuing Operations $ (0.01 ) $ (0.06 ) Discontinued Operations $ 0.16 $ 0.13 $ 0.15 $ 0.07 Weighted-average shares outstanding: Basic 13,044,215 13,044,215 Diluted 13,314,605 13,314,605 As Reported Pegasus Deconsolidation (1) Adjustments As Restated Revenues: Finance income, net $ 19,865,000 $ — $ (261,000 ) (4) $ 19,604,000 Personal injury claims income 7,134,000 (7,134,000 ) — — Disability fee income 378,000, — — 378,000 Total revenues 27,377,000 (7,134,000 ) (261,000 ) 19,982,000 Forgiveness of non-recourse debt 26,101,000 — — 26,101,000 Other income (includes ($143,000) during year ended September 30, 2014 of accumulated other comprehensive income reclassification for realized net (losses) /gains on available for sale securities). 1,397,000 — — 1,397,000 54,875,000 (7,134,000 ) (261,000 ) 47,480,000 Expenses: General and administrative expenses 24,831,000 (4,845,000 ) 544,000 (2)(6) 20,530,000 Interest expense 18,000 — — 18,000 Impairments of consumer receivables acquired for liquidation 19,591,000 — — 19,591,000 (Earnings) loss from equity method investment (1,831,000 ) (100,000 ) (6) (1,931,000 ) 44,440,000 (6,676,000 ) 444,000 38,208,000 Income before income taxes from continuing operations 10,435,000 (458,000 ) (705,000 ) 9,272,000 Income tax provision 4,393,000 — (254,000 ) (8) 4,139,000 Income (loss) from continuing operations 6,042,000 (458,000 ) (451,000 ) 5,133,000 Income net of income taxes from discontinuing operations 317,000 — 54,000 (8) 371,000 Less net income attributable to non-controlling interest 458,000 (458,000 ) — — Net income attributable to Asta Funding, Inc. $ 5,901,000 $ — $ (397,000 ) $ 5,504,000 Basic earnings per common share: Continuing Operations $ 0.43 $ 0.39 Discontinued Operations $ 0.02 $ 0.03 $ 0.45 $ 0.42 Diluted earnings per common share: Continuing Operations $ 0.43 $ 0.39 Discontinued Operations $ 0.02 $ 0.03 $ 0.45 $ 0.42 Weighted-average shares outstanding: Basic 12,981,076 12,981,076 Diluted 13,205,933 13,205,933 |
Schedule of Comprehensive Income Statement Restatement Adjustments [Table Text Block] | As Reported Pegasus Deconsolidation Adjustments As Restated Net Income $ 7,860,000 $ — $ (287,000 ) $ 7,573,000 Net unrealized securities gain/(loss), net of tax expense of $528,000 during the year ended September 30, 2016 868,000 — (1,000 ) 867,000 Reclassification adjustments for securities sold, net of tax benefit of $25,000 during the year ended September 30, 2016 (39,000 ) — 1,000 (38,000 ) Foreign currency translation, net of tax benefit (expense) of $31,000 942,000 — (988,000 ) (46,000 ) Other comprehensive income (loss) 1,771,000 — (988,000 ) 783,000 Total comprehensive income $ 9,631,000 — $ (1,275,000 ) $ 8,356,000 As Reported Pegasus Deconsolidation Adjustments As Restated Net Income $ 2,016,000 $ — $ (1,049,000 ) $ 967,000 Net unrealized securities gain/(loss), net of tax expense of $528,000 during the year ended September 30, 2016 (260,000 ) — 6,000 (254,000 ) Reclassification adjustments for securities sold, net of tax benefit of $25,000 during the year ended September 30, 2016 (87,000 ) — (6,000 ) (93,000 ) Foreign currency translation, net of tax benefit (expense) of ($148,000) (1,480,000 ) — 1,702,000 222,000 Other comprehensive income (loss) (1,827,000 ) — 1,702,000 (125,000 ) Total comprehensive income $ 189,000 — $ 653,000 $ 842,000 As Reported Pegasus Deconsolidation Adjustments As Restated Net Income $ 5,901,000 $ — $ (397,000 ) $ 5,504,000 Net unrealized securities gain/(loss), net of tax expense of $528,000 during the year ended September 30, 2016 900,000 — 2,000 902,000 Reclassification adjustments for securities sold, net of tax benefit of $25,000 during the year ended September 30, 2016 (84,000 ) — (2,000 ) (86,000 ) Foreign currency translation, net of tax benefit (expense) of ($2,000) — — 3,000 3,000 Other comprehensive income (loss) 816,000 — 3,000 819,000 Total comprehensive income $ 6,717,000 — $ (394,000 ) $ 6,323,000 |
Schedule of Statement of Cash Flow Restatement Adjustments [Table Text Block] | Year Ended September 30, 2016 As Reported Adjustments As Restated Cash flows from operating activities: Income from continuing operations $ 7,535,000 $ (2,868,000 ) $ 4,667,000 Income from discontinued operations 2,937,000 (31,000 ) 2,906,000 Net income 10,472,000 (2,899,000 ) 7,573,000 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 497,000 (120,000 ) 377,000 Deferred income taxes (3,251,000 ) 1,279,000 (1,972,000 ) Impairments of consumer receivables acquired for liquidation 164,000 — 164,000 Stock based compensation 686,000 — 686,000 Loss on sale of available-for-sale securities 63,000 — 63,000 Unrealized gain on other investments (359,000 ) — (359,000 ) Unrealized foreign exchange loss on other investments 8,000 — 8,000 Reserve for loss on investment 1,000,000 — 1,000,000 Operating Lease Adjustment 21,000 — 21,000 (Earnings) loss from equity method investment — (10,551,000 ) (10,551,000 ) Changes in: Prepaid and income taxes receivable 5,864,000 534,000 6,398,000 Due from third party collection agencies and attorneys 417,000 (120,000 ) 297,000 Other assets (597,000 ) (985,000 ) (1,582,000 ) Income taxes payable 493,000 (493,000 ) — Other liabilities 2,475,000 (909,000 ) 1,566,000 Changes in net assets and liabilities related to discontinued operations (13,515,000 ) 508,000 (13,007,000 ) Net cash provided by (used in) operating activities 4,438,000 (13,756,000 ) (9,318,000 ) Cash flows from investing activities: Purchase of consumer receivables acquired for liquidation (8,162,000 ) — (8,162,000 ) Principal collected on consumer receivables acquired for liquidation 9,286,000 342,000 9,628,000 Purchase of available-for-sale securities (12,020,000 ) 1,000 (12,019,000 ) Proceeds from sales of available-for-sale securities 16,302,000 — 16,302,000 Increase in equity method investment — 2,720,000 2,720,000 Purchase of non-controlling interest (800,000 ) — (800,000 ) Investments in personal injury claims — advances (36,890,000 ) 36,890,000 — Investments in personal injury claims — receipts 25,269,000 (25,269,000 ) — Capital expenditures (175,000 ) 7,000 (168,000 ) Cash flows from investing activities related to discontinued operations: (8,002,000 ) — (8,002,000 ) Net cash used in investing activities (15,192,000 ) 14,691,000 (501,000 ) Cash flows from financing activities: Proceeds from exercise of stock options 1,204,000 — 1,204,000 Purchase of treasury stock (11,174,000 ) — (11,174,000 ) Change in restricted cash — — — Distributions to non-controlling interest (1,489,000 ) 1,489,000 — Repayments of non-recourse debt — Bank of Montreal, net — — — Cash flows from financing activities related to discontinued operations: 15,824,000 — 15,824,000 Net cash (used in) provided by financing activities 4,365,000 1,489,000 5,854,000 Net (decrease) increase in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations (6,389,000 ) 2,424,000 (3,965,000 ) Less: net increase in cash, cash equivalents and restricted cash classified within assets related to discontinued operations 300,000 - 300,000 Net decrease in cash and cash equivalents (6,089,000 ) 2,424,000 (3,665,000 ) Cash and cash equivalents at beginning of year 22,918,000 (2,971,000 ) 19,947,000 Cash and cash equivalents at end of year $ 16,829,000 $ (547,000 ) $ 16,282,000 Year Ended September 30, 2015 As Reported Adjustments As Restated Cash flows from operating activities: Loss from continuing operations $ (132,000 ) $ (677,000 ) $ (809,000 ) Income from discontinued operations 2,159,000 (383,000 ) 1,776,000 Net income 2,027,000 (1,060,000 ) 967,000 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 319,000 — 319,000 Deferred income taxes (5,343,000 ) (547,000 ) (5,890,000 ) Stock based compensation 1,434,000 (41,000 ) 1,393,000 Loss on sale of available-for-sale securities 155,000 — 155,000 Unrealized gain on other investments (68,000 ) — (68,000 ) Unrealized foreign exchange loss on other investments 829,000 — 829,000 (Earnings) loss from equity method investment — 54,000 54,000 Changes in: Prepaid and income taxes receivable (6,314,000 ) (637,000 ) (6,951,000 ) Due from third party collection agencies and attorneys (396,000 ) 528,000 132,000 Other assets (2,551,000 ) (263,000 ) (2,814,000 ) Other liabilities (489,000 ) 1,391,000 902,000 Changes in net assets and liabilities related to discontinued operations (11,676,000 ) 655,000 (11,021,000 ) Net cash provided by (used in) operating activities (22,073,000 ) 80,000 (21,993,000 ) Cash flows from investing activities: Purchase of consumer receivables acquired for liquidation (2,110,000 ) — (2,110,000 ) Principal collected on consumer receivables acquired for liquidation 15,944,000 (342,000 ) 15,602,000 Principal collected on consumer receivable accounts represented by account sales 2,000 — 2,000 Purchase of available-for-sale securities (17,843,000 ) — (17,843,000 ) Proceeds from sales of available-for-sale securities 24,178,000 — 24,178,000 Increase in equity method investment — (6,471,000 ) (6,471,000 ) Purchase of other investments (5,000,000 ) — (5,000,000 ) Investments in personal injury claims — advances (25,077,000 ) 25,077,000 — Investments in personal injury claims — receipts 20,761,000 (20,761,000 ) — Capital expenditures (90,000 ) 89,000 (1,000 ) Cash flows from investing activities related to discontinued operations: (11,080,000 ) — (11,080,000 ) Net cash used in investing activities (315,000 ) (2,408,000 ) (2,723,000 ) Cash flows from financing activities: Proceeds from exercise of stock options 476,000 1,000 477,000 Purchase of treasury stock (1,751,000 ) — (1,751,000 ) Change in restricted cash — — — Distributions to non-controlling interest (996,000 ) 996,000 — Repayments of non-recourse debt — Bank of Montreal, net — — — Cash flows from financing activities related to discontinued operations: 19,316,000 — 19,316,000 Net cash (used in) provided by financing activities 17,045,000 997,000 18,042,000 Net decrease in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations (5,343,000 ) (1,331,000 ) (6,674,000 ) Less: net increase in cash, cash equivalents and restricted cash classified within assets related to discontinued operations 474,000 - 474,000 Net decrease in cash and cash equivalents (4,869,000 ) (1,331,000 ) (6,200,000 ) Cash and cash equivalents at beginning of year 27,787,000 (1,640,000 ) 26,147,000 Cash and cash equivalents at end of year $ 22,918,000 $ (2,971,000 ) $ 19,947,000 Year Ended September 30, 2014 As Reported Adjustments As Restated Cash flows from operating activities: Loss from continuing operations $ 6,042,000 $ (909,000 ) $ 5,133,000 Income from discontinued operations 317,000 54,000 371,000 Net income 6,359,000 (855,000 ) 5,504,000 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 363,000 — 363,000 Deferred income taxes 446,000 (90,000 ) 356,000 Impairment of consumer receivables acquired for liquidation 19,591,000 1,000 19,592,000 Stock based compensation 1,744,000 78,000 1,822,000 Loss on sale of available-for-sale securities 143,000 — 143,000 Forgiveness of non-recourse debt (26,101,000 ) — (26,101,000 ) (Earnings) loss from equity method investment — (1,931,000 ) (1,931,000 ) Changes in: Prepaid and income taxes receivable 1,066,000 (214,000 ) 852,000 Due from third party collection agencies and attorneys 143,000 (453,000 ) (310,000 ) Other assets (1,592,000 ) 1,918,000 326,000 Other liabilities 745,000 (1,100,000 ) (355,000 ) Changes in net assets and liabilities related to discontinued operations (6,547,000 ) (1,285,000 ) (7,832,000 ) Net cash provided by (used in) operating activities (3,640,000 ) (3,931,000 ) (7,571,000 ) Cash flows from investing activities: Purchase of consumer receivables acquired for liquidation (5,078,000 ) — (5,078,000 ) Principal collected on consumer receivables acquired for liquidation 20,271,000 805,000 21,076,000 Principal collected on consumer receivable accounts represented by account sales 26,000 87,000 113,000 Purchase of available-for-sale securities (20,111,000 ) — (20,111,000 ) Proceeds from sales of available-for-sale securities 12,560,000 — 12,560,000 Increase in equity method investment — 4,737,000 4,737,000 Cash paid for acquisition (net of cash acquired) (5,588,000 ) — (5,588,000 ) Investments in personal injury claims — advances (22,218,000 ) 22,218,000 — Investments in personal injury claims — receipts 25,624,000 (25,624,000 ) — Cash flows from investing activities related to discontinued operations: (6,534,000 ) — (6,534,000 ) Net cash used in investing activities (1,048,000 ) 2,223,000 1,175,000 Cash flows from financing activities: Proceeds from exercise of stock options 40,000 — 40,000 Change in restricted cash 968,000 — 968,000 Distributions to non-controlling interest (1,057,000 ) 1,057,000 — Repayments of non-recourse debt — Bank of Montreal, net (9,659,000 ) — (9,659,000 ) Cash flows from financing activities related to discontinued operations: 6,432,000 — 6,432,000 Net cash (used in) provided by financing activities (3,276,000 ) 1,057,000 (2,219,000 ) Net decrease in cash and cash equivalents including cash, cash equivalents classified within assets related to discontinued operations (7,964,000 ) (651,000 ) (8,615,000 ) Less: net increase in cash and cash equivalents classified within assets related to discontinued operations 572,000 - 572,000 Net decrease in cash and cash equivalents (7,392,000 ) (651,000 ) (8,043,000 ) Cash and cash equivalents at beginning of year 35,179,000 (989,000 ) 34,190,000 Cash and cash equivalents at end of year $ 27,787,000 $ (1,640,000 ) $ 26,147,000 |
Note B - The Company and Its 34
Note B - The Company and Its Significant Accounting Policies (Restated) (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended September 30, 2016 2015 2014 (As restated) (As restated) (As restated) Income (loss) from continuing operations $ 4,667,000 $ (809,000 ) $ 5,133,000 Income (loss) from discontinued operations 2,906,000 1,776,000 371,000 Net income $ 7,573,000 $ 967,000 $ 5,504,000 Basic earnings (loss) per common share from continuing operations $ 0.39 $ (0.06 ) $ 0.39 Basic earnings per common share from discontinued operations 0.24 0.13 0.03 Basic earnings per share $ 0.63 $ 0.07 $ 0.42 Diluted earnings (loss) per common share from continuing operations $ 0.37 $ (0.06 ) $ 0.39 Diluted earnings per common share from discontinuing operations 0.23 0.13 0.03 Diluted earnings per share $ 0.60 $ 0.07 $ 0.42 Weighted average number of common shares outstanding: Basic 11,996,500 13,044,215 12,981,076 Dilutive effect of stock options 512,061 270,390 224,857 Diluted 12,508,561 13,314,605 13,205,933 |
Note C - Discontinued Operati35
Note C - Discontinued Operations (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | September 30, 2016 2015 (As restated) (As restated) ASSETS Cash and cash equivalents $ 1,198,000 $ 1,188,000 Restricted cash 499,000 209,000 Structured Settlements 86,091,000 64,636,000 Furniture and equipment (net of accumulated depreciation of $96,000 at September 30, 2016 and $82,000 at September 30, 2015) 47,000 54,000 Goodwill 1,405,000 1,405,000 Other assets 2,266,000 2,531,000 Total assets related to discontinued operations $ 91,506,000 $ 70,023,000 LIABILITIES AND MEMB ERS’ EQUITY Other Debt - CBC $ 67,435,000 $ 51,611,000 Other liabilities 1,803,000 2,933,000 Total liabilities related to discontinued operations $ 69,238,000 $ 54,544,000 Year Ended September 30, 2016 2015 2014 (As restated) (As restated) (As restated) Revenue $ 14,446,000 $ 11,817,000 $ 5,209,000 General and administrative expenses 5,623,000 5,618,000 3,359,000 Operating profit 8,823,000 6,199,000 1,850,000 Interest expense 3,214,000 2,396,000 1,243,000 Income before income taxes 5,609,000 3,803,000 607,000 Income taxes 2,599,000 1,349,000 166,000 Net income before non-controlling interest 3,010,000 2,454,000 441,000 Non-controlling interest 104,000 678,000 70,000 Net income from discontinued operations $ 2,906,000 $ 1,776,000 $ 371,000 |
Structured Settlements [Table Text Block] | September 30, September 30, Maturity(1)(2) $ 133,059,000 $ 99,135,000 Unearned income (46,968,000 ) (34,499,000 ) Net carrying value $ 86,091,000 $ 64,636,000 |
Schedule of Fair Value of Debt [Table Text Block] | September 30, September 30, Notes payable secured by settlement receivables with principal and interest outstanding payable until June 2025 (3) $ 1,862,000 $ 2,270,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until August 2026 (3) 4,242,000 4,713,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until April 2032 (3) 3,987,000 4,497,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until February 2037 (3) 18,979,000 20,147,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until March 30, 2034 (3) 14,507,000 15,361,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until February 2043 (3) 13,705,000 — $25,000,000 revolving line of credit (3) 10,153,000 4,623,000 Encumbered structured settlements 67,435,000 51,611,000 Structured settlements not encumbered 18,656,000 13,025,000 Total structured settlements $ 86,091,000 $ 64,636,000 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2017 $ 9,295,000 September 30, 2018 8,093,000 September 30, 2019 8,122,000 September 30, 2020 7,538,000 September 30, 2021 8,334,000 Thereafter 91,677,000 Total $ 133,059,000 |
Other Liabilities [Table Text Block] | 2016 2015 Accounts payable and accrued expenses $ 1,638,000 $ 2,375,000 Lawsuit reserve (see Note L – Commitments and Contingencies – Legal Matters 2,345,000 — Other 4,000 — Total other liabilities $ 3,987,000 $ 2,375,000 |
CBC [Member] | |
Notes Tables | |
Other Liabilities [Table Text Block] | Interest Rate September 30, September 30, Notes payable secured by settlement receivables with principal and interest outstanding payable until June 2025 8.75 % $ 1,862,000 $ 2,270,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until August 2026 7.25 % 4,242,000 4,713,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until April 2032 7.125 % 3,987,000 4,497,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until February 2037 5.39 % 18,979,000 20,147,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until March 2034 5.07 % 14,507,000 15,361,000 Notes payable secured by settlement receivables with principal and interest outstanding payable until February 2043 4.85 % 13,705,000 – Subtotal notes payable 57,282,000 46,988,000 $25,000,000 revolving line of credit expiring on March 1, 2017 4.1 % 10,153,000 4,623,000 Total debt — CBC $ 67,435,000 $ 51,611,000 |
Note D - Available-for-Sale I36
Note D - Available-for-Sale Investments (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | Amortized Unrealized Unrealized Fair Value 2016 $ 55,724,000 $ 1,088,000 $ (49,000 ) $ 56,763,000 2015 $ 60,069,000 $ 98,000 $ (440,000 ) $ 59,727,000 |
Note E - Consumer Receivables37
Note E - Consumer Receivables Acquired for Liquidation (Restated) (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Consumer Receivables after Liquidation [Table Text Block] | For the Year Ended September 30, 2016 2015 Balance, beginning of period $ 15,057,000 $ 28,551,000 Acquisitions of receivable portfolio 8,207,000 2,110,000 Net cash collections from collection of consumer receivables acquired for liquidation (28,756,000 ) (34,664,000 ) Net cash collections represented by account sales of consumer receivables acquired for liquidation (84,000 ) (79,000 ) Impairment (166,000 ) — Effect of foreign currency translation 279,000 (1,426,000 ) Finance income recognized 18,890,000 20,565,000 Balance, end of period $ 13,427,000 $ 15,057,000 Finance income as a percentage of collections 65.5 % 59.19 % |
Schedule of Collections on Gross Basis [Table Text Block] | For the Years Ended September 30, 2016 2015 2014 Gross collections(1) $ 49,002,000 $ 59,198,000 $ 68,545,000 Less: commissions and fees(2) 20,162,000 24,456,000 27,910,000 Net collections $ 28,840,000 $ 34,742,000 $ 40,635,000 |
Note F - Litigation Funding (Ta
Note F - Litigation Funding (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | September 30, 2016 September 30, 2015 Carrying Value Ownership Percentage Carrying Value Ownership Percentage Pegasus Funding, LLC $ 48,582,000 80 % $ 40,751,000 80 % |
Equity Method Investment, Summarized Financial Information [Table Text Block] | Condensed Statement of Operations Information For the year ended September 30, 2016 2015 2014 Personal injury claims income $ 20,339,000 $ 8,358,000 $ 7,259,000 Operating expenses 7,151,000 8,425,000 4,846,000 (Loss) income from operations $ 13,188,000 $ (67,000 ) $ 2,413,000 Company’s equity income (loss) from operations $ 10,551,000 $ (54,000 ) $ 1,931,000 Condensed Balance Sheet Information September 30, 2016 September 30, 2015 Current assets $ 48,828,000 $ 39,576,000 Non-current assets 188,000 — Total Assets $ 49,016,000 $ 39,576,000 Current liabilities $ 34,404,000 $ 37,124,000 Non-current liabilities 1,053,000 593,000 Equity 13,559,000 1,859,000 Total Liabilities and Equity $ 49,016,000 $ 39,576,000 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | For the Years Ended 2016 2015 Balance at beginning of period $ 5,459,000 $ 2,474,000 Provisions for losses 3,785,000 3,789,000 Write offs (702,000 ) (804,000 ) Balance at end of period $ 8,542,000 $ 5,459,000 |
Note H - Furniture and Equipm39
Note H - Furniture and Equipment (Restated) (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2016 2015 Furniture $ 273,000 $ 311,000 Equipment 235,000 3,622,000 Software 1,350,000 1,210,000 Leasehold improvements — 99,000 1,858,000 5,242,000 Less accumulated depreciation and amortization 1,662,000 4,816,000 $ 196,000 $ 426,000 |
Note J - Other Liabilities (R40
Note J - Other Liabilities (Restated) (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Other Liabilities [Table Text Block] | 2016 2015 Accounts payable and accrued expenses $ 1,638,000 $ 2,375,000 Lawsuit reserve (see Note L – Commitments and Contingencies – Legal Matters 2,345,000 — Other 4,000 — Total other liabilities $ 3,987,000 $ 2,375,000 |
Note K - Income Taxes (Restat41
Note K - Income Taxes (Restated) (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2016 2015 2014 Current: Federal $ 5,385,000 $ 6,686,000 $ 3,951,000 State 645,000 — — Interest on IRS payment 9,000 624,000 — 6,039,000 7,310,000 3,951,000 Deferred: Federal (3,256,000 ) (8,154,000 ) (1,732,000 ) State 833,000 2,137,000 2,086,000 (2,423,000 ) (6,017,000 ) 354,000 Sub-total 3,616,000 1,293,000 4,305,000 Less: tax on discontinued operations 2,599,000 1,349,000 166,000 Provision for income taxes $ 1,017,000 $ (56,000 ) $ 4,139,000 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 2014 Statutory federal income tax rate 35.0 % 34.0 % 34.0 % State income tax, net of federal benefit 8.6 22.4 11.1 State tax rate change (21.4 ) — 9.2 Permanent difference in municipal interest (6.9 ) 37.1 (3.9 ) Permanent difference other 3.1 (26.5 ) 0.2 IRS interest — (172.7 ) — Federal prior year provision to return difference (1.7 ) 4.6 0.2 Change in tax law 12.5 — — Change in valuation allowance (10.4 ) 107.6 (6.6 ) Other (0.9 ) (0.1 ) 0.4 Effective income tax rate 17.9 % 6.4 % 44.6 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | September 30, September 30, Impairments/bad debt reserves $ 3,353,000 $ 1,999,000 Revenue recognition pertaining to the cost over estimated collections method 13,514,000 9,913,000 State tax net operating loss carry forward 7,793,000 7,878,000 Stock based compensation 3,477,000 3,150,000 Unrealized gain on structured settlements (6,496,000 ) (3,488,000 ) Foreign currency 515,000 612,000 Depreciation, amortization and other (129,000 ) (302,000 ) Deferred income taxes 22,027,000 19,762,000 Deferred tax valuation allowance (7,124,000 ) (6,761,000 ) Deferred income taxes $ 14,903,000 $ 13,001,000 |
Note L - Commitments and Cont42
Note L - Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ending September 30, 2017 $ 690,000 2018 444,000 2019 448,000 2020 289,000 $ 1,871,000 |
Note N - Stock Option Plans (Ta
Note N - Stock Option Plans (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Risk-free interest rate 0.24 % Expected term (years) 6.25 Expected volatility 23.4 % Dividend yield 0.00 % Risk-free interest rate 0.12 % Expected term (years) 5.9 Expected volatility 32.7 % Dividend yield 0.00 % Risk-free interest rate 0.06 % Expected term (years) 5.9 Expected volatility 35.3 % Dividend yield 0.00 % Risk-free interest rate 0.08 % Expected term (years) 6.5 Expected volatility 98.3 % Dividend yield 0.00 % |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Year Ended September 30, 2016 2015 2014 Shares Weighted Shares Weighted Shares Weighted Outstanding options at the beginning of year 1,043,566 $ 8.47 1,403,259 $ 10.78 1,622,771 $ 11.31 Options granted 67,100 7.93 45,400 8.37 161,700 8.48 Options forfeited/cancelled (14,468 ) 8.12 (344,259 ) 17.90 (369,612 ) 12.33 Options exercised (146,531 ) 8.22 (60,834 ) 7.83 (11,600 ) 3.46 Outstanding options at the end of year 949,667 $ 8.47 1,043,566 $ 8.47 1,403,259 $ 10.78 Exercisable options at the end of year 830,326 $ 8.51 860,891 $ 8.41 888,587 $ 12.15 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Range of Exercise Price Number Weighted Weighted Number Weighted $2.8751 - $5.7500 3,800 2.6 $ 2.95 3,800 $ 2.95 $5.7501 - $8.6250 798,867 5.4 7.96 679,526 7.92 $8.6251 - $11.5000 132,000 6.3 9.41 132,000 9.41 $11.5001 - $28.7500 15,000 0.2 28.75 15,000 28.75 949,667 5.5 $ 8.47 830,326 $ 8.51 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Year Ended 30, 2016 Weighted Year Ended 30, 2015 Weighted Unvested at the beginning of period 44,107 $ 9.28 68,214 $ 9.57 Awards granted 5,000 7.89 15,000 8.30 Vested (49,107 ) 9.36 (39,107 ) 9.41 Forfeited — 0.00 — 0.00 Unvested at the end of period — $ 8.00 44,107 $ 9.28 |
Note Q - Fair Value of Financ44
Note Q - Fair Value of Financial Measurements and Disclosures (Restated) (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | September 30, 2016 September 30, 2015 Carrying Fair Carrying Fair Financial assets Cash and cash equivalents (Level 1) $ 16,282,000 $ 16,282,000 $ 19,947,000 $ 19,947,000 Available-for-sale investments (Level 1) 56,763,000 56,763,000 59,727,000 59,727,000 Consumer receivables acquired for liquidation (Level 3) 13,427,000 47,233,000 15,057,000 31,339,000 Structured settlements (Level 3) (2) 86,091,000 86,091,000 64,635,000 64,635,000 Other investments(1) 3,590,000 3,590,000 4,239,000 4,239,000 Financial liabilities Other debt — CBC, revolving line of credit (Level 3) (2) 10,154,000 10,154,000 4,623,000 4,623,000 Other debt — CBC, non-recourse notes payable with varying installments (Level 3) (2) 57,281,000 57,281,000 46,988,000 46,988,000 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value Valuation Unobservable Rate Structured settlements at fair value $ 86,091,000 Discounted cash flow Discount rate 4.85 % |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Balance at September 30, 2015 $ 64,635,000 Total gains included in earnings 8,040,000 Purchases 15,962,000 Sales — Interest accreted 5,414,000 Payments received (7,960,000 ) Total $ 86,091,000 The amount of total gains for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets held at September 30, 2016, and recorded as income (loss) from discontinued operations on the Company’s consolidated statement of operations. $ 8,040,000 |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block] | Total gains (losses) included in earnings in fiscal year 2016 $ 8,040,000 Change in unrealized gains (losses) relating to assets still held at September 30, 2016 $ 8,040,000 |
Note S - Supplementary Financ45
Note S - Supplementary Financial Information (Unaudited and Restated) (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | December 31, 201 5 As Reported(1) Adjustments Restated ASSETS Cash and cash equivalents $ 21,419,000 $ (2,302,000 ) (2) $ 19,117,000 Available for sale investments (at fair value) 55,045,000 — 55,045,000 Consumer receivables acquired for liquidation (at net realizable value) 17,843,000 966,000 (5) 18,809,000 Investment in personal injury claims, net 34,632,000 (34,632,000 ) (2) — Other investments, net 4,183,000 — 4,183,000 Due from third party collection agencies and attorneys 929,000 66,000 (5) 995,000 Prepaid and income taxes receivable 5,838,000 455,000 (9) 6,293,000 Furniture and equipment, net 336,000 (1,000 ) (2) 335,000 Equity method investment — 36,418,000 (2) 36,418,000 Deferred income taxes 12,955,000 228,000 (9) 13,183,000 Goodwill 1,410,000 — 1,410,000 Other assets 7,462,000 (98,000 ) (5) 7,364,000 Assets related to discontinued operations 73,923,000 705,000 (4)(6) 74,628,000 Total assets $ 235,975,000 $ 1,805,000 $ 237,780,000 LIABILITIES Other liabilities $ 2,715,000 $ (847,000 ) (7) $ 1,868,000 Liabilities related to discontinued operations 57,182,000 1,034,000 (4)(6) 58,216,000 Total liabilities 59,897,000 187,000 60,084,000 Commitments and contingencies STOCKHOLDERS’ EQUITY Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none — — — Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,189,977 at December 31, 2015; and outstanding 12,154,177 at December 31, 2015 132,000 — 132,000 Additional paid-in capital 65,420,000 3,000 (7) 65,423,000 Retained earnings 122,417,000 (1,689,000 ) (3)(5)(6)(7)(9) 120,728,000 Accumulated other comprehensive income (loss) (1,127,000 ) 1,471,000 (3) 344,000 Treasury stock (at cost) 1,035,800 shares at December 31, 2015 (8,931,000 ) — (8,931,000 ) Non-controlling interest (1,833,000 ) 1,833,000 (2) — Total stockholders’ equity 176,078,000 1,618,000 177,696,000 Total liabilities and stockholders’ equity $ 235,975,000 $ 1,805,000 $ 237,780,000 March 31, 201 6 As Reported(1) Adjustments Restated ASSETS Cash and cash equivalents $ 18,656,000 $ (1,123,000 ) (2) $ 17,533,000 Available for sale investments (at fair value) 55,589,000 — 55,589,000 Consumer receivables acquired for liquidation (at net realizable value) 16,784,000 (344,000 ) (5) 16,440,000 Investment in personal injury claims, net 35,144,000 (35,144,000 ) (2) — Other investments, net 3,417,000 — 3,417,000 Due from third party collection agencies and attorneys 1,050,000 28,000 (5) 1,078,000 Prepaid and income taxes receivable 6,575,000 424,000 (9) 6,999,000 Furniture and equipment, net 306,000 — 306,000 Equity method investment — 37,613,000 (2) 37,613,000 Deferred income taxes 13,187,000 (458,000 ) (9) 12,729,000 Goodwill 1,410,000 — 1,410,000 Other assets 7,337,000 (99,000 ) (7) 7,238,000 Assets related to discontinued operations 79,325,000 762,000 (6)(7)(8) 80,087,000 Total assets $ 238,780,000 $ 1,659,000 $ 240,439,000 LIABILITIES Other liabilities 4,818,000 (897,000 ) (7) 3,921,000 Liabilities related to discontinued operations 60,553,000 917,000 (4)(6) 61,470,000 Total liabilities 65,371,000 20,000 65,391,000 Commitments and contingencies STOCKHOLDERS’ EQUITY Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none — — — Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,197,476 at March 31, 2016; and outstanding 12,011,476 at March 31, 2016 132,000 — 132,000 Additional paid-in capital 65,612,000 8,000 (7) 65,620,000 Retained earnings 120,586,000 (1,688,000 ) (3) 118,898,000 Accumulated other comprehensive (loss) income (706,000 ) 1,218,000 (3)(5)(6)(7)(8)(9) 512,000 Treasury stock (at cost) 1,186,000 shares at March 31, 2016 (10,114,000 ) — (10,114,000 ) Non-controlling interest (2,101,000 ) 2,101,000 (2) — Total stockholders’ equity 173,409,000 1,639,000 175,048,000 Total liabilities and stockholders’ equity $ 238,780,000 $ 1,659,000 $ 240,439,000 June 30, 201 6 As Reported(1) Adjustments Restated ASSETS Cash and cash equivalents $ 15,997,000 $ (1,408,000 ) (2) $ 14,589,000 Available for sale investments (at fair value) 56,744,000 — 56,744,000 Consumer receivables acquired for liquidation (at net realizable value) 14,540,000 (55,000 ) (5) 14,485,000 Investment in personal injury claims, net 43,684,000 (43,684,000 ) (2) — Other investments, net 3,426,000 — 3,426,000 Due from third party collection agencies and attorneys 1,081,000 (110,000 ) (5) 971,000 Prepaid and income taxes receivable 4,680,000 (80,000 ) (9) 4,600,000 Furniture and equipment, net 173,000 — 173,000 Equity method investment — 45,118,000 (2) 45,118,000 Deferred income taxes 12,270,000 621,000 (9) 12,891,000 Goodwill 1,410,000 — 1,410,000 Other assets 7,676,000 (231,000 ) (2) 7,445,000 Assets related to discontinued operations 84,098,000 670,000 (6)(7) 84,768,000 Total assets $ 245,779,000 $ 841,000 $ 246,620,000 LIABILITIES Other liabilities $ 5,420,000 $ (1,097,000 ) (7) $ 4,323,000 Income taxes payable — — — Liabilities related to discontinued operations 63,869,000 884,000 (6)(7) 64,753,000 Total liabilities 69,289,000 (213,000 ) 69,076,000 Commitments and contingencies STOCKHOLDERS’ EQUITY Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none — — — Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,297,508 at June 30, 2016; and outstanding 11,837,224 at June 30, 2016 133,000 — 133,000 Additional paid-in capital 66,575,000 7,000 (7) 66,582,000 Retained earnings 123,782,000 (1,018,000 ) (3)(5)(6)(7)(8)(9) 122,764,000 Accumulated other comprehensive income (loss) (173,000 ) 1,163,000 (3) 990,000 Treasury stock (at cost) 1,460,284 shares at June 30, 2016 (12,925,000 ) — (12,925,000 ) Non-controlling interest (902,000 ) 902,000 (2) — Total stockholders’ equity 176,490,000 1,054,000 177,544,000 Total liabilities and stockholders’ equity $ 245,779,000 $ 841,000 $ 246,620,000 December 31, 201 4 As Reported(1) Adjustments Restated ASSETS Cash and cash equivalents $ 27,089,000 $ (1,426,000 ) (2) $ 25,663,000 Available for sale investments (at fair value) 66,991,000 — 66,991,000 Consumer receivables acquired for liquidation (at net realizable value) 25,728,000 (1,650,000 ) (5) 24,078,000 Investment in personal injury claims, net 33,378,000 (33,378,000 ) (2) — Other investments, net 5,000,000 (307,000 ) (7) 4,693,000 Due from third party collection agencies and attorneys 933,000 570,000 (5) 1,503,000 Prepaid and income taxes receivable 211,000 596,000 (9) 807,000 Furniture and equipment, net 595,000 — 595,000 Equity method investment — 35,086,000 (2) 35,086,000 Deferred income taxes 6,907,000 (191,000 ) (9) 6,716,000 Goodwill 1,410,000 — 1,410,000 Other assets 6,454,000 (281,000 ) (7) 6,173,000 Assets related to discontinued operations 48,606,000 45,000 (5)(6)(7) 48,651,000 Total assets $ 223,302,000 $ (936,000 ) $ 222,366,000 LIABILITIES Other liabilities $ 1,927,000 $ (1,465,000 ) (6)(7) $ 462,000 Liabilities related to discontinued operations 39,397,000 — 39,397,000 Total liabilities 41,324,000 (1,465,000 ) 39,859,000 Commitments and contingencies STOCKHOLDERS’ EQUITY Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none — — — Common stock, $.01 par value, authorized 30,000,000 shares; issued and outstanding 13,060,839 at December 31, 2014. 130,000 — 130,000 Additional paid-in capital 64,002,000 79,000 (7) 64,081,000 Retained earnings 118,965,000 (845,000 ) (3)(5)(6)(7)(9) 118,120,000 Accumulated other comprehensive income (loss) (128,000 ) 166,000 (3) 38,000 Non-controlling interest (991,000 ) 1,129,000 (2) 138,000 Total stockholders’ equity 181,978,000 529,000 182,507,000 Total liabilities and stockholders’ equity $ 223,302,000 $ (936,000 ) $ 222,366,000 March 31, 201 5 As Reported(1) Adjustments Restated ASSETS Cash and cash equivalents $ 25,049,000 $ (2,421,000 ) (2) $ 22,628,000 Available for sale investments (at fair value) 70,110,000 — 70,110,000 Consumer receivables acquired for liquidation (at net realizable value) 22,178,000 (871,000 ) (5) 21,307,000 Investment in personal injury claims, net 33,946,000 (33,946,000 ) (2) — Other investments, net 5,000,000 (1,618,000 ) (7) 3,382,000 Due from third party collection agencies and attorneys 1,243,000 666,000 (5) 1,909,000 Prepaid and income taxes receivable — 149,000 (9) 149,000 Furniture and equipment, net 475,000 — 475,000 Equity method investment — 35,881,000 (2) 35,881,000 Deferred income taxes 7,073,000 303,000 (9) 7,376,000 Goodwill 1,410,000 — 1,410,000 Other assets 8,288,000 (1,055,000 ) (2)(4)(7) 7,233,000 Assets related to discontinued operations 54,536,000 45,000 (6)(7)(8) 54,581,000 Total assets $ 229,308,000 $ (2,867,000 ) $ 226,441,000 LIABILITIES Other liabilities $ 2,219,000 $ (1,762,000 ) (7) $ 457,000 Income tax payable 378,000 (378,000 ) (9) — Liabilities related to discontinued operations 43,379,000 — 43,379,000 Total liabilities 45,976,000 (2,140,000 ) 43,836,000 Commitments and contingencies STOCKHOLDERS’ EQUITY Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none — — — Common stock, $.01 par value, authorized 30,000,000 shares; issued and outstanding 13,060,839 at March 31, 2015. 130,000 1,000 (2) 131,000 Additional paid-in capital 64,412,000 60,000 (8) 64,472,000 Retained earnings 119,933,000 (1,916,000 ) (3)(5)(6)(7)(8)(9) 118,017,000 Accumulated other comprehensive income (loss) (65,000 ) (243,000 ) (3) (308,000 ) Non-controlling interest (1,078,000 ) 1,371,000 (2) 293,000 Total stockholders’ equity 183,332,000 (727,000 ) 182,605,000 Total liabilities and stockholders’ equity $ 229,308,000 $ (2,867,000 ) $ 226,441,000 June 30, 201 5 As Reported(1) Adjustments Restated ASSETS Cash and cash equivalents $ 25,622,000 $ (2,904,000 ) (2) $ 22,718,000 Available for sale investments (at fair value) 69,686,000 — 69,686,000 Consumer receivables acquired for liquidation (at net realizable value) 18,884,000 (1,646,000 ) (5) 17,238,000 Investment in personal injury claims, net 37,155,000 (37,155,000 ) (2) — Other investments, net 4,412,000 4,412,000 Due from third party collection agencies and attorneys 988,000 228,000 (5) 1,216,000 Furniture and equipment, net 420,000 — 420,000 Equity method investment — 39,187,000 (2) 39,187,000 Deferred income taxes 7,511,000 2,334,000 (9) 9,845,000 Goodwill 1,410,000 — 1,410,000 Other assets 6,849,000 293,000 (2)(7) 7,142,000 Assets related to discontinued operations 60,785,000 1,162,000 (6)(7) 61,947,000 Total assets $ 233,722,000 $ 1,499,000 $ 235,221,000 LIABILITIES Other liabilities $ 2,458,000 $ (851,000 ) (2) $ 1,607,000 Income tax payable 523,000 769,000 (9) 1,292,000 Liabilities related to discontinued operations 48,205,000 1,136,000 (6)(7) 49,341,000 Total liabilities 51,186,000 1,054,000 52,240,000 Commitments and contingencies STOCKHOLDERS’ EQUITY Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none — — — Common stock, $.01 par value, authorized 30,000,000 shares; issued and outstanding 13,060,839 at June 30, 2015. 130,000 1,000 (7) 131,000 Additional paid-in capital 64,707,000 49,000 (6) 64,756,000 Retained earnings 119,471,000 (633,000 ) (3)(5)(6)(7)(9) 118,838,000 Accumulated other comprehensive income (loss) (498,000 ) (643,000 ) (3) (1,141,000 ) Non-controlling interest (1,274,000 ) 1,671,000 (2) 397,000 Total stockholders’ equity 182,536,000 445,000 182,981,000 Total liabilities and stockholders’ equity $ 233,722,000 $ 1,499,000 $ 235,221,000 |
Quarterly Financial Information, Statement of Operations [Table Text Block] | As Reported (1) Adjustments As Restated Three Months Ended December 31, 2015: Revenues: Finance income, net $ 5,142,000 $ (36,000 ) (5) $ 5,106,000 Personal injury claims income 3,085,000 (3,085,000 ) (2) — Disability fee income 659,000 — 659,000 Total revenues 8,886,000 (3,121,000 ) 5,765,000 Forgiveness of non-recourse debt — — — Other income 515,000 (123,000 ) (7) 392,000 9,401,000 (3,244,000 ) 6,157,000 Expenses: General and administrative expenses 6,943,000 (1,214,000 ) (2)(3)(6)(7)(8) 5,729,000 Interest expense 2,000 (2,000 ) (7) — Impairments of consumer receivables acquired for liquidation — (Earnings) loss from Equity Method Investment — (1,494,000 ) (2) (1,494,000 ) 6,945,000 (2,710,000 ) 4,235,000 Income before tax from continuing operations 2,456,000 (534,000 ) 1,922,000 Income tax expense (benefit) 715,000 (84,000 ) (9) 631,000 Income (loss) from continuing operations 1,741,000 (450,000 ) 1,291,000 Income net of tax from discontinued operations 438,000 (166,000 ) 272,000 Net income attributable to non-controlling interest 373,000 (373,000 ) (2) — Net income attributable to Asta Funding, Inc. $ 1,806,000 $ (243,000 ) $ 1,563,000 Basic Earnings per common share: Continuing operations $ 0.11 $ 0.11 Discontinued operations 0.04 0.02 $ 0.15 $ 0.13 Diluted Earnings per common share: Continuing operations $ 0.11 $ 0.10 Discontinued operations 0.04 0.02 $ 0.15 $ 0.12 Weighted-average shares outstanding: Basic 12,155,421 12,155,421 Diluted 12,431,886 12,431,886 As Reported (1) Adjustments As Restated Three Months ended March 31, 201 6 : Revenues: Finance income, net $ 4,914,000 $ (35,000 ) (5) $ 4,879,000 Personal injury claims income 1,846,000 (1,846,000 ) (2) — Disability fee income 872,000 — 872,000 Total revenues 7,632,000 (1,881,000 ) 5,751,000 Forgiveness of non-recourse debt — — — Other income 378,000 230,000 (7) 608,000 8,010,000 (1,651,000 ) 6,359,000 Expenses: General and administrative expenses 11,842,000 (1,620,000 ) (2)(3)(6)(7) 10,222,000 Interest expense (2,000 ) 2,000 (7) — Impairments of consumer receivables acquired for liquidation 124,000 — 124,000 (Earnings) loss from Equity Method Investment — (333,000 ) (2) (333,000 ) 11,964,000 (1,951,000 ) 10,013,000 Income before tax from continuing operations (3,954,000 ) 300,000 (3,654,000 ) Income tax (benefit) expense (1,753,000 ) 484,000 (9) (1,269,000 ) Loss from continuing operations (2,201,000 ) (184,000 ) (2,385,000 ) Income net of tax from discontinued operations 453,000 102,000 555,000 Net income attributable to non-controlling interest 83,000 (83,000 ) (2) — Net (loss) income attributable to Asta Funding, Inc. $ (1,831,000 ) $ 1,000 $ (1,830,000 ) Basic Earnings per common share: Continuing operations $ (0.19 ) $ (0.20 ) Discontinued operations 0.04 0.05 (0.15 ) (0.15 ) Diluted Earnings per common share: Continuing operations (0.19 ) (0.20 ) Discontinued operations $ 0.04 $ 0.05 (0.15 ) (0.15 ) Weighted-average shares outstanding: Basic 12,076,120 12,076,120 Diluted 12,076,120 12,076,120 As Reported(1) Adjustments As Restated Six Months ended March 31, 2016: Revenues: Finance income, net $ 10,056,000 $ (71,000 ) (5) $ 9,985,000 Personal injury claims income 4,931,000 (4,931,000 ) (2) — Disability fee income 1,531,000 — 1,531,000 Total revenues 16,518,000 (5,002,000 ) 11,516,000 Forgiveness of non-recourse debt — — — Other income 893,000 107,000 (7) 1,000,000 17,411,000 (4,895,000 ) 12,516,000 Expenses: General and administrative expenses 18,785,000 (2,834,000 ) (2)(3)(6)(7) 15,951,000 Interest expense — — — Impairments of consumer receivables acquired for liquidation 124,000 — 124,000 (Earnings) loss from Equity Method Investment — (1,827,000 ) (2) (1,827,000 ) 18,909,000 (4,661,000 ) 14,248,000 Income before tax from continuing operations (1,498,000 ) (234,000 ) (1,732,000 ) Income tax (benefit) expense (1,038,000 ) 400,000 (9) (638,000 ) Loss from continuing operations (460,000 ) (634,000 ) (1,094,000 ) Income net of tax from discontinued operations 891,000 64,000 827,000 Net income attributable to non-controlling interest 456,000 (456,000 ) (2) — Net (loss) income attributable to Asta Funding, Inc. $ (25,000 ) $ (242,000 ) $ (267,000 ) Basic Earnings per common share: Continuing operations $ (0.07 ) $ (0.09 ) Discontinued operations 0.07 0.07 (0.00 ) (0.02 ) Diluted Earnings per common share: Continuing operations (0.07 ) (0.09 ) Discontinued operations $ 0.07 $ 0.07 (0.00 ) (0.02 ) Weighted-average shares outstanding: Basic 12,115,987 12,115,987 Diluted 12,115,987 12,115,987 As Reported (1) Adjustments As Restated Three Months Ended June 30 , 201 6 : Revenues: Finance income, net $ 4,612,000 $ (40,000 ) (5) $ 4,572,000 Personal injury claims income 9,838,000 (9,838,000 ) (2) — Disability fee income 1,169,000 — 1,169,000 Total revenues 15,619,000 (9,878,000 ) 5,741,000 Forgiveness of non-recourse debt — — — Other income 169,000 7,000 (7) 176,000 15,788,000 (9,871,000 ) 5,917,000 Expenses: General and administrative expenses 9,244,000 (2,175,000 ) (2)(3)(6)(7)(8) 7,069,000 (Earnings) loss from Equity Method Investment — (6,193,000 ) (2) (6,193,000 ) 9,244,000 (8,368,000 ) 876,000 Income before tax from continuing operations 6,544,000 (1,503,000 ) 5,041,000 Income tax expense (benefit) 2,410,000 (658,000 ) (9) 1,752,000 Income (loss) from continuing operations 4,134,000 (845,000 ) 3,289,000 Income net of tax from discontinued operations 610,000 (33,000 ) 577,000 Net income attributable to non-controlling interest 1,548,000 (1,548,000 ) (2) — Net income attributable to Asta Funding, Inc. $ 3,196,000 $ 670,000 $ 3,866,000 Basic Earnings per common share: Continuing operations $ 0.22 $ 0.27 Discontinued operations 0.05 0.05 $ 0.27 $ 0.32 Diluted Earnings per common share: Continuing operations $ 0.21 $ 0.26 Discontinued operations 0.05 0.05 $ 0.26 $ 0.31 Weighted-average shares outstanding: Basic 11,897,139 11,897,139 Diluted 12,433,424 12,433,424 As Reported(1) Adjustments As Restated Nine Months Ended June 30, 2016: Revenues: Finance income, net $ 14,668,000 $ (111,000 ) (5) $ 14,557,000 Personal injury claims income 14,769,000 (14,769,000 ) (2) — Disability fee income 2,700,000 — 2,700,000 Total revenues 32,137,000 (14,880,000 ) 17,257,000 Forgiveness of non-recourse debt — — — Other income 1,062,000 114,000 (7) 1,176,000 33,199,000 (14,766,000 ) 18,433,000 Expenses: General and administrative expenses 28,029,000 (5,009,000 ) (2)(3)(6)(7)(8) 23,020,000 Impairments 124,000 — 124,000 (Earnings) loss from Equity Method Investment — (8,020,000 ) (2) (8,020,000 ) 28,153,000 (13,029,000 ) 15,124,000 Income before tax from continuing operations 5,046,000 (1,737,000 ) 3,309,000 Income tax expense (benefit) 1,372,000 (258,000 ) (9) 1,114,000 Income (loss) from continuing operations 3,674,000 (1,479,000 ) 2,195,000 Income net of tax from discontinued operations 1,501,000 (97,000 ) 1,404,000 Net income attributable to non-controlling interest 2,004,000 (2,004,000 ) (2) — Net income attributable to Asta Funding, Inc. $ 3,171,000 $ 428,000 $ 3,599,000 Basic Earnings per common share: Continuing operations $ 0.14 $ 0.18 Discontinued operations 0.12 0.12 $ 0.26 $ 0.30 Diluted Earnings per common share: Continuing operations $ 0.14 $ 0.18 Discontinued operations 0.12 0.11 $ 0.26 $ 0.29 Weighted-average shares outstanding: Basic 12,023,156 12,023,156 Diluted 12,294,073 12,294,073 As Reported (1) Adjustments As Restated Three Months Ended September 30 , 201 6 : Revenues: Finance income, net $ 4,388,000 $ (55,000 ) (5) $ 4,333,000 Personal injury claims income 5,444,000 (5,444,000 ) (2) — Disability fee income 1,311,000 — 1,311,000 Total revenues 11,143,000 (5,499,000 ) 5,644,000 Forgiveness of non-recourse debt — — — Other income (includes ($31,000) during the three months ended December 31, 2015 of accumulated other comprehensive income reclassification for realized net (losses) /gains on available for sale securities). 524,000 4,000 (7) 528,000 11,667,000 (5,495,000 ) 6,172,000 Expenses: General and administrative expenses 8,352,000 (2,065,000 ) (2)(3)(6)(7)(8) 6,287,000 Interest expense 9,000 (9,000 ) (7) — Impairments of consumer receivables acquired for liquidation 41,000 — 41,000 (Earnings) loss from Equity Method Investment — (2,531,000 ) (2) (2,531,000 ) 8,402,000 (4,605,000 ) 3,797,000 Income before tax from continuing operations 3,265,000 (890,000 ) 2,375,000 Income tax expense (benefit) (595,000 ) 498,000 (9) (97,000 ) Income (loss) from continuing operations 3,860,000 (1,388,000 ) 2,472,000 Income net of tax from discontinued operations 1,436,000 67,000 1,503,000 Net income attributable to non-controlling interest 607,000 (607,000 ) (2) — Net income attributable to Asta Funding, Inc. $ 4,689,000 $ (714,000 ) $ 3,975,000 Basic Earnings per common share: Continuing operations $ 0.27 $ 0.21 Discontinued operations 0.12 0.12 $ 0.39 $ 0.33 Diluted Earnings per common share: Continuing operations $ 0.26 $ 0.19 Discontinued operations 0.11 0.12 $ 0.37 $ 0.31 Weighted-average shares outstanding: Basic 12,023,077 12,023,077 Diluted 12,672,973 12,672,973 As Reported (1) Adjustments As Restated Three Months Ended December 31, 201 4 : Revenues: Finance income, net $ 5,037,000 $ (47,000 ) (5) $ 4,990,000 Personal injury claims income 2,488,000 (2,488,000 ) (2) — Disability fee income 159,000 — 159,000 Total revenues 7,684,000 (2,535,000 ) 5,149,000 Other income 635,000 (158,000 ) (7) 477,000 8,319,000 (2,693,000 ) 5,626,000 Expenses: General and administrative expenses 8,113,000 (2,693,000 ) (2)(3)(6)(7)(8) 5,420,000 (Earnings) loss from Equity Method Investment — 400,000 (2) 400,000 8,113,000 (2,293,000 ) 5,820,000 Income before tax from continuing operations 206,000 (400,000 ) (194,000 ) Income tax expense (benefit) 35,000 (24,000 ) (9) 11,000 Income (loss) from continuing operations 171,000 (376,000 ) (205,000 ) Income net of tax from discontinued operations 127,000 — 127,000 Net income attributable to non-controlling interest (72,000 ) 72,000 (2) — Net income attributable to Asta Funding, Inc. $ 370,000 $ (448,000 ) $ (78,000 ) Basic Earnings per common share: Continuing operations $ 0.02 $ (0.02 ) Discontinued operations 0.01 0.01 $ 0.03 $ (0.01 ) Diluted Earnings per common share: Continuing operations $ 0.02 $ (0.02 ) Discontinued operations 0.01 0.01 $ 0.03 $ (0.01 ) Weighted-average shares outstanding: Basic 13,013,719 13,013,719 Diluted 13,308,573 13,013,719 As Reported (1) Adjustments As Restated Three Months Ended March 31 , 201 5 : Revenues: Finance income, net $ 5,495,000 $ (41,000 ) (5) $ 5,454,000 Personal injury claims income 1,867,000 (1,867,000 ) (2) — Disability fee income 200,000 — 200,000 Total revenues 7,562,000 (1,908,000 ) 5,654,000 Forgiveness of non-recourse debt — — — Other income 396,000 (175,000 ) (8) 221,000 7,958,000 (2,083,000 ) 5,875,000 Expenses: General and administrative expenses 7,661,000 (1,208,000 ) (2)(3)(6)(7)(8) 6,453,000 Interest expense 508,000 (508,000 ) (7) — (Earnings) loss from Equity Method Investment — (10,000 ) (2) (10,000 ) 8,169,000 (1,726,000 ) 6,443,000 Income before tax from continuing operations (211,000 ) (357,000 ) (568,000 ) Income tax expense (benefit) 254,000 (254,000 ) (9) - (Loss) income from continuing operations (465,000 ) (103,000 ) (568,000 ) Income net of tax from discontinued operations 806,000 (341,000 ) 465,000 Net income attributable to non-controlling interest (4,000 ) 4,000 (2) — Net income attributable to Asta Funding, Inc. $ 345,000 $ (448,000 ) $ (103,000 ) Basic Earnings per common share: Continuing operations $ (0.03 ) $ (0.04 ) Discontinued operations 0.06 0.03 $ 0.03 $ (0.01 ) Diluted Earnings per common share: Continuing operations $ (0.03 ) $ (0.04 ) Discontinued operations 0.06 0.03 $ 0.03 $ (0.01 ) Weighted-average shares outstanding: Basic 13,060,839 13,060,839 Diluted 13,314,032 13,060,839 As Reported(1) Adjustments As Restated Six Months Ended March 31, 2015: Revenues: Finance income, net $ 10,532,000 $ (88,000 ) (5) $ 10,444,000 Personal injury claims income 4,355,000 (4,355,000 ) (2) — Disability fee income 359,000 — 359,000 Total revenues 15,246,000 (4,443,000 ) 10,803,000 Forgiveness of non-recourse debt — — — Other income 1,031,000 (333,000 ) (8) 698,000 16,277,000 (4,776,000 ) 11,501,000 Expenses: General and administrative expenses 15,774,000 (3,901,000 ) (2)(3)(6)(7)(8) 11,873,000 Interest expense 508,000 (508,000 ) (7) — (Earnings) loss from Equity Method Investment — 390,000 (2) 390,000 16,282,000 (4,019,000 ) 12,263,000 Income before tax from continuing operations (5,000 ) (757,000 ) (762,000 ) Income tax expense (benefit) 289,000 (278,000 ) (9) 11,000 (Loss) income from continuing operations (294,000 ) (479,000 ) (773,000 ) Income net of tax from discontinued operations 933,000 (341,000 ) 592,000 Net income attributable to non-controlling interest (76,000 ) 76,000 (2) — Net income attributable to Asta Funding, Inc. $ 715,000 $ (896,000 ) $ (181,000 ) Basic Earnings per common share: Continuing operations $ (0.02 ) $ (0.06 ) Discontinued operations 0.07 0.05 $ 0.05 $ (0.01 ) Diluted Earnings per common share: Continuing operations $ (0.02 ) $ (0.06 ) Discontinued operations 0.07 0.05 $ 0.05 $ (0.01 ) Weighted-average shares outstanding: Basic 13,036,938 13,036,938 Diluted 13,310,961 13,036,938 As Reported (1) Adjustments As Restated Three Months Ended June 30 , 201 5 : Revenues: Finance income, net $ 5,156,000 $ (66,000 ) $ 5,090,000 Personal injury claims income 1,729,000 (1,729,000 ) — Disability fee income 552,000 — 552,000 Total revenues 7,437,000 (1,795,000 ) 5,642,000 Other income 185,000 334,000 519,000 7,622,000 (1,461,000 ) 6,161,000 Expenses: General and administrative expenses 7,851,000 (2,110,000 ) 5,741,000 Interest expense (507,000 ) 507,000 — (Earnings) loss from Equity Method Investment — 79,000 79,000 7,344,000 (1,524,000 ) 5,820,000 Income before tax from continuing operations 278,000 63,000 341,000 Income tax expense (benefit) 148,000 (148,000 ) - Income (loss) from continuing operations 130,000 211,000 341,000 Income net of tax from discontinued operations 15,000 465,000 480,000 Net income attributable to non-controlling interest (16,000 ) 16,000 — Net income attributable to Asta Funding, Inc. $ 161,000 $ 660,000 $ 821,000 Basic Earnings per common share: Continuing operations $ 0.01 $ 0.02 Discontinued operations 0.00 0.04 $ 0.01 $ 0.06 Diluted Earnings per common share: Continuing operations $ 0.01 $ 0.02 Discontinued operations 0.00 0.04 $ 0.01 $ 0.06 Weighted-average shares outstanding: Basic 13,060,839 13,060,839 Diluted 13,313,406 13,313,406 As Reported(1) Adjustments As Restated Nine Months Ended June 30, 2015: Revenues: Finance income, net $ 15,688,000 $ (154,000 ) $ 15,534,000 Personal injury claims income 6,084,000 (6,084,000 ) — Disability fee income 911,000 — 911,000 Total revenues 22,683,000 (6,238,000 ) 16,445,000 Other income 1,216,000 1, 000 1,217,000 23,899,000 (6,237,000 ) 17,662,000 Expenses: General and administrative expenses 23,625,000 (6,011,000 ) 17,614,000 Interest expense 1,000 (1,000 ) — (Earnings) loss from Equity Method Investment — 469,000 469,000 23,626,000 (5,543,000 ) 18,083,000 Income before tax from continuing operations 273,000 (694,000 ) (421,000 ) Income tax expense (benefit) 437,000 (426,000 ) 11,000 Income (loss) from continuing operations (164,000 ) (268,000 ) (432,000 ) Income net of tax from discontinued operations 948,000 124,000 1,072,000 Net income attributable to non-controlling interest (92,000 ) 92,000 — Net income attributable to Asta Funding, Inc. $ 876,000 $ (236,000 ) $ 640,000 Basic Earnings per common share: Continuing operations $ (0.01 ) $ (0.03 ) Discontinued operations 0.07 0.08 $ 0.06 $ 0.05 Diluted Earnings per common share: Continuing operations $ (0.01 ) $ (0.03 ) Discontinued operations 0.07 0.08 $ 0.06 $ 0.05 Weighted-average shares outstanding: Basic 13,044,905 13,044,905 Diluted 13,311,776 13,311,776 As Reported (1) Adjustments As Restated Three Months Ended September 30 , 201 5 : Revenues: Finance income, net $ 5,070,000 $ (40,000 ) (5) $ 5,030,000 Personal injury claims income 2,398,000 (2,398,000 ) (2) — Disability fee income 523,000 — 523,000 Total revenues 7,991,000 (2,438,000 ) 5,553,000 Other income 465,000 (113,000 ) (2)(7) 352,000 8,456,000 (2,551,000 ) 5,905,000 Expenses: General and administrative expenses 7,796,000 (1,032,000 ) (2)(3)(6)(7) 6,764,000 (Earnings) loss from Equity Method Investment — (415,000 ) (2) (415,000 ) 7,796,000 (1,447,000 ) 6,349,000 Income before tax from continuing operations 660,000 (1,104,000 ) (444,000 ) Income tax expense (benefit) 627,000 (694,000 ) (9) (67,000 ) Income (loss) from continuing operations 33,000 (410,000 ) (377,000 ) Income net of tax from discontinued operations 1,211,000 (507,000 ) 704,000 Net income attributable to non-controlling interest 104,000 (104,000 ) (2) — Net income attributable to Asta Funding, Inc. $ 1,140,000 $ (813,000 ) $ 327,000 Basic Earnings per common share: Continuing operations $ (0.01 ) $ (0.03 ) Discontinued operations 0.09 0.05 $ 0.08 $ 0.02 Diluted Earnings per common share: Continuing operations $ (0.01 ) $ (0.03 ) Discontinued operations 0.09 0.05 $ 0.08 $ 0.02 Weighted-average shares outstanding: Basic 13,042,169 13,042,169 Diluted 13,323,796 13,323,796 As Reported (1) Adjustments As Restated Three Months Ended December 31 , 201 3 : Revenues: Finance income, net $ 4,648,000 $ (54,000 ) (5) $ 4,594,000 Personal injury claims income — — Disability fee income 30,000 (8) 30,000 Total revenues 4,648,000 (24,000 ) 4,624,000 Other income 3,322,000 (2,812,000 ) (2) 510,000 7,970,000 (2,836,000 ) 5,134,000 Expenses: General and administrative expenses 5,767,000 (533,000 ) (2)(3)(6)(7) 5,234,000 Interest expense 9,000 — 9,000 (Earnings) loss from Equity Method Investment — (1,796,000 ) (2) (1,796,000 ) 5,776,000 (2,329,000 ) 3,447,000 Income before tax from continuing operations 2,194,000 (507,000 ) 1,687,000 Income tax expense (benefit) 798,000 (143,000 ) (9) 655,000 Income (loss) from continuing operations 1,396,000 (364,000 ) 1,032,000 Income net of tax from discontinued operations — — — Net income attributable to non-controlling interest 449,000 (449,000 ) (2) — Net income attributable to Asta Funding, Inc. $ 947,000 $ 85,000 $ 1,032,000 Basic Earnings per common share: Continuing operations $ 0.07 $ 0.08 Discontinued operations — — $ 0.07 $ 0.08 Diluted Earnings per common share: Continuing operations $ 0.07 $ 0.08 Discontinued operations — — $ 0.07 $ 0.08 Weighted-average shares outstanding: Basic 12,974,239 12,974,239 Diluted 13,200,084 13,200,084 As Reported (1) Adjustments As Restated Three Months Ended March 31 , 201 4 : Revenues: Finance income, net $ 5,070,000 $ (59,000 ) (5) $ 5,011,000 Personal injury claims income 1,166,000 (1,166,000 ) (2) — Disability fee income 86,000 (7) 86,000 Total revenues 6,236,000 (1,139,000 ) 5,097,000 Other income 491,000 (83,000 ) (2) 408,000 6,727,000 (1,222,000 ) 5,505,000 Expenses: General and administrative expenses 6,768,000 (1,181,000 ) (2)(3)(7) 5,587,000 Interest expense 6,000 — 6,000 (Earnings) loss from Equity Method Investment — 25,000 (2) 25,000 6,774,000 (1,156,000 ) 5,618,000 Income before tax from continuing operations (47,000 ) (66,000 ) (113,000 ) Income tax (benefit) expense (26,000 ) 9,000 (9) (17,000 ) Loss from continuing operations (21,000 ) (75,000 ) (96,000 ) Income net of tax from discontinued operations 90,000 — 90,000 Net income attributable to non-controlling interest (6,000 ) 6,000 (2) — Net income (loss) attributable to Asta Funding, Inc. $ 75,000 $ (81,000 ) $ (6,000 ) Basic Earnings per common share: Continuing operations $ 0.00 $ (0.01 ) Discontinued operations 0.01 0.01 $ 0.01 $ 0.00 Diluted Earnings per common share: Continuing operations $ 0.00 $ (0.01 ) Discontinued operations 0.01 0.01 $ 0.01 $ 0.00 Weighted-average shares outstanding: Basic 12,979,350 12,979,350 Diluted 13,209,314 12,979,350 As Reported(1) Adjustments As Restated Six Months Ended March 31, 2014: Revenues: Finance income, net $ 9,718,000 $ (113,000 ) (5) $ 9,605,000 Personal injury claims income 1,166,000 (1,166,000 ) (2) — Disability fee income — 116,000 (7) 116,000 Total revenues 10,884,000 (1,163,000 ) 9,721,000 Other income 3,813,000 (2,895,000 ) (2) 918,000 14,697,000 (4,058,000 ) 10,639,000 Expenses: General and administrative expenses 12,535,000 (1,714,000 ) (2)(3)(7) 10,821,000 Interest expense 15,000 — 15,000 (Earnings) loss from Equity Method Investment — (1,771,000 ) (2) (1,771,000 ) 12,550,000 (3,485,000 ) 9,065,000 Income before tax from continuing operations 2,147,000 (573,000 ) 1,574,000 Income tax (benefit) expense 772,000 (134,000 ) (9) 638,000 Loss from continuing operations 1,375,000 (439,000 ) 936,000 Income net of tax from discontinued operations 90,000 — 90,000 Net income attributable to non-controlling interest 443,000 (443,000 ) (2) — Net income (loss) attributable to Asta Funding, Inc. $ 1,022,000 $ 4,000 $ 1,026,000 Basic Earnings per common share: Continuing operations $ 0.07 $ 0.07 Discontinued operations 0.01 0.01 $ 0.08 $ 0.08 Diluted Earnings per common share: Continuing operations $ 0.07 $ 0.07 Discontinued operations 0.01 0.01 $ 0.08 $ 0.08 Weighted-average shares outstanding: Basic 12,976,766 12,976,766 Diluted 13,204,671 13,204,671 As Reported (1) Adjustments As Restated Three Months E nded June 30 , 201 4 : Revenues: Finance income, net $ 5,074,000 $ (90,000 ) (5) $ 4,984,000 Personal injury claims income 1,779,000 (1,779,000 ) (2) — Disability fee income — 137,000 (7) 137,000 Total revenues 6,853,000 (1,732,000 ) 5,121,000 Forgiveness of non-recourse debt 26,101,000 — 26,101,000 Other income 336,000 (136,000 ) (7) 200,000 33,290,000 (1,868,000 ) 31,422,000 Expenses: General and administrative expenses 5,837,000 (1,513,000 ) (2)(3)(7)(8) 4,324,000 Interest expense 3,000 — 3,000 Impairments of consumer receivables acquired for liquidation 19,591,000 — 19,591,000 (Earnings) loss from Equity Method Investment — (215,000 ) (2) (215,000 ) 25,431,000 (1,728,000 ) 23,703,000 Income before tax from continuing operations 7,859,000 (140,000 ) 7,719,000 Income tax expense (benefit) 3,032,000 (48,000 ) (9) 2,984,000 Income (loss) from continuing operations 4,827,000 (92,000 ) 4,735,000 Income net of tax from discontinued operations (87,000 ) 1,000 (86,000 ) Net income attributable to non-controlling interest 53,000 (53,000 ) (2) — Net income attributable to Asta Funding, Inc. $ 4,687,000 $ (38,000 ) $ 4,649,000 Basic Earnings per common share: Continuing operations $ 0.37 $ 0.36 Discontinued operations (0.01 ) (0.01 ) $ 0.36 $ 0.35 Diluted Earnings per common share: Continuing operations $ 0.36 $ 0.36 Discontinued operations (0.01 ) (0.01 ) $ 0.35 $ 0.35 Weighted-average shares outstanding: Basic 12,984,882 12,984,882 Diluted 13,214,703 13,214,703 As Reported(1) Adjustments As Restated Nine Months Ended June 30, 2014: Revenues: Finance income, net $ 14,792,000 $ (203,000 ) (5) $ 14,589,000 Personal injury claims income 2,945,000 (2,945,000 ) (2) — Disability fee income — 253,000 (7) 253,000 Total revenues 17,737,000 (2,895,000 ) 14,842,000 Forgiveness of non-recourse debt 26,101,000 — 26,101,000 Other income 4,149,000 (3,031,000 ) (7) 1,118,000 47,987,000 (5,926,000 ) 42,061,000 Expenses: General and administrative expenses 18,372,000 (3,227,000 ) (2)(3)(7)(8) 15,145,000 Interest expense 18,000 — 18,000 Impairments of consumer receivables acquired for liquidation 19,591,000 — 19,591,000 (Earnings) loss from Equity Method Investment — (1,986,000 ) (2) (1,986,000 ) 37,981,000 (5,213,000 ) 32,768,000 Income before tax from continuing operations 10,006,000 (713,000 ) 9,293,000 Income tax expense (benefit) 3,804,000 (182,000 ) (9) 3,622,000 Income (loss) from continuing operations 6,202,000 (531,000 ) 5,671,000 Income net of tax from discontinued operations 3,000 1,000 4,000 Net income attributable to non-controlling interest 496,000 (496,000 ) (2) — Net income attributable to Asta Funding, Inc. $ 5,709,000 $ (34,000 ) $ 5,675,000 Basic Earnings per common share: Continuing operations $ 0.44 $ 0.44 Discontinued operations 0.00 0.00 $ 0.44 $ 0.44 Diluted Earnings per common share: Continuing operations $ 0.43 $ 0.43 Discontinued operations 0.00 0.00 $ 0.43 $ 0.43 Weighted-average shares outstanding: Basic 12,979,472 12,979,472 Diluted 13,208,015 13,208,015 As Reported (1) Adjustments As Restated Three Months Ended September 30 , 201 4 : Revenues: Finance income, net $ 5,074,000 $ (59,000 ) (5) $ 5,015,000 Personal injury claims income 1,411,000 (1,411,000 ) (2) — Disability fee income 125,000 — 125,000 Total revenues 6,610,000 (1,470,000 ) 5,140,000 Other income 279,000 — 279,000 6,889,000 (1,470,000 ) 5,419,000 Expenses: General and administrative expenses 6,459,000 (1,074,000 ) (2)(3)(6)(7) 5,385,000 (Earnings) loss from Equity Method Investment — 55,000 (2) 55,000 6,459,000 (1,019,000 ) 5,440,000 Income before tax from continuing operations 430,000 (451,000 ) (21,000 ) Income tax expense (benefit) 590,000 (73,000 ) (9) 517,000 Income (loss) from continuing operations (160,000 ) (378,000 ) (538,000 ) Income net of tax from discontinued operations 314,000 53,000 367,000 Net (loss) income attributable to non-controlling interest (38,000 ) 38,000 (2) — Net income (loss) attributable to Asta Funding, Inc. $ 192,000 $ (363,000 ) $ (171,000 ) Basic Earnings per common share: Continuing operations $ (0.01 ) $ (0.04 ) Discontinued operations 0.02 0.03 $ 0.01 $ (0.01 ) Diluted Earnings per common share: Continuing operations $ (0.01 ) $ (0.04 ) Discontinued operations 0.02 0.03 $ 0.01 $ (0.01 ) Weighted-average shares outstanding: Basic 12,985,838 12,985,838 Diluted 13,199,636 13,199,636 |
Quarterly Financial Information, Statement of Comprehensive Income [Table Text Block] | As Reported (1) Adjustments As Restated Net Income $ 1,806,000 $ (243,000 ) $ 1,563,000 Net unrealized securities gain/(loss), net of tax expense of $220,000 during the 3 month period ended December 31, 2015. 336,000 (6,000 ) 330,000 Reclassification adjustments for securities sold, net of tax benefit of $11,000 during the 3 month period ended December 31, 2015. (20,000 ) — (20,000 ) Foreign currency translation, net of tax expense of $9,000 242,000 (228,000 ) 14,000 Other comprehensive income (loss) 558,000 (234,000 ) 324,000 Total comprehensive income $ 2,364,000 $ (477,000 ) $ 1,887,000 As Reported (1) Adjustments As Restated Net Income $ (1,831,000 ) $ 1,000 $ (1,830,000 ) Net unrealized securities gain, net of tax expense of $104,000 during the year ended March 31, 2016 167,000 (11,000 ) 156,000 Reclassification adjustments for securities sold — — — Foreign currency translation, net of tax benefit (expense) of $8,000 254,000 (242,000 ) 12,000 Other comprehensive income (loss) 421,000 (253,000 ) 168,000 Total comprehensive income $ (1,410,000 ) $ (252,000 ) $ (1,662,000 ) As Reported(1) Adjustments As Restated Net Income $ (25,000 ) $ (242,000 ) $ (267,000 ) Net unrealized securities gain, net of tax benefit (expense) of ($283,000) during the six month ended March 31, 2016 503,000 (17,000 ) 486,000 Reclassification adjustments for securities sold (20,000 ) — (20,000 ) Foreign currency translation, net of tax benefit (expense) of ($17,000) 496,000 (470,000 ) 26,000 Other comprehensive income (loss) 979,000 (487,000 ) 492,000 Total comprehensive income $ 954,000 $ (729,000 ) $ 225,000 As Reported (1) Adjustments As Restated Net Income $ 3,196,000 $ 670,000 $ 3,866,000 Net unrealized securities gain/(loss), net of tax expense of $373,000 during the year ended June 30, 2016 543,000 17,000 560,000 Reclassification adjustments for securities sold, net of tax benefit of $13,000 during the three month period ended June 30, 2016 (19,000 ) — (19,000 ) Foreign currency translation, net of tax benefit (expense) of $42,000 9,000 (72,000 ) (63,000 ) Other comprehensive income (loss) 533,000 (55,000 ) 478,000 Total comprehensive income $ 3,729,000 $ 615,000 $ 4,344,000 As Reported (1) Adjustments As Restated Net Income $ 3,171,000 $ 428,000 $ 3,599,000 Net unrealized securities gain/(loss), net of tax benefit (expense) of ($647,000) during the nine month ended June 30, 2016 1,046,000 — 1,046,000 Reclassification adjustments for securities sold, net of tax benefit (expense) of $24,000 during the nine month ended June 30, 2016 (39,000 ) — (39,000 ) Foreign currency translation, net of tax benefit (expense) of $25,000 505,000 (542,000 ) (37,000 ) Other comprehensive income (loss) 1,512,000 (542,000 ) 970,000 Total comprehensive income $ 4,683,000 $ (114,000 ) $ 4,569,000 As Reported (1) Adjustments As Restated Net Income $ 370,000 $ (448,000 ) $ (78,000 ) Net unrealized securities gain/(loss), net of tax expense of $126,000 during the three months ended December 31, 2014 (300,000 ) 117,000 (183,000 ) Reclassification adjustments for securities sold, net of tax expense of $16,000 during the three months ended December 30, 2014 30,000 (7,000 ) 23,000 Foreign currency translation, net of tax benefit (expense) of ($35,000) — 53,000 53,000 Other comprehensive income (loss) (270,000 ) 163,000 (107,000 ) Total comprehensive income $ 100,000 $ (285,000 ) $ (185,000 ) As Reported (1) Adjustments As Restated Net Income $ 345,000 $ (448,000 ) $ (103,000 ) Net unrealized securities gain/(loss), net of tax benefit of $32,000 during the three months ended March 31, 2015 63,000 (111,000 ) (48,000 ) Foreign currency translation, net of tax benefit (expense) of $199,000 — (298,000 ) (298,000 ) Other comprehensive income (loss) 63,000 (409,000 ) (346,000 ) Total comprehensive income $ 408,000 $ (857,000 ) $ (449,000 ) As Reported(1) Adjustments As Restated Net Income $ 715,000 $ (896,000 ) $ (181,000 ) Net unrealized securities gain/(loss), net of tax benefit of $32,000 during the Six months ended March 31, 2015 (237,000 ) 6,000 (231,000 ) Reclassification adjustments for securities sold, net of tax 30,000 (7,000 ) 23,000 Foreign currency translation, net of tax benefit (expense) of $199,000 — (245,000 ) (245,000 ) Other comprehensive income (loss) (207,000 ) (246,000 ) (453,000 ) Total comprehensive income $ 508,000 $ (1,142,000 ) $ (634,000 ) As Reported (1) Adjustments As Restated Net Income $ 161,000 $ 660,000 $ 821,000 Net unrealized securities loss, net of tax benefit of $148,000 during the 3 months ended June 30, 2015. (310,000 ) 87,000 (223,000 ) Reclassification adjustments for securities sold, net of tax benefit of $64,000 during the 3 months ended June 30, 2015. (123,000 ) 28,000 (95,000 ) Foreign currency translation, net of tax benefit of $343,000 during the 3 months ended June 30, 2015. — (515,000 ) (515,000 ) Other comprehensive income (loss) (433,000 ) (400,000 ) (833,000 ) Total comprehensive income $ (272,000 ) $ 260,000 $ (12,000 ) As Reported(1) Adjustments As Restated Net Income $ 876,000 $ (236,000 ) $ 640,000 Net unrealized securities loss, net of tax benefit of $306,000 during the 9 month ended June 30, 2015. (547,000 ) 93,000 (454,000 ) Reclassification adjustments for securities sold, net of tax benefit of $48,000 during the 9 month ended June 30, 2015. (93,000 ) 21,000 (72,000 ) Foreign currency translation, net of tax benefit of $506,000 during the 3 month ended June 30, 2015. — (760,000 ) (760,000 ) Other comprehensive income (loss) (640,000 ) (646,000 ) (1,286,000 ) Total comprehensive income $ 236,000 $ (882,000 ) $ (646,000 ) As Reported (1) Adjustments As Restated Net Income $ 947,000 $ 85,000 $ 1,032,000 Net unrealized securities loss, net of tax benefit of $58,000 during the 3 month period ended December 31, 2013 (66,000 ) — (66,000 ) Reclassification adjustments for securities sold, net of tax benefit of $10,000 during the 3 month period ended December 31, 2013 (15,000 ) — (15,000 ) Other comprehensive income (loss) (81,000 ) — (81,000 ) Total comprehensive income $ 866,000 $ 85,000 $ 951,000 As Reported (1) Adjustments As Restated Net Income $ 75,000 $ (81,000 ) $ (6,000 ) Net unrealized securities gain net of tax expense of $306,000 during the three months ended March 31, 2014 452,000 — 452,000 Reclassification adjustments for securities sold — — — Foreign currency translation — — — Other comprehensive income (loss) 452,000 — 452,000 Total comprehensive income $ 527,000 $ (81,000 ) $ 446,000 As Reported(1) Adjustments As Restated Net Income $ 1,022,000 $ 4,000 $ 1,026,000 Net unrealized securities gain net of tax expense of $306,000 during the three month ended March 31, 2014 386,000 — 386,000 Reclassification adjustments for securities sold (15,000 ) — (15,000 ) Foreign currency translation — — — Other comprehensive income (loss) 371,000 — 371,000 Total comprehensive income $ 1,393,000 $ 4,000 $ 1,397,000 As Reported (1) Adjustments As Restated Net Income $ 4,687,000 $ (38,000 ) $ 4,649,000 Net unrealized securities gain net of tax expense of $263,000 during the three months ended June 30, 2014. 394,000 — 394,000 Reclassification adjustments for securities sold, net of tax benefit of $47,000 during the three months ended June 30, 2014. (69,000 ) — (69,000 ) Foreign currency translation — (4,000 ) (4,000 ) Other comprehensive income (loss) 325,000 (4,000 ) 321,000 Total comprehensive income $ 5,012,000 $ (42,000 ) $ 4,970,000 As Reported(1) Adjustments As Restated Net Income $ 5,709,000 $ (34,000 ) $ 5,675,000 Net unrealized securities gain net of tax expense of $263,000 during the three month ended June 30, 2014. 780,000 — 780,000 Reclassification adjustments for securities sold, net of tax benefit of $47,000 during the three month ended June 30, 2014. (84,000 ) — (84,000 ) Foreign currency translation — (4,000 ) (4,000 ) Other comprehensive income (loss) 696,000 (4,000 ) 692,000 Total comprehensive income $ 6,405,000 $ (38,000 ) $ 6,367,000 |
Quarterly Financial Information, Statement of Stockholders' Equity [Table Text Block] | Consolidated Statements of Stockholders’ Equity As of December 31, 2015 Common Stock Additional Retained Accumulated Treasury Non- Total Issued Amount Balance, September 30, 201 5 13,061,673 $ 131,000 $ 65,049,000 $ 119,165,000 $ 20,000 $ (1,751,000 ) $ 793,000 $ 183,407,000 Restricted common stock 5,000 — — — — — — — Stock based compensation expense — — 278,000 — — — 278,000 Net income, — — — 1,563,000 — — 1,563,000 Unrealized gain on marketable securities — — — — 330,000 — — 330,000 Amount reclassified from other comprehensive (loss) income — — — — (20,000 ) — — (20,000 ) Purchase of treasury stock — — (7,180,000 ) — (7,180,000 ) Foreign currency translation, net — — — — 14,000 — — 14,000 Purchase of subsidiary shares from non-controlling interest — — (903,000 ) — — — (793,000 ) (1,696,000 ) Issuance of restricted stock to purchase subsidiary shares from non-controlling interest 123,304 1,000 999,000 — — — — 1,000,000 Balance, Dec ember 3 1 , 201 5 , (as restated) 13,189,977 $ 132,000 $ 65,423,000 $ 120,728,000 $ 344,000 $ (8,931,000 ) $ — $ 177,696,000 Common Stock Additional Retained Accumulated Treasury Non- Total Issued Amount Balance, September 30, 2015 13,061,673 $ 131,000 $ 65,049,000 $ 119,165,000 $ 20,000 $ (1,751,000 ) $ 793,000 $ 183,407,000 Exercise of options 7,499 — 47,000 — — — — 47,000 Restricted common stock 5,000 — — — — — — — Stock based compensation expense — — 428,000 — — — 428,000 Net income, — — — (267,000 ) — — (267,000 ) Unrealized gain on marketable securities — — — — 486,000 — — 486,000 Amount reclassified from other comprehensive (loss) income — — — — (20,000 ) — — (20,000 ) Purchase of treasury stock — — (8,363,000 ) — (8,363,000 ) Foreign currency translation, net — — — — 26,000 — — 26,000 Purchase of subsidiary shares from non-controlling interest — — (903,000 ) — — — (793,000 ) (1,696,000 ) Issuance of restricted stock to purchase subsidiary shares from non-controlling interest 123,304 1,000 999,000 — — — — 1,000,000 Balance, March 31, 201 6 , (as restated) 13,197,476 $ 132,000 $ 65,620,000 $ 118,898,000 $ 512,000 $ (10,114,000 ) $ — $ 175,048,000 Common Stock Additional Retained Accumulated Treasury Non- Total Issued Amount Balance, September 30, 2015 13,061,673 $ 131,000 $ 65,049,000 $ 119,165,000 $ 20,000 $ (1,751,000 ) $ 793,000 $ 183,407,000 Exercise of options 107,531 1,000 870,000 — — — — 871,000 Restricted common stock 5,000 — — — — — — — Stock based compensation expense — — 567,000 — — — 567,000 Net income, — — — 3,599,000 — — 3,599,000 Unrealized gain on marketable securities — — — — 1,046,000 — — 1,046,000 Amount reclassified from other comprehensive (loss) income — — — — (39,000 ) — — (39,000 ) Purchase of treasury stock — — (11,174,000 ) — (11,174,000 ) Foreign currency translation, net — — — — (37,000 ) — — (37,000 ) Purchase of subsidiary shares from non-controlling interest — — (903,000 ) — — — (793,000 ) (1,696,000 ) Issuance of restricted stock to purchase subsidiary shares from non-controlling interest 123,304 1,000 999,000 — — — — 1,000,000 Balance, June 3 0 , 201 6 , (as restated) 13,297,508 $ 133,000 $ 66,582,000 $ 122,764,000 $ 990,000 $ (12,925,000 ) $ — $ 177,544,000 Common Stock Additional Retained Accumulated Treasury Non- Total Issued Amount Balance, September 30, 201 4 12,985,839 $ 130,000 $ 63,180,000 $ 118,198,000 $ 145,000 $ — $ 115,000 $ 181,768,000 Exercise of options 60,000 — 469,000 — — — — 469,000 Restricted common stock 15,000 — — — — — — — Stock based compensation expense — — 432,000 — — — — 432,000 Net income, — — — (78,000 ) — — — (78,000 ) Unrealized gain on marketable securities — — — — (183,000 ) — — (183,000 ) Amount reclassified from other comprehensive (loss) income — — — — 23,000 — — 23,000 Foreign currency translation, net — — — — 53,000 — — 53,000 CBC non-controlling interest — — — — — 23,000 23,000 Balance, December 3 1 , 201 4 , (as restated) 13,060,839 $ 130,000 $ 64,081,000 $ 118,120,000 $ 38,000 $ — $ 138,000 $ 182,507,000 Common Stock Additional Retained Accumulated Treasury Non- Total Issued Amount Balance, September 30, 2014 12,985,839 $ 130,000 $ 63,180,000 $ 118,198,000 $ 145,000 $ — $ 115,000 $ 181,768,000 Exercise of options 60,000 1,000 469,000 — — — — 470,000 Restricted common stock 15,000 — — — — — — — Stock based compensation expense — — 823,000 — — — — 823,000 Net income, — — — (181,000 ) — — — (181,000 ) Unrealized gain on marketable securities — — — — (231,000 ) — — (231,000 ) Amount reclassified from other comprehensive (loss) income — — — — 23,000 — — 23,000 Foreign currency translation, net — — — — (245,000 ) — — (245,000 ) CBC non-controlling interest — — — — — 178,000 178,000 Balance, March 31, 2015, (as restated) 13,060,839 $ 131,000 $ 64,472,000 $ 118,017,000 $ (308,000 ) $ — $ 293,000 $ 182,605,000 Common Stock Additional Retained Accumulated Treasury Non- Total Issued Amount Balance, September 30, 2014 12,985,839 $ 130,000 $ 63,180,000 $ 118,198,000 $ 145,000 $ — $ 115,000 $ 181,768,000 Exercise of options 60,000 1,000 469,000 — — — — 470,000 Restricted common stock 15,000 — — — — — — — Stock based compensation expense — — 1,107,000 — — — — 1,107,000 Net income, — — — 640,000 — — — 640,000 Unrealized gain on marketable securities — — — — (454,000 ) — — (454,000 ) Amount reclassified from other comprehensive (loss) income — — — — (72,000 ) — — (72,000 ) Foreign currency translation, net — — — — (760,000 ) — — (760,000 ) CBC non-controlling interest — — — — — 282,000 282,000 Balance, June 30, 2015, (as restated) 13,060,839 $ 131,000 $ 64,756,000 $ 118,838,000 $ (1,141,000 ) $ — $ 397,000 $ 182,981,000 Common Stock Additional Retained Accumulated Treasury Non- Total Issued Amount Balance, September 30, 201 3 14,917,977 $ 149,000 $ 79,104,000 $ 112,694,000 $ (674,000 ) $ (17,805,000 ) $ — $ 173,468,000 Exercise of options — — — — — — — — Restricted common stock — — — — — — — — Stock based compensation expense — — 418,000 — — — 418,000 Net income, — — — 1,032,000 — — 1,032,000 Unrealized gain on marketable securities — — — — (66,000 ) — — (66,000 ) Amount reclassified from other comprehensive (loss) income — — — — (15,000 ) — — (15,000 ) Foreign currency translation, net — — — — — — — — CBC non-controlling interest — — — — — 45,000 45,000 Balance, December 31, 201 3 , (as restated) 14,917,977 $ 149,000 $ 79,522,000 $ 113,726,000 $ (755,000 ) $ (17,805,000 ) $ 45,000 $ 174,882,000 Common Stock Additional Retained Accumulated Treasury Non- Total Issued Amount Balance, September 30, 201 3 14,917,977 $ 149,000 $ 79,104,000 $ 112,694,000 $ (674,000 ) $ (17,805,000 ) $ — $ 173,468,000 Exercise of options 10,000 — 30,000 — — — — 30,000 Restricted common stock — — — — — — — — Stock based compensation expense — — 851,000 — — — 851,000 Net income, — — — 1,026,000 — — 1,026,000 Unrealized gain on marketable securities — — — — 386,000 — — 386,000 Amount reclassified from other comprehensive (loss) income — — — — (15,000 ) — — (15,000 ) Foreign currency translation, net — — — — — — — — Retirement of Treasury Stock (1,943,738 ) (19,000 ) (17,786,000 ) 17,805,000 — CBC non-controlling interest — — — — — 65,000 65,000 Balance, March 31, 201 4 , (as restated) 12,984,239 $ 130,000 $ 62,199,000 $ 113,720,000 $ (303,000 ) $ — $ 65,000 $ 175,811,000 Common Stock Additional Retained Accumulated Treasury Non- Total Issued Amount Balance, September 30, 2013 14,917,977 $ 149,000 $ 79,104,000 $ 112,694,000 $ (674,000 ) $ (17,805,000 ) $ — $ 173,468,000 Exercise of options 11,500 — 40,000 — — — — 40,000 Restricted common stock — — — — — — — — Stock based compensation expense — — 1,368,000 — — — 1,368,000 Net income, — — — 5,675,000 — — 5,675,000 Unrealized gain on marketable securities — — — — 780,000 — — 780,000 Amount reclassified from other comprehensive (loss) income — — — — (84,000 ) — — (84,000 ) Foreign currency translation, net — — — — (4,000 ) — — (4,000 ) Retirement of Treasury Stock (1,943,738 ) (19,000 ) (17,786,000 ) 17,805,000 — CBC non-controlling interest — — — — — 31,000 31,000 Balance, June 3 0 , 2014, (as restated) 12,985,739 $ 130,000 $ 62,726,000 $ 118,369,000 $ 18,000 $ — $ 31,000 $ 181,274,000 |
Quarterly Financial Information, Statement of Cash Flows [Table Text Block] | Three M onths ended Dec ember 3 1 , 201 5 As Reported (1) Adjustments As Restated Cash flows from operating activities: Loss from continuing operations $ 1,368,000 $ (77,000 ) $ 1,291,000 Income from discontinued operations 438,000 (166,000 ) 272,000 Net income 1,806,000 (243,000 ) 1,563,000 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 120,000 (30,000 ) 90,000 Deferred income taxes (876,000 ) 971,000 95,000 Stock based compensation 283,000 (5,000 ) 278,000 Loss on sale of available-for-sale securities 31,000 — 31,000 Unrealized gain on other investments (62,000 ) — (62,000 ) Unrealized foreign exchange loss on other investments 118,000 — 118,000 Pegasus non-controlling interest 373,000 (373,000 ) — (Earnings) loss from equity method investment — (1,494,000 ) (1,494,000 ) Changes in: Prepaid and income taxes receivable 906,000 (87,000 ) 819,000 Due from third party collection agencies and attorneys 493,000 (141,000 ) 352,000 Other assets (423,000 ) (1,937,000 ) (2,360,000 ) Other liabilities (219,000 ) (274,000 ) (493,000 ) Changes in net assets and liabilities related to discontinued operations (2,049,000 ) 1,570,000 (479,000 ) Net cash provided by (used in) operating activities 501,000 (2,043,000 ) (1,542,000 ) Cash flows from investing activities: Purchase of consumer receivables acquired for liquidation (4,419,000 ) (1,632,000 ) (6,051,000 ) Principal collected on consumer receivables acquired for liquidation 2,184,000 115,000 2,299,000 Purchase of available-for-sale securities (7,136,000 ) — (7,136,000 ) Proceeds from sales of available-for-sale securities 12,303,000 — 12,303,000 Increase in equity method investment — 5,827,000 5,827,000 Purchase of non-controlling interest (800,000 ) — (800,000 ) Investments in personal injury claims — advances (7,013,000 ) 7,013,000 — Investments in personal injury claims — receipts 9,049,000 (9,049,000 ) — Cash flows from investing activities related to discontinued operations: (2,544,000 ) — (2,544,000 ) Net cash provided by investing activities 1,624,000 2,274,000 3,898,000 Cash flows from financing activities: Purchase of treasury stock (7,180,000 ) — (7,180,000 ) Distributions to non-controlling interest (438,000 ) 438,000 — Cash flows from financing activities related to discontinued operations: 4,306,000 — 4,306,000 Net cash (used in) provided by financing activities (3,312,000 ) 438,000 (2,874,000 ) Net (decrease) increase in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations (1,187,000 ) 669,000 (518,000 ) Less: net decrease in cash, cash equivalents and restricted cash classified within assets related to discontinued operations (312,000 ) - (312,000 ) Net decrease in cash and cash equivalents (1,499,000 ) 669,000 (830,000 ) Cash and cash equivalents at beginning of year 22,918,000 (2,971,000 ) 19,947,000 Cash and cash equivalents at end of period $ 21,419,000 $ (2,302,000 ) $ 19,117,000 Six Months ended March 31, 2016 As Reported (1) Adjustments As Restated Cash flows from operating activities: Loss from continuing operations $ (916,000 ) $ (178,000 ) $ (1,094,000 ) Income from discontinued operations 891,000 (64,000 ) 827,000 Net income (25,000 ) (242,000 ) (267,000 ) Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 246,000 (60,000 ) 186,000 Deferred income taxes (1,202,000 ) 1,646,000 444,000 Impairments of consumer receivables acquired for liquidation 124,000 — 124,000 Stock based compensation 428,000 — 428,000 Loss on sale of available-for-sale securities 31,000 — 31,000 Unrealized gain on other investments (152,000 ) — (152,000 ) Unrealized foreign exchange loss on other investments (26,000 ) — (26,000 ) Reserve for loss on investment 1,000,000 — 1,000,000 Pegasus non-controlling interest 456,000 (456,000 ) — (Earnings) loss from equity method investment — (333,000 ) (333,000 ) Changes in: Prepaid and income taxes receivable 169,000 (56,000 ) 113,000 Due from third party collection agencies and attorneys 372,000 (103,000 ) 269,000 Other assets (392,000 ) (1,843,000 ) (2,235,000 ) Other liabilities 2,018,000 (446,000 ) 1,572,000 Changes in net assets and liabilities related to discontinued operations (5,164,000 ) 1,213,000 (3,951,000 ) Net cash used in operating activities (2,117,000 ) (680,000 ) (2,797,000 ) Cash flows from investing activities: Purchase of consumer receivables acquired for liquidation (6,141,000 ) (44,000 ) (6,185,000 ) Principal collected on consumer receivables acquired for liquidation 4,841,000 (164,000 ) 4,677,000 Purchase of available-for-sale securities (7,419,000 ) — (7,419,000 ) Proceeds from sales of available-for-sale securities 12,303,000 — 12,303,000 Increase in equity method investment — 3,471,000 3,471,000 Purchase of non-controlling interest (800,000 ) — (800,000 ) Investments in personal injury claims — advances (12,649,000 ) 12,649,000 — Investments in personal injury claims — receipts 14,173,000 (14,173,000 ) — Capital expenditures (65,000 ) — (65,000 ) Cash flows from investing activities related to discontinued operations: (4,921,000 ) — (4,921,000 ) Net cash (used in) provided by investing activities (678,000 ) 1,739,000 1,061,000 Cash flows from financing activities: Proceeds from exercise of stock options 47,000 — 47,000 Purchase of treasury stock (8,363,000 ) — (8,363,000 ) Distributions to non-controlling interest (789,000 ) 789,000 — Cash flows from financing activities related to discontinued operations: 7,797,000 — 7,797,000 Net cash (used in) provided by financing activities (1,308,000 ) 789,000 (519,000 ) Net (decrease) increase in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations (4,103,000 ) 1,848,000 (2,255,000 ) Less: net decrease in cash, cash equivalents and restricted cash classified within assets related to discontinued operations (159,000 ) - (159,000 ) Net decrease in cash and cash equivalents (4,262,000 ) 1,848,000 (2,414,000 ) Cash and cash equivalents at beginning of year 22,918,000 (2,971,000 ) 19,947,000 Cash and cash equivalents at end of period $ 18,656,000 $ (1,123,000 ) $ 17,533,000 Nine Months ended June 30, 2016 As Reported (1) Adjustments As Restated Cash flows from operating activities: Loss from continuing operations $ 1,670,000 $ 525,000 $ 2,195,000 Income from discontinued operations 1,501,000 (97,000 ) 1,404,000 Net income 3,171,000 428,000 3,599,000 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 442,000 (89,000 ) 353,000 Deferred income taxes (662,000 ) 584,000 (78,000 ) Impairments of consumer receivables acquired for liquidation 124,000 — 124,000 Stock based compensation 567,000 — 567,000 Loss on sale of available-for-sale securities 63,000 — 63,000 Unrealized gain on other investments (246,000 ) — (246,000 ) Unrealized foreign exchange loss on other investments 59,000 — 59,000 Reserve for loss on investment 1,000,000 — 1,000,000 Pegasus non-controlling interest 2,004,000 (2,004,000 ) — Operating Lease Adjustment 21,000 — 21,000 (Earnings) loss from equity method investment — (6,193,000 ) (6,193,000 ) Changes in: Prepaid and income taxes receivable 2,064,000 448,000 2,512,000 Due from third party collection agencies and attorneys 341,000 35,000 376,000 Other assets (964,000 ) (1,480,000 ) (2,444,000 ) Other liabilities 2,686,000 (775,000 ) 1,911,000 Changes in net assets and liabilities related to discontinued operations (7,770,000 ) 1,121,000 (6,649,000 ) Net cash provided by (used in) operating activities 2,900,000 (7,925,000 ) (5,025,000 ) Cash flows from investing activities: Purchase of consumer receivables acquired for liquidation (6,470,000 ) (466,000 ) (6,936,000 ) Principal collected on consumer receivables acquired for liquidation 7,414,000 (113,000 ) 7,301,000 Principal collected on consumer receivable accounts represented by account sales — 83,000 83,000 Purchase of available-for-sale securities (11,704,000 ) — (11,704,000 ) Proceeds from sales of available-for-sale securities 16,302,000 — 16,302,000 Increase in equity method investment — 1,826,000 1,826,000 Purchase of non-controlling interest (800,000 ) — (800,000 ) Investments in personal injury claims — advances (27,689,000 ) 27,689,000 — Investments in personal injury claims — receipts 20,673,000 (20,673,000 ) — Capital expenditures (123,000 ) 3,000 (120,000 ) Cash flows from investing activities related to discontinued operations: (6,756,000 ) — (6,756,000 ) Net cash (used in) provided by investing activities (9,153,000 ) 8,349,000 (804,000 ) Cash flows from financing activities: Proceeds from exercise of stock options 872,000 — 872,000 Purchase of treasury stock (11,174,000 ) — (11,174,000 ) Distributions to non-controlling interest (1,139,000 ) 1,139,000 — Cash flows from financing activities related to discontinued operations: 11,056,000 — 11,056,000 Net cash (used in) provided by financing activities (385,000 ) 1,139,000 754,000 Net (decrease) increase in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations (6,638,000 ) 1,563,000 (5,075,000 ) Less: net decrease in cash, cash equivalents and restricted cash classified within assets related to discontinued operations (283,000 ) - (283,000 ) Net decrease in cash and cash equivalents (6,921,000 ) 1,563,000 (5,358,000 ) Cash and cash equivalents at beginning of year 22,918,000 (2,971,000 ) 19,947,000 Cash and cash equivalents at end of period $ 15,997,000 $ (1,408,000 ) $ 14,589,000 Three Months ended December 31, 2014 As Reported (1) Adjustments As Restated Cash flows from operating activities: Inome (loss) from continuing operations $ 243,000 $ (448,000 ) $ (205,000 ) Income from discontinued operations 127,000 — 127,000 Net income (loss) 370,000 (448,000 ) (78,000 ) Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 150,000 — 150,000 Deferred income taxes (121,000 ) 391,000 270,000 Stock based compensation 432,000 — 432,000 Loss on sale of available-for-sale securities (39,000 ) — (39,000 ) Unrealized gain on other investments — 307,000 307,000 Pegasus non-controlling interest (72,000 ) 72,000 — (Earnings) loss from equity method investment — 400,000 400,000 Changes in: Prepaid and income taxes receivable 219,000 (382,000 ) (163,000 ) Due from third party collection agencies and attorneys 93,000 (117,000 ) (24,000 ) Other assets (686,000 ) (1,499,000 ) (2,185,000 ) Other liabilities (735,000 ) (445,000 ) (1,180,000 ) Changes in net assets and liabilities related to discontinued operations (2,212,000 ) 1,040,000 (1,172,000 ) Net cash used in operating activities (2,601,000 ) (681,000 ) (3,282,000 ) Cash flows from investing activities: Purchase of consumer receivables acquired for liquidation — (139,000 ) (139,000 ) Principal collected on consumer receivables acquired for liquidation 3,713,000 896,000 4,609,000 Principal collected on consumer receivables accounts represented by account sales 3,000 — 3,000 Purchase of available-for-sale securities (5,443,000 ) — (5,443,000 ) Proceeds from the sale of available-for-sale securities 5,020,000 — 5,020,000 Purchase of other investments (5,000,000 ) — (5,000,000 ) Decrease in equity method investment — (1,152,000 ) (1,152,000 ) Investments in personal injury claims — advances (5,843,000 ) 5,843,000 — Investments in personal injury claims — receipts 4,817,000 (4,817,000 ) — Cash flows from investing activities related to discontinued operations: (1,843,000 ) 34,000 (1,809,000 ) Net cash (used in) provided by investing activities (4,576,000 ) 665,000 (3,911,000 ) Cash flows from financing activities: Proceeds from exercise of stock options 468,000 1,000 469,000 Distributions to non-controlling interest (229,000 ) 229,000 — Cash flows from financing activities related to discontinued operations: 6,177,000 — 6,177,000 Net cash provided by financing activities 6,416,000 230,000 6,646,000 Net (decrease) increase in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations (761,000 ) 214,000 (547,000 ) Less: net increase in cash, cash equivalents and restricted cash classified within assets related to discontinued operations 63,000 - 63,000 Net (decrease) increase in cash and cash equivalents (698,000 ) 214,000 (484,000 ) Cash and cash equivalents at beginning of year 27,787,000 (1,640,000 ) 26,147,000 Cash and cash equivalents at end of period $ 27,089,000 $ (1,426,000 ) $ 25,663,000 Six Months ended March 31, 201 5 As Reported (1) Adjustments As Restated Cash flows from operating activities: Loss from continuing operations $ (218,000 ) $ (555,000 ) $ (773,000 ) Income (loss) from discontinued operations 933,000 (341,000 ) 592,000 Net income (loss) 715,000 (896,000 ) (181,000 ) Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 300,000 — 300,000 Deferred income taxes (144,000 ) (214,000 ) (358,000 ) Stock based compensation 841,000 (18,000 ) 823,000 Loss on sale of available-for-sale securities (39,000 ) — (39,000 ) Unrealized gain on other investments — 642,000 642,000 Unrealized foreign exchange loss on other investments 975,000 1,000 976,000 Pegasus non-controlling interest (76,000 ) 76,000 — (Earnings) loss from equity method investment — (10,000 ) (10,000 ) Changes in: Prepaid and income taxes receivable 430,000 65,000 495,000 Due from third party collection agencies and attorneys (217,000 ) (213,000 ) (430,000 ) Other assets (2,919,000 ) (325,000 ) (3,244,000 ) Income taxes payable 378,000 (378,000 ) — Other liabilities (29,000 ) (1,454,000 ) (1,483,000 ) Changes in net assets and liabilities related to discontinued operations (5,025,000 ) 1,445,000 (3,580,000 ) Net cash used in operating activities (4,810,000 ) (1,279,000 ) (6,089,000 ) Cash flows from investing activities: Purchase of consumer receivables acquired for liquidation (1,621,000 ) (304,000 ) (1,925,000 ) Principal collected on consumer receivables acquired for liquidation 8,887,000 282,000 9,169,000 Purchase of available-for-sale securities (12,326,000 ) — (12,326,000 ) Proceeds from sales of available-for-sale securities 8,704,000 — 8,704,000 Decrease in equity method investment — (1,537,000 ) (1,537,000 ) Purchase of other investments (5,000,000 ) — (5,000,000 ) Investments in personal injury claims — advances (10,959,000 ) 10,959,000 — Investments in personal injury claims — receipts 9,365,000 (9,365,000 ) — Capital expenditures (27,000 ) (4,000 ) (31,000 ) Cash flows from investing activities related to discontinued operations: (4,852,000 ) — (4,852,000 ) Net cash (used in) provided by investing activities (7,829,000 ) 31,000 (7,798,000 ) Cash flows from financing activities: Proceeds from exercise of stock options 469,000 1,000 470,000 Distributions to non-controlling interest (466,000 ) 466,000 — Cash flows from financing activities related to discontinued operations: 9,745,000 — 9,745,000 Net cash provided by financing activities 9,748,000 467,000 10,215,000 Net decrease in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations (2,891,000 ) (781,000) (3,672,000 ) Less: net increase in cash, cash equivalents and restricted cash classified within assets related to discontinued operations 153,000 - 153,000 Net decrease in cash and cash equivalents (2,738,000 ) (781,000 ) (3,519,000 ) Cash and cash equivalents at beginning of year 27,787,000 (1,640,000 ) 26,147,000 Cash and cash equivalents at end of period $ 25,049,000 $ (2,421,000 ) $ 22,628,000 Consolidated Statement of Cash Flow Nine Months ended June 30, 2015 As Reported (1) Adjustments As Restated Cash flows from operating activities: Loss from continuing operations $ (74,000 ) $ (358,000 ) $ (432,000 ) Income (loss) from discontinued operations 948,000 124,000 1,072,000 Net income (loss) 874,000 (234,000 ) 640,000 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 459,000 (9,000 ) 450,000 Deferred income taxes (485,000 ) (2,130,000 ) (2,615,000 ) Stock based compensation 1,136,000 (29,000 ) 1,107,000 Loss on sale of available-for-sale securities 120,000 — 120,000 Unrealized gain on other investments (296,000 ) — (296,000 ) Unrealized foreign exchange loss on other investments 884,000 — 884,000 Pegasus non-controlling interest (92,000 ) 92,000 — (Earnings) loss from equity method investment — 79,000 79,000 Changes in: Prepaid and income taxes receivable 430,000 214,000 644,000 Due from third party collection agencies and attorneys 38,000 225,000 263,000 Other assets (1,680,000 ) (1,473,000 ) (3,153,000 ) Income taxes payable 523,000 769,000 1,292,000 Other liabilities 372,000 (1,220,000 ) (848,000 ) Changes in net assets and liabilities related to discontinued operations (9,233,000 ) 1,061,000 (8,172,000 ) Net cash used in operating activities (6,950,000 ) (2,655,000 ) (9,605,000 ) Cash flows from investing activities: Purchase of consumer receivables acquired for liquidation (2,009,000 ) — (2,009,000 ) Principal collected on consumer receivables acquired for liquidation 12,567,000 676,000 13,243,000 Principal collected on consumer receivables represented by account sales 2,000 77,000 79,000 Purchase of available-for-sale securities (17,564,000 ) — (17,564,000 ) Proceeds from sales of available-for-sale securities 13,677,000 — 13,677,000 Decrease in equity method investment — (4,932,000 ) (4,932,000 ) Purchase of other investments (5,000,000 ) — (5,000,000 ) Investments in personal injury claims — advances (18,270,000 ) 18,270,000 — Investments in personal injury claims — receipts 13,467,000 (13,467,000 ) — Capital expenditures (138,000 ) 12,000 (126,000 ) Cash flows from investing activities related to discontinued operations: (7,173,000 ) — (7,173,000 ) Net cash (used in) provided by investing activities (10,441,000 ) 636,000 (9,805,000 ) Cash flows from financing activities: Proceeds from exercise of stock options 469,000 1,000 470,000 Distributions to non-controlling interest (754,000 ) 754,000 — Cash flows from financing activities related to discontinued operations: 14,409,000 — 14,409,000 Net cash provided by financing activities 14,124,000 755,000 14,879,000 Net decrease in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations (3,267,000 ) (1,264,000 ) (4,531,000 ) Less: net increase in cash, cash equivalents and restricted cash classified within assets related to discontinued operations 1,102,000 - 1,102,000 Net decrease in cash and cash equivalents (2,165,000 ) (1,264,000 ) (3,429,000 ) Cash and cash equivalents at beginning of year 27,787,000 (1,640,000 ) 26,147,000 Cash and cash equivalents at end of period $ 25,622,000 $ (2,904,000 ) $ 22,718,000 Three Months ended December 31, 2013 As Reported (1) Adjustments As Restated Cash flows from operating activities: Income from continuing operations $ 947,000 $ 85,000 $ 1,032,000 Income (loss) from discontinued operations — — — Net income (loss) 947,000 85,000 1,032,000 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 150,000 — 150,000 Deferred income taxes (446,000 ) (306,000 ) (752,000 ) Stock based compensation 418,000 — 418,000 Loss on sale of available-for-sale securities 25,000 — 25,000 Pegasus non-controlling interest 449,000 (449,000 ) — (Earnings) loss from equity method investment — (1,796,000 ) (1,796,000 ) Changes in: Prepaid and income taxes receivable 1,245,000 (41,000 ) 1,204,000 Due from third party collection agencies and attorneys 490,000 — 490,000 Other assets (327,000 ) 402,000 75,000 Other liabilities (736,000 ) 146,000 (590,000 ) Changes in net assets and liabilities related to discontinued operations — (351,000 ) (351,000 ) Net cash provided by (used in) operating activities 2,215,000 (2,310,000 ) (95,000 ) Cash flows from investing activities: Purchase of consumer receivables acquired for liquidation (520,000 ) — (520,000 ) Principal collected on consumer receivables acquired for liquidation 5,556,000 59,000 5,615,000 Purchase of available-for-sale securities (5,618,000 ) — (5,618,000 ) Proceeds from sales of available-for-sale securities 5,000,000 — 5,000,000 Decrease in equity method investment — 5,384,000 5,384,000 Cash paid for acquisition (net of cash acquired) (5,588,000 ) — (5,588,000 ) Investments in personal injury claims — advances (4,519,000 ) 4,519,000 — Investments in personal injury claims — receipts 9,788,000 (9,788,000 ) — Net cash provided by (used in) investing activities 4,099,000 174,000 4,273,000 Cash flows from financing activities: Change in restricted cash 20,000 — 20,000 Distributions to non-controlling interest (282,000 ) 282,000 — Repayment of non-recourse debt – Bank of Montreal (2,628,000 ) — (2,628,000 ) Cash flows from financing activities related to discontinued operations: (2,500,000 ) — (2,500,000 ) Net cash (used in) provided by financing activities (5,390,000 ) 282,000 (5,108,000 ) Net increase (decrease) in cash and cash equivalents 924,000 (1,854,000 ) (930,000 ) Cash and cash equivalents at beginning of year 35,179,000 (989,000 ) 34,190,000 Cash and cash equivalents at end of period $ 36,103,000 $ (2,843,000 ) $ 33,260,000 Six Months ended March 31, 2014 As Reported (1) Adjustments As Restated Cash flows from operating activities: Loss from continuing operations $ 932,000 $ 4,000 $ 936,000 Income from discontinued operations 90,000 — 90,000 Net income 1,022,000 4,000 1,026,000 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 300,000 — 300,000 Deferred income taxes (863,000 ) (441,000 ) (1,304,000 ) Stock based compensation 841,000 10,000 851,000 Loss on sale of available-for-sale securities 25,000 — 25,000 Pegasus non-controlling interest 443,000 (443,000 ) — (Earnings) loss from equity method investment — 25,000 25,000 Changes in: — Prepaid and income taxes receivable 1,496,000 — 1,496,000 Due from third party collection agencies and attorneys (385,000 ) (11,000 ) (396,000 ) Other assets (529,000 ) 104,000 (425,000 ) Income taxes payable 201,000 283,000 484,000 Other liabilities (417,000 ) (223,000 ) (640,000 ) Changes in net assets and liabilities related to discontinued operations (1,746,000 ) (484,000 ) (2,230,000 ) Net cash provided by (used in) operating activities 388,000 (1,176,000 ) (788,000 ) Cash flows from investing activities: Purchase of consumer receivables acquired for liquidation (969,000 ) — (969,000 ) Principal collected on consumer receivables acquired for liquidation 10,984,000 133,000 11,117,000 Purchase of available-for-sale securities (15,920,000 ) — (15,920,000 ) Proceeds from sales of available-for-sale securities 5,000,000 — 5,000,000 Increase in equity method investment — 4,379,000 4,379,000 Cash paid for acquisition (net of cash acquired) (5,588,000 ) — (5,588,000 ) Investments in personal injury claims — advances (10,019,000 ) 10,019,000 — Investments in personal injury claims — receipts 15,459,000 (15,459,000 ) — Cash flows from investing activities related to discontinued operations: (1,366,000 ) — (1,366,000 ) Net cash used in investing activities (2,419,000 ) (928,000 ) (3,347,000 ) Cash flows from financing activities: Proceeds from exercise of stock options 30,000 — 30,000 Change in restricted cash 167,000 — 167,000 Distributions to non-controlling interest (680,000 ) 680,000 — Repayment of non-recourse debt – Bank of Montreal (4,982,000 ) (4,982,000 ) Cash flows from financing activities related to discontinued operations: 354,000 — 354,000 Net cash (used in) provided by financing activities (5,111,000 ) 680,000 (4,431,000 ) Net decrease in cash and cash equivalents including cash, cash equivalents classified within assets related to discontinued operations (7,142,000 ) (1,424,000 ) (8,566,000) Less: net increase in cash, cash equivalents and restricted cash classified within assets related to discontinued operations 238,000 - 238,000 Net decrease in cash and cash equivalents (6,904,000 ) (1,424,000 ) (8,328,000 ) Cash and cash equivalents at beginning of year 35,179,000 (989,000 ) 34,190,000 Cash and cash equivalents at end of period $ 28,275,000 $ (2,413,000 ) $ 25,862,000 Nine Months ended June 30, 2014 As Reported (1) Adjustments As Restated Cash flows from operating activities: Income (loss) from continuing operations $ 5,706,000 $ (35,000 ) $ 5,671,000 Income from discontinued operations 3,000 1,000 4,000 Net income (loss) 5,709,000 (34,000 ) 5,675,000 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 450,000 — 450,000 Deferred income taxes (773,000 ) (2,867,000 ) (3,640,000 ) Impairments of consumer receivables acquired for liquidation 19,591,000 1,000 19,592,000 Stock based compensation 1,290,000 78,000 1,368,000 Loss on sale of available-for-sale securities 141,000 — 141,000 Pegasus non-controlling interest 496,000 (496,000 ) — Forgiveness of non-recourse debt (26,101,000 ) — (26,101,000 ) (Earnings) loss from equity method investment — (215,000 ) (215,000 ) Changes in: Prepaid and income taxes receivable 1,496,000 — 1,496,000 Due from third party collection agencies and attorneys 31,000 (197,000 ) (166,000 ) Other assets (596,000 ) 138,000 (458,000 ) Income taxes payable 3,084,000 2,659,000 5,743,000 Other liabilities (119,000 ) (584,000 ) (703,000 ) Changes in net assets and liabilities related to discontinued operations (2,921,000 ) 39,000 (2,882,000 ) Net cash provided by (used in) operating activities 1,778,000 (1,478,000 ) 300,000 Cash flows from investing activities: Purchase of consumer receivables acquired for liquidation (3,702,000 ) (3,702,000 ) Principal collected on consumer receivables acquired for liquidation 15,950,000 339,000 16,289,000 Principal collected on consumer receivable accounts represented by account sales 1,000 2,000 3,000 Purchase of available-for-sale securities (19,845,000 ) — (19,845,000 ) Proceeds from sales of available-for-sale securities 8,684,000 — 8,684,000 Increase in equity method investment — 3,876,000 3,876,000 Cash paid for acquisition (net of cash acquired) (5,588,000 ) — (5,588,000 ) Investments in personal injury claims — advances (16,392,000 ) 16,392,000 — Investments in personal injury claims — receipts 20,417,000 (20,417,000 ) — Cash flows from investing activities related to discontinued operations (2,541,000 ) — (2,541,000 ) Net cash used in investing activities (3,016,000 ) 192,000 (2,824,000 ) Cash flows from financing activities: Proceeds from exercise of stock options 40,000 — 40,000 Change in restricted cash 968,000 — 968,000 Distributions to non-controlling interest (837,000 ) 837,000 — Repayment of non-recourse debt – Bank of Montreal (9,659,000 ) (9,659,000 ) Cash flows from financing activities related to discontinued operations: 1,571,000 — 1,571,000 Net cash (used in) provided by financing activities (7,917,000 ) 837,000 (7,080,000 ) Net decrease in cash and cash equivalents including cash, cash equivalents classified within assets related to discontinued operations (9,155,000 ) (449,000 ) (9,604,000 ) Less: net decrease in cash, cash equivalents and restricted cash classified within assets related to discontinued operations (7,000 ) - (7,000 ) Net decrease in cash and cash equivalents (9,162,000 ) (449,000 ) (9,611,000 ) Cash and cash equivalents at beginning of year 35,179,000 (989,000 ) 34,190,000 Cash and cash equivalents at end of period $ 26,017,000 $ (1,438,000 ) $ 24,579,000 |
Note T - Segment Reporting (R46
Note T - Segment Reporting (Restated) (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (Dollars in millions) Consumer GAR Disability Corporate (Equity Investment) Personal Injury Claims(2) Total Fiscal Year Ended September 30, 2016: Revenues $ 18.9 $ 4.0 $ — $ — $ 22.9 Other income — — 1.7 — 1.7 Segment profit (loss) 14.2 (7.3 ) (11.7 ) 10.5 5.7 Segment assets(1) (4) 18.9 2.0 185.5 48.6 255.0 2015: Revenues 20.6 1.4 — — 22.0 Other income — — 1.6 — 1.6 Segment profit (loss) 16.3 (5.8 ) (11.3 ) (0.1 ) (0.9 ) Segment assets(1) (4) 21.5 2.6 175.4 40.8 240.3 2014: Revenues 19.6 0.4 — — 20.0 Other income 26.1 — 1.4 — 27.5 Segment profit (loss) 22.9 (2.7 ) (12.8 ) 1.9 9.3 Segment assets(1) (4) 36.4 1.0 145.5 34.3 217.2 |
Note U - Accumulated Other Co47
Note U - Accumulated Other Comprehensive Income (Loss) (Restated) (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2016 2015 2014 Unrealized gain on marketable securities Foreign currency translation, net Total Unrealized gain on marketable securities Foreign currency translation, net Total Unrealized gain on marketable securities Beginning Balance $ (205,000 ) $ 225,000 $ 20,000 $ 142,000 $ 3,000 $ 145,000 $ (674,000 ) Change in unrealized gains (losses) on foreign currency translation, net - (46,000 ) (46,000 ) - 222,000 222,000 3,000 Change in unrealized gains (losses) on marketable securities 867,000 - 867,000 (254,000 ) (254,000 ) 900,000 Amount reclassified from accumulated other comprehensive income (38,000 ) - (38,000 ) (93,000 ) (93,000 ) (84,000 ) Net current-period other comprehensive income 829,000 (46,000 ) 783,000 (347,000 ) 222,000 (125,000 ) 819,000 Ending balance $ 624,000 $ 179,000 $ 803,000 $ (205,000 ) $ 225,000 $ 20,000 $ 145,000 |
Note A - Restatement of Previ48
Note A - Restatement of Previously Reported Consolidated Financial Statements (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |||||||||||||||||||||
Revenues, Total | $ 5,644,000 | $ 5,741,000 | $ 5,751,000 | $ 5,765,000 | $ 5,553,000 | $ 5,642,000 | $ 5,654,000 | $ 5,149,000 | $ 5,140,000 | $ 5,121,000 | $ 5,097,000 | $ 4,624,000 | $ 11,516,000 | $ 10,803,000 | $ 9,721,000 | $ 17,257,000 | $ 16,445,000 | $ 14,842,000 | $ 22,901,000 | $ 21,998,000 | $ 19,982,000 | ||||||||||||||||||||
General and Administrative Expense, Total | 6,287,000 | 7,069,000 | 10,222,000 | 5,729,000 | 6,764,000 | 5,741,000 | 6,453,000 | 5,420,000 | 5,385,000 | 4,324,000 | 5,587,000 | 5,234,000 | 15,951,000 | 11,873,000 | 10,821,000 | 23,020,000 | 17,614,000 | 15,145,000 | 29,308,000 | 24,378,000 | 20,530,000 | ||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | |||||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income | 528,000 | 176,000 | 608,000 | 392,000 | 352,000 | 519,000 | 221,000 | 477,000 | 279,000 | 200,000 | 408,000 | 510,000 | 1,000,000 | 698,000 | 918,000 | 1,176,000 | 1,217,000 | 1,118,000 | 1,704,000 | 1,569,000 | 1,397,000 | ||||||||||||||||||||
Costs and Expenses, Total | 3,797,000 | 876,000 | 10,013,000 | 4,235,000 | 6,349,000 | 5,820,000 | 6,443,000 | 5,820,000 | 5,440,000 | 23,703,000 | 5,618,000 | 3,447,000 | 14,248,000 | 12,263,000 | 9,065,000 | 15,124,000 | 18,083,000 | 32,768,000 | 18,921,000 | 24,432,000 | 38,208,000 | ||||||||||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (2,385,000) | 1,291,000 | (205,000) | (538,000) | 4,735,000 | 1,032,000 | (1,094,000) | (773,000) | 936,000 | 2,195,000 | (432,000) | 5,671,000 | 4,667,000 | (809,000) | 5,133,000 | ||||||||||||||||||||||||||
Assets, Total | 255,008,000 | 246,620,000 | 240,439,000 | 237,780,000 | 240,326,000 | 235,221,000 | 226,441,000 | 222,366,000 | 217,200,000 | [1],[2] | 240,439,000 | 226,441,000 | 246,620,000 | 235,221,000 | 255,008,000 | 240,326,000 | 217,200,000 | [1],[2] | |||||||||||||||||||||||
Liabilities, Total | 73,225,000 | 69,076,000 | 65,391,000 | 60,084,000 | 56,919,000 | 52,240,000 | 43,836,000 | 39,859,000 | 65,391,000 | 43,836,000 | 69,076,000 | 52,240,000 | 73,225,000 | 56,919,000 | |||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | 803,000 | 990,000 | 512,000 | 344,000 | 20,000 | (1,141,000) | (308,000) | 38,000 | 145,000 | 512,000 | (308,000) | 990,000 | (1,141,000) | 803,000 | 20,000 | 145,000 | |||||||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets, Total | 91,506,000 | 84,768,000 | 80,087,000 | 74,628,000 | 70,023,000 | 61,947,000 | 54,581,000 | 48,651,000 | 80,087,000 | 54,581,000 | 84,768,000 | 61,947,000 | 91,506,000 | 70,023,000 | |||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | 1,503,000 | 577,000 | 555,000 | 272,000 | 704,000 | 480,000 | 465,000 | 127,000 | 367,000 | (86,000) | 90,000 | 827,000 | 592,000 | 90,000 | 1,404,000 | 1,072,000 | 4,000 | 3,010,000 | 2,454,000 | 441,000 | |||||||||||||||||||||
Finance Income Recognized | 4,333,000 | 4,572,000 | 4,879,000 | 5,106,000 | 5,030,000 | 5,090,000 | 5,454,000 | 4,990,000 | 5,015,000 | 4,984,000 | 5,011,000 | 4,594,000 | 9,985,000 | 10,444,000 | 9,605,000 | 14,557,000 | 15,534,000 | 14,589,000 | 18,890,000 | 20,564,000 | 19,604,000 | ||||||||||||||||||||
Income (Loss) from Equity Method Investments, Total | 2,531,000 | 6,193,000 | 333,000 | 1,494,000 | 415,000 | (79,000) | 10,000 | (400,000) | (55,000) | 215,000 | (25,000) | 1,796,000 | 1,827,000 | (390,000) | 1,771,000 | 6,193,000 | (469,000) | 1,986,000 | 10,551,000 | (54,000) | 1,931,000 | ||||||||||||||||||||
Income Tax Expense (Benefit), Total | (97,000) | 1,752,000 | (1,269,000) | 631,000 | (67,000) | 11,000 | 517,000 | 2,984,000 | (17,000) | 655,000 | (638,000) | 11,000 | 638,000 | 1,114,000 | 11,000 | 3,622,000 | 1,017,000 | (56,000) | 4,139,000 | ||||||||||||||||||||||
Restatement Adjustment [Member] | |||||||||||||||||||||||||||||||||||||||||
Revenues, Total | (5,499,000) | (9,878,000) | (1,881,000) | (3,121,000) | (2,438,000) | (1,795,000) | (1,908,000) | (2,535,000) | (1,470,000) | (1,732,000) | (1,139,000) | (24,000) | (5,002,000) | (4,443,000) | (1,163,000) | (14,880,000) | (6,238,000) | (2,895,000) | |||||||||||||||||||||||
General and Administrative Expense, Total | (2,065,000) | [3],[4],[5],[6],[7] | (2,175,000) | [3],[4],[5],[6],[7] | (1,620,000) | [3],[4],[5],[6] | (1,214,000) | [3],[4],[5],[6],[7] | (1,032,000) | [3],[4],[5],[6] | (2,110,000) | (1,208,000) | [3],[4],[5],[6],[7] | (2,693,000) | [3],[4],[5],[6],[7] | (1,074,000) | [3],[4],[5],[6] | (1,513,000) | [3],[4],[5],[7] | (1,181,000) | [3],[4],[5] | (533,000) | [3],[4],[5],[6] | (2,834,000) | [3],[4],[5],[6] | (3,901,000) | [3],[4],[5],[6],[7] | (1,714,000) | [3],[4],[5] | (5,009,000) | [3],[4],[5],[6],[7] | (6,011,000) | [3],[4],[5],[6],[7] | (3,227,000) | [3],[4],[5],[7] | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | (607,000) | [5] | (1,548,000) | [5] | (83,000) | [5] | (373,000) | [5] | (104,000) | [5] | 16,000 | 4,000 | [5] | 72,000 | [5] | 38,000 | [5] | (53,000) | [5] | 6,000 | [5] | (449,000) | [5] | (456,000) | [5] | 76,000 | [5] | (443,000) | [5] | (2,004,000) | [5] | 92,000 | [5] | (496,000) | [5] | ||||||
Other Nonoperating Income | 4,000 | [3] | 7,000 | [3] | 230,000 | [3] | (123,000) | [3] | (113,000) | [3],[5] | 334,000 | (175,000) | [7] | (158,000) | [3] | (136,000) | [3] | (83,000) | [5] | (2,812,000) | [5] | 107,000 | [3] | (333,000) | [7] | (2,895,000) | [5] | 114,000 | [3] | 1,000 | [7] | (3,031,000) | [3] | ||||||||
Costs and Expenses, Total | (4,605,000) | (8,368,000) | (1,951,000) | (2,710,000) | (1,447,000) | (1,524,000) | (1,726,000) | (2,293,000) | (1,019,000) | (1,728,000) | (1,156,000) | (2,329,000) | (4,661,000) | (4,019,000) | (3,485,000) | (13,029,000) | (5,543,000) | (5,213,000) | |||||||||||||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (184,000) | (77,000) | (448,000) | (378,000) | (92,000) | 85,000 | (634,000) | (555,000) | 4,000 | 525,000 | (358,000) | (531,000) | (2,868,000) | (677,000) | (909,000) | ||||||||||||||||||||||||||
Assets, Total | 841,000 | 1,659,000 | 1,805,000 | 1,499,000 | (2,867,000) | (936,000) | 1,659,000 | (2,867,000) | 841,000 | 1,499,000 | |||||||||||||||||||||||||||||||
Liabilities, Total | (213,000) | 20,000 | 187,000 | 1,054,000 | (2,140,000) | (1,465,000) | 20,000 | (2,140,000) | (213,000) | 1,054,000 | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | [8] | 1,163,000 | 1,218,000 | [9],[10],[11],[12],[13] | 1,471,000 | (643,000) | (243,000) | 166,000 | 1,218,000 | [9],[10],[11],[12],[13] | (243,000) | 1,163,000 | (643,000) | ||||||||||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets, Total | [11] | 670,000 | [9] | 762,000 | [9],[13] | 705,000 | [14] | 1,162,000 | [9] | 45,000 | [9],[13] | 45,000 | [9],[12] | 762,000 | [9],[13] | 45,000 | [9],[13] | 670,000 | [9] | 1,162,000 | [9] | ||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | 67,000 | (33,000) | 102,000 | (166,000) | (507,000) | 465,000 | (341,000) | 53,000 | 1,000 | 64,000 | (341,000) | (97,000) | 124,000 | 1,000 | |||||||||||||||||||||||||||
Finance Income Recognized | (55,000) | [15] | (40,000) | [15] | (35,000) | [15] | (36,000) | [15] | (40,000) | [15] | (66,000) | (41,000) | [15] | (47,000) | [15] | (59,000) | [15] | (90,000) | [15] | (59,000) | [15] | (54,000) | [15] | (71,000) | [15] | (88,000) | [15] | (113,000) | [15] | (111,000) | [15] | (154,000) | [15] | (203,000) | [15] | ||||||
Income (Loss) from Equity Method Investments, Total | 2,531,000 | [5] | 6,193,000 | [5] | 333,000 | [5] | 1,494,000 | [5] | 415,000 | [5] | (79,000) | 10,000 | [5] | (400,000) | [5] | (55,000) | [5] | 215,000 | [5] | (25,000) | [5] | 1,796,000 | [5] | 1,827,000 | [5] | (390,000) | [5] | 1,771,000 | [5] | 6,193,000 | [5] | (469,000) | [5] | 1,986,000 | [5] | 10,551,000 | (54,000) | 1,931,000 | |||
Income Tax Expense (Benefit), Total | 498,000 | [16] | $ (658,000) | [16] | $ 484,000 | [16] | $ (84,000) | [16] | (694,000) | [16] | $ (148,000) | $ (254,000) | [16] | $ (24,000) | [16] | $ (73,000) | [16] | $ (48,000) | [16] | $ 9,000 | [16] | $ (143,000) | [16] | $ 400,000 | [16] | $ (278,000) | [16] | $ (134,000) | [16] | $ (258,000) | [16] | $ (426,000) | [16] | $ (182,000) | [16] | ||||||
Restatement Adjustment [Member] | Accounting For Investment in Pegasus Under The Equity Method [Member] | |||||||||||||||||||||||||||||||||||||||||
Revenues, Total | [17] | (20,212,000) | (8,482,000) | (7,134,000) | |||||||||||||||||||||||||||||||||||||
General and Administrative Expense, Total | [17] | (7,151,000) | (8,425,000) | (4,845,000) | |||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | [17] | (2,612,000) | (11,000) | (458,000) | |||||||||||||||||||||||||||||||||||||
Other Nonoperating Income | [17] | ||||||||||||||||||||||||||||||||||||||||
Costs and Expenses, Total | [17] | (17,600,000) | (8,471,000) | (6,676,000) | |||||||||||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | [17] | (2,612,000) | (11,000) | (458,000) | |||||||||||||||||||||||||||||||||||||
Assets, Total | [18] | (535,000) | 1,175,000 | (535,000) | 1,175,000 | ||||||||||||||||||||||||||||||||||||
Liabilities, Total | [18] | (1,180,000) | (593,000) | (1,180,000) | (593,000) | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | [18] | ||||||||||||||||||||||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets, Total | [18] | ||||||||||||||||||||||||||||||||||||||||
Finance Income Recognized | [17] | ||||||||||||||||||||||||||||||||||||||||
Income (Loss) from Equity Method Investments, Total | [17] | 10,449,000 | 46,000 | 1,831,000 | |||||||||||||||||||||||||||||||||||||
Income Tax Expense (Benefit), Total | [17] | ||||||||||||||||||||||||||||||||||||||||
Restatement Adjustment [Member] | Foreign Currency Gains/Losses On Intercompany Balances and Transactions Corrections [Member] | |||||||||||||||||||||||||||||||||||||||||
Revenue and Other Income | 148,000 | ||||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income | (118,000) | ||||||||||||||||||||||||||||||||||||||||
Costs and Expenses, Total | (165,000) | 1,667,000 | 186,000 | ||||||||||||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | 313,000 | (1,780,000) | (186,000) | ||||||||||||||||||||||||||||||||||||||
Assets, Total | (952,000) | 305,000 | (952,000) | 305,000 | |||||||||||||||||||||||||||||||||||||
Liabilities, Total | (18,000) | 565,000 | (18,000) | 565,000 | |||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | 718,000 | 1,705,000 | 718,000 | 1,705,000 | |||||||||||||||||||||||||||||||||||||
Restatement Adjustment [Member] | Revision of The Fair Market of The Structured Settlements [Member] | |||||||||||||||||||||||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets, Total | 727,000 | 727,000 | |||||||||||||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | 727,000 | ||||||||||||||||||||||||||||||||||||||||
Restatement Adjustment [Member] | Addition of Certain Unallocated Payments [Member] | |||||||||||||||||||||||||||||||||||||||||
Assets, Total | (648,000) | (453,000) | (648,000) | (453,000) | |||||||||||||||||||||||||||||||||||||
Finance Income Recognized | (195,000) | (193,000) | (261,000) | ||||||||||||||||||||||||||||||||||||||
Restatement Adjustment [Member] | Correction Of An Amortizable Asset and Related Liability In Conjunction With An Asset Purchase Agreement Entered Into In June 2015 With a Related Party [Member] | |||||||||||||||||||||||||||||||||||||||||
Liabilities, Total | 756,000 | 1,078,000 | 756,000 | 1,078,000 | |||||||||||||||||||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets, Total | 307,000 | 997,000 | 307,000 | 997,000 | |||||||||||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (317,000) | (56,000) | (69,000) | ||||||||||||||||||||||||||||||||||||||
Restatement Adjustment [Member] | Correction of Other Liabilities That Had Not Been Properly Accrued To The Correct Period And/Or In Improper Amounts [Member] | |||||||||||||||||||||||||||||||||||||||||
General and Administrative Expense, Total | 234,000 | (292,000) | 290,000 | ||||||||||||||||||||||||||||||||||||||
Assets, Total | 67,000 | 67,000 | |||||||||||||||||||||||||||||||||||||||
Liabilities, Total | 141,000 | 141,000 | |||||||||||||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (40,000) | ||||||||||||||||||||||||||||||||||||||||
Income (Loss) from Equity Method Investments, Total | 102,000 | (100,000) | 100,000 | ||||||||||||||||||||||||||||||||||||||
Restatement Adjustment [Member] | Corrections Of Other Transactions That Had Been Recorded To Incorrect Accounts And/Or In Improper Amounts [Member] | |||||||||||||||||||||||||||||||||||||||||
Assets, Total | 33,000 | $ 45,000 | 33,000 | 45,000 | |||||||||||||||||||||||||||||||||||||
Liabilities, Total | $ (11,000) | (11,000) | |||||||||||||||||||||||||||||||||||||||
Restatement Adjustment [Member] | Cumulative Tax Impact of Error Corrections [Member] | |||||||||||||||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (473,000) | (293,000) | 52,000 | ||||||||||||||||||||||||||||||||||||||
Income Tax Expense (Benefit), Total | $ 242,000 | $ (1,120,000) | $ (254,000) | ||||||||||||||||||||||||||||||||||||||
[1] | Includes other amounts in other line items on the consolidated balance sheet and excludes assets from discontinued operations. | ||||||||||||||||||||||||||||||||||||||||
[2] | The Company has included assets related to discontinued operations under Corporate. See Note 2 - Discontinued Operations in the Company's notes to consolidated financial statements. | ||||||||||||||||||||||||||||||||||||||||
[3] | Adjustment to properly record various accruals at the balance sheet date. | ||||||||||||||||||||||||||||||||||||||||
[4] | Adjustment to reflect the proper accounting for certain foreign currency transactions under ASC 830. | ||||||||||||||||||||||||||||||||||||||||
[5] | In connection with the Company determining it lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods, the Company has corrected the presentation and has now accounted for its investment in Pegasus under the equity method in accordance with US GAAP. | ||||||||||||||||||||||||||||||||||||||||
[6] | To properly record an amortizable asset and related liability in conjunction with an asset purchase agreement entered into in June 2015. | ||||||||||||||||||||||||||||||||||||||||
[7] | To properly record previous transactions that had been recorded to incorrect accounts and/or in improper amounts. | ||||||||||||||||||||||||||||||||||||||||
[8] | Adjustment to reflect the proper accounting for certain foreign currency transactions under ASC 830. | ||||||||||||||||||||||||||||||||||||||||
[9] | Adjustment to properly record various accruals at the balance sheet date. | ||||||||||||||||||||||||||||||||||||||||
[10] | Income tax provision adjustments for impact on restatement. | ||||||||||||||||||||||||||||||||||||||||
[11] | To properly record an amortizable asset and related liability in conjunction with an asset purchase agreement entered into in June 2015. | ||||||||||||||||||||||||||||||||||||||||
[12] | To properly record certain unallocated payments reported on its consolidated balance sheet properly during the Non-Reliance Periods. | ||||||||||||||||||||||||||||||||||||||||
[13] | To properly record previous transactions that had been recorded to incorrect accounts and/or in improper amounts. | ||||||||||||||||||||||||||||||||||||||||
[14] | To reflect the quarterly increase in certain underlying benchmark interest rates used in determining fair value of the Company's structured settlements for the year ended September 30, 2016. The Company has elected to carry the structured settlements at fair value in accordance with the guidance of FASB Accounting Standards Codification ("ASC"), Recognition and Measurement of Financial Assets and Financial Liabilities (ASC 822-10-50-28 through 50-22). | ||||||||||||||||||||||||||||||||||||||||
[15] | To properly record certain unallocated payments reported on its consolidated balance sheet properly during the Non-Reliance Periods. | ||||||||||||||||||||||||||||||||||||||||
[16] | Income tax provision adjustments for impact on restatement. | ||||||||||||||||||||||||||||||||||||||||
[17] | In connection with the Company determining it lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods, the Company has corrected the presentation and has now accounted for its investment in Pegasus under the equity method in accordance with ASC 810 - Consolidation and US GAAP. The correction of the error has resulted in a reduction in total revenues of $20,212,000, $8,482,000 and $7,134,000 for the years ended September 30, 2016, 2015 and 2014, respectively, a reduction in expenses of $7,151,000, $8,425,000 and $4,845,000 for the years ended September 30, 2016, 2015 and 2014, respectively, and a decrease in non-controlling interest of $2,612,000, $11,000 and $458,000 for the years ended September 30, 2016, 2015 and 2014, respectively. This change to the equity method of accounting had no effect on net income during the Non-Reliance Periods. Additionally, there were other corrections made to the Pegasus financial statements which have been included in the adjustment column in the restatement tables, which are included in #6, below. | ||||||||||||||||||||||||||||||||||||||||
[18] | In connection with the Company determining it lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods, the Company has corrected the presentation and has now accounted for its investment in Pegasus under the equity method in accordance with ASC 810 - Consolidation and US GAAP. The correction of the error has resulted in a reduction in total revenues of $20,212,000, $8,482,000 and $7,134,000 for the years ended September 30, 2016, 2015 and 2014, respectively, a reduction in expenses of $7,151,000, $8,425,000 and $4,845,000 for the years ended September 30, 2016, 2015 and 2014, respectively, and a decrease in non-controlling interest of $2,612,000, $11,000 and $458,000 for the years ended September 30, 2016, 2015 and 2014, respectively. This change to the equity method of accounting had no effect on net income during the Non-Reliance Periods. Additionally, there were other corrections made to the Pegasus financial statements which have been included in the adjustment column in the restatement tables, which are included in #6, below. |
Note A - Restatement of Previ49
Note A - Restatement of Previously Reported Consolidated Financial Statements - Consolidated Balance Sheet (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | ||||||||||||||
ASSETS | |||||||||||||||||||||||||||
Cash and cash equivalents | $ 16,282,000 | $ 14,589,000 | $ 17,533,000 | $ 19,117,000 | $ 19,947,000 | $ 22,718,000 | $ 22,628,000 | $ 25,663,000 | $ 26,147,000 | $ 24,579,000 | $ 25,862,000 | $ 33,260,000 | $ 34,190,000 | ||||||||||||||
Available for sale investments (at fair value) | 56,763,000 | 56,744,000 | 55,589,000 | 55,045,000 | 59,727,000 | 69,686,000 | 70,110,000 | 66,991,000 | |||||||||||||||||||
Consumer receivables acquired for liquidation (at net realizable value) | 13,427,000 | 14,485,000 | 16,440,000 | 18,809,000 | 15,057,000 | 17,238,000 | 21,307,000 | 24,078,000 | |||||||||||||||||||
Investment in personal injury claims, net | |||||||||||||||||||||||||||
Other investments, net | 3,590,000 | 3,426,000 | 3,417,000 | 4,183,000 | 4,239,000 | 4,412,000 | 3,382,000 | 4,693,000 | |||||||||||||||||||
Due from third party collection agencies and attorneys | 1,050,000 | 971,000 | 1,078,000 | 995,000 | 1,347,000 | 1,216,000 | 1,909,000 | 1,503,000 | |||||||||||||||||||
Prepaid and income taxes receivable | 714,000 | 4,600,000 | 6,999,000 | 6,293,000 | 7,595,000 | 149,000 | 807,000 | ||||||||||||||||||||
Furniture and equipment, net | 196,000 | 173,000 | 306,000 | 335,000 | 426,000 | 420,000 | 475,000 | 595,000 | |||||||||||||||||||
Equity Method Investments | 48,582,000 | 45,118,000 | 37,613,000 | 36,418,000 | 40,751,000 | 39,187,000 | 35,881,000 | 35,086,000 | |||||||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Total | 14,903,000 | 12,891,000 | 12,729,000 | 13,183,000 | 13,484,000 | 9,845,000 | 7,376,000 | 6,716,000 | |||||||||||||||||||
Goodwill | 1,410,000 | 1,410,000 | 1,410,000 | 1,410,000 | 1,410,000 | 1,410,000 | 1,410,000 | 1,410,000 | |||||||||||||||||||
Other assets | 6,585,000 | 7,445,000 | 7,238,000 | 7,364,000 | 6,803,000 | 7,142,000 | 7,233,000 | 6,173,000 | |||||||||||||||||||
Assets related to discontinued operations | 91,506,000 | 84,768,000 | 80,087,000 | 74,628,000 | 70,023,000 | 61,947,000 | 54,581,000 | 48,651,000 | |||||||||||||||||||
Assets, Total | 255,008,000 | 246,620,000 | 240,439,000 | 237,780,000 | 240,326,000 | 235,221,000 | 226,441,000 | 222,366,000 | 217,200,000 | [1],[2] | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets, Total | 91,506,000 | 84,768,000 | 80,087,000 | 74,628,000 | 70,023,000 | 61,947,000 | 54,581,000 | 48,651,000 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||
Total other liabilities | 3,987,000 | 4,323,000 | 3,921,000 | 1,868,000 | 2,375,000 | 1,607,000 | 457,000 | 462,000 | |||||||||||||||||||
Income taxes payable | 1,292,000 | ||||||||||||||||||||||||||
Liabilities related to discontinued operations | 69,238,000 | 64,753,000 | 61,470,000 | 58,216,000 | 54,544,000 | 49,341,000 | 43,379,000 | 39,397,000 | |||||||||||||||||||
Liabilities, Total | 73,225,000 | 69,076,000 | 65,391,000 | 60,084,000 | 56,919,000 | 52,240,000 | 43,836,000 | 39,859,000 | |||||||||||||||||||
Commitments and contingencies | [3] | [3] | [4] | [3] | |||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||
Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none | |||||||||||||||||||||||||||
Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,336,508 at September 30, 2016; and outstanding 11,876,224 at September 30, 2016 | 133,000 | 133,000 | 132,000 | 132,000 | 131,000 | 131,000 | 131,000 | 130,000 | |||||||||||||||||||
Additional paid-in capital | 67,034,000 | 66,582,000 | 65,620,000 | 65,423,000 | 65,049,000 | 64,756,000 | 64,472,000 | 64,081,000 | |||||||||||||||||||
Retained earnings | 126,738,000 | 122,764,000 | 118,898,000 | 120,728,000 | 119,165,000 | 118,838,000 | 118,017,000 | 118,120,000 | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | 803,000 | 990,000 | 512,000 | 344,000 | 20,000 | (1,141,000) | (308,000) | 38,000 | 145,000 | ||||||||||||||||||
Treasury stock (at cost) 1,460,284 shares at September 30, 2016 | (12,925,000) | (12,925,000) | (10,114,000) | (8,931,000) | (1,751,000) | ||||||||||||||||||||||
Non-controlling interest | 793,000 | 397,000 | 293,000 | 138,000 | |||||||||||||||||||||||
Total stockholders’ equity | 181,783,000 | 177,544,000 | 175,048,000 | 177,696,000 | 183,407,000 | 182,981,000 | 182,605,000 | 182,507,000 | 181,768,000 | 181,274,000 | 175,811,000 | 174,882,000 | 173,468,000 | ||||||||||||||
Total liabilities and stockholders’ equity | 255,008,000 | 246,620,000 | 240,439,000 | 237,780,000 | 240,326,000 | 235,221,000 | 226,441,000 | 222,366,000 | |||||||||||||||||||
Previously Reported [Member] | |||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||
Cash and cash equivalents | 16,829,000 | [4] | 15,997,000 | [3],[5] | 18,656,000 | [3],[5] | 21,419,000 | [3],[5] | 22,918,000 | [4],[5] | 25,622,000 | [3],[5] | 25,049,000 | [3],[5] | 27,089,000 | [3],[5] | 27,787,000 | [5] | 26,017,000 | [5] | 28,275,000 | [5] | 36,103,000 | [5] | 35,179,000 | [5] | |
Available for sale investments (at fair value) | 56,764,000 | [4] | 56,744,000 | [3] | 55,589,000 | [3] | 55,045,000 | [3] | 59,727,000 | [4] | 69,686,000 | [3] | 70,110,000 | [3] | 66,991,000 | [3] | |||||||||||
Consumer receivables acquired for liquidation (at net realizable value) | 14,320,000 | [4] | 14,540,000 | [3] | 16,784,000 | [3] | 17,843,000 | [3] | 15,608,000 | [4] | 18,884,000 | [3] | 22,178,000 | [3] | 25,728,000 | [3] | |||||||||||
Investment in personal injury claims, net | 48,289,000 | [4] | 43,684,000 | [3] | 35,144,000 | [3] | 34,632,000 | [3] | 36,668,000 | [4] | 37,155,000 | [3] | 33,946,000 | [3] | 33,378,000 | [3] | |||||||||||
Other investments, net | 3,590,000 | [4] | 3,426,000 | [3] | 3,417,000 | [3] | 4,183,000 | [3] | 4,239,000 | [4] | 4,412,000 | [3] | 5,000,000 | [3] | 5,000,000 | [3] | |||||||||||
Due from third party collection agencies and attorneys | 1,005,000 | [4] | 1,081,000 | [3] | 1,050,000 | [3] | 929,000 | [3] | 1,422,000 | [4] | 988,000 | [3] | 1,243,000 | [3] | 933,000 | [3] | |||||||||||
Prepaid and income taxes receivable | 880,000 | [4] | 4,680,000 | [3] | 6,575,000 | [3] | 5,838,000 | [3] | 6,744,000 | [4] | [3] | 211,000 | [3] | ||||||||||||||
Furniture and equipment, net | 196,000 | [4] | 173,000 | [3] | 306,000 | [3] | 336,000 | [3] | 426,000 | [4] | 420,000 | [3] | 475,000 | [3] | 595,000 | [3] | |||||||||||
Equity Method Investments | [4] | [3] | [3] | [3] | [4] | [3] | [3] | [3] | |||||||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Total | 15,530,000 | [4] | 12,270,000 | [3] | 13,187,000 | [3] | 12,955,000 | [3] | 12,279,000 | [4] | 7,511,000 | [3] | 7,073,000 | [3] | 6,907,000 | [3] | |||||||||||
Goodwill | 1,410,000 | [4] | 1,410,000 | [3] | 1,410,000 | [3] | 1,410,000 | [3] | 1,410,000 | [4] | 1,410,000 | [3] | 1,410,000 | [3] | 1,410,000 | [3] | |||||||||||
Other assets | 6,807,000 | [4] | 7,676,000 | [3] | 7,337,000 | [3] | 7,462,000 | [3] | 6,917,000 | [4] | 6,849,000 | [3] | 8,288,000 | [3] | 6,454,000 | [3] | |||||||||||
Assets related to discontinued operations | 90,428,000 | [4] | 84,098,000 | [3] | 79,325,000 | [3] | 73,923,000 | [3] | 69,014,000 | [4] | 60,785,000 | [3] | 54,536,000 | [3] | 48,606,000 | [3] | |||||||||||
Assets, Total | 256,048,000 | [4] | 245,779,000 | [3] | 238,780,000 | [3] | 235,975,000 | [3] | 237,372,000 | [4] | 233,722,000 | [3] | 229,308,000 | [3] | 223,302,000 | [3] | |||||||||||
Disposal Group, Including Discontinued Operation, Assets, Total | 90,428,000 | [4] | 84,098,000 | [3] | 79,325,000 | [3] | 73,923,000 | [3] | 69,014,000 | [4] | 60,785,000 | [3] | 54,536,000 | [3] | 48,606,000 | [3] | |||||||||||
LIABILITIES | |||||||||||||||||||||||||||
Total other liabilities | 4,927,000 | [4] | 5,420,000 | [3] | 4,818,000 | [3] | 2,715,000 | [3] | 2,584,000 | [4] | 2,458,000 | [3] | 2,219,000 | [3] | 1,927,000 | [3] | |||||||||||
Income taxes payable | 493,000 | [4] | 523,000 | [3] | 378,000 | [3] | |||||||||||||||||||||
Liabilities related to discontinued operations | 68,482,000 | [4] | 63,869,000 | [3] | 60,553,000 | [3] | 57,182,000 | [3] | 53,468,000 | [4] | 48,205,000 | [3] | 43,379,000 | [3] | 39,397,000 | [3] | |||||||||||
Liabilities, Total | 73,902,000 | [4] | 69,289,000 | [3] | 65,371,000 | [3] | 59,897,000 | [3] | 56,052,000 | [4] | 51,186,000 | [3] | 45,976,000 | [3] | 41,324,000 | [3] | |||||||||||
Commitments and contingencies | [4] | [3] | [3] | ||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||
Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none | [4] | [3] | [3] | [3] | [4] | [3] | [3] | [3] | |||||||||||||||||||
Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,336,508 at September 30, 2016; and outstanding 11,876,224 at September 30, 2016 | 133,000 | [4] | 133,000 | [3] | 132,000 | [3] | 132,000 | [3] | 131,000 | [4] | 130,000 | [3] | 130,000 | [3] | 130,000 | [3] | |||||||||||
Additional paid-in capital | 67,026,000 | [4] | 66,575,000 | [3] | 65,612,000 | [3] | 65,420,000 | [3] | 65,011,000 | [4] | 64,707,000 | [3] | 64,412,000 | [3] | 64,002,000 | [3] | |||||||||||
Retained earnings | 128,471,000 | [4] | 123,782,000 | [3] | 120,586,000 | [3] | 122,417,000 | [3] | 120,611,000 | [4] | 119,471,000 | [3] | 119,933,000 | [3] | 118,965,000 | [3] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | 86,000 | [4] | (173,000) | [3] | (706,000) | [3] | (1,127,000) | [3] | (1,685,000) | [4] | (498,000) | [3] | (65,000) | [3] | (128,000) | [3] | |||||||||||
Treasury stock (at cost) 1,460,284 shares at September 30, 2016 | (12,925,000) | [4] | (12,925,000) | [3] | (10,114,000) | [3] | (8,931,000) | [3] | (1,751,000) | [4] | |||||||||||||||||
Non-controlling interest | (645,000) | [4] | (902,000) | [3] | (2,101,000) | [3] | (1,833,000) | [3] | (997,000) | [4] | (1,274,000) | [3] | (1,078,000) | [3] | (991,000) | [3] | |||||||||||
Total stockholders’ equity | 182,146,000 | [4] | 176,490,000 | [3] | 173,409,000 | [3] | 176,078,000 | [3] | 181,320,000 | [4] | 182,536,000 | [3] | 183,332,000 | [3] | 181,978,000 | [3] | |||||||||||
Total liabilities and stockholders’ equity | 256,048,000 | [4] | 245,779,000 | [3] | 238,780,000 | [3] | 235,975,000 | [3] | 237,372,000 | [4] | 233,722,000 | [3] | 229,308,000 | [3] | 223,302,000 | [3] | |||||||||||
Restatement Adjustment [Member] | |||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||
Cash and cash equivalents | (547,000) | (1,408,000) | [6] | (1,123,000) | [6] | (2,302,000) | [6] | (2,971,000) | (2,904,000) | [6] | (2,421,000) | [6] | (1,426,000) | [6] | $ (1,640,000) | $ (1,438,000) | $ (2,413,000) | $ (2,843,000) | $ (989,000) | ||||||||
Available for sale investments (at fair value) | |||||||||||||||||||||||||||
Consumer receivables acquired for liquidation (at net realizable value) | [7] | (55,000) | (344,000) | 966,000 | (1,646,000) | (871,000) | (1,650,000) | ||||||||||||||||||||
Investment in personal injury claims, net | [6] | (43,684,000) | (35,144,000) | (34,632,000) | (37,155,000) | (33,946,000) | (33,378,000) | ||||||||||||||||||||
Other investments, net | [8] | (1,618,000) | [8] | (307,000) | [8] | ||||||||||||||||||||||
Due from third party collection agencies and attorneys | [7] | (110,000) | 28,000 | 66,000 | 228,000 | 666,000 | 570,000 | ||||||||||||||||||||
Prepaid and income taxes receivable | [9] | (80,000) | 424,000 | 455,000 | 149,000 | 596,000 | |||||||||||||||||||||
Furniture and equipment, net | [6] | (1,000) | [6] | ||||||||||||||||||||||||
Equity Method Investments | [6] | 45,118,000 | 37,613,000 | 36,418,000 | 39,187,000 | 35,881,000 | 35,086,000 | ||||||||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Total | [9] | 621,000 | (458,000) | 228,000 | 2,334,000 | 303,000 | (191,000) | ||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||
Other assets | (231,000) | [6] | (99,000) | [8] | (98,000) | [7] | 293,000 | [6],[8] | (1,055,000) | [6],[8],[10] | (281,000) | [8] | |||||||||||||||
Assets related to discontinued operations | [11] | 670,000 | [8] | 762,000 | [8],[12] | 705,000 | [10] | 1,162,000 | [8] | 45,000 | [8],[12] | 45,000 | [7],[8] | ||||||||||||||
Assets, Total | 841,000 | 1,659,000 | 1,805,000 | 1,499,000 | (2,867,000) | (936,000) | |||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets, Total | [11] | 670,000 | [8] | 762,000 | [8],[12] | 705,000 | [10] | 1,162,000 | [8] | 45,000 | [8],[12] | 45,000 | [7],[8] | ||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||
Total other liabilities | (1,097,000) | [8] | (897,000) | [8] | (847,000) | [8] | (851,000) | [6] | (1,762,000) | [8] | (1,465,000) | [8],[11] | |||||||||||||||
Income taxes payable | 769,000 | [9] | (378,000) | [9] | |||||||||||||||||||||||
Liabilities related to discontinued operations | 884,000 | [8],[11] | 917,000 | [10],[11] | 1,034,000 | [10],[11] | 1,136,000 | [8],[11] | |||||||||||||||||||
Liabilities, Total | (213,000) | 20,000 | 187,000 | 1,054,000 | (2,140,000) | (1,465,000) | |||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||
Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none | |||||||||||||||||||||||||||
Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,336,508 at September 30, 2016; and outstanding 11,876,224 at September 30, 2016 | 1,000 | [8] | 1,000 | [6] | |||||||||||||||||||||||
Additional paid-in capital | 7,000 | [8] | 8,000 | [8] | 3,000 | [8] | 49,000 | [11] | 60,000 | [12] | 79,000 | [8] | |||||||||||||||
Retained earnings | [13] | (1,018,000) | [7],[8],[9],[11],[12] | (1,688,000) | (1,689,000) | [7],[8],[9],[11] | (633,000) | [7],[8],[9],[11] | (1,916,000) | [7],[8],[9],[11],[12] | (845,000) | [7],[8],[9],[11] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | [13] | 1,163,000 | 1,218,000 | [7],[8],[9],[11],[12] | 1,471,000 | (643,000) | (243,000) | 166,000 | |||||||||||||||||||
Treasury stock (at cost) 1,460,284 shares at September 30, 2016 | |||||||||||||||||||||||||||
Non-controlling interest | [6] | 902,000 | 2,101,000 | 1,833,000 | 1,671,000 | 1,371,000 | 1,129,000 | ||||||||||||||||||||
Total stockholders’ equity | 1,054,000 | 1,639,000 | 1,618,000 | 445,000 | (727,000) | 529,000 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | $ 841,000 | $ 1,659,000 | $ 1,805,000 | $ 1,499,000 | $ (2,867,000) | $ (936,000) | |||||||||||||||||||||
Restatement Adjustment [Member] | Accounting For Investment in Pegasus Under The Equity Method [Member] | |||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||
Cash and cash equivalents | [4] | (539,000) | (3,016,000) | ||||||||||||||||||||||||
Available for sale investments (at fair value) | [4] | ||||||||||||||||||||||||||
Consumer receivables acquired for liquidation (at net realizable value) | [4] | ||||||||||||||||||||||||||
Investment in personal injury claims, net | [4] | (48,289,000) | (36,668,000) | ||||||||||||||||||||||||
Other investments, net | [4] | ||||||||||||||||||||||||||
Due from third party collection agencies and attorneys | [4] | ||||||||||||||||||||||||||
Prepaid and income taxes receivable | [4] | ||||||||||||||||||||||||||
Furniture and equipment, net | [4] | ||||||||||||||||||||||||||
Equity Method Investments | [4] | 48,481,000 | 40,751,000 | ||||||||||||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Total | [4] | ||||||||||||||||||||||||||
Goodwill | [4] | ||||||||||||||||||||||||||
Other assets | [4] | (188,000) | 108,000 | ||||||||||||||||||||||||
Assets related to discontinued operations | [4] | ||||||||||||||||||||||||||
Assets, Total | [4] | (535,000) | 1,175,000 | ||||||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets, Total | [4] | ||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||
Total other liabilities | [4] | (1,180,000) | (593,000) | ||||||||||||||||||||||||
Income taxes payable | [4] | ||||||||||||||||||||||||||
Liabilities related to discontinued operations | [4] | ||||||||||||||||||||||||||
Liabilities, Total | [4] | (1,180,000) | (593,000) | ||||||||||||||||||||||||
Commitments and contingencies | [4] | ||||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||
Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none | [4] | ||||||||||||||||||||||||||
Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,336,508 at September 30, 2016; and outstanding 11,876,224 at September 30, 2016 | [4] | ||||||||||||||||||||||||||
Additional paid-in capital | [4] | ||||||||||||||||||||||||||
Retained earnings | [4] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | [4] | ||||||||||||||||||||||||||
Treasury stock (at cost) 1,460,284 shares at September 30, 2016 | [4] | ||||||||||||||||||||||||||
Non-controlling interest | [4] | 645,000 | 1,768,000 | ||||||||||||||||||||||||
Total stockholders’ equity | [4] | 645,000 | 1,768,000 | ||||||||||||||||||||||||
Total liabilities and stockholders’ equity | [4] | (535,000) | 1,175,000 | ||||||||||||||||||||||||
Restatement Adjustment [Member] | All Corrections Not Related to Pegasus [Member] | |||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||
Cash and cash equivalents | [14] | (8,000) | [15] | 45,000 | |||||||||||||||||||||||
Available for sale investments (at fair value) | (1,000) | [15] | |||||||||||||||||||||||||
Consumer receivables acquired for liquidation (at net realizable value) | [14],[16] | (893,000) | (551,000) | ||||||||||||||||||||||||
Investment in personal injury claims, net | |||||||||||||||||||||||||||
Other investments, net | |||||||||||||||||||||||||||
Due from third party collection agencies and attorneys | [16] | 45,000 | [14] | (75,000) | |||||||||||||||||||||||
Prepaid and income taxes receivable | [17] | (166,000) | 851,000 | ||||||||||||||||||||||||
Furniture and equipment, net | |||||||||||||||||||||||||||
Equity Method Investments | 101,000 | [18] | |||||||||||||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Total | [17] | (627,000) | [14] | 722,000 | |||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||
Other assets | (34,000) | [14],[18] | (222,000) | [17] | |||||||||||||||||||||||
Assets related to discontinued operations | [19] | 1,078,000 | [15] | 1,009,000 | [18] | ||||||||||||||||||||||
Assets, Total | (505,000) | 1,779,000 | |||||||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets, Total | [19] | 1,078,000 | [15] | 1,009,000 | [18] | ||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||
Total other liabilities | [14] | 240,000 | [16] | 384,000 | [18] | ||||||||||||||||||||||
Income taxes payable | [17] | (493,000) | |||||||||||||||||||||||||
Liabilities related to discontinued operations | [19] | 756,000 | [18] | 1,076,000 | |||||||||||||||||||||||
Liabilities, Total | 503,000 | 1,460,000 | |||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||
Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none | |||||||||||||||||||||||||||
Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,336,508 at September 30, 2016; and outstanding 11,876,224 at September 30, 2016 | |||||||||||||||||||||||||||
Additional paid-in capital | 8,000 | 38,000 | [18] | ||||||||||||||||||||||||
Retained earnings | [14],[15],[16],[17],[18],[19],[20] | (1,733,000) | (1,446,000) | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | [14] | 717,000 | 1,705,000 | ||||||||||||||||||||||||
Treasury stock (at cost) 1,460,284 shares at September 30, 2016 | |||||||||||||||||||||||||||
Non-controlling interest | 22,000 | [18],[19] | |||||||||||||||||||||||||
Total stockholders’ equity | (1,008,000) | 319,000 | |||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ (505,000) | $ 1,779,000 | |||||||||||||||||||||||||
[1] | Includes other amounts in other line items on the consolidated balance sheet and excludes assets from discontinued operations. | ||||||||||||||||||||||||||
[2] | The Company has included assets related to discontinued operations under Corporate. See Note 2 - Discontinued Operations in the Company's notes to consolidated financial statements. | ||||||||||||||||||||||||||
[3] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | ||||||||||||||||||||||||||
[4] | In connection with the Company determining it lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods, the Company has corrected the presentation and has now accounted for its investment in Pegasus under the equity method in accordance with ASC 810 - Consolidation and US GAAP. The correction of the error has resulted in a reduction in total revenues of $20,212,000, $8,482,000 and $7,134,000 for the years ended September 30, 2016, 2015 and 2014, respectively, a reduction in expenses of $7,151,000, $8,425,000 and $4,845,000 for the years ended September 30, 2016, 2015 and 2014, respectively, and a decrease in non-controlling interest of $2,612,000, $11,000 and $458,000 for the years ended September 30, 2016, 2015 and 2014, respectively. This change to the equity method of accounting had no effect on net income during the Non-Reliance Periods. Additionally, there were other corrections made to the Pegasus financial statements which have been included in the adjustment column in the restatement tables, which are included in #6, below. | ||||||||||||||||||||||||||
[5] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | ||||||||||||||||||||||||||
[6] | In connection with the Company determining it lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods, the Company has corrected the presentation and has now accounted for its investment in Pegasus under the equity method in accordance with US GAAP. | ||||||||||||||||||||||||||
[7] | To properly record certain unallocated payments reported on its consolidated balance sheet properly during the Non-Reliance Periods. | ||||||||||||||||||||||||||
[8] | Adjustment to properly record various accruals at the balance sheet date. | ||||||||||||||||||||||||||
[9] | Income tax provision adjustments for impact on restatement. | ||||||||||||||||||||||||||
[10] | To reflect the quarterly increase in certain underlying benchmark interest rates used in determining fair value of the Company's structured settlements for the year ended September 30, 2016. The Company has elected to carry the structured settlements at fair value in accordance with the guidance of FASB Accounting Standards Codification ("ASC"), Recognition and Measurement of Financial Assets and Financial Liabilities (ASC 822-10-50-28 through 50-22). | ||||||||||||||||||||||||||
[11] | To properly record an amortizable asset and related liability in conjunction with an asset purchase agreement entered into in June 2015. | ||||||||||||||||||||||||||
[12] | To properly record previous transactions that had been recorded to incorrect accounts and/or in improper amounts. | ||||||||||||||||||||||||||
[13] | Adjustment to reflect the proper accounting for certain foreign currency transactions under ASC 830. | ||||||||||||||||||||||||||
[14] | The Company determined that it had not previously accounted for certain foreign currency gains/losses on intercompany balances, transaction and translation adjustment in accordance with US GAAP. The Company improperly accounted for the foreign currency effect of certain transactions as if they were long-term investments by including the foreign currency effect in accumulated other comprehensive income instead of properly recording the effect as operating expenses as required under Accounting Standard Codification (ASC) 830 "Foreign Currency Matters." The correction to properly apply U.S. GAAP to these foreign currency matters resulted in an increase in revenue and other income of $148,000 for the year ended September 30, 2016, a decrease in other income of $118,000 for the year ended September 30, 2015, a decrease in expenses of $165,000 for the year ended September 30, 2016, and an increase in expenses of $1,667,000 and $186,000 for the years ended September 30, 2015 and 2014, respectively. Income from continuing operations increased by $313,000 for the year ended September 30, 2016, and decreased by $1,780,000 and $186,000 for the years ended September 30, 2015 and 2014, respectively. Net assets decreased by $952,000 as of September 30, 2016, and increased $305,000 as of September 30, 2015. Net liabilities increased $18,000 and $565,000 as of September 30, 2016 and 2015, respectively. Accumulated other comprehensive income increased $718,000 and $1,705,000 as of September 30, 2016 and 2015, respectively. | ||||||||||||||||||||||||||
[15] | The Company identified other transactions that had been recorded in incorrect accounts and/or for improper amounts. The net corrections of these equity, which were individually immaterial, transactions resulted an increase in net assets of $33,000 and $45,000 as of September 30, 2016 and 2015, respectively. Net liabilities decreased $11,000 as of September 30, 2016. | ||||||||||||||||||||||||||
[16] | The Company has determined that it had not accounted for certain unallocated payments reported on its consolidated balance sheet properly during the Non-Reliance Periods. The correction of this error resulted in a reduction in finance income of $195,000, $193,000 and $261,000 for the years ended September 30, 2016, 2015 and 2014, respectively. Net assets decreased by $648,000 and $453,000 as of September 30, 2016 and 2015, respectively. | ||||||||||||||||||||||||||
[17] | Certain of the corrections noted above impacted earnings (loss) before taxes which, in turn, required a calculation of the tax impact. The net impact was an increase to income taxes of $242,000 for the year ended September 30, 2016, and a reduction in income taxes of $1,120,000 and $254,000 for the years ended September 30, 2015 and 2014, respectively. The net effect of the adjustment in income taxes to discontinued operations was a decrease to income from discontinued operations for $473,000 and $293,000 for the years ended September 30, 2016 and 2015, respectively, and an increase to income from discontinued operations of $52,000 in 2014. | ||||||||||||||||||||||||||
[18] | The Company identified other liabilities that had not been properly accrued in the correct period and/or for improper amounts. The adjustments of these errors were immaterial on an individual basis. The correction of this error resulted in increased general and administrative expense of $234,000 and $290,000 for the years ended September 30, 2016 and 2014, respectively, and a decrease in general and administrative expenses of $292,000 for the year ended September 30, 2015, as well as an increase in earnings from equity investment of $102,000 and $100,000 for the years ended September 30, 2016 and 2014, respectively, and a decrease in earnings from equity investment of $100,000 for the year ended September 30, 2015. For the year ended September 30, 2015, the correction of this error resulted in a decrease in income from discontinued operations of $40,000. Net liabilities increased $141,000 as of September 30, 2016, and net assets increased $67,000 as of September 30, 2015. | ||||||||||||||||||||||||||
[19] | The Company discovered that it did not properly record an amortizable asset and related liability in conjunction with an asset purchase agreement entered into in June 2015 with a previously undisclosed related party. The correction of this error resulted in a decrease in income from discontinued operations of $317,000, $56,000 and $69,000 for the years ended September 30, 2016, 2015 and 2014, respectively. Net assets related to discontinued operations increased by $307,000 and $997,000 as of September 30, 2016 and 2015, respectively. Net liabilities increased $756,000 and $1,078,000 as of September 30, 2016 and 2015, respectively. | ||||||||||||||||||||||||||
[20] | The Company did not reflect the quarterly increase in certain underlying benchmark interest rates used in determining fair value of the Company's structured settlements for the year ended September 30, 2016. Prior to the sale of its structured settlement business in December 2017, the Company purchased periodic payments under structured settlements and annuity policies from individuals in exchange for a lump sum payment. The Company has elected to carry the structured settlements at fair value in accordance with the guidance of previously undisclosed ASC, Recognition and Measurement of Financial Assets and Financial Liabilities (ASC 822). The Company has revised the fair market of the structured settlements, which resulted in an increase to assets related to discontinued operations of $727,000 as of September 30, 2016, and an increase in income from discontinued operations of $727,000 for the year ended September 30, 2016. |
Note A - Restatement of Previ50
Note A - Restatement of Previously Reported Consolidated Financial Statements - Consolidated Balance Sheet (Details) (Parentheticals) - $ / shares | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Preferred stock, authorized (in shares) (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, par value (in dollars per share) (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, issued (in shares) (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Preferred stock, outstanding (in shares) (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 |
Common stock, issued (in shares) | 13,336,508 | 13,297,508 | 13,197,476 | 13,189,977 | 13,061,673 | 13,060,839 | 13,060,839 | 13,060,839 |
Common stock, outstanding (in shares) | 11,876,224 | 11,837,224 | 12,011,476 | 12,154,177 | 12,859,873 | 13,060,839 | 13,060,839 | 13,060,839 |
Treasury stock, shares (in shares) | 1,460,284 | 1,460,284 | 1,186,000 | 1,035,800 | 201,800 | |||
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, issued (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Note A - Restatement of Previ51
Note A - Restatement of Previously Reported Consolidated Financial Statements - Consolidated Statements of Operations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||
Finance income, net | $ 4,333,000 | $ 4,572,000 | $ 4,879,000 | $ 5,106,000 | $ 5,030,000 | $ 5,090,000 | $ 5,454,000 | $ 4,990,000 | $ 5,015,000 | $ 4,984,000 | $ 5,011,000 | $ 4,594,000 | $ 9,985,000 | $ 10,444,000 | $ 9,605,000 | $ 14,557,000 | $ 15,534,000 | $ 14,589,000 | $ 18,890,000 | $ 20,564,000 | $ 19,604,000 | |||||||||||||||||||||
Personal injury claims income | ||||||||||||||||||||||||||||||||||||||||||
Disability fee income | 1,311,000 | 1,169,000 | 872,000 | 659,000 | 523,000 | 552,000 | 200,000 | 159,000 | 125,000 | 137,000 | 86,000 | 30,000 | 1,531,000 | 359,000 | 116,000 | 2,700,000 | 911,000 | 253,000 | 4,011,000 | 1,434,000 | 378,000 | |||||||||||||||||||||
Revenues, Total | 5,644,000 | 5,741,000 | 5,751,000 | 5,765,000 | 5,553,000 | 5,642,000 | 5,654,000 | 5,149,000 | 5,140,000 | 5,121,000 | 5,097,000 | 4,624,000 | 11,516,000 | 10,803,000 | 9,721,000 | 17,257,000 | 16,445,000 | 14,842,000 | 22,901,000 | 21,998,000 | 19,982,000 | |||||||||||||||||||||
Forgiveness of non-recourse debt | 26,101,000 | 26,101,000 | 26,101,000 | |||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income | 528,000 | 176,000 | 608,000 | 392,000 | 352,000 | 519,000 | 221,000 | 477,000 | 279,000 | 200,000 | 408,000 | 510,000 | 1,000,000 | 698,000 | 918,000 | 1,176,000 | 1,217,000 | 1,118,000 | 1,704,000 | 1,569,000 | 1,397,000 | |||||||||||||||||||||
6,172,000 | 5,917,000 | 6,359,000 | 6,157,000 | 5,905,000 | 6,161,000 | 5,875,000 | 5,626,000 | 5,419,000 | 31,422,000 | 5,505,000 | 5,134,000 | 12,516,000 | 11,501,000 | 10,639,000 | 18,433,000 | 17,662,000 | 42,061,000 | 24,605,000 | 23,567,000 | 47,480,000 | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||
General and Administrative Expense, Total | 6,287,000 | 7,069,000 | 10,222,000 | 5,729,000 | 6,764,000 | 5,741,000 | 6,453,000 | 5,420,000 | 5,385,000 | 4,324,000 | 5,587,000 | 5,234,000 | 15,951,000 | 11,873,000 | 10,821,000 | 23,020,000 | 17,614,000 | 15,145,000 | 29,308,000 | 24,378,000 | 20,530,000 | |||||||||||||||||||||
Interest expense | 3,000 | 6,000 | 9,000 | 15,000 | 18,000 | 18,000 | ||||||||||||||||||||||||||||||||||||
Impairments of consumer receivables acquired for liquidation | 41,000 | 124,000 | 19,591,000 | 124,000 | 124,000 | 19,591,000 | 164,000 | 19,591,000 | ||||||||||||||||||||||||||||||||||
(Earnings) loss from equity method investment | (2,531,000) | (6,193,000) | (333,000) | (1,494,000) | (415,000) | 79,000 | (10,000) | 400,000 | 55,000 | (215,000) | 25,000 | (1,796,000) | (1,827,000) | 390,000 | (1,771,000) | (6,193,000) | 469,000 | (1,986,000) | (10,551,000) | 54,000 | (1,931,000) | |||||||||||||||||||||
Costs and Expenses, Total | 3,797,000 | 876,000 | 10,013,000 | 4,235,000 | 6,349,000 | 5,820,000 | 6,443,000 | 5,820,000 | 5,440,000 | 23,703,000 | 5,618,000 | 3,447,000 | 14,248,000 | 12,263,000 | 9,065,000 | 15,124,000 | 18,083,000 | 32,768,000 | 18,921,000 | 24,432,000 | 38,208,000 | |||||||||||||||||||||
Income before tax from continuing operations | 2,375,000 | 5,041,000 | (3,654,000) | 1,922,000 | (444,000) | 341,000 | (568,000) | (194,000) | (21,000) | 7,719,000 | (113,000) | 1,687,000 | (1,732,000) | (762,000) | 1,574,000 | 3,309,000 | (421,000) | 9,293,000 | 5,684,000 | (865,000) | 9,272,000 | |||||||||||||||||||||
Income Tax Expense (Benefit), Total | (97,000) | 1,752,000 | (1,269,000) | 631,000 | (67,000) | 11,000 | 517,000 | 2,984,000 | (17,000) | 655,000 | (638,000) | 11,000 | 638,000 | 1,114,000 | 11,000 | 3,622,000 | 1,017,000 | (56,000) | 4,139,000 | |||||||||||||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (2,385,000) | 1,291,000 | (205,000) | (538,000) | 4,735,000 | 1,032,000 | (1,094,000) | (773,000) | 936,000 | 2,195,000 | (432,000) | 5,671,000 | 4,667,000 | (809,000) | 5,133,000 | |||||||||||||||||||||||||||
Income net of tax from discontinued operations | 2,906,000 | 1,776,000 | 371,000 | |||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | ||||||||||||||||||||||||||||||||||||||||||
Net income. | $ 3,975,000 | $ 3,866,000 | $ (1,830,000) | $ 1,563,000 | $ 327,000 | $ 821,000 | $ (103,000) | $ (78,000) | $ (171,000) | $ 4,649,000 | $ (6,000) | $ 1,032,000 | $ (267,000) | $ (181,000) | $ 1,026,000 | $ 3,599,000 | $ 640,000 | $ 5,675,000 | $ 7,573,000 | $ 967,000 | $ 5,504,000 | |||||||||||||||||||||
Continuing Operations (in dollars per share) | $ 0.21 | $ 0.27 | $ (0.20) | $ 0.11 | $ (0.03) | $ 0.02 | $ (0.04) | $ (0.02) | $ (0.04) | $ 0.36 | $ (0.01) | $ 0.08 | $ (0.09) | $ (0.06) | $ 0.07 | $ 0.18 | $ (0.03) | $ 0.44 | $ 0.39 | $ (0.06) | $ 0.39 | |||||||||||||||||||||
Discontinued Operations (in dollars per share) | 0.12 | 0.05 | 0.05 | 0.02 | 0.05 | 0.04 | 0.03 | 0.01 | 0.03 | (0.01) | 0.01 | 0.07 | 0.05 | 0.01 | 0.12 | 0.08 | 0 | 0.24 | 0.13 | 0.03 | ||||||||||||||||||||||
(in dollars per share) | 0.33 | 0.32 | (0.15) | 0.13 | 0.02 | 0.06 | (0.01) | (0.01) | (0.01) | 0.35 | 0 | 0.08 | (0.02) | (0.01) | 0.08 | 0.30 | 0.05 | 0.44 | 0.63 | 0.07 | 0.42 | |||||||||||||||||||||
Continuing Operations (in dollars per share) | 0.19 | 0.26 | (0.20) | 0.10 | (0.03) | 0.02 | (0.04) | (0.02) | (0.04) | 0.36 | (0.01) | 0.08 | (0.09) | (0.06) | 0.07 | 0.18 | (0.03) | 0.43 | 0.37 | (0.06) | 0.39 | |||||||||||||||||||||
Discontinued Operations (in dollars per share) | 0.12 | 0.05 | 0.05 | 0.02 | 0.05 | 0.04 | 0.03 | 0.01 | 0.03 | (0.01) | 0.01 | 0.07 | 0.05 | 0.01 | 0.11 | 0.08 | 0 | 0.24 | 0.13 | 0.03 | ||||||||||||||||||||||
(in dollars per share) | $ 0.31 | $ 0.31 | $ (0.15) | $ 0.12 | $ 0.02 | $ 0.06 | $ (0.01) | $ (0.01) | $ (0.01) | $ 0.35 | $ 0 | $ 0.08 | $ (0.02) | $ (0.01) | $ 0.08 | $ 0.29 | $ 0.05 | $ 0.43 | $ 0.61 | $ 0.07 | $ 0.42 | |||||||||||||||||||||
Weighted-average shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||
Basic (in shares) | 12,023,077 | 11,897,139 | 12,076,120 | 12,155,421 | 13,042,169 | 13,060,839 | 13,060,839 | 13,013,719 | 12,985,838 | 12,984,882 | 12,979,350 | 12,974,239 | 12,115,987 | 13,036,938 | 12,976,766 | 12,023,156 | 13,044,905 | 12,979,472 | 11,996,500 | 13,044,215 | 12,981,076 | |||||||||||||||||||||
Diluted (in shares) | 12,672,973 | 12,433,424 | 12,076,120 | 12,431,886 | 13,323,796 | 13,313,406 | 13,060,839 | 13,013,719 | 13,199,636 | 13,214,703 | 12,979,350 | 13,200,084 | 12,115,987 | 13,036,938 | 13,204,671 | 12,294,073 | 13,311,776 | 13,208,015 | 12,508,561 | 13,314,605 | 13,205,933 | |||||||||||||||||||||
Previously Reported [Member] | ||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||
Finance income, net | $ 4,388,000 | [1] | $ 4,612,000 | [1] | $ 4,914,000 | $ 5,142,000 | $ 5,070,000 | [1] | $ 5,156,000 | [1] | $ 5,495,000 | [1] | $ 5,037,000 | [1] | $ 5,074,000 | [1] | $ 5,074,000 | [1] | $ 5,070,000 | [1] | $ 4,648,000 | [1] | $ 10,056,000 | $ 10,532,000 | [1] | $ 9,718,000 | [1] | $ 14,668,000 | [1] | $ 15,688,000 | [1] | $ 14,792,000 | [1] | $ 19,056,000 | $ 20,757,000 | $ 19,865,000 | ||||||
Personal injury claims income | 5,444,000 | [1] | 9,838,000 | [1] | 1,846,000 | 3,085,000 | 2,398,000 | [1] | 1,729,000 | [1] | 1,867,000 | [1] | 2,488,000 | [1] | 1,411,000 | [1] | 1,779,000 | [1] | 1,166,000 | [1] | [1] | 4,931,000 | 4,355,000 | [1] | 1,166,000 | [1] | 14,769,000 | [1] | 6,084,000 | [1] | 2,945,000 | [1] | 20,212,000 | 8,482,000 | 7,134,000 | |||||||
Disability fee income | 1,311,000 | [1] | 1,169,000 | [1] | 872,000 | 659,000 | 523,000 | [1] | 552,000 | [1] | 200,000 | [1] | 159,000 | [1] | 125,000 | [1] | [1] | [1] | [1] | 1,531,000 | 359,000 | [1] | [1] | 2,700,000 | [1] | 911,000 | [1] | [1] | 4,011,000 | 1,434,000 | 378,000 | |||||||||||
Revenues, Total | 11,143,000 | [1] | 15,619,000 | [1] | 7,632,000 | 8,886,000 | 7,991,000 | [1] | 7,437,000 | [1] | 7,562,000 | [1] | 7,684,000 | [1] | 6,610,000 | [1] | 6,853,000 | [1] | 6,236,000 | [1] | 4,648,000 | [1] | 16,518,000 | 15,246,000 | [1] | 10,884,000 | [1] | 32,137,000 | [1] | 22,683,000 | [1] | 17,737,000 | [1] | 43,279,000 | 30,673,000 | 27,377,000 | ||||||
Forgiveness of non-recourse debt | [1] | [1] | [1] | 26,101,000 | [1] | [1] | [1] | 26,101,000 | [1],[2] | 26,101,000 | ||||||||||||||||||||||||||||||||
Other Nonoperating Income | 524,000 | [1] | 169,000 | [1] | 378,000 | 515,000 | 465,000 | [1] | 185,000 | [1] | 396,000 | [1] | 635,000 | 279,000 | [1] | 336,000 | [1] | 491,000 | [1] | 3,322,000 | [1] | 893,000 | 1,031,000 | [1] | 3,813,000 | [1] | 1,062,000 | [1] | 1,216,000 | [1] | 4,149,000 | [1] | 1,585,000 | 1,687,000 | 1,397,000 | |||||||
11,667,000 | [1] | 15,788,000 | [1] | 8,010,000 | 9,401,000 | 8,456,000 | [1] | 7,622,000 | 7,958,000 | [1] | 8,319,000 | [1] | 6,889,000 | [1] | 33,290,000 | [1] | 6,727,000 | [1] | 7,970,000 | [1] | 17,411,000 | 16,277,000 | [1] | 14,697,000 | [1] | 33,199,000 | [1] | 23,899,000 | [1] | 47,987,000 | [1] | 44,864,000 | 32,360,000 | 54,875,000 | ||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||
General and Administrative Expense, Total | 8,352,000 | [1] | 9,244,000 | [1] | 11,842,000 | 6,943,000 | 7,796,000 | [1] | 7,851,000 | [1] | 7,661,000 | [1] | 8,113,000 | [1] | 6,459,000 | [1] | 5,837,000 | [1] | 6,768,000 | [1] | 5,767,000 | [1] | 18,785,000 | 15,774,000 | [1] | 12,535,000 | [1] | 28,029,000 | [1] | 23,625,000 | [1] | 18,372,000 | [1] | 36,381,000 | 31,428,000 | 24,831,000 | ||||||
Interest expense | 9,000 | [1] | 2,000 | 2,000 | 507,000 | [1] | 508,000 | [1] | 3,000 | [1] | 6,000 | [1] | 9,000 | [1] | 508,000 | [1] | 15,000 | [1] | 1,000 | [1] | 18,000 | [1] | 9,000 | 18,000 | ||||||||||||||||||
Impairments of consumer receivables acquired for liquidation | 41,000 | [1] | 124,000 | 19,591,000 | [1] | 124,000 | [2] | 124,000 | [2] | 19,591,000 | [1],[2] | 164,000 | 19,591,000 | |||||||||||||||||||||||||||||
(Earnings) loss from equity method investment | [1] | [1] | [2] | [1] | [1] | [1] | [1],[2] | [1] | [1] | [1] | [1],[2] | [2] | [1],[2] | [1],[2] | [1],[2] | [1],[2] | [1],[2] | |||||||||||||||||||||||||
Costs and Expenses, Total | 8,402,000 | [1] | 9,244,000 | [1] | 11,964,000 | 6,945,000 | 7,796,000 | [1] | 7,344,000 | 8,169,000 | [1] | 8,113,000 | [1] | 6,459,000 | [1] | 25,431,000 | [1] | 6,774,000 | [1] | 5,776,000 | [1] | 18,909,000 | 16,282,000 | [1] | 12,550,000 | [1] | 28,153,000 | [1] | 23,626,000 | [1] | 37,981,000 | [1] | 36,554,000 | 31,428,000 | 44,440,000 | |||||||
Income before tax from continuing operations | 3,265,000 | [1] | 6,544,000 | [1] | (3,954,000) | 2,456,000 | 660,000 | [1] | 278,000 | [1] | (211,000) | [1] | 206,000 | [1] | 430,000 | [1] | 7,859,000 | [1] | (47,000) | [1] | 2,194,000 | [1] | (1,498,000) | (5,000) | [1] | 2,147,000 | [1] | 5,046,000 | [1] | 273,000 | [1] | 10,006,000 | [1] | 8,310,000 | 932,000 | 10,435,000 | ||||||
Income Tax Expense (Benefit), Total | (595,000) | [1] | 2,410,000 | [1] | (1,753,000) | 715,000 | 627,000 | [1] | 148,000 | [1] | 254,000 | [1] | 35,000 | [1] | 590,000 | [1] | 3,032,000 | [1] | (26,000) | [1] | 798,000 | [1] | (1,038,000) | 289,000 | [1] | 772,000 | [1] | 1,372,000 | [1] | 437,000 | [1] | 3,804,000 | [1] | 775,000 | 1,064,000 | 4,393,000 | ||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (2,201,000) | 1,741,000 | 243,000 | [2] | (160,000) | [1] | 4,827,000 | [1] | 947,000 | [2] | (916,000) | (218,000) | [2] | 932,000 | [2] | 1,670,000 | [2] | (74,000) | [2] | 6,202,000 | [1] | 7,535,000 | (132,000) | 6,042,000 | ||||||||||||||||||
Income net of tax from discontinued operations | 2,937,000 | 2,159,000 | 317,000 | |||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | 607,000 | [1] | 1,548,000 | [1] | 83,000 | 373,000 | 104,000 | [1] | (16,000) | [1] | (4,000) | [1] | (72,000) | [1] | (38,000) | [1] | 53,000 | [1] | (6,000) | [1] | 449,000 | [1] | 456,000 | (76,000) | [1] | 443,000 | [1] | 2,004,000 | [1] | (92,000) | [1] | 496,000 | [1] | 2,612,000 | 11,000 | 458,000 | ||||||
Net income. | $ 4,689,000 | [1] | $ 3,196,000 | [1] | $ (1,831,000) | $ 1,806,000 | $ 1,140,000 | [1] | $ 161,000 | [1] | $ 345,000 | [1] | $ 370,000 | [1] | $ 192,000 | [1] | $ 4,687,000 | [1] | $ 75,000 | [1] | $ 947,000 | [1] | $ (25,000) | $ 715,000 | [1] | $ 1,022,000 | [1] | $ 3,171,000 | [1] | $ 876,000 | [1] | $ 5,709,000 | [1] | $ 7,860,000 | $ 2,016,000 | $ 5,901,000 | ||||||
Continuing Operations (in dollars per share) | $ 0.27 | [1] | $ 0.22 | [1] | $ (0.19) | $ 0.11 | $ (0.01) | [1] | $ 0.01 | [1] | $ (0.03) | [1] | $ 0.02 | [1] | $ (0.01) | [1] | $ 0.37 | [1] | $ 0 | [1] | $ 0.07 | [1] | $ (0.07) | $ (0.02) | [1] | $ 0.07 | [1] | $ 0.14 | [1] | $ (0.01) | [1] | $ 0.44 | [1] | $ 0.41 | $ (0.01) | $ 0.43 | ||||||
Discontinued Operations (in dollars per share) | 0.12 | [1] | 0.05 | [1] | 0.04 | 0.04 | 0.09 | [1] | 0 | [1] | 0.06 | [1] | 0.01 | [1] | 0.02 | [1] | (0.01) | [1] | 0.01 | [1] | [1] | 0.07 | 0.07 | [1] | 0.01 | [1] | 0.12 | [1] | 0.07 | [1] | 0 | [1] | 0.24 | 0.16 | 0.02 | |||||||
(in dollars per share) | 0.39 | [1] | 0.27 | [1] | (0.15) | 0.15 | 0.08 | [1] | 0.01 | 0.03 | [1] | 0.03 | [1] | 0.01 | [1] | 0.36 | [1] | 0.01 | [1] | 0.07 | [1] | 0 | 0.05 | [1] | 0.08 | [1] | 0.26 | [1] | 0.06 | [1] | 0.44 | [1] | 0.65 | 0.15 | 0.45 | |||||||
Continuing Operations (in dollars per share) | 0.26 | [1] | 0.21 | [1] | (0.19) | 0.11 | (0.01) | [1] | 0.01 | [1] | (0.03) | [1] | 0.02 | [1] | (0.01) | [1] | 0.36 | [1] | 0 | [1] | 0.07 | [1] | (0.07) | (0.02) | [1] | 0.07 | [1] | 0.14 | [1] | (0.01) | [1] | 0.43 | [1] | 0.39 | (0.01) | 0.43 | ||||||
Discontinued Operations (in dollars per share) | 0.11 | [1] | 0.05 | [1] | 0.04 | 0.04 | 0.09 | [1] | 0 | [1] | 0.06 | [1] | 0.01 | [1] | 0.02 | [1] | (0.01) | [1] | 0.01 | [1] | [1] | 0.07 | 0.07 | [1] | 0.01 | [1] | 0.12 | [1] | 0.07 | [1] | 0 | [1] | 0.23 | 0.16 | 0.02 | |||||||
(in dollars per share) | $ 0.37 | [1] | $ 0.26 | [1] | $ (0.15) | $ 0.15 | $ 0.08 | [1] | $ 0.01 | $ 0.03 | [1] | $ 0.03 | [1] | $ 0.01 | [1] | $ 0.35 | [1] | $ 0.01 | [1] | $ 0.07 | [1] | $ 0 | $ 0.05 | [1] | $ 0.08 | [1] | $ 0.26 | [1] | $ 0.06 | [1] | $ 0.43 | [1] | $ 0.62 | $ 0.15 | $ 0.45 | |||||||
Weighted-average shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||
Basic (in shares) | 12,023,077 | [1] | 11,897,139 | [1] | 12,076,120 | 12,155,421 | 13,042,169 | [1] | 13,060,839 | [1] | 13,060,839 | [1] | 13,013,719 | [1] | 12,985,838 | [1] | 12,984,882 | [1] | 12,979,350 | [1] | 12,974,239 | [1] | 12,115,987 | 13,036,938 | [1] | 12,976,766 | [1] | 12,023,156 | [1] | 13,044,905 | [1] | 12,979,472 | [1] | 11,996,500 | 13,044,215 | 12,981,076 | ||||||
Diluted (in shares) | 12,672,973 | [1] | 12,433,424 | [1] | 12,076,120 | 12,431,886 | 13,323,796 | [1] | 13,313,406 | [1] | 13,314,032 | [1] | 13,308,573 | [1] | 13,199,636 | [1] | 13,214,703 | [1] | 13,209,314 | [1] | 13,200,084 | [1] | 12,115,987 | 13,310,961 | [1] | 13,204,671 | [1] | 12,294,073 | [1] | 13,311,776 | [1] | 13,208,015 | [1] | 12,508,561 | 13,314,605 | 13,205,933 | ||||||
Restatement Adjustment [Member] | ||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||
Finance income, net | $ (55,000) | [3] | $ (40,000) | [3] | $ (35,000) | [3] | $ (36,000) | [3] | $ (40,000) | [3] | $ (66,000) | $ (41,000) | [3] | $ (47,000) | [3] | $ (59,000) | [3] | $ (90,000) | [3] | $ (59,000) | [3] | $ (54,000) | [3] | $ (71,000) | [3] | $ (88,000) | [3] | $ (113,000) | [3] | $ (111,000) | [3] | $ (154,000) | [3] | $ (203,000) | [3] | |||||||
Personal injury claims income | (5,444,000) | [4] | (9,838,000) | [4] | (1,846,000) | [4] | (3,085,000) | [4] | (2,398,000) | [4] | (1,729,000) | (1,867,000) | [4] | (2,488,000) | [4] | (1,411,000) | [4] | (1,779,000) | [4] | (1,166,000) | [4] | [4] | (4,931,000) | [4] | (4,355,000) | [4] | (1,166,000) | [4] | (14,769,000) | [4] | (6,084,000) | [4] | (2,945,000) | [4] | ||||||||
Disability fee income | 137,000 | [5] | 86,000 | [5] | 30,000 | [6] | 116,000 | [5] | 253,000 | [5] | ||||||||||||||||||||||||||||||||
Revenues, Total | (5,499,000) | (9,878,000) | (1,881,000) | (3,121,000) | (2,438,000) | (1,795,000) | (1,908,000) | (2,535,000) | (1,470,000) | (1,732,000) | (1,139,000) | (24,000) | (5,002,000) | (4,443,000) | (1,163,000) | (14,880,000) | (6,238,000) | (2,895,000) | ||||||||||||||||||||||||
Forgiveness of non-recourse debt | ||||||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income | 4,000 | [5] | 7,000 | [5] | 230,000 | [5] | (123,000) | [5] | (113,000) | [4],[5] | 334,000 | (175,000) | [6] | (158,000) | [5] | (136,000) | [5] | (83,000) | [4] | (2,812,000) | [4] | 107,000 | [5] | (333,000) | [6] | (2,895,000) | [4] | 114,000 | [5] | 1,000 | [6] | (3,031,000) | [5] | |||||||||
(5,495,000) | (9,871,000) | (1,651,000) | (3,244,000) | (2,551,000) | (1,461,000) | (2,083,000) | (2,693,000) | (1,470,000) | (1,868,000) | (1,222,000) | (2,836,000) | (4,895,000) | (4,776,000) | (4,058,000) | (14,766,000) | (6,237,000) | (5,926,000) | |||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||
General and Administrative Expense, Total | (2,065,000) | [4],[5],[6],[7],[8] | (2,175,000) | [4],[5],[6],[7],[8] | (1,620,000) | [4],[5],[7],[8] | (1,214,000) | [4],[5],[6],[7],[8] | (1,032,000) | [4],[5],[7],[8] | (2,110,000) | (1,208,000) | [4],[5],[6],[7],[8] | (2,693,000) | [4],[5],[6],[7],[8] | (1,074,000) | [4],[5],[7],[8] | (1,513,000) | [4],[5],[6],[7] | (1,181,000) | [4],[5],[7] | (533,000) | [4],[5],[7],[8] | (2,834,000) | [4],[5],[7],[8] | (3,901,000) | [4],[5],[6],[7],[8] | (1,714,000) | [4],[5],[7] | (5,009,000) | [4],[5],[6],[7],[8] | (6,011,000) | [4],[5],[6],[7],[8] | (3,227,000) | [4],[5],[6],[7] | |||||||
Interest expense | (9,000) | [5] | (2,000) | [5] | (2,000) | [5] | (507,000) | (508,000) | [5] | [5] | (508,000) | [5] | (1,000) | [5] | ||||||||||||||||||||||||||||
Impairments of consumer receivables acquired for liquidation | 1,000 | |||||||||||||||||||||||||||||||||||||||||
(Earnings) loss from equity method investment | (2,531,000) | [4] | (6,193,000) | [4] | (333,000) | [4] | (1,494,000) | [4] | (415,000) | [4] | 79,000 | (10,000) | [4] | 400,000 | [4] | 55,000 | [4] | (215,000) | [4] | 25,000 | [4] | (1,796,000) | [4] | (1,827,000) | [4] | 390,000 | [4] | (1,771,000) | [4] | (6,193,000) | [4] | 469,000 | [4] | (1,986,000) | [4] | (10,551,000) | $ 54,000 | (1,931,000) | ||||
Costs and Expenses, Total | (4,605,000) | (8,368,000) | (1,951,000) | (2,710,000) | (1,447,000) | (1,524,000) | (1,726,000) | (2,293,000) | (1,019,000) | (1,728,000) | (1,156,000) | (2,329,000) | (4,661,000) | (4,019,000) | (3,485,000) | (13,029,000) | (5,543,000) | (5,213,000) | ||||||||||||||||||||||||
Income before tax from continuing operations | (890,000) | (1,503,000) | 300,000 | (534,000) | (1,104,000) | 63,000 | (357,000) | (400,000) | (451,000) | (140,000) | (66,000) | (507,000) | (234,000) | (757,000) | (573,000) | (1,737,000) | (694,000) | (713,000) | ||||||||||||||||||||||||
Income Tax Expense (Benefit), Total | 498,000 | [9] | (658,000) | [9] | 484,000 | [9] | (84,000) | [9] | (694,000) | [9] | (148,000) | (254,000) | [9] | (24,000) | [9] | (73,000) | [9] | (48,000) | [9] | 9,000 | [9] | (143,000) | [9] | 400,000 | [9] | (278,000) | [9] | (134,000) | [9] | (258,000) | [9] | (426,000) | [9] | (182,000) | [9] | |||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (184,000) | (77,000) | (448,000) | (378,000) | (92,000) | 85,000 | (634,000) | (555,000) | 4,000 | 525,000 | (358,000) | (531,000) | (2,868,000) | (677,000) | (909,000) | |||||||||||||||||||||||||||
Income net of tax from discontinued operations | (31,000) | (383,000) | 54,000 | |||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | (607,000) | [4] | (1,548,000) | [4] | (83,000) | [4] | (373,000) | [4] | (104,000) | [4] | 16,000 | 4,000 | [4] | 72,000 | [4] | 38,000 | [4] | (53,000) | [4] | 6,000 | [4] | (449,000) | [4] | (456,000) | [4] | 76,000 | [4] | (443,000) | [4] | (2,004,000) | [4] | 92,000 | [4] | (496,000) | [4] | |||||||
Net income. | $ (714,000) | $ 670,000 | $ 1,000 | $ (243,000) | $ (813,000) | $ 660,000 | $ (448,000) | $ (448,000) | $ (363,000) | $ (38,000) | $ (81,000) | $ 85,000 | $ (242,000) | $ (896,000) | $ 4,000 | $ 428,000 | $ (236,000) | $ (34,000) | ||||||||||||||||||||||||
Continuing Operations (in dollars per share) | ||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations (in dollars per share) | ||||||||||||||||||||||||||||||||||||||||||
(in dollars per share) | ||||||||||||||||||||||||||||||||||||||||||
Continuing Operations (in dollars per share) | ||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations (in dollars per share) | ||||||||||||||||||||||||||||||||||||||||||
(in dollars per share) | ||||||||||||||||||||||||||||||||||||||||||
Weighted-average shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||
Basic (in shares) | ||||||||||||||||||||||||||||||||||||||||||
Diluted (in shares) | ||||||||||||||||||||||||||||||||||||||||||
Restatement Adjustment [Member] | Accounting For Investment in Pegasus Under The Equity Method [Member] | ||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||
Finance income, net | [10] | |||||||||||||||||||||||||||||||||||||||||
Personal injury claims income | [10] | (20,212,000) | (8,482,000) | (7,134,000) | ||||||||||||||||||||||||||||||||||||||
Disability fee income | [10] | |||||||||||||||||||||||||||||||||||||||||
Revenues, Total | [10] | (20,212,000) | (8,482,000) | (7,134,000) | ||||||||||||||||||||||||||||||||||||||
Forgiveness of non-recourse debt | [10] | |||||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income | [10] | |||||||||||||||||||||||||||||||||||||||||
[10] | (20,212,000) | (8,482,000) | (7,134,000) | |||||||||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||
General and Administrative Expense, Total | [10] | (7,151,000) | (8,425,000) | (4,845,000) | ||||||||||||||||||||||||||||||||||||||
Interest expense | [10] | |||||||||||||||||||||||||||||||||||||||||
Impairments of consumer receivables acquired for liquidation | [10] | |||||||||||||||||||||||||||||||||||||||||
(Earnings) loss from equity method investment | [10] | (10,449,000) | (46,000) | (1,831,000) | ||||||||||||||||||||||||||||||||||||||
Costs and Expenses, Total | [10] | (17,600,000) | (8,471,000) | (6,676,000) | ||||||||||||||||||||||||||||||||||||||
Income before tax from continuing operations | [10] | (2,612,000) | (11,000) | (458,000) | ||||||||||||||||||||||||||||||||||||||
Income Tax Expense (Benefit), Total | [10] | |||||||||||||||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | [10] | (2,612,000) | (11,000) | (458,000) | ||||||||||||||||||||||||||||||||||||||
Income net of tax from discontinued operations | [10] | |||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | [10] | (2,612,000) | (11,000) | (458,000) | ||||||||||||||||||||||||||||||||||||||
Net income. | [10] | |||||||||||||||||||||||||||||||||||||||||
Restatement Adjustment [Member] | All Corrections Not Related to Pegasus [Member] | ||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||
Finance income, net | [12] | (166,000) | [11] | (193,000) | (261,000) | |||||||||||||||||||||||||||||||||||||
Personal injury claims income | ||||||||||||||||||||||||||||||||||||||||||
Disability fee income | ||||||||||||||||||||||||||||||||||||||||||
Revenues, Total | (166,000) | (193,000) | (261,000) | |||||||||||||||||||||||||||||||||||||||
Forgiveness of non-recourse debt | ||||||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income | [13] | 119,000 | (118,000) | |||||||||||||||||||||||||||||||||||||||
(47,000) | (311,000) | (261,000) | ||||||||||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||
General and Administrative Expense, Total | [11],[13] | 78,000 | 1,375,000 | 544,000 | ||||||||||||||||||||||||||||||||||||||
Interest expense | (9,000) | [11] | ||||||||||||||||||||||||||||||||||||||||
Impairments of consumer receivables acquired for liquidation | ||||||||||||||||||||||||||||||||||||||||||
(Earnings) loss from equity method investment | [13] | (102,000) | 100,000 | (100,000) | ||||||||||||||||||||||||||||||||||||||
Costs and Expenses, Total | (33,000) | 1,475,000 | 444,000 | |||||||||||||||||||||||||||||||||||||||
Income before tax from continuing operations | (14,000) | (1,786,000) | (705,000) | |||||||||||||||||||||||||||||||||||||||
Income Tax Expense (Benefit), Total | [14] | 242,000 | (1,120,000) | (254,000) | ||||||||||||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (256,000) | (666,000) | (451,000) | |||||||||||||||||||||||||||||||||||||||
Income net of tax from discontinued operations | [14] | (31,000) | [12],[13],[15],[16],[17] | (383,000) | [13],[16] | 54,000 | ||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | ||||||||||||||||||||||||||||||||||||||||||
Net income. | $ (287,000) | $ (1,049,000) | $ (397,000) | |||||||||||||||||||||||||||||||||||||||
[1] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | |||||||||||||||||||||||||||||||||||||||||
[2] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | |||||||||||||||||||||||||||||||||||||||||
[3] | To properly record certain unallocated payments reported on its consolidated balance sheet properly during the Non-Reliance Periods. | |||||||||||||||||||||||||||||||||||||||||
[4] | In connection with the Company determining it lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods, the Company has corrected the presentation and has now accounted for its investment in Pegasus under the equity method in accordance with US GAAP. | |||||||||||||||||||||||||||||||||||||||||
[5] | Adjustment to properly record various accruals at the balance sheet date. | |||||||||||||||||||||||||||||||||||||||||
[6] | To properly record previous transactions that had been recorded to incorrect accounts and/or in improper amounts. | |||||||||||||||||||||||||||||||||||||||||
[7] | Adjustment to reflect the proper accounting for certain foreign currency transactions under ASC 830. | |||||||||||||||||||||||||||||||||||||||||
[8] | To properly record an amortizable asset and related liability in conjunction with an asset purchase agreement entered into in June 2015. | |||||||||||||||||||||||||||||||||||||||||
[9] | Income tax provision adjustments for impact on restatement. | |||||||||||||||||||||||||||||||||||||||||
[10] | In connection with the Company determining it lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods, the Company has corrected the presentation and has now accounted for its investment in Pegasus under the equity method in accordance with ASC 810 - Consolidation and US GAAP. The correction of the error has resulted in a reduction in total revenues of $20,212,000, $8,482,000 and $7,134,000 for the years ended September 30, 2016, 2015 and 2014, respectively, a reduction in expenses of $7,151,000, $8,425,000 and $4,845,000 for the years ended September 30, 2016, 2015 and 2014, respectively, and a decrease in non-controlling interest of $2,612,000, $11,000 and $458,000 for the years ended September 30, 2016, 2015 and 2014, respectively. This change to the equity method of accounting had no effect on net income during the Non-Reliance Periods. Additionally, there were other corrections made to the Pegasus financial statements which have been included in the adjustment column in the restatement tables, which are included in #6, below. | |||||||||||||||||||||||||||||||||||||||||
[11] | The Company determined that it had not previously accounted for certain foreign currency gains/losses on intercompany balances, transaction and translation adjustment in accordance with US GAAP. The Company improperly accounted for the foreign currency effect of certain transactions as if they were long-term investments by including the foreign currency effect in accumulated other comprehensive income instead of properly recording the effect as operating expenses as required under Accounting Standard Codification (ASC) 830 "Foreign Currency Matters." The correction to properly apply U.S. GAAP to these foreign currency matters resulted in an increase in revenue and other income of $148,000 for the year ended September 30, 2016, a decrease in other income of $118,000 for the year ended September 30, 2015, a decrease in expenses of $165,000 for the year ended September 30, 2016, and an increase in expenses of $1,667,000 and $186,000 for the years ended September 30, 2015 and 2014, respectively. Income from continuing operations increased by $313,000 for the year ended September 30, 2016, and decreased by $1,780,000 and $186,000 for the years ended September 30, 2015 and 2014, respectively. Net assets decreased by $952,000 as of September 30, 2016, and increased $305,000 as of September 30, 2015. Net liabilities increased $18,000 and $565,000 as of September 30, 2016 and 2015, respectively. Accumulated other comprehensive income increased $718,000 and $1,705,000 as of September 30, 2016 and 2015, respectively. | |||||||||||||||||||||||||||||||||||||||||
[12] | The Company has determined that it had not accounted for certain unallocated payments reported on its consolidated balance sheet properly during the Non-Reliance Periods. The correction of this error resulted in a reduction in finance income of $195,000, $193,000 and $261,000 for the years ended September 30, 2016, 2015 and 2014, respectively. Net assets decreased by $648,000 and $453,000 as of September 30, 2016 and 2015, respectively. | |||||||||||||||||||||||||||||||||||||||||
[13] | The Company identified other liabilities that had not been properly accrued in the correct period and/or for improper amounts. The adjustments of these errors were immaterial on an individual basis. The correction of this error resulted in increased general and administrative expense of $234,000 and $290,000 for the years ended September 30, 2016 and 2014, respectively, and a decrease in general and administrative expenses of $292,000 for the year ended September 30, 2015, as well as an increase in earnings from equity investment of $102,000 and $100,000 for the years ended September 30, 2016 and 2014, respectively, and a decrease in earnings from equity investment of $100,000 for the year ended September 30, 2015. For the year ended September 30, 2015, the correction of this error resulted in a decrease in income from discontinued operations of $40,000. Net liabilities increased $141,000 as of September 30, 2016, and net assets increased $67,000 as of September 30, 2015. | |||||||||||||||||||||||||||||||||||||||||
[14] | Certain of the corrections noted above impacted earnings (loss) before taxes which, in turn, required a calculation of the tax impact. The net impact was an increase to income taxes of $242,000 for the year ended September 30, 2016, and a reduction in income taxes of $1,120,000 and $254,000 for the years ended September 30, 2015 and 2014, respectively. The net effect of the adjustment in income taxes to discontinued operations was a decrease to income from discontinued operations for $473,000 and $293,000 for the years ended September 30, 2016 and 2015, respectively, and an increase to income from discontinued operations of $52,000 in 2014. | |||||||||||||||||||||||||||||||||||||||||
[15] | The Company did not reflect the quarterly increase in certain underlying benchmark interest rates used in determining fair value of the Company's structured settlements for the year ended September 30, 2016. Prior to the sale of its structured settlement business in December 2017, the Company purchased periodic payments under structured settlements and annuity policies from individuals in exchange for a lump sum payment. The Company has elected to carry the structured settlements at fair value in accordance with the guidance of previously undisclosed ASC, Recognition and Measurement of Financial Assets and Financial Liabilities (ASC 822). The Company has revised the fair market of the structured settlements, which resulted in an increase to assets related to discontinued operations of $727,000 as of September 30, 2016, and an increase in income from discontinued operations of $727,000 for the year ended September 30, 2016. | |||||||||||||||||||||||||||||||||||||||||
[16] | The Company discovered that it did not properly record an amortizable asset and related liability in conjunction with an asset purchase agreement entered into in June 2015 with a previously undisclosed related party. The correction of this error resulted in a decrease in income from discontinued operations of $317,000, $56,000 and $69,000 for the years ended September 30, 2016, 2015 and 2014, respectively. Net assets related to discontinued operations increased by $307,000 and $997,000 as of September 30, 2016 and 2015, respectively. Net liabilities increased $756,000 and $1,078,000 as of September 30, 2016 and 2015, respectively. | |||||||||||||||||||||||||||||||||||||||||
[17] | The Company identified other transactions that had been recorded in incorrect accounts and/or for improper amounts. The net corrections of these equity, which were individually immaterial, transactions resulted an increase in net assets of $33,000 and $45,000 as of September 30, 2016 and 2015, respectively. Net liabilities decreased $11,000 as of September 30, 2016. |
Note A - Restatement of Previ52
Note A - Restatement of Previously Reported Consolidated Financial Statements - Consolidated Statements of Operations (Details) (Parentheticals) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reclassification for unrealized net gain (loss) on available for sale securities | $ (31,000) | $ (63,000) | $ (155,000) | $ (143,000) |
Note A - Restatement of Previ53
Note A - Restatement of Previously Reported Consolidated Financial Statements - Consolidated Statement of Comprehensive Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |||||||||||||||||||
Net Income | $ 3,975,000 | $ 3,866,000 | $ (1,830,000) | $ 1,563,000 | $ 327,000 | $ 821,000 | $ (103,000) | $ (78,000) | $ (171,000) | $ 4,649,000 | $ (6,000) | $ 1,032,000 | $ (267,000) | $ (181,000) | $ 1,026,000 | $ 3,599,000 | $ 640,000 | $ 5,675,000 | $ 7,573,000 | $ 967,000 | $ 5,504,000 | ||||||||||||||||||
Net unrealized securities gain/(loss), net of tax expense | 560,000 | 156,000 | 330,000 | (223,000) | (48,000) | (183,000) | 394,000 | 452,000 | (66,000) | 486,000 | (231,000) | 386,000 | 1,046,000 | (454,000) | 780,000 | 867,000 | (254,000) | 902,000 | |||||||||||||||||||||
Reclassification adjustments for securities sold, net of tax benefit | (19,000) | (20,000) | (95,000) | 23,000 | (69,000) | (15,000) | (20,000) | 23,000 | (15,000) | (39,000) | (72,000) | (84,000) | (38,000) | (93,000) | (86,000) | ||||||||||||||||||||||||
Foreign currency translation, net of tax benefit (expense) | (63,000) | 12,000 | 14,000 | (515,000) | (298,000) | 53,000 | (4,000) | 26,000 | (245,000) | (37,000) | (760,000) | (4,000) | (46,000) | 222,000 | 3,000 | ||||||||||||||||||||||||
Other comprehensive income (loss) | 478,000 | 168,000 | 324,000 | (833,000) | (346,000) | (107,000) | 321,000 | 452,000 | (81,000) | 492,000 | (453,000) | 371,000 | 970,000 | (1,286,000) | 692,000 | 783,000 | (125,000) | 819,000 | |||||||||||||||||||||
Total comprehensive income | 4,344,000 | (1,662,000) | 1,887,000 | (12,000) | (449,000) | (185,000) | 4,970,000 | 446,000 | 951,000 | 225,000 | (634,000) | 1,397,000 | 4,569,000 | (646,000) | 6,367,000 | 8,356,000 | 842,000 | 6,323,000 | |||||||||||||||||||||
Previously Reported [Member] | |||||||||||||||||||||||||||||||||||||||
Net Income | 4,689,000 | [1] | 3,196,000 | [1] | (1,831,000) | 1,806,000 | 1,140,000 | [1] | 161,000 | [1] | 345,000 | [1] | 370,000 | [1] | 192,000 | [1] | 4,687,000 | [1] | 75,000 | [1] | 947,000 | [1] | (25,000) | 715,000 | [1] | 1,022,000 | [1] | 3,171,000 | [1] | 876,000 | [1] | 5,709,000 | [1] | 7,860,000 | 2,016,000 | 5,901,000 | |||
Net unrealized securities gain/(loss), net of tax expense | 543,000 | [2] | 167,000 | [2] | 336,000 | (310,000) | [2] | 63,000 | [2] | (300,000) | [2] | 394,000 | [2] | 452,000 | [2] | (66,000) | [2] | 503,000 | (237,000) | 386,000 | [2] | 1,046,000 | (547,000) | [2] | 780,000 | [2] | 868,000 | (260,000) | 900,000 | ||||||||||
Reclassification adjustments for securities sold, net of tax benefit | (19,000) | [2] | [2] | (20,000) | (123,000) | [2] | 30,000 | [2] | (69,000) | [2] | [2] | (15,000) | [2] | (20,000) | [2] | 30,000 | (15,000) | [2] | (39,000) | (93,000) | [2] | (84,000) | [2] | (39,000) | (87,000) | (84,000) | |||||||||||||
Foreign currency translation, net of tax benefit (expense) | 9,000 | [2] | 254,000 | [2] | 242,000 | [2] | [2] | [2] | [2] | [2] | 496,000 | [2] | [2] | [2] | 505,000 | [2] | [2] | [2] | 942,000 | (1,480,000) | |||||||||||||||||||
Other comprehensive income (loss) | 533,000 | [2] | 421,000 | [2] | 558,000 | (433,000) | [2] | 63,000 | [2] | (270,000) | [2] | 325,000 | [2] | 452,000 | [2] | (81,000) | [2] | 979,000 | [2] | (207,000) | [2] | 371,000 | [2] | 1,512,000 | [2] | (640,000) | [2] | 696,000 | [2] | 1,771,000 | (1,827,000) | 816,000 | |||||||
Total comprehensive income | 3,729,000 | [2] | (1,410,000) | [2] | 2,364,000 | (272,000) | [2] | 408,000 | [2] | 100,000 | [2] | 5,012,000 | [2] | 527,000 | [2] | 866,000 | [2] | 954,000 | [2] | 508,000 | [2] | 1,393,000 | [2] | 4,683,000 | [2] | 236,000 | [2] | 6,405,000 | [2] | 9,631,000 | 189,000 | 6,717,000 | |||||||
Restatement Adjustment [Member] | |||||||||||||||||||||||||||||||||||||||
Net Income | $ (714,000) | 670,000 | 1,000 | (243,000) | $ (813,000) | 660,000 | (448,000) | (448,000) | $ (363,000) | (38,000) | (81,000) | 85,000 | (242,000) | (896,000) | 4,000 | 428,000 | (236,000) | (34,000) | |||||||||||||||||||||
Net unrealized securities gain/(loss), net of tax expense | 17,000 | (11,000) | (6,000) | 87,000 | (111,000) | 117,000 | (17,000) | 6,000 | 93,000 | ||||||||||||||||||||||||||||||
Reclassification adjustments for securities sold, net of tax benefit | 28,000 | (7,000) | (7,000) | 21,000 | |||||||||||||||||||||||||||||||||||
Foreign currency translation, net of tax benefit (expense) | (72,000) | (242,000) | (228,000) | (515,000) | (298,000) | 53,000 | (4,000) | (470,000) | (245,000) | (542,000) | (760,000) | (4,000) | |||||||||||||||||||||||||||
Other comprehensive income (loss) | (55,000) | (253,000) | (234,000) | (400,000) | (409,000) | 163,000 | (4,000) | (487,000) | (246,000) | (542,000) | (646,000) | (4,000) | |||||||||||||||||||||||||||
Total comprehensive income | $ 615,000 | $ (252,000) | $ (477,000) | $ 260,000 | $ (857,000) | $ (285,000) | $ (42,000) | $ (81,000) | $ 85,000 | $ (729,000) | $ (1,142,000) | $ 4,000 | $ (114,000) | $ (882,000) | $ (38,000) | ||||||||||||||||||||||||
Restatement Adjustment [Member] | Accounting For Investment in Pegasus Under The Equity Method [Member] | |||||||||||||||||||||||||||||||||||||||
Net Income | [3] | ||||||||||||||||||||||||||||||||||||||
Net unrealized securities gain/(loss), net of tax expense | |||||||||||||||||||||||||||||||||||||||
Reclassification adjustments for securities sold, net of tax benefit | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation, net of tax benefit (expense) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||||||||||||||||||
Restatement Adjustment [Member] | All Corrections Not Related to Pegasus [Member] | |||||||||||||||||||||||||||||||||||||||
Net Income | (287,000) | (1,049,000) | (397,000) | ||||||||||||||||||||||||||||||||||||
Net unrealized securities gain/(loss), net of tax expense | (1,000) | 6,000 | 2,000 | ||||||||||||||||||||||||||||||||||||
Reclassification adjustments for securities sold, net of tax benefit | 1,000 | (6,000) | (2,000) | ||||||||||||||||||||||||||||||||||||
Foreign currency translation, net of tax benefit (expense) | (988,000) | 1,702,000 | 3,000 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | (988,000) | 1,702,000 | 3,000 | ||||||||||||||||||||||||||||||||||||
Total comprehensive income | $ (1,275,000) | $ 653,000 | $ (394,000) | ||||||||||||||||||||||||||||||||||||
[1] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | ||||||||||||||||||||||||||||||||||||||
[2] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | ||||||||||||||||||||||||||||||||||||||
[3] | In connection with the Company determining it lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods, the Company has corrected the presentation and has now accounted for its investment in Pegasus under the equity method in accordance with ASC 810 - Consolidation and US GAAP. The correction of the error has resulted in a reduction in total revenues of $20,212,000, $8,482,000 and $7,134,000 for the years ended September 30, 2016, 2015 and 2014, respectively, a reduction in expenses of $7,151,000, $8,425,000 and $4,845,000 for the years ended September 30, 2016, 2015 and 2014, respectively, and a decrease in non-controlling interest of $2,612,000, $11,000 and $458,000 for the years ended September 30, 2016, 2015 and 2014, respectively. This change to the equity method of accounting had no effect on net income during the Non-Reliance Periods. Additionally, there were other corrections made to the Pegasus financial statements which have been included in the adjustment column in the restatement tables, which are included in #6, below. |
Note A - Restatement of Previ54
Note A - Restatement of Previously Reported Consolidated Financial Statements - Consolidated Statement of Comprehensive Income (Details) (Parentheticals) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Unrealized gain (loss) on marketable securities, tax | $ (373,000) | $ (220,000) | $ (148,000) | $ (32,000) | $ (126,000) | $ (263,000) | $ (306,000) | $ (58,000) | $ 283,000 | $ 32,000 | $ (306,000) | $ 647,000 | $ (306,000) | $ 528,000 | $ (297,000) | $ 597,000 | ||
Reclassification adjustments for securities, tax (expense) benefit | 13,000 | 11,000 | 64,000 | 16,000 | $ 47,000 | $ 10,000 | 24,000 | 48,000 | 25,000 | 62,000 | 57,000 | |||||||
Foreign currency translation, tax benefit (expense) | $ 42,000 | $ 8,000 | $ 9,000 | $ 343,000 | $ 199,000 | $ (35,000) | $ (17,000) | $ 199,000 | $ 42,000 | $ 506,000 | $ 31,000 | $ (148,000) | $ (2,000) |
Note A - Restatement of Previ55
Note A - Restatement of Previously Reported Consolidated Financial Statements - Consolidated Statement Cash Flows (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | $ (2,385,000) | $ 1,291,000 | $ (205,000) | $ (538,000) | $ 4,735,000 | $ 1,032,000 | $ (1,094,000) | $ (773,000) | $ 936,000 | $ 2,195,000 | $ (432,000) | $ 5,671,000 | $ 4,667,000 | $ (809,000) | $ 5,133,000 | ||||||||||||||||||||||||||||
Income from discontinued operations | 2,906,000 | 1,776,000 | 371,000 | ||||||||||||||||||||||||||||||||||||||||
Net Income | $ 3,866,000 | (1,830,000) | 1,563,000 | $ 821,000 | $ (103,000) | (78,000) | 4,649,000 | $ (6,000) | 1,032,000 | (267,000) | (181,000) | 1,026,000 | 3,599,000 | 640,000 | 5,675,000 | 7,573,000 | 967,000 | 5,504,000 | |||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 90,000 | 150,000 | 150,000 | 186,000 | 300,000 | 300,000 | 353,000 | 450,000 | 450,000 | 377,000 | 319,000 | 363,000 | |||||||||||||||||||||||||||||||
Deferred income taxes | 95,000 | 270,000 | (752,000) | 444,000 | (358,000) | (1,304,000) | (78,000) | (2,615,000) | (3,640,000) | (2,423,000) | (6,017,000) | 354,000 | |||||||||||||||||||||||||||||||
Impairments of consumer receivables acquired for liquidation | $ 41,000 | 124,000 | 19,591,000 | 124,000 | 124,000 | 19,591,000 | 164,000 | 19,591,000 | |||||||||||||||||||||||||||||||||||
Stock based compensation | 278,000 | 432,000 | 418,000 | 428,000 | 823,000 | 851,000 | 567,000 | 1,107,000 | 1,368,000 | 686,000 | 1,393,000 | 1,822,000 | |||||||||||||||||||||||||||||||
Loss on sale of available-for-sale securities | 31,000 | (39,000) | 25,000 | 31,000 | (39,000) | 25,000 | 63,000 | 120,000 | 141,000 | 63,000 | 155,000 | 143,000 | |||||||||||||||||||||||||||||||
Unrealized gain on other investments | (62,000) | 307,000 | (152,000) | 642,000 | (246,000) | (296,000) | (359,000) | (68,000) | |||||||||||||||||||||||||||||||||||
Unrealized foreign exchange loss on other investments | 118,000 | (26,000) | 976,000 | 59,000 | 884,000 | 8,000 | 829,000 | ||||||||||||||||||||||||||||||||||||
Reserve for loss on investment | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||
Operating Lease Adjustment | 21,000 | 21,000 | |||||||||||||||||||||||||||||||||||||||||
(Earnings) loss from equity method investment | (2,531,000) | (6,193,000) | (333,000) | (1,494,000) | $ (415,000) | 79,000 | (10,000) | 400,000 | 55,000 | (215,000) | 25,000 | (1,796,000) | (1,827,000) | 390,000 | (1,771,000) | (6,193,000) | 469,000 | (1,986,000) | (10,551,000) | 54,000 | (1,931,000) | ||||||||||||||||||||||
Forgiveness of non-recourse debt | (26,101,000) | (26,101,000) | (26,101,000) | ||||||||||||||||||||||||||||||||||||||||
Changes in: | |||||||||||||||||||||||||||||||||||||||||||
Prepaid and income taxes receivable | 819,000 | (163,000) | 1,204,000 | 113,000 | 495,000 | 1,496,000 | 2,512,000 | 644,000 | 1,496,000 | 6,398,000 | (6,951,000) | 852,000 | |||||||||||||||||||||||||||||||
Due from third party collection agencies and attorneys | 352,000 | (24,000) | 490,000 | 269,000 | (430,000) | 376,000 | 263,000 | (166,000) | 297,000 | 132,000 | (310,000) | ||||||||||||||||||||||||||||||||
Other assets | (2,360,000) | (2,185,000) | 75,000 | (2,235,000) | (3,244,000) | (425,000) | (2,444,000) | (3,153,000) | (458,000) | (1,582,000) | (2,814,000) | 326,000 | |||||||||||||||||||||||||||||||
Income taxes payable | |||||||||||||||||||||||||||||||||||||||||||
Other liabilities | (493,000) | (1,180,000) | (590,000) | 1,572,000 | (1,483,000) | (640,000) | 1,911,000 | (848,000) | (703,000) | 1,566,000 | 902,000 | (355,000) | |||||||||||||||||||||||||||||||
Changes in net assets and liabilities related to discontinued operations | (479,000) | (1,172,000) | (351,000) | (3,951,000) | (3,580,000) | (2,230,000) | (6,649,000) | (8,172,000) | (2,882,000) | (13,007,000) | (11,021,000) | (7,832,000) | |||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | (1,542,000) | (3,282,000) | (95,000) | (2,797,000) | (6,089,000) | (788,000) | (5,025,000) | (9,605,000) | 300,000 | (9,318,000) | (21,993,000) | (7,571,000) | |||||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||
Purchase of consumer receivables acquired for liquidation | (6,051,000) | (139,000) | (520,000) | (6,185,000) | (1,925,000) | (969,000) | (6,936,000) | (2,009,000) | (3,702,000) | (8,162,000) | (2,110,000) | (5,078,000) | |||||||||||||||||||||||||||||||
Principal collected on consumer receivables acquired for liquidation | 2,299,000 | 4,609,000 | 5,615,000 | 4,677,000 | 9,169,000 | 11,117,000 | 7,301,000 | 13,243,000 | 16,289,000 | 9,628,000 | 15,602,000 | 21,076,000 | |||||||||||||||||||||||||||||||
Purchase of available-for-sale securities | (7,136,000) | (5,443,000) | (5,618,000) | (7,419,000) | (12,326,000) | (15,920,000) | (11,704,000) | (17,564,000) | (19,845,000) | (12,019,000) | (17,843,000) | (20,111,000) | |||||||||||||||||||||||||||||||
Proceeds from sales of available-for-sale securities | 12,303,000 | 5,020,000 | 5,000,000 | 12,303,000 | 8,704,000 | 5,000,000 | 16,302,000 | 13,677,000 | 8,684,000 | 16,302,000 | 24,178,000 | 12,560,000 | |||||||||||||||||||||||||||||||
Increase in equity method investment | 5,827,000 | (1,152,000) | (5,384,000) | 3,471,000 | (1,537,000) | 4,379,000 | 1,826,000 | (4,932,000) | 3,876,000 | 2,720,000 | (6,471,000) | 4,737,000 | |||||||||||||||||||||||||||||||
Purchase of non-controlling interest | (800,000) | (800,000) | (800,000) | (800,000) | |||||||||||||||||||||||||||||||||||||||
Investments in personal injury claims — advances | |||||||||||||||||||||||||||||||||||||||||||
Investments in personal injury claims — receipts | |||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (65,000) | (31,000) | (120,000) | (126,000) | (168,000) | (1,000) | |||||||||||||||||||||||||||||||||||||
Cash flows from investing activities related to discontinued operations: | (2,544,000) | (1,809,000) | (4,921,000) | (4,852,000) | (1,366,000) | (6,756,000) | (7,173,000) | (2,541,000) | (8,002,000) | (11,080,000) | (12,122,000) | ||||||||||||||||||||||||||||||||
Net cash used in investing activities | 3,898,000 | (3,911,000) | 4,273,000 | 1,061,000 | (7,798,000) | (3,347,000) | (804,000) | (9,805,000) | (2,824,000) | (501,000) | (2,723,000) | 1,175,000 | |||||||||||||||||||||||||||||||
Principal collected on consumer receivable accounts represented by account sales | 3,000 | 83,000 | 79,000 | 3,000 | 2,000 | 113,000 | |||||||||||||||||||||||||||||||||||||
Purchase of other investments | (5,000,000) | (5,000,000) | (5,000,000) | (5,000,000) | |||||||||||||||||||||||||||||||||||||||
Cash paid for acquisition (net of cash acquired) | (5,588,000) | (5,588,000) | (5,588,000) | (5,588,000) | |||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from Stock Options Exercised | 469,000 | 47,000 | 470,000 | 30,000 | 872,000 | 470,000 | 40,000 | 1,205,000 | 476,000 | 40,000 | |||||||||||||||||||||||||||||||||
Purchase of treasury stock | (7,180,000) | (8,363,000) | (11,174,000) | (11,174,000) | (1,751,000) | ||||||||||||||||||||||||||||||||||||||
Change in restricted cash | 20,000 | 167,000 | 968,000 | 968,000 | |||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | |||||||||||||||||||||||||||||||||||||||||||
Repayments of non-recourse debt — Bank of Montreal, net | (2,628,000) | (4,982,000) | (9,659,000) | (9,659,000) | |||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities related to discontinued operations: | 4,306,000 | 6,177,000 | (2,500,000) | 7,797,000 | 9,745,000 | 354,000 | 11,056,000 | 14,409,000 | 1,571,000 | 15,824,000 | 19,316,000 | 6,432,000 | |||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (2,874,000) | 6,646,000 | (5,108,000) | (519,000) | 10,215,000 | (4,431,000) | 14,879,000 | (7,080,000) | 5,854,000 | 18,042,000 | (2,219,000) | ||||||||||||||||||||||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations | (518,000) | (547,000) | (2,255,000) | (3,672,000) | (8,566,000) | 754,000 | (4,531,000) | (9,604,000) | (3,965,000) | (6,674,000) | (8,615,000) | ||||||||||||||||||||||||||||||||
Less: net increase in cash, cash equivalents and restricted cash classified within assets related to discontinued operations | (312,000) | 63,000 | (159,000) | 153,000 | 238,000 | (5,075,000) | 1,102,000 | (7,000) | 300,000 | 474,000 | 572,000 | ||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | (830,000) | (484,000) | (2,414,000) | (3,519,000) | (8,328,000) | (283,000) | (3,429,000) | (9,611,000) | (3,665,000) | (6,200,000) | (8,043,000) | ||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | 14,589,000 | 17,533,000 | 19,117,000 | 19,947,000 | 22,718,000 | 22,628,000 | 25,663,000 | 26,147,000 | 24,579,000 | 25,862,000 | 33,260,000 | 34,190,000 | 19,947,000 | 26,147,000 | 34,190,000 | 19,947,000 | 26,147,000 | 34,190,000 | 19,947,000 | 26,147,000 | 34,190,000 | ||||||||||||||||||||||
Cash and cash equivalents at end of year | 16,282,000 | 14,589,000 | 17,533,000 | 19,117,000 | 19,947,000 | 22,718,000 | 22,628,000 | 25,663,000 | 26,147,000 | 24,579,000 | 25,862,000 | 33,260,000 | 17,533,000 | 22,628,000 | 25,862,000 | 14,589,000 | 22,718,000 | 24,579,000 | 16,282,000 | 19,947,000 | 26,147,000 | ||||||||||||||||||||||
Previously Reported [Member] | |||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | (2,201,000) | 1,741,000 | 243,000 | [1] | (160,000) | [2] | 4,827,000 | [2] | 947,000 | [1] | (916,000) | (218,000) | [1] | 932,000 | [1] | 1,670,000 | [1] | (74,000) | [1] | 6,202,000 | [2] | 7,535,000 | (132,000) | 6,042,000 | |||||||||||||||||||
Income from discontinued operations | 2,937,000 | 2,159,000 | 317,000 | ||||||||||||||||||||||||||||||||||||||||
Net Income | 3,196,000 | [3] | (1,831,000) | [3] | 1,806,000 | [1] | 161,000 | [3] | 345,000 | [3] | 370,000 | [1],[3] | 4,687,000 | [3] | 75,000 | [3] | 947,000 | [1],[3] | (25,000) | [1],[3] | 715,000 | [1],[3] | 1,022,000 | [1],[3] | 3,171,000 | [1],[3] | 876,000 | [3] | 5,709,000 | [1],[3] | 10,472,000 | 2,027,000 | 6,359,000 | ||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 120,000 | [1] | 150,000 | [1] | 150,000 | [1] | 246,000 | [1] | 300,000 | [1] | 300,000 | [1] | 442,000 | [1] | 459,000 | [1] | 450,000 | [1] | 497,000 | 319,000 | 363,000 | ||||||||||||||||||||||
Deferred income taxes | (876,000) | [1] | (121,000) | [1] | (446,000) | [1] | (1,202,000) | [1] | (144,000) | [1] | (863,000) | [1] | (662,000) | [1] | (485,000) | [1] | (773,000) | [1] | (3,251,000) | (5,343,000) | 446,000 | ||||||||||||||||||||||
Impairments of consumer receivables acquired for liquidation | 41,000 | [2] | 124,000 | 19,591,000 | [2] | 124,000 | [1] | 124,000 | [1] | 19,591,000 | [1],[2] | 164,000 | 19,591,000 | ||||||||||||||||||||||||||||||
Stock based compensation | 283,000 | [1] | 432,000 | [1] | 418,000 | [1] | 428,000 | [1] | 841,000 | [1] | 841,000 | [1] | 567,000 | [1] | 1,136,000 | [1] | 1,290,000 | [1] | 686,000 | 1,434,000 | 1,744,000 | ||||||||||||||||||||||
Loss on sale of available-for-sale securities | 31,000 | [1] | (39,000) | [1] | 25,000 | [1] | 31,000 | [1] | (39,000) | [1] | 25,000 | [1] | 63,000 | [1] | 120,000 | [1] | 141,000 | [1] | 63,000 | 155,000 | 143,000 | ||||||||||||||||||||||
Unrealized gain on other investments | (62,000) | [1] | [1] | (152,000) | [1] | [1] | (246,000) | [1] | (296,000) | [1] | (359,000) | (68,000) | |||||||||||||||||||||||||||||||
Unrealized foreign exchange loss on other investments | 118,000 | [1] | (26,000) | [1] | 975,000 | [1] | 59,000 | [1] | 884,000 | [1] | 8,000 | 829,000 | |||||||||||||||||||||||||||||||
Reserve for loss on investment | 1,000,000 | [1] | 1,000,000 | [1] | 1,000,000 | ||||||||||||||||||||||||||||||||||||||
Operating Lease Adjustment | 21,000 | [1] | 21,000 | ||||||||||||||||||||||||||||||||||||||||
(Earnings) loss from equity method investment | [2] | [2] | [1] | [2] | [2] | [2] | [1],[2] | [2] | [2] | [2] | [1],[2] | [1] | [1],[2] | [1],[2] | [1],[2] | [1],[2] | [1],[2] | ||||||||||||||||||||||||||
Forgiveness of non-recourse debt | [2] | [2] | [2] | (26,101,000) | [2] | [2] | [2] | (26,101,000) | [1],[2] | (26,101,000) | |||||||||||||||||||||||||||||||||
Changes in: | |||||||||||||||||||||||||||||||||||||||||||
Prepaid and income taxes receivable | 906,000 | [1] | 219,000 | [1] | 1,245,000 | [1] | 169,000 | [1] | 430,000 | [1] | 1,496,000 | [1] | 2,064,000 | [1] | 430,000 | [1] | 1,496,000 | [1] | 5,864,000 | (6,314,000) | 1,066,000 | ||||||||||||||||||||||
Due from third party collection agencies and attorneys | 493,000 | [1] | 93,000 | [1] | 490,000 | [1] | 372,000 | [1] | (217,000) | [1] | (385,000) | [1] | 341,000 | [1] | 38,000 | [1] | 31,000 | [1] | 417,000 | (396,000) | 143,000 | ||||||||||||||||||||||
Other assets | (423,000) | [1] | (686,000) | [1] | (327,000) | [1] | (392,000) | [1] | (2,919,000) | [1] | (529,000) | [1] | (964,000) | [1] | (1,680,000) | [1] | (596,000) | [1] | (597,000) | (2,551,000) | (1,592,000) | ||||||||||||||||||||||
Income taxes payable | 493,000 | ||||||||||||||||||||||||||||||||||||||||||
Other liabilities | (219,000) | [1] | (735,000) | [1] | (736,000) | [1] | 2,018,000 | [1] | (29,000) | [1] | (417,000) | [1] | 2,686,000 | [1] | 372,000 | [1] | (119,000) | [1] | 2,475,000 | (489,000) | 745,000 | ||||||||||||||||||||||
Changes in net assets and liabilities related to discontinued operations | (2,049,000) | [1] | (2,212,000) | [1] | [1] | (5,164,000) | [1] | (5,025,000) | [1] | (1,746,000) | [1] | (7,770,000) | [1] | (9,233,000) | [1] | (2,921,000) | [1] | (13,515,000) | (11,676,000) | (6,547,000) | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | 501,000 | [1] | (2,601,000) | [1] | 2,215,000 | [1] | (2,117,000) | [1] | (4,810,000) | [1] | 388,000 | [1] | 2,900,000 | [1] | (6,950,000) | [1] | 1,778,000 | [1] | 4,438,000 | (22,073,000) | (3,640,000) | ||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||
Purchase of consumer receivables acquired for liquidation | (4,419,000) | [1] | [1] | (520,000) | [1] | (6,141,000) | [1] | (1,621,000) | [1] | (969,000) | [1] | (6,470,000) | [1] | (2,009,000) | [1] | (3,702,000) | [1] | (8,162,000) | (2,110,000) | (5,078,000) | |||||||||||||||||||||||
Principal collected on consumer receivables acquired for liquidation | 2,184,000 | [1] | 3,713,000 | [1] | 5,556,000 | [1] | 4,841,000 | [1] | 8,887,000 | [1] | 10,984,000 | [1] | 7,414,000 | [1] | 12,567,000 | [1] | 15,950,000 | [1] | 9,286,000 | 15,944,000 | 20,271,000 | ||||||||||||||||||||||
Purchase of available-for-sale securities | (7,136,000) | [1] | (5,443,000) | [1] | (5,618,000) | [1] | (7,419,000) | [1] | (12,326,000) | [1] | (15,920,000) | [1] | (11,704,000) | [1] | (17,564,000) | [1] | (19,845,000) | [1] | (12,020,000) | (17,843,000) | (20,111,000) | ||||||||||||||||||||||
Proceeds from sales of available-for-sale securities | 12,303,000 | [1] | 5,020,000 | [1] | 5,000,000 | [1] | 12,303,000 | [1] | 8,704,000 | [1] | 5,000,000 | [1] | 16,302,000 | [1] | 13,677,000 | [1] | 8,684,000 | [1] | 16,302,000 | 24,178,000 | 12,560,000 | ||||||||||||||||||||||
Increase in equity method investment | [1] | [1] | [1] | [1] | [1] | [1] | [1] | [1] | [1] | ||||||||||||||||||||||||||||||||||
Purchase of non-controlling interest | (800,000) | [1] | (800,000) | [1] | (800,000) | [1] | (800,000) | ||||||||||||||||||||||||||||||||||||
Investments in personal injury claims — advances | (36,890,000) | (25,077,000) | (22,218,000) | ||||||||||||||||||||||||||||||||||||||||
Investments in personal injury claims — receipts | 25,269,000 | 20,761,000 | 25,624,000 | ||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (65,000) | [1] | (27,000) | [1] | (123,000) | [1] | (138,000) | [1] | (175,000) | (90,000) | |||||||||||||||||||||||||||||||||
Cash flows from investing activities related to discontinued operations: | (2,544,000) | [1] | (1,843,000) | [1] | (4,921,000) | [1] | (4,852,000) | [1] | (1,366,000) | [1] | (6,756,000) | [1] | (7,173,000) | [1] | (2,541,000) | [1] | (8,002,000) | (11,080,000) | (6,534,000) | ||||||||||||||||||||||||
Net cash used in investing activities | 1,624,000 | [1] | (4,576,000) | [1] | 4,099,000 | [1] | (678,000) | [1] | (7,829,000) | [1] | (2,419,000) | [1] | (9,153,000) | [1] | (10,441,000) | [1] | (3,016,000) | [1] | (15,192,000) | (315,000) | (1,048,000) | ||||||||||||||||||||||
Principal collected on consumer receivable accounts represented by account sales | 3,000 | [1] | [1] | 2,000 | [1] | 1,000 | [1] | 2,000 | 26,000 | ||||||||||||||||||||||||||||||||||
Purchase of other investments | (5,000,000) | [1] | (5,000,000) | [1] | (5,000,000) | [1] | (5,000,000) | ||||||||||||||||||||||||||||||||||||
Cash paid for acquisition (net of cash acquired) | (5,588,000) | [1] | (5,588,000) | [1] | (5,588,000) | [1] | (5,588,000) | ||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from Stock Options Exercised | 468,000 | [1] | 47,000 | [1] | 469,000 | [1] | 30,000 | [1] | 872,000 | [1] | 469,000 | [1] | 40,000 | [1] | 1,204,000 | 476,000 | 40,000 | ||||||||||||||||||||||||||
Purchase of treasury stock | (7,180,000) | [1] | (8,363,000) | [1] | (11,174,000) | [1] | (11,174,000) | (1,751,000) | |||||||||||||||||||||||||||||||||||
Change in restricted cash | 20,000 | [1] | 167,000 | [1] | 968,000 | [1] | 968,000 | ||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | (438,000) | [1] | (229,000) | [1] | (282,000) | [1] | (789,000) | [1] | (466,000) | [1] | (680,000) | [1] | (1,139,000) | [1] | (754,000) | [1] | (837,000) | [1] | (1,489,000) | (996,000) | (1,057,000) | ||||||||||||||||||||||
Repayments of non-recourse debt — Bank of Montreal, net | (2,628,000) | [1] | (4,982,000) | [1] | (9,659,000) | [1] | (9,659,000) | ||||||||||||||||||||||||||||||||||||
Cash flows from financing activities related to discontinued operations: | 4,306,000 | [1] | 6,177,000 | [1] | (2,500,000) | [1] | 7,797,000 | [1] | 9,745,000 | [1] | 354,000 | [1] | 11,056,000 | [1] | 14,409,000 | [1] | 1,571,000 | [1] | 15,824,000 | 19,316,000 | 6,432,000 | ||||||||||||||||||||||
Net cash (used in) provided by financing activities | (3,312,000) | [1] | 6,416,000 | [1] | (5,390,000) | [1] | (1,308,000) | [1] | 9,748,000 | [1] | (5,111,000) | [1] | 14,124,000 | [1] | (7,917,000) | [1] | 4,365,000 | 17,045,000 | (3,276,000) | ||||||||||||||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations | (1,187,000) | (761,000) | (4,103,000) | (2,891,000) | (7,142,000) | (385,000) | [1] | (3,267,000) | (9,155,000) | (6,389,000) | (5,343,000) | (7,964,000) | |||||||||||||||||||||||||||||||
Less: net increase in cash, cash equivalents and restricted cash classified within assets related to discontinued operations | (312,000) | 63,000 | (159,000) | 153,000 | 238,000 | (6,638,000) | 1,102,000 | (7,000) | 300,000 | 474,000 | 572,000 | ||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | (1,499,000) | [1] | (698,000) | [1] | (4,262,000) | [1] | (2,738,000) | [1] | (6,904,000) | [1] | (283,000) | (2,165,000) | [1] | (9,162,000) | [1] | (6,089,000) | (4,869,000) | (7,392,000) | |||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | [1] | 15,997,000 | [4] | 18,656,000 | [4] | 21,419,000 | [4] | 22,918,000 | [5] | 25,622,000 | [4] | 25,049,000 | [4] | 27,089,000 | [4] | 27,787,000 | 26,017,000 | 28,275,000 | 36,103,000 | 35,179,000 | 22,918,000 | [5] | 27,787,000 | 35,179,000 | 22,918,000 | [5] | 27,787,000 | 35,179,000 | 22,918,000 | [5] | 27,787,000 | 35,179,000 | |||||||||||
Cash and cash equivalents at end of year | 16,829,000 | [5] | 15,997,000 | [1],[4] | 18,656,000 | [1],[4] | 21,419,000 | [1],[4] | 22,918,000 | [1],[5] | 25,622,000 | [1],[4] | 25,049,000 | [1],[4] | 27,089,000 | [1],[4] | 27,787,000 | [1] | 26,017,000 | [1] | 28,275,000 | [1] | 36,103,000 | [1] | 18,656,000 | [1],[4] | 25,049,000 | [1],[4] | 28,275,000 | [1] | 15,997,000 | [1],[4] | 25,622,000 | [1],[4] | 26,017,000 | [1] | 16,829,000 | [5] | 22,918,000 | [1],[5] | 27,787,000 | [1] | |
Restatement Adjustment [Member] | |||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | (184,000) | (77,000) | (448,000) | (378,000) | (92,000) | 85,000 | (634,000) | (555,000) | 4,000 | 525,000 | (358,000) | (531,000) | (2,868,000) | (677,000) | (909,000) | ||||||||||||||||||||||||||||
Income from discontinued operations | (31,000) | (383,000) | 54,000 | ||||||||||||||||||||||||||||||||||||||||
Net Income | 670,000 | 1,000 | (243,000) | 660,000 | (448,000) | (448,000) | (38,000) | (81,000) | 85,000 | (242,000) | (896,000) | 4,000 | 428,000 | (236,000) | (34,000) | (2,899,000) | (1,060,000) | (855,000) | |||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (30,000) | (60,000) | (89,000) | (9,000) | (120,000) | ||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 971,000 | 391,000 | (306,000) | 1,646,000 | (214,000) | (441,000) | 584,000 | (2,130,000) | (2,867,000) | 1,279,000 | (547,000) | (90,000) | |||||||||||||||||||||||||||||||
Impairments of consumer receivables acquired for liquidation | 1,000 | ||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | (5,000) | (18,000) | 10,000 | (29,000) | 78,000 | (41,000) | 78,000 | ||||||||||||||||||||||||||||||||||||
Loss on sale of available-for-sale securities | |||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on other investments | 307,000 | 642,000 | |||||||||||||||||||||||||||||||||||||||||
Unrealized foreign exchange loss on other investments | 1,000 | ||||||||||||||||||||||||||||||||||||||||||
Reserve for loss on investment | |||||||||||||||||||||||||||||||||||||||||||
Operating Lease Adjustment | |||||||||||||||||||||||||||||||||||||||||||
(Earnings) loss from equity method investment | (2,531,000) | [6] | (6,193,000) | [6] | (333,000) | [6] | (1,494,000) | [6] | (415,000) | [6] | 79,000 | (10,000) | [6] | 400,000 | [6] | 55,000 | [6] | (215,000) | [6] | 25,000 | [6] | (1,796,000) | [6] | (1,827,000) | [6] | 390,000 | [6] | (1,771,000) | [6] | (6,193,000) | [6] | 469,000 | [6] | (1,986,000) | [6] | (10,551,000) | 54,000 | (1,931,000) | |||||
Forgiveness of non-recourse debt | |||||||||||||||||||||||||||||||||||||||||||
Changes in: | |||||||||||||||||||||||||||||||||||||||||||
Prepaid and income taxes receivable | (87,000) | (382,000) | (41,000) | (56,000) | 65,000 | 448,000 | 214,000 | 534,000 | (637,000) | (214,000) | |||||||||||||||||||||||||||||||||
Due from third party collection agencies and attorneys | (141,000) | (117,000) | (103,000) | (213,000) | (11,000) | 35,000 | 225,000 | (197,000) | (120,000) | 528,000 | (453,000) | ||||||||||||||||||||||||||||||||
Other assets | (1,937,000) | (1,499,000) | 402,000 | (1,843,000) | (325,000) | 104,000 | (1,480,000) | (1,473,000) | 138,000 | (985,000) | (263,000) | 1,918,000 | |||||||||||||||||||||||||||||||
Income taxes payable | (493,000) | ||||||||||||||||||||||||||||||||||||||||||
Other liabilities | (274,000) | (445,000) | 146,000 | (446,000) | (1,454,000) | (223,000) | (775,000) | (1,220,000) | (584,000) | (909,000) | 1,391,000 | (1,100,000) | |||||||||||||||||||||||||||||||
Changes in net assets and liabilities related to discontinued operations | 1,570,000 | 1,040,000 | (351,000) | 1,213,000 | 1,445,000 | (484,000) | 1,121,000 | 1,061,000 | 39,000 | 508,000 | 655,000 | (1,285,000) | |||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | (2,043,000) | (681,000) | (2,310,000) | (680,000) | (1,279,000) | (1,176,000) | (7,925,000) | (2,655,000) | (1,478,000) | (13,756,000) | 80,000 | (3,931,000) | |||||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||
Purchase of consumer receivables acquired for liquidation | (1,632,000) | (139,000) | (44,000) | (304,000) | (466,000) | ||||||||||||||||||||||||||||||||||||||
Principal collected on consumer receivables acquired for liquidation | 115,000 | 896,000 | 59,000 | (164,000) | 282,000 | 133,000 | (113,000) | 676,000 | 339,000 | 342,000 | (342,000) | 805,000 | |||||||||||||||||||||||||||||||
Purchase of available-for-sale securities | 1,000 | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of available-for-sale securities | |||||||||||||||||||||||||||||||||||||||||||
Increase in equity method investment | 5,827,000 | (1,152,000) | (5,384,000) | 3,471,000 | (1,537,000) | 4,379,000 | 1,826,000 | (4,932,000) | 3,876,000 | 2,720,000 | (6,471,000) | 4,737,000 | |||||||||||||||||||||||||||||||
Purchase of non-controlling interest | |||||||||||||||||||||||||||||||||||||||||||
Investments in personal injury claims — advances | 36,890,000 | 25,077,000 | 22,218,000 | ||||||||||||||||||||||||||||||||||||||||
Investments in personal injury claims — receipts | (25,269,000) | (20,761,000) | (25,624,000) | ||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (4,000) | 3,000 | 12,000 | 7,000 | 89,000 | ||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities related to discontinued operations: | 34,000 | ||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | 2,274,000 | 665,000 | 174,000 | 1,739,000 | 31,000 | (928,000) | 8,349,000 | 636,000 | 192,000 | 14,691,000 | (2,408,000) | 2,223,000 | |||||||||||||||||||||||||||||||
Principal collected on consumer receivable accounts represented by account sales | 83,000 | 77,000 | 2,000 | 87,000 | |||||||||||||||||||||||||||||||||||||||
Purchase of other investments | |||||||||||||||||||||||||||||||||||||||||||
Cash paid for acquisition (net of cash acquired) | |||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from Stock Options Exercised | 1,000 | 1,000 | 1,000 | 1,000 | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | |||||||||||||||||||||||||||||||||||||||||||
Change in restricted cash | |||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | 438,000 | 229,000 | 282,000 | 789,000 | 466,000 | 680,000 | 1,139,000 | 754,000 | 837,000 | 1,489,000 | 996,000 | 1,057,000 | |||||||||||||||||||||||||||||||
Repayments of non-recourse debt — Bank of Montreal, net | |||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities related to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | 438,000 | 230,000 | 282,000 | 789,000 | 467,000 | 680,000 | 755,000 | 837,000 | 1,489,000 | 997,000 | 1,057,000 | ||||||||||||||||||||||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations | 669,000 | 214,000 | 1,848,000 | (781,000) | (1,424,000) | 1,139,000 | (1,264,000) | (449,000) | 2,424,000 | (1,331,000) | (651,000) | ||||||||||||||||||||||||||||||||
Less: net increase in cash, cash equivalents and restricted cash classified within assets related to discontinued operations | 1,563,000 | ||||||||||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | 669,000 | 214,000 | 1,848,000 | (781,000) | (1,424,000) | (1,264,000) | (449,000) | 2,424,000 | (1,331,000) | (651,000) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | (1,408,000) | [7] | (1,123,000) | [7] | (2,302,000) | [7] | (2,971,000) | (2,904,000) | [7] | (2,421,000) | [7] | (1,426,000) | [7] | (1,640,000) | (1,438,000) | (2,413,000) | (2,843,000) | (989,000) | (2,971,000) | (1,640,000) | (989,000) | (2,971,000) | (1,640,000) | (989,000) | (2,971,000) | (1,640,000) | (989,000) | ||||||||||||||||
Cash and cash equivalents at end of year | $ (547,000) | $ (1,408,000) | [7] | $ (1,123,000) | [7] | $ (2,302,000) | [7] | $ (2,971,000) | $ (2,904,000) | [7] | $ (2,421,000) | [7] | $ (1,426,000) | [7] | $ (1,640,000) | $ (1,438,000) | $ (2,413,000) | $ (2,843,000) | $ (1,123,000) | [7] | $ (2,421,000) | [7] | $ (2,413,000) | $ (1,408,000) | [7] | $ (2,904,000) | [7] | $ (1,438,000) | $ (547,000) | $ (2,971,000) | $ (1,640,000) | ||||||||||||
[1] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | ||||||||||||||||||||||||||||||||||||||||||
[2] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | ||||||||||||||||||||||||||||||||||||||||||
[3] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | ||||||||||||||||||||||||||||||||||||||||||
[4] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | ||||||||||||||||||||||||||||||||||||||||||
[5] | In connection with the Company determining it lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods, the Company has corrected the presentation and has now accounted for its investment in Pegasus under the equity method in accordance with ASC 810 - Consolidation and US GAAP. The correction of the error has resulted in a reduction in total revenues of $20,212,000, $8,482,000 and $7,134,000 for the years ended September 30, 2016, 2015 and 2014, respectively, a reduction in expenses of $7,151,000, $8,425,000 and $4,845,000 for the years ended September 30, 2016, 2015 and 2014, respectively, and a decrease in non-controlling interest of $2,612,000, $11,000 and $458,000 for the years ended September 30, 2016, 2015 and 2014, respectively. This change to the equity method of accounting had no effect on net income during the Non-Reliance Periods. Additionally, there were other corrections made to the Pegasus financial statements which have been included in the adjustment column in the restatement tables, which are included in #6, below. | ||||||||||||||||||||||||||||||||||||||||||
[6] | In connection with the Company determining it lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods, the Company has corrected the presentation and has now accounted for its investment in Pegasus under the equity method in accordance with US GAAP. | ||||||||||||||||||||||||||||||||||||||||||
[7] | In connection with the Company determining it lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods, the Company has corrected the presentation and has now accounted for its investment in Pegasus under the equity method in accordance with US GAAP. |
Note B - The Company and Its 56
Note B - The Company and Its Significant Accounting Policies (Restated) (Details Textual) - USD ($) | Dec. 28, 2011 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Nov. 08, 2016 | Dec. 31, 2013 | Mar. 31, 2007 |
Increase (Decrease) Due from Other Related Parties | $ 7,700,000 | ||||||
Percentage of Related Party Revenue | 21.00% | ||||||
Collection by Company's Third Party | $ 28,840,000 | $ 34,742,000 | $ 40,635,000 | ||||
Worth of Portfolio | 4,200,000 | ||||||
Cash, Uninsured Amount | 14,000,000 | ||||||
Restricted Cash, Total | $ 500,000 | $ 200,000 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 300,470 | 418,962 | 960,559 | ||||
Weighted Average Exercise Price | $ 9.82 | $ 9.57 | $ 12.12 | ||||
Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||
Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 7 years | ||||||
Pegasus Legal Funding LLC [Member] | |||||||
Equity Method Investment, Other than Temporary Impairment | $ 0 | $ 0 | $ 0 | ||||
Palisades XVI [Member] | Great Seneca [Member] | |||||||
Worth of Portfolio | $ 300,000,000 | ||||||
Pegasus Legal Funding LLC [Member] | |||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 80.00% | 50.00% | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% | ||||||
Voting Agreement, Related Party Maximum Percentage of Voting Right | 50.00% | ||||||
Equity Method Investment, Ownership Percentage | 80.00% | ||||||
Pegasus Legal Funding LLC [Member] | Pegasus [Member] | |||||||
Voting Agreement, Related Party Maximum Percentage of Voting Right | 50.00% | ||||||
CBC [Member] | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% |
Note B - The Company and Its 57
Note B - The Company and Its Significant Accounting Policies - Computation of Basic and Diluted Per Share Data (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | $ (2,385,000) | $ 1,291,000 | $ (205,000) | $ (538,000) | $ 4,735,000 | $ 1,032,000 | $ (1,094,000) | $ (773,000) | $ 936,000 | $ 2,195,000 | $ (432,000) | $ 5,671,000 | $ 4,667,000 | $ (809,000) | $ 5,133,000 | ||||||
Income net of tax from discontinued operations | 2,906,000 | 1,776,000 | 371,000 | ||||||||||||||||||
Net Income | $ 3,866,000 | $ (1,830,000) | $ 1,563,000 | $ 821,000 | $ (103,000) | $ (78,000) | $ 4,649,000 | $ (6,000) | $ 1,032,000 | $ (267,000) | $ (181,000) | $ 1,026,000 | $ 3,599,000 | $ 640,000 | $ 5,675,000 | $ 7,573,000 | $ 967,000 | $ 5,504,000 | |||
Continuing Operations (in dollars per share) | $ 0.21 | $ 0.27 | $ (0.20) | $ 0.11 | $ (0.03) | $ 0.02 | $ (0.04) | $ (0.02) | $ (0.04) | $ 0.36 | $ (0.01) | $ 0.08 | $ (0.09) | $ (0.06) | $ 0.07 | $ 0.18 | $ (0.03) | $ 0.44 | $ 0.39 | $ (0.06) | $ 0.39 |
Discontinued Operations (in dollars per share) | 0.12 | 0.05 | 0.05 | 0.02 | 0.05 | 0.04 | 0.03 | 0.01 | 0.03 | (0.01) | 0.01 | 0.07 | 0.05 | 0.01 | 0.12 | 0.08 | 0 | 0.24 | 0.13 | 0.03 | |
(in dollars per share) | 0.33 | 0.32 | (0.15) | 0.13 | 0.02 | 0.06 | (0.01) | (0.01) | (0.01) | 0.35 | 0 | 0.08 | (0.02) | (0.01) | 0.08 | 0.30 | 0.05 | 0.44 | 0.63 | 0.07 | 0.42 |
Continuing Operations (in dollars per share) | 0.19 | 0.26 | (0.20) | 0.10 | (0.03) | 0.02 | (0.04) | (0.02) | (0.04) | 0.36 | (0.01) | 0.08 | (0.09) | (0.06) | 0.07 | 0.18 | (0.03) | 0.43 | 0.37 | (0.06) | 0.39 |
Discontinued Operations (in dollars per share) | 0.12 | 0.05 | 0.05 | 0.02 | 0.05 | 0.04 | 0.03 | 0.01 | 0.03 | (0.01) | 0.01 | 0.07 | 0.05 | 0.01 | 0.11 | 0.08 | 0 | 0.24 | 0.13 | 0.03 | |
(in dollars per share) | $ 0.31 | $ 0.31 | $ (0.15) | $ 0.12 | $ 0.02 | $ 0.06 | $ (0.01) | $ (0.01) | $ (0.01) | $ 0.35 | $ 0 | $ 0.08 | $ (0.02) | $ (0.01) | $ 0.08 | $ 0.29 | $ 0.05 | $ 0.43 | $ 0.61 | $ 0.07 | $ 0.42 |
Weighted-average shares outstanding: | |||||||||||||||||||||
Basic (in shares) | 12,023,077 | 11,897,139 | 12,076,120 | 12,155,421 | 13,042,169 | 13,060,839 | 13,060,839 | 13,013,719 | 12,985,838 | 12,984,882 | 12,979,350 | 12,974,239 | 12,115,987 | 13,036,938 | 12,976,766 | 12,023,156 | 13,044,905 | 12,979,472 | 11,996,500 | 13,044,215 | 12,981,076 |
Dilutive effect of stock options (in shares) | 512,061 | 270,390 | 224,857 | ||||||||||||||||||
Diluted (in shares) | 12,672,973 | 12,433,424 | 12,076,120 | 12,431,886 | 13,323,796 | 13,313,406 | 13,060,839 | 13,013,719 | 13,199,636 | 13,214,703 | 12,979,350 | 13,200,084 | 12,115,987 | 13,036,938 | 13,204,671 | 12,294,073 | 13,311,776 | 13,208,015 | 12,508,561 | 13,314,605 | 13,205,933 |
Note C - Discontinued Operati58
Note C - Discontinued Operations (Details Textual) - USD ($) | Dec. 13, 2017 | Jan. 01, 2016 | Dec. 31, 2015 | Mar. 01, 2015 | Dec. 31, 2013 | Sep. 29, 2014 | Sep. 30, 2016 | Jul. 08, 2016 | Sep. 30, 2015 | Sep. 25, 2015 | Nov. 26, 2014 | May 02, 2014 |
Line of Credit Facility, Current Borrowing Capacity | $ 20,000,000 | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000,000 | |||||||||||
Other Long-term Debt, Total | $ 67,435,000 | $ 51,611,000 | ||||||||||
CBC [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 80.00% | 100.00% | ||||||||||
Business Combination, Consideration Transferred, Total | $ 1,800,000 | $ 5,900,000 | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% | |||||||||||
Payments to Acquire Businesses, Gross | $ 800,000 | |||||||||||
Employment Agreement Term | 2 years | |||||||||||
Employee Agreement Renewal Term | 1 year | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total | 25,900,000 | |||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 12,500,000 | |||||||||||
Debt Instrument, Floor Interest Rate | 4.10% | 5.50% | 4.75% | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | $ 22,000,000 | ||||||||||
Other Long-term Debt, Total | $ 67,400,000 | |||||||||||
Long-term Line of Credit, Total | 10,153,000 | 4,623,000 | ||||||||||
Notes Payable, Noncurrent, Total | 57,282,000 | $ 46,988,000 | ||||||||||
CBC [Member] | Secured Debt [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 14,800,000 | $ 16,600,000 | $ 21,800,000 | |||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.85% | 5.10% | 5.40% | |||||||||
CBC [Member] | Principal One [Member] | ||||||||||||
Payments to Acquire Businesses, Gross | 400,000 | |||||||||||
CBC [Member] | Restricted Stock [Member] | ||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 1,000,000 | |||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 123,304 | |||||||||||
Shares Lock-up Period | 1 year | |||||||||||
CBC [Member] | Restricted Stock [Member] | Principal One [Member] | ||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 61,652 | |||||||||||
Shares Issued, Price Per Share | $ 8.11 | |||||||||||
Variable Interest Entity Two [Member] | ||||||||||||
Structured Settlement Amount | 85,700,000 | |||||||||||
Non-Recourse Debt | $ 57,300,000 | |||||||||||
CBC [Member] | Subsequent Event [Member] | ||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 10,500,000 | |||||||||||
Disposal Group, Including Discontinued Operation, Cash Consideration | 4,490,000 | |||||||||||
Disposal Group, Including Discontinued Operation, Promissory Note Consideration | $ 5,750,000 | |||||||||||
Promissory Note Interest Rate, Discontinued Operations | 7.00% |
Note C - Discontinued Operati59
Note C - Discontinued Operations - Financial Statements (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Total assets related to discontinued operations | $ 91,506,000 | $ 84,768,000 | $ 80,087,000 | $ 74,628,000 | $ 70,023,000 | $ 61,947,000 | $ 54,581,000 | $ 48,651,000 | $ 80,087,000 | $ 54,581,000 | $ 84,768,000 | $ 61,947,000 | $ 91,506,000 | $ 70,023,000 | |||||||
Total liabilities related to discontinued operations | 69,238,000 | 64,753,000 | 61,470,000 | 58,216,000 | 54,544,000 | 49,341,000 | 43,379,000 | 39,397,000 | 61,470,000 | 43,379,000 | 64,753,000 | 49,341,000 | 69,238,000 | 54,544,000 | |||||||
Revenue | 14,446,000 | 11,817,000 | $ 5,209,000 | ||||||||||||||||||
General and administrative expenses | 5,623,000 | 5,618,000 | 3,359,000 | ||||||||||||||||||
Operating profit | 8,823,000 | 6,199,000 | 1,850,000 | ||||||||||||||||||
Interest expense | 3,214,000 | 2,396,000 | 1,243,000 | ||||||||||||||||||
Income before income taxes | 5,609,000 | 3,803,000 | 607,000 | ||||||||||||||||||
Income taxes | 2,599,000 | 1,349,000 | 166,000 | ||||||||||||||||||
Net income before non-controlling interest | 1,503,000 | $ 577,000 | $ 555,000 | $ 272,000 | 704,000 | $ 480,000 | $ 465,000 | $ 127,000 | $ 367,000 | $ (86,000) | $ 90,000 | $ 827,000 | $ 592,000 | $ 90,000 | $ 1,404,000 | $ 1,072,000 | $ 4,000 | 3,010,000 | 2,454,000 | 441,000 | |
Non-controlling interest | 104,000 | 678,000 | 70,000 | ||||||||||||||||||
Net income from discontinued operations | 2,906,000 | 1,776,000 | $ 371,000 | ||||||||||||||||||
CBC [Member] | |||||||||||||||||||||
Cash and cash equivalents | 1,198,000 | 1,188,000 | 1,198,000 | 1,188,000 | |||||||||||||||||
Restricted cash | 499,000 | 209,000 | 499,000 | 209,000 | |||||||||||||||||
Structured Settlements | 86,091,000 | 64,636,000 | 86,091,000 | 64,636,000 | |||||||||||||||||
Furniture and equipment (net of accumulated depreciation of $96,000 at September 30, 2016 and $82,000 at September 30, 2015) | 47,000 | 54,000 | 47,000 | 54,000 | |||||||||||||||||
Goodwill | 1,405,000 | 1,405,000 | 1,405,000 | 1,405,000 | |||||||||||||||||
Other assets | 2,266,000 | 2,531,000 | 2,266,000 | 2,531,000 | |||||||||||||||||
Total assets related to discontinued operations | 91,506,000 | 70,023,000 | 91,506,000 | 70,023,000 | |||||||||||||||||
Other Debt - CBC | 67,435,000 | 51,611,000 | 67,435,000 | 51,611,000 | |||||||||||||||||
Other liabilities | 1,803,000 | 2,933,000 | 1,803,000 | 2,933,000 | |||||||||||||||||
Total liabilities related to discontinued operations | $ 69,238,000 | $ 54,544,000 | $ 69,238,000 | $ 54,544,000 |
Note C - Discontinued Operati60
Note C - Discontinued Operations - Financial Statements (Details) (Parentheticals) - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 |
CBC [Member] | ||
Furniture and equipment, accumulated depreciation | $ 96,000 | $ 82,000 |
Note C - Discontinued Operati61
Note C - Discontinued Operations - Components of Structured Settlements (Details) - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 | |
Maturity(1)(2) | [1],[2] | $ 133,059,000 | $ 99,135,000 |
Unearned income | (46,968,000) | (34,499,000) | |
Net carrying value | $ 86,091,000 | $ 64,636,000 | |
[1] | The maturity value represents the aggregate unpaid principal balance at September 30, 2016 and 2015. | ||
[2] | There are no amounts of structured settlements that are past due, or in non-accrual status at September 30, 2016 and 2015. |
Note C - Discontinued Operati62
Note C - Discontinued Operations - Structured Settlements (Details) - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 |
Notes payable secured by settlement receivables with principal and interest outstanding payable, encumbered and unencumbered | $ 86,091,000 | $ 64,636,000 |
Structured Settlement [Member] | ||
$25,000,000 revolving line of credit (3) | 10,153,000 | 4,623,000 |
Structured Settlements Encumbered By Notes Payable Due June 2025 [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, encumbered and unencumbered | 1,862,000 | 2,270,000 |
Structured Settlements Encumbered By Notes Payable Due August 2026 [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, encumbered and unencumbered | 4,242,000 | 4,713,000 |
Structured Settlements Encumbered By Notes Payable Due April 2032 [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, encumbered and unencumbered | 3,987,000 | 4,497,000 |
Structured Settlements Encumbered By Notes Payable Due February 2037 [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, encumbered and unencumbered | 18,979,000 | 20,147,000 |
Structured Settlements Encumbered By Notes Payable Due March 2034 [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, encumbered and unencumbered | 14,507,000 | 15,361,000 |
Structured Settlements Encumbered By Notes Payable Due February 2043 [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, encumbered and unencumbered | 13,705,000 | |
Structured Settlements Encumbered [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, encumbered and unencumbered | 67,435,000 | 51,611,000 |
Structured Settlements Not Encumbered [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, encumbered and unencumbered | $ 18,656,000 | $ 13,025,000 |
Note C - Discontinued Operati63
Note C - Discontinued Operations - Structured Settlements (Details) (Parentheticals) | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Structured Settlements Encumbered By Notes Payable Due June 2025 [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, maturity date | 2025-06 | 2025-06 |
Structured Settlements Encumbered By Notes Payable Due August 2026 [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, maturity date | 2026-08 | 2026-08 |
Structured Settlements Encumbered By Notes Payable Due April 2032 [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, maturity date | 2032-04 | 2032-04 |
Structured Settlements Encumbered By Notes Payable Due February 2037 [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, maturity date | 2037-02 | 2037-02 |
Structured Settlements Encumbered By Notes Payable Due March 2034 [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, maturity date | 2034-03 | 2034-03 |
Structured Settlements Encumbered By Notes Payable Due February 2043 [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, maturity date | 2043-02 | 2043-02 |
Note C - Discontinued Operati64
Note C - Discontinued Operations - Expected Cash Flows of Structured Settlements Based on Maturity Value (Details) - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 | |
September 30, 2017 | $ 9,295,000 | ||
September 30, 2018 | 8,093,000 | ||
September 30, 2019 | 8,122,000 | ||
September 30, 2020 | 7,538,000 | ||
September 30, 2021 | 8,334,000 | ||
Thereafter | 91,677,000 | ||
Total | [1],[2] | $ 133,059,000 | $ 99,135,000 |
[1] | The maturity value represents the aggregate unpaid principal balance at September 30, 2016 and 2015. | ||
[2] | There are no amounts of structured settlements that are past due, or in non-accrual status at September 30, 2016 and 2015. |
Note C - Discontinued Operati65
Note C - Discontinued Operations - Component of Other Debt From Acquisition (Details) - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 |
Other Long-term Debt, Total | $ 67,435,000 | $ 51,611,000 |
CBC [Member] | ||
Interest Rate | 4.10% | |
Notes Payable, Noncurrent, Total | $ 57,282,000 | 46,988,000 |
Long-term Line of Credit, Total | 10,153,000 | 4,623,000 |
Other Long-term Debt, Total | $ 67,400,000 | |
CBC [Member] | Notes Payable Secured by Settlement Receivables with Principal and Interest Outstanding Payable until June 2025 [Member] | ||
Interest Rate | 8.75% | |
Notes Payable, Noncurrent, Total | $ 1,862,000 | 2,270,000 |
CBC [Member] | Notes Payable Secured by Settlement Receivables with Principal and Interest Outstanding Payable until August 2026 [Member] | ||
Interest Rate | 7.25% | |
Notes Payable, Noncurrent, Total | $ 4,242,000 | 4,713,000 |
CBC [Member] | Notes Payable Secured by Settlement Receivables with Principal and Interest Outstanding Payable until April 2032 [Member] | ||
Interest Rate | 7.125% | |
Notes Payable, Noncurrent, Total | $ 3,987,000 | 4,497,000 |
CBC [Member] | Notes Payable Secured by Settlement Receivables with Principal and Interest Outstanding Payable until February 2037 [Member] | ||
Interest Rate | 5.39% | |
Notes Payable, Noncurrent, Total | $ 18,979,000 | 20,147,000 |
CBC [Member] | Notes Payable Secured by Settlement Receivables with Principal and Interest Outstanding Payable until March 2034 [Member] | ||
Interest Rate | 5.07% | |
Notes Payable, Noncurrent, Total | $ 14,507,000 | 15,361,000 |
CBC [Member] | Notes Payable Secured by Settlement Receivables with Principal and Interest Outstanding Payable Until February 2043 [Member] | ||
Interest Rate | 4.85% | |
Notes Payable, Noncurrent, Total | $ 13,705,000 |
Note C - Discontinued Operati66
Note C - Discontinued Operations - Component of Other Debt From Acquisition (Details) (Parentheticals) - CBC [Member] | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Notes Payable Secured by Settlement Receivables with Principal and Interest Outstanding Payable until June 2025 [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, maturity date | 2025-06 | 2025-06 |
Notes Payable Secured by Settlement Receivables with Principal and Interest Outstanding Payable until August 2026 [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, maturity date | 2026-08 | 2026-08 |
Notes Payable Secured by Settlement Receivables with Principal and Interest Outstanding Payable until April 2032 [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, maturity date | 2032-04 | 2032-04 |
Notes Payable Secured by Settlement Receivables with Principal and Interest Outstanding Payable until February 2037 [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, maturity date | 2037-02 | 2037-02 |
Notes Payable Secured by Settlement Receivables with Principal and Interest Outstanding Payable until March 2034 [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, maturity date | 2034-03 | 2034-03 |
Notes Payable Secured by Settlement Receivables with Principal and Interest Outstanding Payable Until February 2043 [Member] | ||
Notes payable secured by settlement receivables with principal and interest outstanding payable, maturity date | 2043-02 | 2043-02 |
Note D - Available-for-Sale I67
Note D - Available-for-Sale Investments (Details Textual) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Number of Investments Sold | 3 | 4 | 5 | |||||||||
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments, Total | $ (31,000) | $ 39,000 | $ (25,000) | $ (31,000) | $ 39,000 | $ (25,000) | $ (63,000) | $ (120,000) | $ (141,000) | $ (63,000) | $ (155,000) | $ (143,000) |
Realized Investment Gains (Losses), Total | $ 92,000 | $ 234,000 | $ 186,000 | |||||||||
Number of Investments | 6 | 6 | ||||||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 2 | 3 | ||||||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 4 | |||||||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 1 |
Note D - Available-for-Sale I68
Note D - Available-for-Sale Investments - Investments Classified as Available-for-sale (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Amortized Cost | $ 55,724,000 | $ 60,069,000 | ||||||
Unrealized Gains | 1,088,000 | 98,000 | ||||||
Unrealized Losses | (49,000) | (440,000) | ||||||
Available-for-sale Securities, Total | $ 56,763,000 | $ 56,744,000 | $ 55,589,000 | $ 55,045,000 | $ 59,727,000 | $ 69,686,000 | $ 70,110,000 | $ 66,991,000 |
Note E - Consumer Receivables69
Note E - Consumer Receivables Acquired for Liquidation (Restated) (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Face Value of Charged-off Consumer Receivables | $ 162.9 | $ 28 |
Purchased Cost of Charged-off Consumer Receivables | $ 8.2 | $ 2.1 |
Fee Charged on Portfolio Purchase | 3.00% |
Note E - Consumer Receivables70
Note E - Consumer Receivables Acquired for Liquidation - Changes In Balance Sheet Account of Consumer Receivables Acquired for Liquidation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Balance | $ 15,057,000 | $ 28,551,000 | $ 15,057,000 | $ 28,551,000 | $ 15,057,000 | $ 28,551,000 | $ 15,057,000 | $ 28,551,000 | |||||||||||||
Acquisitions of receivable portfolio | 6,051,000 | 139,000 | $ 520,000 | 6,185,000 | 1,925,000 | $ 969,000 | 6,936,000 | 2,009,000 | $ 3,702,000 | 8,162,000 | 2,110,000 | $ 5,078,000 | |||||||||
Net cash collections from collection of consumer receivables acquired for liquidation | (28,756,000) | (34,664,000) | |||||||||||||||||||
Net cash collections represented by account sales of consumer receivables acquired for liquidation | (84,000) | (79,000) | |||||||||||||||||||
Impairment | $ (41,000) | $ (124,000) | $ (19,591,000) | (124,000) | (124,000) | (19,591,000) | (164,000) | (19,591,000) | |||||||||||||
Effect of foreign currency translation | 279,000 | (1,426,000) | |||||||||||||||||||
Finance income recognized | 4,333,000 | $ 4,572,000 | $ 4,879,000 | $ 5,106,000 | $ 5,030,000 | $ 5,090,000 | $ 5,454,000 | $ 4,990,000 | $ 5,015,000 | $ 4,984,000 | $ 5,011,000 | $ 4,594,000 | $ 9,985,000 | $ 10,444,000 | $ 9,605,000 | $ 14,557,000 | $ 15,534,000 | $ 14,589,000 | 18,890,000 | 20,564,000 | 19,604,000 |
Balance | $ 13,427,000 | $ 15,057,000 | $ 28,551,000 | $ 13,427,000 | $ 15,057,000 | $ 28,551,000 | |||||||||||||||
Finance income as a percentage of collections | 65.50% | 59.19% |
Note E - Consumer Receivables71
Note E - Consumer Receivables Acquired for Liquidation - Collections Received Less Commissions and Direct Costs (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Gross collections(1) | [1] | $ 49,002,000 | $ 59,198,000 | $ 68,545,000 | ||||||||||||||||||
Less: commissions and fees(2) | $ 5,644,000 | $ 5,741,000 | $ 5,751,000 | $ 5,765,000 | $ 5,553,000 | $ 5,642,000 | $ 5,654,000 | $ 5,149,000 | $ 5,140,000 | $ 5,121,000 | $ 5,097,000 | $ 4,624,000 | $ 11,516,000 | $ 10,803,000 | $ 9,721,000 | $ 17,257,000 | $ 16,445,000 | $ 14,842,000 | 22,901,000 | 21,998,000 | 19,982,000 | |
Net collections | 28,840,000 | 34,742,000 | 40,635,000 | |||||||||||||||||||
Financial Service [Member] | ||||||||||||||||||||||
Less: commissions and fees(2) | [2] | $ 20,162,000 | $ 24,456,000 | $ 27,910,000 | ||||||||||||||||||
[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 commissions 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 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. |
Note F - Litigation Funding (De
Note F - Litigation Funding (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Equity Method Investments | $ 48,582,000 | $ 45,118,000 | $ 37,613,000 | $ 36,418,000 | $ 40,751,000 | $ 39,187,000 | $ 35,881,000 | $ 35,086,000 | $ 37,613,000 | $ 35,881,000 | $ 45,118,000 | $ 39,187,000 | $ 48,582,000 | $ 40,751,000 | |||||||
Income (Loss) from Equity Method Investments, Total | 2,531,000 | $ 6,193,000 | $ 333,000 | 1,494,000 | 415,000 | $ (79,000) | $ 10,000 | (400,000) | $ (55,000) | $ 215,000 | $ (25,000) | $ 1,796,000 | 1,827,000 | (390,000) | $ 1,771,000 | 6,193,000 | (469,000) | $ 1,986,000 | 10,551,000 | (54,000) | $ 1,931,000 |
Payments for (Proceeds from) Investments, Total | $ (5,827,000) | $ 1,152,000 | $ 5,384,000 | $ (3,471,000) | $ 1,537,000 | $ (4,379,000) | $ (1,826,000) | $ 4,932,000 | $ (3,876,000) | (2,720,000) | 6,471,000 | (4,737,000) | |||||||||
Company Investment in Personal Injury | 48,600,000 | 40,800,000 | |||||||||||||||||||
Allowance for Doubtful Accounts Receivable, Ending Balance | 8,500,000 | 5,500,000 | 8,500,000 | 5,500,000 | |||||||||||||||||
Pegasus Legal Funding LLC [Member] | |||||||||||||||||||||
Earnings in Interest and Fees from Invested Venture | 20,300,000 | 8,400,000 | 7,300,000 | ||||||||||||||||||
Allowance for Doubtful Accounts Receivable, Ending Balance | 8,542,000 | 5,459,000 | 2,474,000 | 8,542,000 | 5,459,000 | 2,474,000 | |||||||||||||||
Pegasus Funding LLC [Member] | |||||||||||||||||||||
Equity Method Investments | 48,582,000 | 40,751,000 | $ 34,334,000 | 48,582,000 | 40,751,000 | $ 34,334,000 | |||||||||||||||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions, Total | 7,831,000 | ||||||||||||||||||||
Income (Loss) from Equity Method Investments, Total | 10,551,000 | (54,000) | |||||||||||||||||||
Proceeds from Equity Method Investment, Distribution | 2,720,000 | ||||||||||||||||||||
Increase (Decrease) in Equity Method Investments | 6,417,000 | ||||||||||||||||||||
Payments for (Proceeds from) Investments, Total | 6,471,000 | ||||||||||||||||||||
Equity Method Investment, Summarized Financial Information, Current Liabilities | 34,404,000 | $ 37,124,000 | 34,404,000 | $ 37,124,000 | |||||||||||||||||
Pegasus Legal Funding LLC [Member] | |||||||||||||||||||||
Equity Method Investment, Underlying Equity in Net Assets | 45,300,000 | 45,300,000 | |||||||||||||||||||
Equity Method Investment, Summarized Financial Information, Current Liabilities | $ 34,400,000 | $ 34,400,000 |
Note F - Litigation Funding - E
Note F - Litigation Funding - Equity Method Investments (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Equity Method Investments | $ 48,582,000 | $ 45,118,000 | $ 37,613,000 | $ 36,418,000 | $ 40,751,000 | $ 39,187,000 | $ 35,881,000 | $ 35,086,000 | |
Pegasus Funding LLC [Member] | |||||||||
Equity Method Investments | $ 48,582,000 | $ 40,751,000 | $ 34,334,000 | ||||||
Equity Method Investment, Ownership Percentage | 80.00% | 80.00% |
Note F - Litigation Funding -74
Note F - Litigation Funding - Equity Method Investments Financial Statements (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Pegasus Legal Funding LLC [Member] | |||
Personal injury claims income | $ 20,339,000 | $ 8,358,000 | $ 7,259,000 |
Operating expenses | 7,151,000 | 8,425,000 | 4,846,000 |
(Loss) income from operations | 13,188,000 | (67,000) | 2,413,000 |
Company’s equity income (loss) from operations | 10,551,000 | (54,000) | $ 1,931,000 |
Equity Method Investment, Summarized Financial Information, Current Liabilities | 34,400,000 | ||
Pegasus Funding LLC [Member] | |||
Current assets | 48,828,000 | 39,576,000 | |
Non-current assets | 188,000 | ||
Total Assets | 49,016,000 | 39,576,000 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | 34,404,000 | 37,124,000 | |
Non-current liabilities | 1,053,000 | 593,000 | |
Equity | 13,559,000 | 1,859,000 | |
Total Liabilities and Equity | $ 49,016,000 | $ 39,576,000 |
Note F - Litigation Funding - R
Note F - Litigation Funding - Reserves for Bad Debts (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Balance at beginning of period | $ 5,500,000 | |
Balance at end of period | 8,500,000 | $ 5,500,000 |
Pegasus Legal Funding LLC [Member] | ||
Balance at beginning of period | 5,459,000 | 2,474,000 |
Provisions for losses | 3,785,000 | 3,789,000 |
Write offs | (702,000) | (804,000) |
Balance at end of period | $ 8,542,000 | $ 5,459,000 |
Note G - Matrimonial Claims (De
Note G - Matrimonial Claims (Details Textual) - USD ($) | May 18, 2012 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | May 02, 2014 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000,000 | ||||
Valuation Allowances and Reserves, Other | $ 2,500,000 | ||||
Net Investment Income, Total | 461,000 | $ 0 | $ 0 | ||
Provision for Loan Losses Expensed | 524,000 | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | $ 1,500,000 | |||
Debt Instrument, Term | 2 years | ||||
Line of Credit Facility, Write-off | $ 1,500,000 |
Note H - Furniture and Equipm77
Note H - Furniture and Equipment (Restated) (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Depreciation, Total | $ 377,000 | $ 319,000 | $ 361,000 |
Note H - Furniture & Equipment
Note H - Furniture & Equipment (Restated) - Summary of Furniture and Equipment (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Total | $ 1,858,000 | $ 5,242,000 | ||||||
Less accumulated depreciation and amortization | 1,662,000 | 4,816,000 | ||||||
196,000 | $ 173,000 | $ 306,000 | $ 335,000 | 426,000 | $ 420,000 | $ 475,000 | $ 595,000 | |
Furniture and Fixtures [Member] | ||||||||
Total | 273,000 | 311,000 | ||||||
Equipment [Member] | ||||||||
Total | 235,000 | 3,622,000 | ||||||
Software Development [Member] | ||||||||
Total | 1,350,000 | 1,210,000 | ||||||
Leasehold Improvements [Member] | ||||||||
Total | $ 99,000 |
Note I - Non Recourse Debt (Det
Note I - Non Recourse Debt (Details Textual) - USD ($) | Mar. 30, 2016 | Jun. 03, 2014 | May 02, 2014 | Aug. 07, 2013 | Jun. 30, 2016 | Mar. 31, 2007 | Sep. 30, 2016 |
Portfolio Purchase | $ 300,000,000 | ||||||
Receivables Financing Agreement Term | 3 years | ||||||
Percentage of Ownership in Subsidiaries | 100.00% | ||||||
Prepayment Fees | $ 15,000,000 | ||||||
Receivable Finance Agreement, Portfolio Purchase Collections, Percentage | 30.00% | ||||||
Debt Instrument, Final Principal Payment | $ 2,901,199 | ||||||
Voluntary Debt Prepayment | 1,866,036 | ||||||
Receivable Finance Agreement, Collections from Portfolio Purchase | $ 16,900,000 | $ 16,900,000 | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 20,000,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000,000 | ||||||
Line of Credit Facility, Expiration Period | 3 years | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||
Line of Credit Facility, Covenant Consolidated Tangible Net Worth | $ 150,000,000 | ||||||
Amended Loan Agreement [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||
Line of Credit Facility, Covenant Consolidated Tangible Net Worth | $ 100,000,000 | ||||||
Line of Credit Facility, Covenant Decrease Consolidated Tangible Net Worth | 50,000,000 | ||||||
Long-term Line of Credit, Total | $ 0 | ||||||
Line of Credit Facility, Minimum Cash Balance | $ 10,000,000 | ||||||
Bank of Montreal [Member] | |||||||
Non-Recourse Debt | $ 159,000 | ||||||
Receivables Financing Agreement [Member] | |||||||
Non-Recourse Debt | $ 227,000,000 |
Note J - Other Liabilities (R80
Note J - Other Liabilities (Restated) - Other Liabilities (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts payable and accrued expenses | $ 1,638,000 | $ 2,375,000 | ||||||
Lawsuit reserve (see Note L – Commitments and Contingencies – Legal Matters) | 2,345,000 | |||||||
Other | 4,000 | |||||||
Total other liabilities | $ 3,987,000 | $ 4,323,000 | $ 3,921,000 | $ 1,868,000 | $ 2,375,000 | $ 1,607,000 | $ 457,000 | $ 462,000 |
Note K - Income Taxes (Restat81
Note K - Income Taxes (Restated) (Details Textual) - USD ($) | Jul. 16, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets, Net of Valuation Allowance, Total | $ 14,903,000 | $ 13,484,000 | $ 12,891,000 | $ 12,729,000 | $ 13,183,000 | $ 9,845,000 | $ 7,376,000 | $ 6,716,000 | |
Deferred Tax Assets, Valuation Allowance, Total | $ 7,124,000 | 6,761,000 | |||||||
Carryforward Period for State Income Tax | 20 years | ||||||||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 9,000 | $ 624,000 | |||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 13,000,000 | ||||||||
Income Tax Examination, Interest Accrued | 633,000 | ||||||||
New Jersey Division of Taxation [Member] | State and Local Jurisdiction [Member] | |||||||||
Operating Loss Carryforwards, Total | 73,700,000 | ||||||||
New York State Division of Taxation and Finance [Member] | State and Local Jurisdiction [Member] | |||||||||
Operating Loss Carryforwards, Total | 16,500,000 | ||||||||
New York City [Member] | State and Local Jurisdiction [Member] | |||||||||
Operating Loss Carryforwards, Total | $ 1,000,000 |
Note K - Income Taxes (Restat82
Note K - Income Taxes (Restated) - Components of the Provision for Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Current: | |||||||||||||||||||||
Federal | $ 5,385,000 | $ 6,686,000 | $ 3,951,000 | ||||||||||||||||||
State | 645,000 | ||||||||||||||||||||
Interest on IRS payment | 9,000 | 624,000 | |||||||||||||||||||
6,039,000 | 7,310,000 | 3,951,000 | |||||||||||||||||||
Deferred: | |||||||||||||||||||||
Federal | (3,256,000) | (8,154,000) | (1,732,000) | ||||||||||||||||||
State | 833,000 | 2,137,000 | 2,086,000 | ||||||||||||||||||
$ 95,000 | $ 270,000 | $ (752,000) | $ 444,000 | $ (358,000) | $ (1,304,000) | $ (78,000) | $ (2,615,000) | $ (3,640,000) | (2,423,000) | (6,017,000) | 354,000 | ||||||||||
Sub-total | 3,616,000 | 1,293,000 | 4,305,000 | ||||||||||||||||||
Less: tax on discontinued operations | 2,599,000 | 1,349,000 | 166,000 | ||||||||||||||||||
Provision for income taxes | $ (97,000) | $ 1,752,000 | $ (1,269,000) | $ 631,000 | $ (67,000) | $ 11,000 | $ 517,000 | $ 2,984,000 | $ (17,000) | $ 655,000 | $ (638,000) | $ 11,000 | $ 638,000 | $ 1,114,000 | $ 11,000 | $ 3,622,000 | $ 1,017,000 | $ (56,000) | $ 4,139,000 |
Note K - Income Taxes (Restat83
Note K - Income Taxes (Restated) - Difference Between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Details) | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statutory federal income tax rate | 35.00% | 34.00% | 34.00% |
State income tax, net of federal benefit | 8.60% | 22.40% | 11.10% |
State tax rate change | (21.40%) | 9.20% | |
Permanent difference in municipal interest | (6.90%) | 37.10% | (3.90%) |
Permanent difference other | 3.10% | (26.50%) | 0.20% |
IRS interest | (172.70%) | ||
Federal prior year provision to return difference | (1.70%) | 4.60% | 0.20% |
Change in tax law | 12.50% | ||
Change in valuation allowance | (10.40%) | 107.60% | (6.60%) |
Other | (0.90%) | (0.10%) | 0.40% |
Effective income tax rate | 17.90% | 6.40% | 44.60% |
Note K - Income Taxes (Restat84
Note K - Income Taxes (Restated) - Schedule of Net Deferred Tax Assets (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Impairments/bad debt reserves | $ 3,353,000 | $ 1,999,000 | ||||||
Revenue recognition pertaining to the cost over estimated collections method | 13,514,000 | 9,913,000 | ||||||
State tax net operating loss carry forward | 7,793,000 | 7,878,000 | ||||||
Stock based compensation | 3,477,000 | 3,150,000 | ||||||
Unrealized gain on structured settlements | (6,496,000) | (3,488,000) | ||||||
Foreign currency | 515,000 | 612,000 | ||||||
Depreciation, amortization and other | (129,000) | (302,000) | ||||||
Deferred income taxes | 22,027,000 | 19,762,000 | ||||||
Deferred tax valuation allowance | (7,124,000) | (6,761,000) | ||||||
Deferred income taxes | $ 14,903,000 | $ 12,891,000 | $ 12,729,000 | $ 13,183,000 | $ 13,484,000 | $ 9,845,000 | $ 7,376,000 | $ 6,716,000 |
Note L - Commitments and Cont85
Note L - Commitments and Contingencies (Details Textual) - USD ($) | Mar. 10, 2016 | Jan. 01, 2016 | Jul. 24, 2015 | Sep. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 |
Operating Leases, Rent Expense, Total | $ 936,000 | $ 967,000 | $ 617,000 | ||||||
Violation of Federal Fair Debt Collection Practice Act and Racketeer Influenced and Corrupt Organization Act [Member] | |||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 39,000 | ||||||||
Loss Contingency, Damages Sought, Value | $ 4,000,000 | ||||||||
Litigation Settlement, Amount Offered, Consideration | $ 3,875,000 | $ 3,875,000 | |||||||
Violation of Federal Fair Debt Collection Practice Act and Racketeer Influenced and Corrupt Organization Act [Member] | General and Administrative Expense [Member] | |||||||||
Litigation Settlement, Expense | $ 300,000 | $ 2,000,000 | |||||||
Violation of Federal Fair Debt Collection Practice Act and Racketeer Influenced and Corrupt Organization Act [Member] | Individual Basis for a Payment to each Plaintiff [Member] | |||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 13,000 | ||||||||
CBC [Member] | |||||||||
Term of Non-compete and Non-solicitation Provision | 2 years | ||||||||
Employment Agreement Term | 2 years | ||||||||
Employee Agreement Renewal Term | 1 year | ||||||||
CBC [Member] | Principal One [Member] | |||||||||
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold | $ 250,000 | ||||||||
Executive Vice President [Member] | |||||||||
Employment Agreement, Annual Base Salary | $ 275,000 | ||||||||
Term of Non-compete and Non-solicitation Provision | 1 year 180 days | ||||||||
Agreement Period Term | 1 year | ||||||||
Agreement Renewal Term | 1 year |
Note L - Commitments and Cont86
Note L - Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) | Sep. 30, 2016USD ($) |
2,017 | $ 690,000 |
2,018 | 444,000 |
2,019 | 448,000 |
2,020 | 289,000 |
$ 1,871,000 |
Note M - Concentrations (Rest87
Note M - Concentrations (Restated) (Details Textual) - Supplier Concentration Risk [Member] | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Consumer Receivable Portfolio [Member] | Three Collection Organizations [Member] | ||
Concentration Risk, Percentage | 14.00% | |
Consumer Receivable Portfolio at All Third Party Collection Agencies and Attorneys [Member] | Three Collection Organizations [Member] | ||
Concentration Risk, Percentage | 84.00% | |
Total Face Value Inventory [Member] | Third Party Collection Agencies and Attorneys [Member] | ||
Concentration Risk, Percentage | 17.00% | 41.00% |
Note N - Stock Option Plans (De
Note N - Stock Option Plans (Details Textual) | Dec. 16, 2015shares | Oct. 02, 2014shares | Feb. 28, 2015shares | Feb. 28, 2014shares | Dec. 31, 2013shares | Dec. 31, 2014USD ($)shares | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Sep. 30, 2016USD ($)shares | Sep. 30, 2015USD ($)shares | Sep. 30, 2014USD ($)shares | Sep. 30, 2016USD ($)shares | Mar. 21, 2012shares | Mar. 01, 2006shares | May 01, 2002shares |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 67,100 | 45,400 | 5,000 | 156,700 | 67,100 | 45,400 | 161,700 | ||||||||||||
Allocated Share-based Compensation Expense, Total | $ 686,000 | $ 1,393,000 | $ 1,822,000 | ||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 230,000 | $ 230,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 2,199,000 | 2,199,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 1,925,000 | 1,925,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 338,000 | 76,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Fair Value | 918,000 | 379,000 | |||||||||||||||||
Proceeds from Stock Options Exercised | $ 469,000 | $ 47,000 | $ 470,000 | $ 30,000 | $ 872,000 | $ 470,000 | $ 40,000 | $ 1,205,000 | 476,000 | 40,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 1,359,000 | 3,201,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Total Fair Value | $ 532,000 | $ 298,000 | |||||||||||||||||
Officer [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 70,000 | ||||||||||||||||||
Non-officer Employees [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 86,700 | ||||||||||||||||||
Vesting Immediately [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 9,100 | ||||||||||||||||||
Vesting in Three Equal Annual Installments [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 58,000 | ||||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 5,000 | 15,000 | 15,000 | 5,000 | 15,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||||||||||
Allocated Share-based Compensation Expense, Total | $ 128,000 | $ 371,000 | 326,000 | ||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 67,000 | 67,000 | |||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 146 days | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments Other than Options Granted in Period Fair Value | $ 125,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 460,000 | 368,000 | |||||||||||||||||
Restricted Stock [Member] | Non-officer Employees [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 5,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments Other than Options Granted in Period Fair Value | $ 40,000 | ||||||||||||||||||
Employee Stock Option [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||||||||||
Allocated Share-based Compensation Expense, Total | 558,000 | $ 1,022,000 | $ 1,496,000 | ||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 163,000 | $ 163,000 | |||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 73 days | ||||||||||||||||||
The 2012 Plan [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 2,000,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 484,200 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | shares | 59,068 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 1,329,243 | 1,329,243 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Eligible Employees | 120 | ||||||||||||||||||
The 2012 Plan [Member] | Restricted Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 245,625 | ||||||||||||||||||
Equity Compensation Plan [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 1,000,000 | ||||||||||||||||||
The 2002 Plan [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 1,000,000 |
Note N - Stock Option Plans - W
Note N - Stock Option Plans - Weighted Average Assumptions Used in Option Pricing Model (Details) | Dec. 16, 2015 | Feb. 28, 2015 | Feb. 28, 2014 | Dec. 31, 2013 |
Risk-free interest rate | 0.24% | 0.12% | 0.06% | 0.08% |
Expected term (years) (Year) | 6 years 91 days | 5 years 328 days | 5 years 328 days | 6 years 182 days |
Expected volatility | 23.40% | 32.70% | 35.30% | 98.30% |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Note N - Stock Option Plans - S
Note N - Stock Option Plans - Summary of Stock Option Plans (Details) - $ / shares | Dec. 16, 2015 | Feb. 28, 2015 | Feb. 28, 2014 | Dec. 31, 2013 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 |
Outstanding options at the beginning of year (in shares) | 1,043,566 | 1,403,259 | 1,622,771 | ||||
Outstanding options at the beginning of year (in dollars per share) | $ 8.47 | $ 10.78 | $ 11.31 | ||||
Options granted (in shares) | 67,100 | 45,400 | 5,000 | 156,700 | 67,100 | 45,400 | 161,700 |
Options granted (in dollars per share) | $ 7.93 | $ 8.37 | $ 8.48 | ||||
Options forfeited/cancelled (in shares) | (14,468) | (344,259) | (369,612) | ||||
Options forfeited/cancelled (in dollars per share) | $ 8.12 | $ 17.90 | $ 12.33 | ||||
Options exercised (in shares) | (146,531) | (60,834) | (11,600) | ||||
Options exercised (in dollars per share) | $ 8.22 | $ 7.83 | $ 3.46 | ||||
Outstanding options at the end of year (in shares) | 949,667 | 1,043,566 | 1,403,259 | ||||
Outstanding options at the end of year (in dollars per share) | $ 8.47 | $ 8.47 | $ 10.78 | ||||
Options Exercisable, Number of Shares Exercisable (in shares) | 830,326 | 860,891 | 888,587 | ||||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 8.51 | $ 8.41 | $ 12.15 |
Note N - Stock Option Plans -91
Note N - Stock Option Plans - Summary of Outstanding Options (Details) - $ / shares | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Range of Exercise Price, Lower (in dollars per share) | ||||
Range of Exercise Price, Upper (in dollars per share) | ||||
Options Outstanding, Number of Shares Outstanding (in shares) | 949,667 | 1,043,566 | 1,403,259 | 1,622,771 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 5 years 182 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 8.47 | $ 8.47 | $ 10.78 | $ 11.31 |
Options Exercisable, Number of Shares Exercisable (in shares) | 830,326 | 860,891 | 888,587 | |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 8.51 | $ 8.41 | $ 12.15 | |
Range One [Member] | ||||
Range of Exercise Price, Lower (in dollars per share) | 2.8751 | |||
Range of Exercise Price, Upper (in dollars per share) | $ 5.75 | |||
Options Outstanding, Number of Shares Outstanding (in shares) | 3,800 | |||
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 2 years 219 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 2.95 | |||
Options Exercisable, Number of Shares Exercisable (in shares) | 3,800 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 2.95 | |||
Range Two [Member] | ||||
Range of Exercise Price, Lower (in dollars per share) | 5.7501 | |||
Range of Exercise Price, Upper (in dollars per share) | $ 8.625 | |||
Options Outstanding, Number of Shares Outstanding (in shares) | 798,867 | |||
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 5 years 146 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 7.96 | |||
Options Exercisable, Number of Shares Exercisable (in shares) | 679,526 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 7.92 | |||
Range Three [Member] | ||||
Range of Exercise Price, Lower (in dollars per share) | 8.6251 | |||
Range of Exercise Price, Upper (in dollars per share) | $ 11.50 | |||
Options Outstanding, Number of Shares Outstanding (in shares) | 132,000 | |||
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 6 years 109 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 9.41 | |||
Options Exercisable, Number of Shares Exercisable (in shares) | 132,000 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 9.41 | |||
Range Four [Member] | ||||
Range of Exercise Price, Lower (in dollars per share) | 11.5001 | |||
Range of Exercise Price, Upper (in dollars per share) | $ 28.75 | |||
Options Outstanding, Number of Shares Outstanding (in shares) | 15,000 | |||
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 73 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 28.75 | |||
Options Exercisable, Number of Shares Exercisable (in shares) | 15,000 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 28.75 |
Note N - Stock Option Plans -92
Note N - Stock Option Plans - Summary of Restricted Stock Transactions (Details) - Restricted Stock [Member] - $ / shares | Dec. 16, 2015 | Oct. 02, 2014 | Dec. 31, 2014 | Sep. 30, 2016 | Sep. 30, 2015 |
Unvested at the beginning of period (in shares) | 68,214 | 44,107 | 68,214 | ||
Unvested at the beginning of period (in dollars per share) | $ 9.57 | $ 9.28 | $ 9.57 | ||
Awards granted (in shares) | 5,000 | 15,000 | 15,000 | 5,000 | 15,000 |
Awards granted (in dollars per share) | $ 7.89 | $ 8.30 | |||
Vested (in shares) | (49,107) | (39,107) | |||
Vested (in dollars per share) | $ 9.36 | $ 9.41 | |||
Forfeited (in shares) | |||||
Forfeited (in dollars per share) | $ 0 | $ 0 | |||
Unvested at the end of period (in shares) | 44,107 | ||||
Unvested at the end of period (in dollars per share) | $ 8 | $ 9.28 |
Note O - Stockholders' Equity (
Note O - Stockholders' Equity (Details Textual) - USD ($) | Mar. 17, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 17, 2015 | Aug. 11, 2015 |
Dividends, Total | $ 0 | $ 0 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 7,180,000 | $ 8,363,000 | $ 11,174,000 | $ 11,174,000 | $ 1,751,000 | ||||
Shares Repurchase Plan [Member] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 15,000,000 | ||||||||
Stock Repurchase Program, Additional Authorized Repurchase Amount | $ 15,000,000 | $ 15,000,000 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 9,900,000 | $ 10,100,000 | |||||||
Treasury Stock, Shares, Acquired | 1,186,000 |
Note P - Retirement Plan (Detai
Note P - Retirement Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 140,000 | $ 113,000 | $ 119,000 |
Note Q - Fair Value of Financ95
Note Q - Fair Value of Financial Measurements and Disclosures (Restated) (Details Textual) - USD ($) | 12 Months Ended | |||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Restriction Period | 5 years | |||||||
Available-for-sale Securities, Total | $ 56,763,000 | $ 56,744,000 | $ 55,589,000 | $ 55,045,000 | $ 59,727,000 | $ 69,686,000 | $ 70,110,000 | $ 66,991,000 |
Fair Value, Inputs, Level 2 [Member] | ||||||||
Available-for-sale Securities, Total | 0 | |||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||
Available-for-sale Securities, Total | $ 0 |
Note Q - Fair Value of Financ96
Note Q - Fair Value of Financial Measurements and Disclosures (Restated) - Fair Value of Financial Measurements (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Available for sale investments (at fair value) | $ 56,763,000 | $ 56,744,000 | $ 55,589,000 | $ 55,045,000 | $ 59,727,000 | $ 69,686,000 | $ 70,110,000 | $ 66,991,000 | |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | |||||||||
Cash and cash equivalents (Level 1) | 16,282,000 | 19,947,000 | |||||||
Available for sale investments (at fair value) | 56,763,000 | 59,727,000 | |||||||
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | |||||||||
Cash and cash equivalents (Level 1) | 16,282,000 | 19,947,000 | |||||||
Available for sale investments (at fair value) | 56,763,000 | 59,727,000 | |||||||
Fair Value, Inputs, Level 3 [Member] | |||||||||
Available for sale investments (at fair value) | 0 | ||||||||
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | |||||||||
Consumer receivables acquired for liquidation (Level 3) | 13,427,000 | 15,057,000 | |||||||
Structured settlements (Level 3) (2) | [1] | 86,091,000 | 64,635,000 | ||||||
Other debt — CBC, revolving line of credit (Level 3) (2) | [1] | 10,154,000 | 4,623,000 | ||||||
Other debt — CBC, non-recourse notes payable with varying installments (Level 3) (2) | [1] | 57,281,000 | 46,988,000 | ||||||
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | |||||||||
Consumer receivables acquired for liquidation (Level 3) | 47,233,000 | 31,339,000 | |||||||
Structured settlements (Level 3) (2) | [1] | 86,091,000 | 64,635,000 | ||||||
Other debt — CBC, revolving line of credit (Level 3) (2) | [1] | 10,154,000 | 4,623,000 | ||||||
Other debt — CBC, non-recourse notes payable with varying installments (Level 3) (2) | [1] | 57,281,000 | 46,988,000 | ||||||
Fair Value Measured at Net Asset Value Per Share [Member] | Reported Value Measurement [Member] | |||||||||
Other investments(1) | [2] | 3,590,000 | 4,239,000 | ||||||
Fair Value Measured at Net Asset Value Per Share [Member] | Estimate of Fair Value Measurement [Member] | |||||||||
Other investments(1) | [2] | $ 3,590,000 | $ 4,239,000 | ||||||
[1] | Classified as discontinued operations on the consolidated balance sheet. | ||||||||
[2] | The Company has elected to early adopt ASU 2015-07 and in accordance with ASU 2015-07, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
Note Q - Fair Value of Financ97
Note Q - Fair Value of Financial Measurements and Disclosures (Restated) - Quantitative Information about Level 3 Fair Value Measurements (Details) | Sep. 30, 2016USD ($) |
Valuation, Income Approach [Member] | |
Structured Settlements at Fair Value | $ 86,091,000 |
Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | |
Rate | 4.85 |
Note Q - Fair Value of Financ98
Note Q - Fair Value of Financial Measurements and Disclosures (Restated) - Changes in Structured Settlements at Fair Value Using Significant Unobservable Inputs (Details) | 12 Months Ended |
Sep. 30, 2016USD ($) | |
Balance at September 30, 2015 | $ 64,635,000 |
Total gains included in earnings | 8,040,000 |
Purchases | 15,962,000 |
Sales | |
Interest accreted | 5,414,000 |
Payments received | (7,960,000) |
Total | 86,091,000 |
The amount of total gains for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets held at September 30, 2016, and recorded as income (loss) from discontinued operations on the Company’s consolidated statement of operations. | $ 8,040,000 |
Note Q - Fair Value of Financ99
Note Q - Fair Value of Financial Measurements and Disclosures (Restated) - Schedule of Realized and Unrealized Gains and Losses (Details) | 12 Months Ended |
Sep. 30, 2016USD ($) | |
Total gains (losses) included in earnings in fiscal year 2016 | $ 8,040,000 |
Change in unrealized gains (losses) relating to assets still held at September 30, 2016 | $ 8,040,000 |
Note R - Related Party Trans100
Note R - Related Party Transactions (Restated) (Details Textual) - USD ($) | Sep. 17, 2015 | Dec. 12, 2011 | Jun. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 |
Payments to Acquire Productive Assets, Total | $ 65,000 | $ 31,000 | $ 120,000 | $ 126,000 | $ 168,000 | $ 1,000 | ||||
Louis Piccolo [Member] | ||||||||||
Consulting Agreement Period | 2 years | 2 years | ||||||||
Professional Fees | $ 150,000 | 80,000 | $ 25,000 | |||||||
Bonus Per New Transaction | $ 25,000 | |||||||||
Options Transactions | 30,000 | |||||||||
Contractual Obligation, Total | $ 80,000 | |||||||||
Louis Piccolo [Member] | Other Liabilities [Member] | ||||||||||
Due to Related Parties, Total | 193,000 | |||||||||
Louis Piccolo [Member] | Pegasus Funding LLC [Member] | ||||||||||
Related Party Transaction, Amounts of Transaction | $ 133,000 | |||||||||
Louis Piccolo [Member] | Pegasus Funding LLC [Member] | Professional Fees Incurred by a Related Party [Member] | ||||||||||
Due to Related Parties, Term | 6 years | |||||||||
Louis Piccolo [Member] | Pegasus Funding LLC [Member] | Interest Based on Professional Fees [Member] | ||||||||||
Related Party Transaction, Rate | 4.00% | |||||||||
Louis Piccolo [Member] | Maximum [Member] | Pegasus Funding LLC [Member] | ||||||||||
Professional Fees | $ 700,000 | |||||||||
Arthur Stern [Member] | ||||||||||
Professional Fees | 88,000 | |||||||||
Fortress Funding, LLC [Member] | ||||||||||
Due to Related Parties, Total | 800,000 | 1,100,000 | ||||||||
Fortress Funding, LLC [Member] | Conversion of Customers From The Acquired Lists [Member] | ||||||||||
Payments to Acquire Productive Assets, Total | $ 330,000 | $ 624,000 | ||||||||
Fortress Funding, LLC [Member] | CBC [Member] | ||||||||||
Assets Purchase Agreement, Consideration Transferred | $ 500,000 | |||||||||
Fortress Funding, LLC [Member] | CBC [Member] | Conversion of Customers From The Acquired Lists [Member] | ||||||||||
Assets Purchase Agreement, Contingent Consideration | $ 1,200,000 | $ 1,200,000 |
Note S - Supplementary Finan101
Note S - Supplementary Financial Information (Unaudited and Restated) - Consolidated Balance Sheet (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | ||||||||||||||
ASSETS | |||||||||||||||||||||||||||
Cash and cash equivalents | $ 16,282,000 | $ 14,589,000 | $ 17,533,000 | $ 19,117,000 | $ 19,947,000 | $ 22,718,000 | $ 22,628,000 | $ 25,663,000 | $ 26,147,000 | $ 24,579,000 | $ 25,862,000 | $ 33,260,000 | $ 34,190,000 | ||||||||||||||
Available-for-sale Securities, Total | 56,763,000 | 56,744,000 | 55,589,000 | 55,045,000 | 59,727,000 | 69,686,000 | 70,110,000 | 66,991,000 | |||||||||||||||||||
Consumer receivables acquired for liquidation (at net realizable value) | 13,427,000 | 14,485,000 | 16,440,000 | 18,809,000 | 15,057,000 | 17,238,000 | 21,307,000 | 24,078,000 | |||||||||||||||||||
Investment in personal injury claims, net | |||||||||||||||||||||||||||
Other investments, net | 3,590,000 | 3,426,000 | 3,417,000 | 4,183,000 | 4,239,000 | 4,412,000 | 3,382,000 | 4,693,000 | |||||||||||||||||||
Due from third party collection agencies and attorneys | 1,050,000 | 971,000 | 1,078,000 | 995,000 | 1,347,000 | 1,216,000 | 1,909,000 | 1,503,000 | |||||||||||||||||||
Prepaid and income taxes receivable | 714,000 | 4,600,000 | 6,999,000 | 6,293,000 | 7,595,000 | 149,000 | 807,000 | ||||||||||||||||||||
Furniture and equipment, net | 196,000 | 173,000 | 306,000 | 335,000 | 426,000 | 420,000 | 475,000 | 595,000 | |||||||||||||||||||
Equity Method Investments | 48,582,000 | 45,118,000 | 37,613,000 | 36,418,000 | 40,751,000 | 39,187,000 | 35,881,000 | 35,086,000 | |||||||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Total | 14,903,000 | 12,891,000 | 12,729,000 | 13,183,000 | 13,484,000 | 9,845,000 | 7,376,000 | 6,716,000 | |||||||||||||||||||
Goodwill | 1,410,000 | 1,410,000 | 1,410,000 | 1,410,000 | 1,410,000 | 1,410,000 | 1,410,000 | 1,410,000 | |||||||||||||||||||
Other assets | 6,585,000 | 7,445,000 | 7,238,000 | 7,364,000 | 6,803,000 | 7,142,000 | 7,233,000 | 6,173,000 | |||||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets, Total | 91,506,000 | 84,768,000 | 80,087,000 | 74,628,000 | 70,023,000 | 61,947,000 | 54,581,000 | 48,651,000 | |||||||||||||||||||
Assets, Total | 255,008,000 | 246,620,000 | 240,439,000 | 237,780,000 | 240,326,000 | 235,221,000 | 226,441,000 | 222,366,000 | 217,200,000 | [1],[2] | |||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||
Total other liabilities | 3,987,000 | 4,323,000 | 3,921,000 | 1,868,000 | 2,375,000 | 1,607,000 | 457,000 | 462,000 | |||||||||||||||||||
Liabilities related to discontinued operations | 69,238,000 | 64,753,000 | 61,470,000 | 58,216,000 | 54,544,000 | 49,341,000 | 43,379,000 | 39,397,000 | |||||||||||||||||||
Liabilities, Total | 73,225,000 | 69,076,000 | 65,391,000 | 60,084,000 | 56,919,000 | 52,240,000 | 43,836,000 | 39,859,000 | |||||||||||||||||||
Commitments and contingencies | [3] | [3] | [4] | [3] | |||||||||||||||||||||||
Income taxes payable | 1,292,000 | ||||||||||||||||||||||||||
Commitments and contingencies | [3] | [3] | [4] | [3] | |||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||
Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none | |||||||||||||||||||||||||||
Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,336,508 at September 30, 2016; and outstanding 11,876,224 at September 30, 2016 | 133,000 | 133,000 | 132,000 | 132,000 | 131,000 | 131,000 | 131,000 | 130,000 | |||||||||||||||||||
Additional paid-in capital | 67,034,000 | 66,582,000 | 65,620,000 | 65,423,000 | 65,049,000 | 64,756,000 | 64,472,000 | 64,081,000 | |||||||||||||||||||
Retained earnings | 126,738,000 | 122,764,000 | 118,898,000 | 120,728,000 | 119,165,000 | 118,838,000 | 118,017,000 | 118,120,000 | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | 803,000 | 990,000 | 512,000 | 344,000 | 20,000 | (1,141,000) | (308,000) | 38,000 | 145,000 | ||||||||||||||||||
Treasury stock (at cost) 1,460,284 shares at September 30, 2016 | (12,925,000) | (12,925,000) | (10,114,000) | (8,931,000) | (1,751,000) | ||||||||||||||||||||||
Non-controlling interest | 793,000 | 397,000 | 293,000 | 138,000 | |||||||||||||||||||||||
Total stockholders’ equity | 181,783,000 | 177,544,000 | 175,048,000 | 177,696,000 | 183,407,000 | 182,981,000 | 182,605,000 | 182,507,000 | 181,768,000 | 181,274,000 | 175,811,000 | 174,882,000 | 173,468,000 | ||||||||||||||
Total liabilities and stockholders’ equity | 255,008,000 | 246,620,000 | 240,439,000 | 237,780,000 | 240,326,000 | 235,221,000 | 226,441,000 | 222,366,000 | |||||||||||||||||||
Previously Reported [Member] | |||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||
Cash and cash equivalents | 16,829,000 | [4] | 15,997,000 | [3],[5] | 18,656,000 | [3],[5] | 21,419,000 | [3],[5] | 22,918,000 | [4],[5] | 25,622,000 | [3],[5] | 25,049,000 | [3],[5] | 27,089,000 | [3],[5] | 27,787,000 | [5] | 26,017,000 | [5] | 28,275,000 | [5] | 36,103,000 | [5] | 35,179,000 | [5] | |
Available-for-sale Securities, Total | 56,764,000 | [4] | 56,744,000 | [3] | 55,589,000 | [3] | 55,045,000 | [3] | 59,727,000 | [4] | 69,686,000 | [3] | 70,110,000 | [3] | 66,991,000 | [3] | |||||||||||
Consumer receivables acquired for liquidation (at net realizable value) | 14,320,000 | [4] | 14,540,000 | [3] | 16,784,000 | [3] | 17,843,000 | [3] | 15,608,000 | [4] | 18,884,000 | [3] | 22,178,000 | [3] | 25,728,000 | [3] | |||||||||||
Investment in personal injury claims, net | 48,289,000 | [4] | 43,684,000 | [3] | 35,144,000 | [3] | 34,632,000 | [3] | 36,668,000 | [4] | 37,155,000 | [3] | 33,946,000 | [3] | 33,378,000 | [3] | |||||||||||
Other investments, net | 3,590,000 | [4] | 3,426,000 | [3] | 3,417,000 | [3] | 4,183,000 | [3] | 4,239,000 | [4] | 4,412,000 | [3] | 5,000,000 | [3] | 5,000,000 | [3] | |||||||||||
Due from third party collection agencies and attorneys | 1,005,000 | [4] | 1,081,000 | [3] | 1,050,000 | [3] | 929,000 | [3] | 1,422,000 | [4] | 988,000 | [3] | 1,243,000 | [3] | 933,000 | [3] | |||||||||||
Prepaid and income taxes receivable | 880,000 | [4] | 4,680,000 | [3] | 6,575,000 | [3] | 5,838,000 | [3] | 6,744,000 | [4] | [3] | 211,000 | [3] | ||||||||||||||
Furniture and equipment, net | 196,000 | [4] | 173,000 | [3] | 306,000 | [3] | 336,000 | [3] | 426,000 | [4] | 420,000 | [3] | 475,000 | [3] | 595,000 | [3] | |||||||||||
Equity Method Investments | [4] | [3] | [3] | [3] | [4] | [3] | [3] | [3] | |||||||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Total | 15,530,000 | [4] | 12,270,000 | [3] | 13,187,000 | [3] | 12,955,000 | [3] | 12,279,000 | [4] | 7,511,000 | [3] | 7,073,000 | [3] | 6,907,000 | [3] | |||||||||||
Goodwill | 1,410,000 | [4] | 1,410,000 | [3] | 1,410,000 | [3] | 1,410,000 | [3] | 1,410,000 | [4] | 1,410,000 | [3] | 1,410,000 | [3] | 1,410,000 | [3] | |||||||||||
Other assets | 6,807,000 | [4] | 7,676,000 | [3] | 7,337,000 | [3] | 7,462,000 | [3] | 6,917,000 | [4] | 6,849,000 | [3] | 8,288,000 | [3] | 6,454,000 | [3] | |||||||||||
Disposal Group, Including Discontinued Operation, Assets, Total | 90,428,000 | [4] | 84,098,000 | [3] | 79,325,000 | [3] | 73,923,000 | [3] | 69,014,000 | [4] | 60,785,000 | [3] | 54,536,000 | [3] | 48,606,000 | [3] | |||||||||||
Assets, Total | 256,048,000 | [4] | 245,779,000 | [3] | 238,780,000 | [3] | 235,975,000 | [3] | 237,372,000 | [4] | 233,722,000 | [3] | 229,308,000 | [3] | 223,302,000 | [3] | |||||||||||
LIABILITIES | |||||||||||||||||||||||||||
Total other liabilities | 4,927,000 | [4] | 5,420,000 | [3] | 4,818,000 | [3] | 2,715,000 | [3] | 2,584,000 | [4] | 2,458,000 | [3] | 2,219,000 | [3] | 1,927,000 | [3] | |||||||||||
Liabilities related to discontinued operations | 68,482,000 | [4] | 63,869,000 | [3] | 60,553,000 | [3] | 57,182,000 | [3] | 53,468,000 | [4] | 48,205,000 | [3] | 43,379,000 | [3] | 39,397,000 | [3] | |||||||||||
Liabilities, Total | 73,902,000 | [4] | 69,289,000 | [3] | 65,371,000 | [3] | 59,897,000 | [3] | 56,052,000 | [4] | 51,186,000 | [3] | 45,976,000 | [3] | 41,324,000 | [3] | |||||||||||
Commitments and contingencies | [4] | [3] | [3] | ||||||||||||||||||||||||
Income taxes payable | 493,000 | [4] | 523,000 | [3] | 378,000 | [3] | |||||||||||||||||||||
Commitments and contingencies | [4] | [3] | [3] | ||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||
Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none | [4] | [3] | [3] | [3] | [4] | [3] | [3] | [3] | |||||||||||||||||||
Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,336,508 at September 30, 2016; and outstanding 11,876,224 at September 30, 2016 | 133,000 | [4] | 133,000 | [3] | 132,000 | [3] | 132,000 | [3] | 131,000 | [4] | 130,000 | [3] | 130,000 | [3] | 130,000 | [3] | |||||||||||
Additional paid-in capital | 67,026,000 | [4] | 66,575,000 | [3] | 65,612,000 | [3] | 65,420,000 | [3] | 65,011,000 | [4] | 64,707,000 | [3] | 64,412,000 | [3] | 64,002,000 | [3] | |||||||||||
Retained earnings | 128,471,000 | [4] | 123,782,000 | [3] | 120,586,000 | [3] | 122,417,000 | [3] | 120,611,000 | [4] | 119,471,000 | [3] | 119,933,000 | [3] | 118,965,000 | [3] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | 86,000 | [4] | (173,000) | [3] | (706,000) | [3] | (1,127,000) | [3] | (1,685,000) | [4] | (498,000) | [3] | (65,000) | [3] | (128,000) | [3] | |||||||||||
Treasury stock (at cost) 1,460,284 shares at September 30, 2016 | (12,925,000) | [4] | (12,925,000) | [3] | (10,114,000) | [3] | (8,931,000) | [3] | (1,751,000) | [4] | |||||||||||||||||
Non-controlling interest | (645,000) | [4] | (902,000) | [3] | (2,101,000) | [3] | (1,833,000) | [3] | (997,000) | [4] | (1,274,000) | [3] | (1,078,000) | [3] | (991,000) | [3] | |||||||||||
Total stockholders’ equity | 182,146,000 | [4] | 176,490,000 | [3] | 173,409,000 | [3] | 176,078,000 | [3] | 181,320,000 | [4] | 182,536,000 | [3] | 183,332,000 | [3] | 181,978,000 | [3] | |||||||||||
Total liabilities and stockholders’ equity | 256,048,000 | [4] | 245,779,000 | [3] | 238,780,000 | [3] | 235,975,000 | [3] | 237,372,000 | [4] | 233,722,000 | [3] | 229,308,000 | [3] | 223,302,000 | [3] | |||||||||||
Restatement Adjustment [Member] | |||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||
Cash and cash equivalents | $ (547,000) | (1,408,000) | [6] | (1,123,000) | [6] | (2,302,000) | [6] | $ (2,971,000) | (2,904,000) | [6] | (2,421,000) | [6] | (1,426,000) | [6] | $ (1,640,000) | $ (1,438,000) | $ (2,413,000) | $ (2,843,000) | $ (989,000) | ||||||||
Available-for-sale Securities, Total | |||||||||||||||||||||||||||
Consumer receivables acquired for liquidation (at net realizable value) | [7] | (55,000) | (344,000) | 966,000 | (1,646,000) | (871,000) | (1,650,000) | ||||||||||||||||||||
Investment in personal injury claims, net | [6] | (43,684,000) | (35,144,000) | (34,632,000) | (37,155,000) | (33,946,000) | (33,378,000) | ||||||||||||||||||||
Other investments, net | [8] | (1,618,000) | [8] | (307,000) | [8] | ||||||||||||||||||||||
Due from third party collection agencies and attorneys | [7] | (110,000) | 28,000 | 66,000 | 228,000 | 666,000 | 570,000 | ||||||||||||||||||||
Prepaid and income taxes receivable | [9] | (80,000) | 424,000 | 455,000 | 149,000 | 596,000 | |||||||||||||||||||||
Furniture and equipment, net | [6] | (1,000) | [6] | ||||||||||||||||||||||||
Equity Method Investments | [6] | 45,118,000 | 37,613,000 | 36,418,000 | 39,187,000 | 35,881,000 | 35,086,000 | ||||||||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Total | [9] | 621,000 | (458,000) | 228,000 | 2,334,000 | 303,000 | (191,000) | ||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||
Other assets | (231,000) | [6] | (99,000) | [8] | (98,000) | [7] | 293,000 | [6],[8] | (1,055,000) | [6],[8],[10] | (281,000) | [8] | |||||||||||||||
Disposal Group, Including Discontinued Operation, Assets, Total | [11] | 670,000 | [8] | 762,000 | [8],[12] | 705,000 | [10] | 1,162,000 | [8] | 45,000 | [8],[12] | 45,000 | [7],[8] | ||||||||||||||
Assets, Total | 841,000 | 1,659,000 | 1,805,000 | 1,499,000 | (2,867,000) | (936,000) | |||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||
Total other liabilities | (1,097,000) | [8] | (897,000) | [8] | (847,000) | [8] | (851,000) | [6] | (1,762,000) | [8] | (1,465,000) | [8],[11] | |||||||||||||||
Liabilities related to discontinued operations | 884,000 | [8],[11] | 917,000 | [10],[11] | 1,034,000 | [10],[11] | 1,136,000 | [8],[11] | |||||||||||||||||||
Liabilities, Total | (213,000) | 20,000 | 187,000 | 1,054,000 | (2,140,000) | (1,465,000) | |||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||
Income taxes payable | 769,000 | [9] | (378,000) | [9] | |||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||
Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none | |||||||||||||||||||||||||||
Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,336,508 at September 30, 2016; and outstanding 11,876,224 at September 30, 2016 | 1,000 | [8] | 1,000 | [6] | |||||||||||||||||||||||
Additional paid-in capital | 7,000 | [8] | 8,000 | [8] | 3,000 | [8] | 49,000 | [11] | 60,000 | [12] | 79,000 | [8] | |||||||||||||||
Retained earnings | [13] | (1,018,000) | [7],[8],[9],[11],[12] | (1,688,000) | (1,689,000) | [7],[8],[9],[11] | (633,000) | [7],[8],[9],[11] | (1,916,000) | [7],[8],[9],[11],[12] | (845,000) | [7],[8],[9],[11] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | [13] | 1,163,000 | 1,218,000 | [7],[8],[9],[11],[12] | 1,471,000 | (643,000) | (243,000) | 166,000 | |||||||||||||||||||
Treasury stock (at cost) 1,460,284 shares at September 30, 2016 | |||||||||||||||||||||||||||
Non-controlling interest | [6] | 902,000 | 2,101,000 | 1,833,000 | 1,671,000 | 1,371,000 | 1,129,000 | ||||||||||||||||||||
Total stockholders’ equity | 1,054,000 | 1,639,000 | 1,618,000 | 445,000 | (727,000) | 529,000 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | $ 841,000 | $ 1,659,000 | $ 1,805,000 | $ 1,499,000 | $ (2,867,000) | $ (936,000) | |||||||||||||||||||||
[1] | Includes other amounts in other line items on the consolidated balance sheet and excludes assets from discontinued operations. | ||||||||||||||||||||||||||
[2] | The Company has included assets related to discontinued operations under Corporate. See Note 2 - Discontinued Operations in the Company's notes to consolidated financial statements. | ||||||||||||||||||||||||||
[3] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | ||||||||||||||||||||||||||
[4] | In connection with the Company determining it lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods, the Company has corrected the presentation and has now accounted for its investment in Pegasus under the equity method in accordance with ASC 810 - Consolidation and US GAAP. The correction of the error has resulted in a reduction in total revenues of $20,212,000, $8,482,000 and $7,134,000 for the years ended September 30, 2016, 2015 and 2014, respectively, a reduction in expenses of $7,151,000, $8,425,000 and $4,845,000 for the years ended September 30, 2016, 2015 and 2014, respectively, and a decrease in non-controlling interest of $2,612,000, $11,000 and $458,000 for the years ended September 30, 2016, 2015 and 2014, respectively. This change to the equity method of accounting had no effect on net income during the Non-Reliance Periods. Additionally, there were other corrections made to the Pegasus financial statements which have been included in the adjustment column in the restatement tables, which are included in #6, below. | ||||||||||||||||||||||||||
[5] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | ||||||||||||||||||||||||||
[6] | In connection with the Company determining it lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods, the Company has corrected the presentation and has now accounted for its investment in Pegasus under the equity method in accordance with US GAAP. | ||||||||||||||||||||||||||
[7] | To properly record certain unallocated payments reported on its consolidated balance sheet properly during the Non-Reliance Periods. | ||||||||||||||||||||||||||
[8] | Adjustment to properly record various accruals at the balance sheet date. | ||||||||||||||||||||||||||
[9] | Income tax provision adjustments for impact on restatement. | ||||||||||||||||||||||||||
[10] | To reflect the quarterly increase in certain underlying benchmark interest rates used in determining fair value of the Company's structured settlements for the year ended September 30, 2016. The Company has elected to carry the structured settlements at fair value in accordance with the guidance of FASB Accounting Standards Codification ("ASC"), Recognition and Measurement of Financial Assets and Financial Liabilities (ASC 822-10-50-28 through 50-22). | ||||||||||||||||||||||||||
[11] | To properly record an amortizable asset and related liability in conjunction with an asset purchase agreement entered into in June 2015. | ||||||||||||||||||||||||||
[12] | To properly record previous transactions that had been recorded to incorrect accounts and/or in improper amounts. | ||||||||||||||||||||||||||
[13] | Adjustment to reflect the proper accounting for certain foreign currency transactions under ASC 830. |
Note S - Supplementary Finan102
Note S - Supplementary Financial Information (Unaudited and Restated) - Consolidated Balance Sheet (Details) (Parentheticals) - $ / shares | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Preferred stock, issued (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Preferred stock, outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Common stock, authorized (in shares) | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | |
Common stock, issued (in shares) | 13,336,508 | 13,297,508 | 13,197,476 | 13,189,977 | 13,061,673 | 13,060,839 | 13,060,839 | 13,060,839 | |
Common stock, outstanding (in shares) | 11,876,224 | 11,837,224 | 12,011,476 | 12,154,177 | 12,859,873 | 13,060,839 | 13,060,839 | 13,060,839 | |
Treasury stock, shares (in shares) | 1,460,284 | 1,460,284 | 1,186,000 | 1,035,800 | 201,800 | ||||
Previously Reported [Member] | |||||||||
Preferred stock, authorized (in shares) | [1] | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | ||
Preferred stock, par value (in dollars per share) | [1] | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Preferred stock, issued (in shares) | [1] | 0 | 0 | 0 | 0 | 0 | 0 | ||
Preferred stock, outstanding (in shares) | [1] | 0 | 0 | 0 | 0 | 0 | 0 | ||
Common stock, par value (in dollars per share) | [1] | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock, authorized (in shares) | [1] | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | ||
Common stock, issued (in shares) | [1] | 13,297,508 | 13,197,476 | 13,189,977 | 13,060,839 | 13,060,839 | 13,060,839 | ||
Common stock, outstanding (in shares) | [1] | 11,837,224 | 12,011,476 | 12,154,177 | 13,060,839 | 13,060,839 | 13,060,839 | ||
Treasury stock, shares (in shares) | [1] | 1,460,284 | 1,186,000 | 1,035,800 | |||||
[1] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). |
Note S - Supplementary Finan103
Note S - Supplementary Financial Information (Unaudited and Restated) - Consolidated Statement of Operations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||
Finance Income Recognized | $ 4,333,000 | $ 4,572,000 | $ 4,879,000 | $ 5,106,000 | $ 5,030,000 | $ 5,090,000 | $ 5,454,000 | $ 4,990,000 | $ 5,015,000 | $ 4,984,000 | $ 5,011,000 | $ 4,594,000 | $ 9,985,000 | $ 10,444,000 | $ 9,605,000 | $ 14,557,000 | $ 15,534,000 | $ 14,589,000 | $ 18,890,000 | $ 20,564,000 | $ 19,604,000 | |||||||||||||||||||
Personal injury claims income | ||||||||||||||||||||||||||||||||||||||||
Disability fee income | 1,311,000 | 1,169,000 | 872,000 | 659,000 | 523,000 | 552,000 | 200,000 | 159,000 | 125,000 | 137,000 | 86,000 | 30,000 | 1,531,000 | 359,000 | 116,000 | 2,700,000 | 911,000 | 253,000 | 4,011,000 | 1,434,000 | 378,000 | |||||||||||||||||||
Revenues, Total | 5,644,000 | 5,741,000 | 5,751,000 | 5,765,000 | 5,553,000 | 5,642,000 | 5,654,000 | 5,149,000 | 5,140,000 | 5,121,000 | 5,097,000 | 4,624,000 | 11,516,000 | 10,803,000 | 9,721,000 | 17,257,000 | 16,445,000 | 14,842,000 | 22,901,000 | 21,998,000 | 19,982,000 | |||||||||||||||||||
Forgiveness of non-recourse debt | 26,101,000 | 26,101,000 | 26,101,000 | |||||||||||||||||||||||||||||||||||||
Other Nonoperating Income | 528,000 | 176,000 | 608,000 | 392,000 | 352,000 | 519,000 | 221,000 | 477,000 | 279,000 | 200,000 | 408,000 | 510,000 | 1,000,000 | 698,000 | 918,000 | 1,176,000 | 1,217,000 | 1,118,000 | 1,704,000 | 1,569,000 | 1,397,000 | |||||||||||||||||||
6,172,000 | 5,917,000 | 6,359,000 | 6,157,000 | 5,905,000 | 6,161,000 | 5,875,000 | 5,626,000 | 5,419,000 | 31,422,000 | 5,505,000 | 5,134,000 | 12,516,000 | 11,501,000 | 10,639,000 | 18,433,000 | 17,662,000 | 42,061,000 | 24,605,000 | 23,567,000 | 47,480,000 | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||
General and Administrative Expense, Total | 6,287,000 | 7,069,000 | 10,222,000 | 5,729,000 | 6,764,000 | 5,741,000 | 6,453,000 | 5,420,000 | 5,385,000 | 4,324,000 | 5,587,000 | 5,234,000 | 15,951,000 | 11,873,000 | 10,821,000 | 23,020,000 | 17,614,000 | 15,145,000 | 29,308,000 | 24,378,000 | 20,530,000 | |||||||||||||||||||
Interest expense | 3,000 | 6,000 | 9,000 | 15,000 | 18,000 | 18,000 | ||||||||||||||||||||||||||||||||||
Impairments of consumer receivables acquired for liquidation | 41,000 | 124,000 | 19,591,000 | 124,000 | 124,000 | 19,591,000 | 164,000 | 19,591,000 | ||||||||||||||||||||||||||||||||
(Earnings) loss from equity method investment | (2,531,000) | (6,193,000) | (333,000) | (1,494,000) | (415,000) | 79,000 | (10,000) | 400,000 | 55,000 | (215,000) | 25,000 | (1,796,000) | (1,827,000) | 390,000 | (1,771,000) | (6,193,000) | 469,000 | (1,986,000) | (10,551,000) | 54,000 | (1,931,000) | |||||||||||||||||||
Costs and Expenses, Total | 3,797,000 | 876,000 | 10,013,000 | 4,235,000 | 6,349,000 | 5,820,000 | 6,443,000 | 5,820,000 | 5,440,000 | 23,703,000 | 5,618,000 | 3,447,000 | 14,248,000 | 12,263,000 | 9,065,000 | 15,124,000 | 18,083,000 | 32,768,000 | 18,921,000 | 24,432,000 | 38,208,000 | |||||||||||||||||||
Income before tax from continuing operations | 2,375,000 | 5,041,000 | (3,654,000) | 1,922,000 | (444,000) | 341,000 | (568,000) | (194,000) | (21,000) | 7,719,000 | (113,000) | 1,687,000 | (1,732,000) | (762,000) | 1,574,000 | 3,309,000 | (421,000) | 9,293,000 | 5,684,000 | (865,000) | 9,272,000 | |||||||||||||||||||
Income Tax Expense (Benefit), Total | (97,000) | 1,752,000 | (1,269,000) | 631,000 | (67,000) | 11,000 | 517,000 | 2,984,000 | (17,000) | 655,000 | (638,000) | 11,000 | 638,000 | 1,114,000 | 11,000 | 3,622,000 | 1,017,000 | (56,000) | 4,139,000 | |||||||||||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (2,385,000) | 1,291,000 | (205,000) | (538,000) | 4,735,000 | 1,032,000 | (1,094,000) | (773,000) | 936,000 | 2,195,000 | (432,000) | 5,671,000 | 4,667,000 | (809,000) | 5,133,000 | |||||||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | 1,503,000 | 577,000 | 555,000 | 272,000 | 704,000 | 480,000 | 465,000 | 127,000 | 367,000 | (86,000) | 90,000 | 827,000 | 592,000 | 90,000 | 1,404,000 | 1,072,000 | 4,000 | 3,010,000 | 2,454,000 | 441,000 | ||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | ||||||||||||||||||||||||||||||||||||||||
Net Income | $ 3,975,000 | $ 3,866,000 | $ (1,830,000) | $ 1,563,000 | $ 327,000 | $ 821,000 | $ (103,000) | $ (78,000) | $ (171,000) | $ 4,649,000 | $ (6,000) | $ 1,032,000 | $ (267,000) | $ (181,000) | $ 1,026,000 | $ 3,599,000 | $ 640,000 | $ 5,675,000 | $ 7,573,000 | $ 967,000 | $ 5,504,000 | |||||||||||||||||||
Continuing Operations (in dollars per share) | $ 0.21 | $ 0.27 | $ (0.20) | $ 0.11 | $ (0.03) | $ 0.02 | $ (0.04) | $ (0.02) | $ (0.04) | $ 0.36 | $ (0.01) | $ 0.08 | $ (0.09) | $ (0.06) | $ 0.07 | $ 0.18 | $ (0.03) | $ 0.44 | $ 0.39 | $ (0.06) | $ 0.39 | |||||||||||||||||||
Discontinued Operations (in dollars per share) | 0.12 | 0.05 | 0.05 | 0.02 | 0.05 | 0.04 | 0.03 | 0.01 | 0.03 | (0.01) | 0.01 | 0.07 | 0.05 | 0.01 | 0.12 | 0.08 | 0 | 0.24 | 0.13 | 0.03 | ||||||||||||||||||||
(in dollars per share) | 0.33 | 0.32 | (0.15) | 0.13 | 0.02 | 0.06 | (0.01) | (0.01) | (0.01) | 0.35 | 0 | 0.08 | (0.02) | (0.01) | 0.08 | 0.30 | 0.05 | 0.44 | 0.63 | 0.07 | 0.42 | |||||||||||||||||||
Continuing Operations (in dollars per share) | 0.19 | 0.26 | (0.20) | 0.10 | (0.03) | 0.02 | (0.04) | (0.02) | (0.04) | 0.36 | (0.01) | 0.08 | (0.09) | (0.06) | 0.07 | 0.18 | (0.03) | 0.43 | 0.37 | (0.06) | 0.39 | |||||||||||||||||||
Discontinued Operations (in dollars per share) | 0.12 | 0.05 | 0.05 | 0.02 | 0.05 | 0.04 | 0.03 | 0.01 | 0.03 | (0.01) | 0.01 | 0.07 | 0.05 | 0.01 | 0.11 | 0.08 | 0 | 0.24 | 0.13 | 0.03 | ||||||||||||||||||||
(in dollars per share) | $ 0.31 | $ 0.31 | $ (0.15) | $ 0.12 | $ 0.02 | $ 0.06 | $ (0.01) | $ (0.01) | $ (0.01) | $ 0.35 | $ 0 | $ 0.08 | $ (0.02) | $ (0.01) | $ 0.08 | $ 0.29 | $ 0.05 | $ 0.43 | $ 0.61 | $ 0.07 | $ 0.42 | |||||||||||||||||||
Interest expense | $ (3,000) | $ (6,000) | $ (9,000) | $ (15,000) | $ (18,000) | $ (18,000) | ||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ 2,472,000 | $ 3,289,000 | $ (377,000) | $ 341,000 | $ (568,000) | $ (205,000) | $ (96,000) | $ 1,032,000 | $ (773,000) | $ 936,000 | $ 2,195,000 | $ (432,000) | $ 5,700,000 | $ (900,000) | $ 9,300,000 | |||||||||||||||||||||||||
Basic (in shares) | 12,023,077 | 11,897,139 | 12,076,120 | 12,155,421 | 13,042,169 | 13,060,839 | 13,060,839 | 13,013,719 | 12,985,838 | 12,984,882 | 12,979,350 | 12,974,239 | 12,115,987 | 13,036,938 | 12,976,766 | 12,023,156 | 13,044,905 | 12,979,472 | 11,996,500 | 13,044,215 | 12,981,076 | |||||||||||||||||||
Diluted (in shares) | 12,672,973 | 12,433,424 | 12,076,120 | 12,431,886 | 13,323,796 | 13,313,406 | 13,060,839 | 13,013,719 | 13,199,636 | 13,214,703 | 12,979,350 | 13,200,084 | 12,115,987 | 13,036,938 | 13,204,671 | 12,294,073 | 13,311,776 | 13,208,015 | 12,508,561 | 13,314,605 | 13,205,933 | |||||||||||||||||||
Weighted-average shares outstanding: | ||||||||||||||||||||||||||||||||||||||||
Basic (in shares) | 12,023,077 | 11,897,139 | 12,076,120 | 12,155,421 | 13,042,169 | 13,060,839 | 13,060,839 | 13,013,719 | 12,985,838 | 12,984,882 | 12,979,350 | 12,974,239 | 12,115,987 | 13,036,938 | 12,976,766 | 12,023,156 | 13,044,905 | 12,979,472 | 11,996,500 | 13,044,215 | 12,981,076 | |||||||||||||||||||
Diluted (in shares) | 12,672,973 | 12,433,424 | 12,076,120 | 12,431,886 | 13,323,796 | 13,313,406 | 13,060,839 | 13,013,719 | 13,199,636 | 13,214,703 | 12,979,350 | 13,200,084 | 12,115,987 | 13,036,938 | 13,204,671 | 12,294,073 | 13,311,776 | 13,208,015 | 12,508,561 | 13,314,605 | 13,205,933 | |||||||||||||||||||
Finance Income Recognized | $ 4,333,000 | $ 4,572,000 | $ 4,879,000 | $ 5,106,000 | $ 5,030,000 | $ 5,090,000 | $ 5,454,000 | $ 4,990,000 | $ 5,015,000 | $ 4,984,000 | $ 5,011,000 | $ 4,594,000 | $ 9,985,000 | $ 10,444,000 | $ 9,605,000 | $ 14,557,000 | $ 15,534,000 | $ 14,589,000 | $ 18,890,000 | $ 20,564,000 | $ 19,604,000 | |||||||||||||||||||
Personal injury claims income | ||||||||||||||||||||||||||||||||||||||||
Disability fee income | 1,311,000 | 1,169,000 | 872,000 | 659,000 | 523,000 | 552,000 | 200,000 | 159,000 | 125,000 | 137,000 | 86,000 | 30,000 | 1,531,000 | 359,000 | 116,000 | 2,700,000 | 911,000 | 253,000 | 4,011,000 | 1,434,000 | 378,000 | |||||||||||||||||||
Revenues, Total | 5,644,000 | 5,741,000 | 5,751,000 | 5,765,000 | 5,553,000 | 5,642,000 | 5,654,000 | 5,149,000 | 5,140,000 | 5,121,000 | 5,097,000 | 4,624,000 | 11,516,000 | 10,803,000 | 9,721,000 | 17,257,000 | 16,445,000 | 14,842,000 | 22,901,000 | 21,998,000 | 19,982,000 | |||||||||||||||||||
Other Nonoperating Income | 528,000 | 176,000 | 608,000 | 392,000 | 352,000 | 519,000 | 221,000 | 477,000 | 279,000 | 200,000 | 408,000 | 510,000 | 1,000,000 | 698,000 | 918,000 | 1,176,000 | 1,217,000 | 1,118,000 | 1,704,000 | 1,569,000 | 1,397,000 | |||||||||||||||||||
6,172,000 | 5,917,000 | 6,359,000 | 6,157,000 | 5,905,000 | 6,161,000 | 5,875,000 | 5,626,000 | 5,419,000 | 31,422,000 | 5,505,000 | 5,134,000 | 12,516,000 | 11,501,000 | 10,639,000 | 18,433,000 | 17,662,000 | 42,061,000 | 24,605,000 | 23,567,000 | 47,480,000 | ||||||||||||||||||||
General and Administrative Expense, Total | 6,287,000 | 7,069,000 | 10,222,000 | 5,729,000 | 6,764,000 | 5,741,000 | 6,453,000 | 5,420,000 | 5,385,000 | 4,324,000 | 5,587,000 | 5,234,000 | 15,951,000 | 11,873,000 | 10,821,000 | 23,020,000 | 17,614,000 | 15,145,000 | 29,308,000 | 24,378,000 | 20,530,000 | |||||||||||||||||||
Interest expense | (3,000) | (6,000) | (9,000) | (15,000) | (18,000) | (18,000) | ||||||||||||||||||||||||||||||||||
(Earnings) loss from equity method investment | (2,531,000) | (6,193,000) | (333,000) | (1,494,000) | (415,000) | 79,000 | (10,000) | 400,000 | 55,000 | (215,000) | 25,000 | (1,796,000) | (1,827,000) | 390,000 | (1,771,000) | (6,193,000) | 469,000 | (1,986,000) | (10,551,000) | 54,000 | (1,931,000) | |||||||||||||||||||
Costs and Expenses, Total | 3,797,000 | 876,000 | 10,013,000 | 4,235,000 | 6,349,000 | 5,820,000 | 6,443,000 | 5,820,000 | 5,440,000 | 23,703,000 | 5,618,000 | 3,447,000 | 14,248,000 | 12,263,000 | 9,065,000 | 15,124,000 | 18,083,000 | 32,768,000 | 18,921,000 | 24,432,000 | 38,208,000 | |||||||||||||||||||
Income before tax from continuing operations | 2,375,000 | 5,041,000 | (3,654,000) | 1,922,000 | (444,000) | 341,000 | (568,000) | (194,000) | (21,000) | 7,719,000 | (113,000) | 1,687,000 | (1,732,000) | (762,000) | 1,574,000 | 3,309,000 | (421,000) | 9,293,000 | 5,684,000 | (865,000) | 9,272,000 | |||||||||||||||||||
Income Tax Expense (Benefit), Total | (97,000) | 1,752,000 | (1,269,000) | 631,000 | (67,000) | 11,000 | 517,000 | 2,984,000 | (17,000) | 655,000 | (638,000) | 11,000 | 638,000 | 1,114,000 | 11,000 | 3,622,000 | 1,017,000 | (56,000) | 4,139,000 | |||||||||||||||||||||
Income (loss) from continuing operations | 2,472,000 | 3,289,000 | (377,000) | 341,000 | (568,000) | (205,000) | (96,000) | 1,032,000 | (773,000) | 936,000 | 2,195,000 | (432,000) | 5,700,000 | (900,000) | 9,300,000 | |||||||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | 1,503,000 | 577,000 | 555,000 | 272,000 | 704,000 | 480,000 | 465,000 | 127,000 | 367,000 | (86,000) | 90,000 | 827,000 | 592,000 | 90,000 | 1,404,000 | 1,072,000 | 4,000 | 3,010,000 | 2,454,000 | 441,000 | ||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | ||||||||||||||||||||||||||||||||||||||||
Net Income | $ 3,975,000 | $ 3,866,000 | $ (1,830,000) | $ 1,563,000 | $ 327,000 | $ 821,000 | $ (103,000) | $ (78,000) | $ (171,000) | $ 4,649,000 | $ (6,000) | $ 1,032,000 | $ (267,000) | $ (181,000) | $ 1,026,000 | $ 3,599,000 | $ 640,000 | $ 5,675,000 | $ 7,573,000 | $ 967,000 | $ 5,504,000 | |||||||||||||||||||
Continuing Operations (in dollars per share) | $ 0.21 | $ 0.27 | $ (0.20) | $ 0.11 | $ (0.03) | $ 0.02 | $ (0.04) | $ (0.02) | $ (0.04) | $ 0.36 | $ (0.01) | $ 0.08 | $ (0.09) | $ (0.06) | $ 0.07 | $ 0.18 | $ (0.03) | $ 0.44 | $ 0.39 | $ (0.06) | $ 0.39 | |||||||||||||||||||
Discontinued Operations (in dollars per share) | 0.12 | 0.05 | 0.05 | 0.02 | 0.05 | 0.04 | 0.03 | 0.01 | 0.03 | (0.01) | 0.01 | 0.07 | 0.05 | 0.01 | 0.12 | 0.08 | 0 | 0.24 | 0.13 | 0.03 | ||||||||||||||||||||
(in dollars per share) | 0.33 | 0.32 | (0.15) | 0.13 | 0.02 | 0.06 | (0.01) | (0.01) | (0.01) | 0.35 | 0 | 0.08 | (0.02) | (0.01) | 0.08 | 0.30 | 0.05 | 0.44 | 0.63 | 0.07 | 0.42 | |||||||||||||||||||
Continuing Operations (in dollars per share) | 0.19 | 0.26 | (0.20) | 0.10 | (0.03) | 0.02 | (0.04) | (0.02) | (0.04) | 0.36 | (0.01) | 0.08 | (0.09) | (0.06) | 0.07 | 0.18 | (0.03) | 0.43 | 0.37 | (0.06) | 0.39 | |||||||||||||||||||
Discontinued Operations (in dollars per share) | 0.12 | 0.05 | 0.05 | 0.02 | 0.05 | 0.04 | 0.03 | 0.01 | 0.03 | (0.01) | 0.01 | 0.07 | 0.05 | 0.01 | 0.11 | 0.08 | 0 | 0.24 | 0.13 | 0.03 | ||||||||||||||||||||
(in dollars per share) | $ 0.31 | $ 0.31 | $ (0.15) | $ 0.12 | $ 0.02 | $ 0.06 | $ (0.01) | $ (0.01) | $ (0.01) | $ 0.35 | $ 0 | $ 0.08 | $ (0.02) | $ (0.01) | $ 0.08 | $ 0.29 | $ 0.05 | $ 0.43 | $ 0.61 | $ 0.07 | $ 0.42 | |||||||||||||||||||
Previously Reported [Member] | ||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||
Finance Income Recognized | $ 4,388,000 | [1] | $ 4,612,000 | [1] | $ 4,914,000 | $ 5,142,000 | $ 5,070,000 | [1] | $ 5,156,000 | [1] | $ 5,495,000 | [1] | $ 5,037,000 | [1] | $ 5,074,000 | [1] | $ 5,074,000 | [1] | $ 5,070,000 | [1] | $ 4,648,000 | [1] | $ 10,056,000 | $ 10,532,000 | [1] | $ 9,718,000 | [1] | $ 14,668,000 | [1] | $ 15,688,000 | [1] | $ 14,792,000 | [1] | $ 19,056,000 | $ 20,757,000 | $ 19,865,000 | ||||
Personal injury claims income | 5,444,000 | [1] | 9,838,000 | [1] | 1,846,000 | 3,085,000 | 2,398,000 | [1] | 1,729,000 | [1] | 1,867,000 | [1] | 2,488,000 | [1] | 1,411,000 | [1] | 1,779,000 | [1] | 1,166,000 | [1] | [1] | 4,931,000 | 4,355,000 | [1] | 1,166,000 | [1] | 14,769,000 | [1] | 6,084,000 | [1] | 2,945,000 | [1] | 20,212,000 | 8,482,000 | 7,134,000 | |||||
Disability fee income | 1,311,000 | [1] | 1,169,000 | [1] | 872,000 | 659,000 | 523,000 | [1] | 552,000 | [1] | 200,000 | [1] | 159,000 | [1] | 125,000 | [1] | [1] | [1] | [1] | 1,531,000 | 359,000 | [1] | [1] | 2,700,000 | [1] | 911,000 | [1] | [1] | 4,011,000 | 1,434,000 | 378,000 | |||||||||
Revenues, Total | 11,143,000 | [1] | 15,619,000 | [1] | 7,632,000 | 8,886,000 | 7,991,000 | [1] | 7,437,000 | [1] | 7,562,000 | [1] | 7,684,000 | [1] | 6,610,000 | [1] | 6,853,000 | [1] | 6,236,000 | [1] | 4,648,000 | [1] | 16,518,000 | 15,246,000 | [1] | 10,884,000 | [1] | 32,137,000 | [1] | 22,683,000 | [1] | 17,737,000 | [1] | 43,279,000 | 30,673,000 | 27,377,000 | ||||
Forgiveness of non-recourse debt | [1] | [1] | [1] | 26,101,000 | [1] | [1] | [1] | 26,101,000 | [1],[2] | 26,101,000 | ||||||||||||||||||||||||||||||
Other Nonoperating Income | 524,000 | [1] | 169,000 | [1] | 378,000 | 515,000 | 465,000 | [1] | 185,000 | [1] | 396,000 | [1] | 635,000 | 279,000 | [1] | 336,000 | [1] | 491,000 | [1] | 3,322,000 | [1] | 893,000 | 1,031,000 | [1] | 3,813,000 | [1] | 1,062,000 | [1] | 1,216,000 | [1] | 4,149,000 | [1] | 1,585,000 | 1,687,000 | 1,397,000 | |||||
11,667,000 | [1] | 15,788,000 | [1] | 8,010,000 | 9,401,000 | 8,456,000 | [1] | 7,622,000 | 7,958,000 | [1] | 8,319,000 | [1] | 6,889,000 | [1] | 33,290,000 | [1] | 6,727,000 | [1] | 7,970,000 | [1] | 17,411,000 | 16,277,000 | [1] | 14,697,000 | [1] | 33,199,000 | [1] | 23,899,000 | [1] | 47,987,000 | [1] | 44,864,000 | 32,360,000 | 54,875,000 | ||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||
General and Administrative Expense, Total | 8,352,000 | [1] | 9,244,000 | [1] | 11,842,000 | 6,943,000 | 7,796,000 | [1] | 7,851,000 | [1] | 7,661,000 | [1] | 8,113,000 | [1] | 6,459,000 | [1] | 5,837,000 | [1] | 6,768,000 | [1] | 5,767,000 | [1] | 18,785,000 | 15,774,000 | [1] | 12,535,000 | [1] | 28,029,000 | [1] | 23,625,000 | [1] | 18,372,000 | [1] | 36,381,000 | 31,428,000 | 24,831,000 | ||||
Interest expense | 9,000 | [1] | 2,000 | 2,000 | 507,000 | [1] | 508,000 | [1] | 3,000 | [1] | 6,000 | [1] | 9,000 | [1] | 508,000 | [1] | 15,000 | [1] | 1,000 | [1] | 18,000 | [1] | 9,000 | 18,000 | ||||||||||||||||
Impairments of consumer receivables acquired for liquidation | 41,000 | [1] | 124,000 | 19,591,000 | [1] | 124,000 | [2] | 124,000 | [2] | 19,591,000 | [1],[2] | 164,000 | 19,591,000 | |||||||||||||||||||||||||||
(Earnings) loss from equity method investment | [1] | [1] | [2] | [1] | [1] | [1] | [1],[2] | [1] | [1] | [1] | [1],[2] | [2] | [1],[2] | [1],[2] | [1],[2] | [1],[2] | [1],[2] | |||||||||||||||||||||||
Costs and Expenses, Total | 8,402,000 | [1] | 9,244,000 | [1] | 11,964,000 | 6,945,000 | 7,796,000 | [1] | 7,344,000 | 8,169,000 | [1] | 8,113,000 | [1] | 6,459,000 | [1] | 25,431,000 | [1] | 6,774,000 | [1] | 5,776,000 | [1] | 18,909,000 | 16,282,000 | [1] | 12,550,000 | [1] | 28,153,000 | [1] | 23,626,000 | [1] | 37,981,000 | [1] | 36,554,000 | 31,428,000 | 44,440,000 | |||||
Income before tax from continuing operations | 3,265,000 | [1] | 6,544,000 | [1] | (3,954,000) | 2,456,000 | 660,000 | [1] | 278,000 | [1] | (211,000) | [1] | 206,000 | [1] | 430,000 | [1] | 7,859,000 | [1] | (47,000) | [1] | 2,194,000 | [1] | (1,498,000) | (5,000) | [1] | 2,147,000 | [1] | 5,046,000 | [1] | 273,000 | [1] | 10,006,000 | [1] | 8,310,000 | 932,000 | 10,435,000 | ||||
Income Tax Expense (Benefit), Total | (595,000) | [1] | 2,410,000 | [1] | (1,753,000) | 715,000 | 627,000 | [1] | 148,000 | [1] | 254,000 | [1] | 35,000 | [1] | 590,000 | [1] | 3,032,000 | [1] | (26,000) | [1] | 798,000 | [1] | (1,038,000) | 289,000 | [1] | 772,000 | [1] | 1,372,000 | [1] | 437,000 | [1] | 3,804,000 | [1] | 775,000 | 1,064,000 | 4,393,000 | ||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (2,201,000) | 1,741,000 | 243,000 | [2] | (160,000) | [1] | 4,827,000 | [1] | 947,000 | [2] | (916,000) | (218,000) | [2] | 932,000 | [2] | 1,670,000 | [2] | (74,000) | [2] | 6,202,000 | [1] | 7,535,000 | (132,000) | 6,042,000 | ||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | 1,436,000 | [1] | 610,000 | [1] | 453,000 | 438,000 | [2] | 1,211,000 | [1] | 15,000 | [1] | 806,000 | [1] | 127,000 | [1],[2] | 314,000 | [1] | (87,000) | [1] | 90,000 | [1] | [1],[2] | 891,000 | [2] | 933,000 | [1],[2] | 90,000 | [1],[2] | 1,501,000 | [1],[2] | 948,000 | [1],[2] | 3,000 | [1],[2] | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | 607,000 | [1] | 1,548,000 | [1] | 83,000 | 373,000 | 104,000 | [1] | (16,000) | [1] | (4,000) | [1] | (72,000) | [1] | (38,000) | [1] | 53,000 | [1] | (6,000) | [1] | 449,000 | [1] | 456,000 | (76,000) | [1] | 443,000 | [1] | 2,004,000 | [1] | (92,000) | [1] | 496,000 | [1] | 2,612,000 | 11,000 | 458,000 | ||||
Net Income | $ 4,689,000 | [1] | $ 3,196,000 | [1] | $ (1,831,000) | $ 1,806,000 | $ 1,140,000 | [1] | $ 161,000 | [1] | $ 345,000 | [1] | $ 370,000 | [1] | $ 192,000 | [1] | $ 4,687,000 | [1] | $ 75,000 | [1] | $ 947,000 | [1] | $ (25,000) | $ 715,000 | [1] | $ 1,022,000 | [1] | $ 3,171,000 | [1] | $ 876,000 | [1] | $ 5,709,000 | [1] | $ 7,860,000 | $ 2,016,000 | $ 5,901,000 | ||||
Continuing Operations (in dollars per share) | $ 0.27 | [1] | $ 0.22 | [1] | $ (0.19) | $ 0.11 | $ (0.01) | [1] | $ 0.01 | [1] | $ (0.03) | [1] | $ 0.02 | [1] | $ (0.01) | [1] | $ 0.37 | [1] | $ 0 | [1] | $ 0.07 | [1] | $ (0.07) | $ (0.02) | [1] | $ 0.07 | [1] | $ 0.14 | [1] | $ (0.01) | [1] | $ 0.44 | [1] | $ 0.41 | $ (0.01) | $ 0.43 | ||||
Discontinued Operations (in dollars per share) | 0.12 | [1] | 0.05 | [1] | 0.04 | 0.04 | 0.09 | [1] | 0 | [1] | 0.06 | [1] | 0.01 | [1] | 0.02 | [1] | (0.01) | [1] | 0.01 | [1] | [1] | 0.07 | 0.07 | [1] | 0.01 | [1] | 0.12 | [1] | 0.07 | [1] | 0 | [1] | 0.24 | 0.16 | 0.02 | |||||
(in dollars per share) | 0.39 | [1] | 0.27 | [1] | (0.15) | 0.15 | 0.08 | [1] | 0.01 | 0.03 | [1] | 0.03 | [1] | 0.01 | [1] | 0.36 | [1] | 0.01 | [1] | 0.07 | [1] | 0 | 0.05 | [1] | 0.08 | [1] | 0.26 | [1] | 0.06 | [1] | 0.44 | [1] | 0.65 | 0.15 | 0.45 | |||||
Continuing Operations (in dollars per share) | 0.26 | [1] | 0.21 | [1] | (0.19) | 0.11 | (0.01) | [1] | 0.01 | [1] | (0.03) | [1] | 0.02 | [1] | (0.01) | [1] | 0.36 | [1] | 0 | [1] | 0.07 | [1] | (0.07) | (0.02) | [1] | 0.07 | [1] | 0.14 | [1] | (0.01) | [1] | 0.43 | [1] | 0.39 | (0.01) | 0.43 | ||||
Discontinued Operations (in dollars per share) | 0.11 | [1] | 0.05 | [1] | 0.04 | 0.04 | 0.09 | [1] | 0 | [1] | 0.06 | [1] | 0.01 | [1] | 0.02 | [1] | (0.01) | [1] | 0.01 | [1] | [1] | 0.07 | 0.07 | [1] | 0.01 | [1] | 0.12 | [1] | 0.07 | [1] | 0 | [1] | 0.23 | 0.16 | 0.02 | |||||
(in dollars per share) | $ 0.37 | [1] | $ 0.26 | [1] | $ (0.15) | $ 0.15 | $ 0.08 | [1] | $ 0.01 | $ 0.03 | [1] | $ 0.03 | [1] | $ 0.01 | [1] | $ 0.35 | [1] | $ 0.01 | [1] | $ 0.07 | [1] | $ 0 | $ 0.05 | [1] | $ 0.08 | [1] | $ 0.26 | [1] | $ 0.06 | [1] | $ 0.43 | [1] | $ 0.62 | $ 0.15 | $ 0.45 | |||||
Interest expense | $ (9,000) | [1] | $ (2,000) | $ (2,000) | $ (507,000) | [1] | $ (508,000) | [1] | $ (3,000) | [1] | $ (6,000) | [1] | $ (9,000) | [1] | $ (508,000) | [1] | $ (15,000) | [1] | $ (1,000) | [1] | $ (18,000) | [1] | $ (9,000) | $ (18,000) | ||||||||||||||||
Income (loss) from continuing operations | [1] | $ 3,860,000 | $ 4,134,000 | $ 33,000 | $ 130,000 | $ (465,000) | $ 171,000 | $ (21,000) | $ 1,396,000 | $ (294,000) | $ 1,375,000 | $ 3,674,000 | $ (164,000) | |||||||||||||||||||||||||||
Basic (in shares) | 12,023,077 | [1] | 11,897,139 | [1] | 12,076,120 | 12,155,421 | 13,042,169 | [1] | 13,060,839 | [1] | 13,060,839 | [1] | 13,013,719 | [1] | 12,985,838 | [1] | 12,984,882 | [1] | 12,979,350 | [1] | 12,974,239 | [1] | 12,115,987 | 13,036,938 | [1] | 12,976,766 | [1] | 12,023,156 | [1] | 13,044,905 | [1] | 12,979,472 | [1] | 11,996,500 | 13,044,215 | 12,981,076 | ||||
Diluted (in shares) | 12,672,973 | [1] | 12,433,424 | [1] | 12,076,120 | 12,431,886 | 13,323,796 | [1] | 13,313,406 | [1] | 13,314,032 | [1] | 13,308,573 | [1] | 13,199,636 | [1] | 13,214,703 | [1] | 13,209,314 | [1] | 13,200,084 | [1] | 12,115,987 | 13,310,961 | [1] | 13,204,671 | [1] | 12,294,073 | [1] | 13,311,776 | [1] | 13,208,015 | [1] | 12,508,561 | 13,314,605 | 13,205,933 | ||||
Weighted-average shares outstanding: | ||||||||||||||||||||||||||||||||||||||||
Basic (in shares) | 12,023,077 | [1] | 11,897,139 | [1] | 12,076,120 | 12,155,421 | 13,042,169 | [1] | 13,060,839 | [1] | 13,060,839 | [1] | 13,013,719 | [1] | 12,985,838 | [1] | 12,984,882 | [1] | 12,979,350 | [1] | 12,974,239 | [1] | 12,115,987 | 13,036,938 | [1] | 12,976,766 | [1] | 12,023,156 | [1] | 13,044,905 | [1] | 12,979,472 | [1] | 11,996,500 | 13,044,215 | 12,981,076 | ||||
Diluted (in shares) | 12,672,973 | [1] | 12,433,424 | [1] | 12,076,120 | 12,431,886 | 13,323,796 | [1] | 13,313,406 | [1] | 13,314,032 | [1] | 13,308,573 | [1] | 13,199,636 | [1] | 13,214,703 | [1] | 13,209,314 | [1] | 13,200,084 | [1] | 12,115,987 | 13,310,961 | [1] | 13,204,671 | [1] | 12,294,073 | [1] | 13,311,776 | [1] | 13,208,015 | [1] | 12,508,561 | 13,314,605 | 13,205,933 | ||||
Finance Income Recognized | $ 4,388,000 | [1] | $ 4,612,000 | [1] | $ 4,914,000 | $ 5,142,000 | $ 5,070,000 | [1] | $ 5,156,000 | [1] | $ 5,495,000 | [1] | $ 5,037,000 | [1] | $ 5,074,000 | [1] | $ 5,074,000 | [1] | $ 5,070,000 | [1] | $ 4,648,000 | [1] | $ 10,056,000 | $ 10,532,000 | [1] | $ 9,718,000 | [1] | $ 14,668,000 | [1] | $ 15,688,000 | [1] | $ 14,792,000 | [1] | $ 19,056,000 | $ 20,757,000 | $ 19,865,000 | ||||
Personal injury claims income | 5,444,000 | [1] | 9,838,000 | [1] | 1,846,000 | 3,085,000 | 2,398,000 | [1] | 1,729,000 | [1] | 1,867,000 | [1] | 2,488,000 | [1] | 1,411,000 | [1] | 1,779,000 | [1] | 1,166,000 | [1] | [1] | 4,931,000 | 4,355,000 | [1] | 1,166,000 | [1] | 14,769,000 | [1] | 6,084,000 | [1] | 2,945,000 | [1] | 20,212,000 | 8,482,000 | 7,134,000 | |||||
Disability fee income | 1,311,000 | [1] | 1,169,000 | [1] | 872,000 | 659,000 | 523,000 | [1] | 552,000 | [1] | 200,000 | [1] | 159,000 | [1] | 125,000 | [1] | [1] | [1] | [1] | 1,531,000 | 359,000 | [1] | [1] | 2,700,000 | [1] | 911,000 | [1] | [1] | 4,011,000 | 1,434,000 | 378,000 | |||||||||
Revenues, Total | 11,143,000 | [1] | 15,619,000 | [1] | 7,632,000 | 8,886,000 | 7,991,000 | [1] | 7,437,000 | [1] | 7,562,000 | [1] | 7,684,000 | [1] | 6,610,000 | [1] | 6,853,000 | [1] | 6,236,000 | [1] | 4,648,000 | [1] | 16,518,000 | 15,246,000 | [1] | 10,884,000 | [1] | 32,137,000 | [1] | 22,683,000 | [1] | 17,737,000 | [1] | 43,279,000 | 30,673,000 | 27,377,000 | ||||
Other Nonoperating Income | 524,000 | [1] | 169,000 | [1] | 378,000 | 515,000 | 465,000 | [1] | 185,000 | [1] | 396,000 | [1] | 635,000 | 279,000 | [1] | 336,000 | [1] | 491,000 | [1] | 3,322,000 | [1] | 893,000 | 1,031,000 | [1] | 3,813,000 | [1] | 1,062,000 | [1] | 1,216,000 | [1] | 4,149,000 | [1] | 1,585,000 | 1,687,000 | 1,397,000 | |||||
11,667,000 | [1] | 15,788,000 | [1] | 8,010,000 | 9,401,000 | 8,456,000 | [1] | 7,622,000 | 7,958,000 | [1] | 8,319,000 | [1] | 6,889,000 | [1] | 33,290,000 | [1] | 6,727,000 | [1] | 7,970,000 | [1] | 17,411,000 | 16,277,000 | [1] | 14,697,000 | [1] | 33,199,000 | [1] | 23,899,000 | [1] | 47,987,000 | [1] | 44,864,000 | 32,360,000 | 54,875,000 | ||||||
General and Administrative Expense, Total | 8,352,000 | [1] | 9,244,000 | [1] | 11,842,000 | 6,943,000 | 7,796,000 | [1] | 7,851,000 | [1] | 7,661,000 | [1] | 8,113,000 | [1] | 6,459,000 | [1] | 5,837,000 | [1] | 6,768,000 | [1] | 5,767,000 | [1] | 18,785,000 | 15,774,000 | [1] | 12,535,000 | [1] | 28,029,000 | [1] | 23,625,000 | [1] | 18,372,000 | [1] | 36,381,000 | 31,428,000 | 24,831,000 | ||||
Interest expense | (9,000) | [1] | (2,000) | (2,000) | (507,000) | [1] | (508,000) | [1] | (3,000) | [1] | (6,000) | [1] | (9,000) | [1] | (508,000) | [1] | (15,000) | [1] | (1,000) | [1] | (18,000) | [1] | (9,000) | (18,000) | ||||||||||||||||
(Earnings) loss from equity method investment | [1] | [1] | [2] | [1] | [1] | [1] | [1],[2] | [1] | [1] | [1] | [1],[2] | [2] | [1],[2] | [1],[2] | [1],[2] | [1],[2] | [1],[2] | |||||||||||||||||||||||
Costs and Expenses, Total | 8,402,000 | [1] | 9,244,000 | [1] | 11,964,000 | 6,945,000 | 7,796,000 | [1] | 7,344,000 | 8,169,000 | [1] | 8,113,000 | [1] | 6,459,000 | [1] | 25,431,000 | [1] | 6,774,000 | [1] | 5,776,000 | [1] | 18,909,000 | 16,282,000 | [1] | 12,550,000 | [1] | 28,153,000 | [1] | 23,626,000 | [1] | 37,981,000 | [1] | 36,554,000 | 31,428,000 | 44,440,000 | |||||
Income before tax from continuing operations | 3,265,000 | [1] | 6,544,000 | [1] | (3,954,000) | 2,456,000 | 660,000 | [1] | 278,000 | [1] | (211,000) | [1] | 206,000 | [1] | 430,000 | [1] | 7,859,000 | [1] | (47,000) | [1] | 2,194,000 | [1] | (1,498,000) | (5,000) | [1] | 2,147,000 | [1] | 5,046,000 | [1] | 273,000 | [1] | 10,006,000 | [1] | 8,310,000 | 932,000 | 10,435,000 | ||||
Income Tax Expense (Benefit), Total | (595,000) | [1] | 2,410,000 | [1] | (1,753,000) | 715,000 | 627,000 | [1] | 148,000 | [1] | 254,000 | [1] | 35,000 | [1] | 590,000 | [1] | 3,032,000 | [1] | (26,000) | [1] | 798,000 | [1] | (1,038,000) | 289,000 | [1] | 772,000 | [1] | 1,372,000 | [1] | 437,000 | [1] | 3,804,000 | [1] | 775,000 | 1,064,000 | 4,393,000 | ||||
Income (loss) from continuing operations | [1] | 3,860,000 | 4,134,000 | 33,000 | 130,000 | (465,000) | 171,000 | (21,000) | 1,396,000 | (294,000) | 1,375,000 | 3,674,000 | (164,000) | |||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | 1,436,000 | [1] | 610,000 | [1] | 453,000 | 438,000 | [2] | 1,211,000 | [1] | 15,000 | [1] | 806,000 | [1] | 127,000 | [1],[2] | 314,000 | [1] | (87,000) | [1] | 90,000 | [1] | [1],[2] | 891,000 | [2] | 933,000 | [1],[2] | 90,000 | [1],[2] | 1,501,000 | [1],[2] | 948,000 | [1],[2] | 3,000 | [1],[2] | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | 607,000 | [1] | 1,548,000 | [1] | 83,000 | 373,000 | 104,000 | [1] | (16,000) | [1] | (4,000) | [1] | (72,000) | [1] | (38,000) | [1] | 53,000 | [1] | (6,000) | [1] | 449,000 | [1] | 456,000 | (76,000) | [1] | 443,000 | [1] | 2,004,000 | [1] | (92,000) | [1] | 496,000 | [1] | 2,612,000 | 11,000 | 458,000 | ||||
Net Income | $ 4,689,000 | [1] | $ 3,196,000 | [1] | $ (1,831,000) | $ 1,806,000 | $ 1,140,000 | [1] | $ 161,000 | [1] | $ 345,000 | [1] | $ 370,000 | [1] | $ 192,000 | [1] | $ 4,687,000 | [1] | $ 75,000 | [1] | $ 947,000 | [1] | $ (25,000) | $ 715,000 | [1] | $ 1,022,000 | [1] | $ 3,171,000 | [1] | $ 876,000 | [1] | $ 5,709,000 | [1] | $ 7,860,000 | $ 2,016,000 | $ 5,901,000 | ||||
Continuing Operations (in dollars per share) | $ 0.27 | [1] | $ 0.22 | [1] | $ (0.19) | $ 0.11 | $ (0.01) | [1] | $ 0.01 | [1] | $ (0.03) | [1] | $ 0.02 | [1] | $ (0.01) | [1] | $ 0.37 | [1] | $ 0 | [1] | $ 0.07 | [1] | $ (0.07) | $ (0.02) | [1] | $ 0.07 | [1] | $ 0.14 | [1] | $ (0.01) | [1] | $ 0.44 | [1] | $ 0.41 | $ (0.01) | $ 0.43 | ||||
Discontinued Operations (in dollars per share) | 0.12 | [1] | 0.05 | [1] | 0.04 | 0.04 | 0.09 | [1] | 0 | [1] | 0.06 | [1] | 0.01 | [1] | 0.02 | [1] | (0.01) | [1] | 0.01 | [1] | [1] | 0.07 | 0.07 | [1] | 0.01 | [1] | 0.12 | [1] | 0.07 | [1] | 0 | [1] | 0.24 | 0.16 | 0.02 | |||||
(in dollars per share) | 0.39 | [1] | 0.27 | [1] | (0.15) | 0.15 | 0.08 | [1] | 0.01 | 0.03 | [1] | 0.03 | [1] | 0.01 | [1] | 0.36 | [1] | 0.01 | [1] | 0.07 | [1] | 0 | 0.05 | [1] | 0.08 | [1] | 0.26 | [1] | 0.06 | [1] | 0.44 | [1] | 0.65 | 0.15 | 0.45 | |||||
Continuing Operations (in dollars per share) | 0.26 | [1] | 0.21 | [1] | (0.19) | 0.11 | (0.01) | [1] | 0.01 | [1] | (0.03) | [1] | 0.02 | [1] | (0.01) | [1] | 0.36 | [1] | 0 | [1] | 0.07 | [1] | (0.07) | (0.02) | [1] | 0.07 | [1] | 0.14 | [1] | (0.01) | [1] | 0.43 | [1] | 0.39 | (0.01) | 0.43 | ||||
Discontinued Operations (in dollars per share) | 0.11 | [1] | 0.05 | [1] | 0.04 | 0.04 | 0.09 | [1] | 0 | [1] | 0.06 | [1] | 0.01 | [1] | 0.02 | [1] | (0.01) | [1] | 0.01 | [1] | [1] | 0.07 | 0.07 | [1] | 0.01 | [1] | 0.12 | [1] | 0.07 | [1] | 0 | [1] | 0.23 | 0.16 | 0.02 | |||||
(in dollars per share) | $ 0.37 | [1] | $ 0.26 | [1] | $ (0.15) | $ 0.15 | $ 0.08 | [1] | $ 0.01 | $ 0.03 | [1] | $ 0.03 | [1] | $ 0.01 | [1] | $ 0.35 | [1] | $ 0.01 | [1] | $ 0.07 | [1] | $ 0 | $ 0.05 | [1] | $ 0.08 | [1] | $ 0.26 | [1] | $ 0.06 | [1] | $ 0.43 | [1] | $ 0.62 | $ 0.15 | $ 0.45 | |||||
Restatement Adjustment [Member] | ||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||
Finance Income Recognized | $ (55,000) | [3] | $ (40,000) | [3] | $ (35,000) | [3] | $ (36,000) | [3] | $ (40,000) | [3] | $ (66,000) | $ (41,000) | [3] | $ (47,000) | [3] | $ (59,000) | [3] | $ (90,000) | [3] | $ (59,000) | [3] | $ (54,000) | [3] | $ (71,000) | [3] | $ (88,000) | [3] | $ (113,000) | [3] | $ (111,000) | [3] | $ (154,000) | [3] | $ (203,000) | [3] | |||||
Personal injury claims income | (5,444,000) | [4] | (9,838,000) | [4] | (1,846,000) | [4] | (3,085,000) | [4] | (2,398,000) | [4] | (1,729,000) | (1,867,000) | [4] | (2,488,000) | [4] | (1,411,000) | [4] | (1,779,000) | [4] | (1,166,000) | [4] | [4] | (4,931,000) | [4] | (4,355,000) | [4] | (1,166,000) | [4] | (14,769,000) | [4] | (6,084,000) | [4] | (2,945,000) | [4] | ||||||
Disability fee income | 137,000 | [5] | 86,000 | [5] | 30,000 | [6] | 116,000 | [5] | 253,000 | [5] | ||||||||||||||||||||||||||||||
Revenues, Total | (5,499,000) | (9,878,000) | (1,881,000) | (3,121,000) | (2,438,000) | (1,795,000) | (1,908,000) | (2,535,000) | (1,470,000) | (1,732,000) | (1,139,000) | (24,000) | (5,002,000) | (4,443,000) | (1,163,000) | (14,880,000) | (6,238,000) | (2,895,000) | ||||||||||||||||||||||
Forgiveness of non-recourse debt | ||||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income | 4,000 | [5] | 7,000 | [5] | 230,000 | [5] | (123,000) | [5] | (113,000) | [4],[5] | 334,000 | (175,000) | [6] | (158,000) | [5] | (136,000) | [5] | (83,000) | [4] | (2,812,000) | [4] | 107,000 | [5] | (333,000) | [6] | (2,895,000) | [4] | 114,000 | [5] | 1,000 | [6] | (3,031,000) | [5] | |||||||
(5,495,000) | (9,871,000) | (1,651,000) | (3,244,000) | (2,551,000) | (1,461,000) | (2,083,000) | (2,693,000) | (1,470,000) | (1,868,000) | (1,222,000) | (2,836,000) | (4,895,000) | (4,776,000) | (4,058,000) | (14,766,000) | (6,237,000) | (5,926,000) | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||
General and Administrative Expense, Total | (2,065,000) | [4],[5],[6],[7],[8] | (2,175,000) | [4],[5],[6],[7],[8] | (1,620,000) | [4],[5],[7],[8] | (1,214,000) | [4],[5],[6],[7],[8] | (1,032,000) | [4],[5],[7],[8] | (2,110,000) | (1,208,000) | [4],[5],[6],[7],[8] | (2,693,000) | [4],[5],[6],[7],[8] | (1,074,000) | [4],[5],[7],[8] | (1,513,000) | [4],[5],[6],[7] | (1,181,000) | [4],[5],[7] | (533,000) | [4],[5],[7],[8] | (2,834,000) | [4],[5],[7],[8] | (3,901,000) | [4],[5],[6],[7],[8] | (1,714,000) | [4],[5],[7] | (5,009,000) | [4],[5],[6],[7],[8] | (6,011,000) | [4],[5],[6],[7],[8] | (3,227,000) | [4],[5],[6],[7] | |||||
Interest expense | (9,000) | [5] | (2,000) | [5] | (2,000) | [5] | (507,000) | (508,000) | [5] | [5] | (508,000) | [5] | (1,000) | [5] | ||||||||||||||||||||||||||
Impairments of consumer receivables acquired for liquidation | 1,000 | |||||||||||||||||||||||||||||||||||||||
(Earnings) loss from equity method investment | (2,531,000) | [4] | (6,193,000) | [4] | (333,000) | [4] | (1,494,000) | [4] | (415,000) | [4] | 79,000 | (10,000) | [4] | 400,000 | [4] | 55,000 | [4] | (215,000) | [4] | 25,000 | [4] | (1,796,000) | [4] | (1,827,000) | [4] | 390,000 | [4] | (1,771,000) | [4] | (6,193,000) | [4] | 469,000 | [4] | (1,986,000) | [4] | (10,551,000) | $ 54,000 | (1,931,000) | ||
Costs and Expenses, Total | (4,605,000) | (8,368,000) | (1,951,000) | (2,710,000) | (1,447,000) | (1,524,000) | (1,726,000) | (2,293,000) | (1,019,000) | (1,728,000) | (1,156,000) | (2,329,000) | (4,661,000) | (4,019,000) | (3,485,000) | (13,029,000) | (5,543,000) | (5,213,000) | ||||||||||||||||||||||
Income before tax from continuing operations | (890,000) | (1,503,000) | 300,000 | (534,000) | (1,104,000) | 63,000 | (357,000) | (400,000) | (451,000) | (140,000) | (66,000) | (507,000) | (234,000) | (757,000) | (573,000) | (1,737,000) | (694,000) | (713,000) | ||||||||||||||||||||||
Income Tax Expense (Benefit), Total | 498,000 | [9] | (658,000) | [9] | 484,000 | [9] | (84,000) | [9] | (694,000) | [9] | (148,000) | (254,000) | [9] | (24,000) | [9] | (73,000) | [9] | (48,000) | [9] | 9,000 | [9] | (143,000) | [9] | 400,000 | [9] | (278,000) | [9] | (134,000) | [9] | (258,000) | [9] | (426,000) | [9] | (182,000) | [9] | |||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (184,000) | (77,000) | (448,000) | (378,000) | (92,000) | 85,000 | (634,000) | (555,000) | 4,000 | 525,000 | (358,000) | (531,000) | (2,868,000) | (677,000) | (909,000) | |||||||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | 67,000 | (33,000) | 102,000 | (166,000) | (507,000) | 465,000 | (341,000) | 53,000 | 1,000 | 64,000 | (341,000) | (97,000) | 124,000 | 1,000 | ||||||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | (607,000) | [4] | (1,548,000) | [4] | (83,000) | [4] | (373,000) | [4] | (104,000) | [4] | 16,000 | 4,000 | [4] | 72,000 | [4] | 38,000 | [4] | (53,000) | [4] | 6,000 | [4] | (449,000) | [4] | (456,000) | [4] | 76,000 | [4] | (443,000) | [4] | (2,004,000) | [4] | 92,000 | [4] | (496,000) | [4] | |||||
Net Income | $ (714,000) | $ 670,000 | $ 1,000 | $ (243,000) | $ (813,000) | $ 660,000 | $ (448,000) | $ (448,000) | $ (363,000) | $ (38,000) | $ (81,000) | $ 85,000 | $ (242,000) | $ (896,000) | $ 4,000 | $ 428,000 | $ (236,000) | $ (34,000) | ||||||||||||||||||||||
Continuing Operations (in dollars per share) | ||||||||||||||||||||||||||||||||||||||||
Discontinued Operations (in dollars per share) | ||||||||||||||||||||||||||||||||||||||||
(in dollars per share) | ||||||||||||||||||||||||||||||||||||||||
Continuing Operations (in dollars per share) | ||||||||||||||||||||||||||||||||||||||||
Discontinued Operations (in dollars per share) | ||||||||||||||||||||||||||||||||||||||||
(in dollars per share) | ||||||||||||||||||||||||||||||||||||||||
Interest expense | $ 9,000 | [5] | $ 2,000 | [5] | $ 2,000 | [5] | $ 507,000 | $ 508,000 | [5] | [5] | $ 508,000 | [5] | $ 1,000 | [5] | ||||||||||||||||||||||||||
Income (loss) from continuing operations | $ (1,388,000) | $ (845,000) | $ (410,000) | $ 211,000 | $ (103,000) | $ (376,000) | $ (75,000) | $ (364,000) | $ (479,000) | $ (439,000) | $ (1,479,000) | $ (268,000) | ||||||||||||||||||||||||||||
Basic (in shares) | ||||||||||||||||||||||||||||||||||||||||
Diluted (in shares) | ||||||||||||||||||||||||||||||||||||||||
Weighted-average shares outstanding: | ||||||||||||||||||||||||||||||||||||||||
Basic (in shares) | ||||||||||||||||||||||||||||||||||||||||
Diluted (in shares) | ||||||||||||||||||||||||||||||||||||||||
Finance Income Recognized | $ (55,000) | [3] | $ (40,000) | [3] | $ (35,000) | [3] | $ (36,000) | [3] | $ (40,000) | [3] | $ (66,000) | $ (41,000) | [3] | $ (47,000) | [3] | $ (59,000) | [3] | $ (90,000) | [3] | $ (59,000) | [3] | $ (54,000) | [3] | $ (71,000) | [3] | $ (88,000) | [3] | $ (113,000) | [3] | $ (111,000) | [3] | $ (154,000) | [3] | $ (203,000) | [3] | |||||
Personal injury claims income | (5,444,000) | [4] | (9,838,000) | [4] | (1,846,000) | [4] | (3,085,000) | [4] | (2,398,000) | [4] | (1,729,000) | (1,867,000) | [4] | (2,488,000) | [4] | (1,411,000) | [4] | (1,779,000) | [4] | (1,166,000) | [4] | [4] | (4,931,000) | [4] | (4,355,000) | [4] | (1,166,000) | [4] | (14,769,000) | [4] | (6,084,000) | [4] | (2,945,000) | [4] | ||||||
Disability fee income | 137,000 | [5] | 86,000 | [5] | 30,000 | [6] | 116,000 | [5] | 253,000 | [5] | ||||||||||||||||||||||||||||||
Revenues, Total | (5,499,000) | (9,878,000) | (1,881,000) | (3,121,000) | (2,438,000) | (1,795,000) | (1,908,000) | (2,535,000) | (1,470,000) | (1,732,000) | (1,139,000) | (24,000) | (5,002,000) | (4,443,000) | (1,163,000) | (14,880,000) | (6,238,000) | (2,895,000) | ||||||||||||||||||||||
Other Nonoperating Income | 4,000 | [5] | 7,000 | [5] | 230,000 | [5] | (123,000) | [5] | (113,000) | [4],[5] | 334,000 | (175,000) | [6] | (158,000) | [5] | (136,000) | [5] | (83,000) | [4] | (2,812,000) | [4] | 107,000 | [5] | (333,000) | [6] | (2,895,000) | [4] | 114,000 | [5] | 1,000 | [6] | (3,031,000) | [5] | |||||||
(5,495,000) | (9,871,000) | (1,651,000) | (3,244,000) | (2,551,000) | (1,461,000) | (2,083,000) | (2,693,000) | (1,470,000) | (1,868,000) | (1,222,000) | (2,836,000) | (4,895,000) | (4,776,000) | (4,058,000) | (14,766,000) | (6,237,000) | (5,926,000) | |||||||||||||||||||||||
General and Administrative Expense, Total | (2,065,000) | [4],[5],[6],[7],[8] | (2,175,000) | [4],[5],[6],[7],[8] | (1,620,000) | [4],[5],[7],[8] | (1,214,000) | [4],[5],[6],[7],[8] | (1,032,000) | [4],[5],[7],[8] | (2,110,000) | (1,208,000) | [4],[5],[6],[7],[8] | (2,693,000) | [4],[5],[6],[7],[8] | (1,074,000) | [4],[5],[7],[8] | (1,513,000) | [4],[5],[6],[7] | (1,181,000) | [4],[5],[7] | (533,000) | [4],[5],[7],[8] | (2,834,000) | [4],[5],[7],[8] | (3,901,000) | [4],[5],[6],[7],[8] | (1,714,000) | [4],[5],[7] | (5,009,000) | [4],[5],[6],[7],[8] | (6,011,000) | [4],[5],[6],[7],[8] | (3,227,000) | [4],[5],[6],[7] | |||||
Interest expense | 9,000 | [5] | 2,000 | [5] | 2,000 | [5] | 507,000 | 508,000 | [5] | [5] | 508,000 | [5] | 1,000 | [5] | ||||||||||||||||||||||||||
(Earnings) loss from equity method investment | (2,531,000) | [4] | (6,193,000) | [4] | (333,000) | [4] | (1,494,000) | [4] | (415,000) | [4] | 79,000 | (10,000) | [4] | 400,000 | [4] | 55,000 | [4] | (215,000) | [4] | 25,000 | [4] | (1,796,000) | [4] | (1,827,000) | [4] | 390,000 | [4] | (1,771,000) | [4] | (6,193,000) | [4] | 469,000 | [4] | (1,986,000) | [4] | $ (10,551,000) | $ 54,000 | $ (1,931,000) | ||
Costs and Expenses, Total | (4,605,000) | (8,368,000) | (1,951,000) | (2,710,000) | (1,447,000) | (1,524,000) | (1,726,000) | (2,293,000) | (1,019,000) | (1,728,000) | (1,156,000) | (2,329,000) | (4,661,000) | (4,019,000) | (3,485,000) | (13,029,000) | (5,543,000) | (5,213,000) | ||||||||||||||||||||||
Income before tax from continuing operations | (890,000) | (1,503,000) | 300,000 | (534,000) | (1,104,000) | 63,000 | (357,000) | (400,000) | (451,000) | (140,000) | (66,000) | (507,000) | (234,000) | (757,000) | (573,000) | (1,737,000) | (694,000) | (713,000) | ||||||||||||||||||||||
Income Tax Expense (Benefit), Total | 498,000 | [9] | (658,000) | [9] | 484,000 | [9] | (84,000) | [9] | (694,000) | [9] | (148,000) | (254,000) | [9] | (24,000) | [9] | (73,000) | [9] | (48,000) | [9] | 9,000 | [9] | (143,000) | [9] | 400,000 | [9] | (278,000) | [9] | (134,000) | [9] | (258,000) | [9] | (426,000) | [9] | (182,000) | [9] | |||||
Income (loss) from continuing operations | (1,388,000) | (845,000) | (410,000) | 211,000 | (103,000) | (376,000) | (75,000) | (364,000) | (479,000) | (439,000) | (1,479,000) | (268,000) | ||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | 67,000 | (33,000) | 102,000 | (166,000) | (507,000) | 465,000 | (341,000) | 53,000 | 1,000 | 64,000 | (341,000) | (97,000) | 124,000 | 1,000 | ||||||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | (607,000) | [4] | (1,548,000) | [4] | (83,000) | [4] | (373,000) | [4] | (104,000) | [4] | 16,000 | 4,000 | [4] | 72,000 | [4] | 38,000 | [4] | (53,000) | [4] | 6,000 | [4] | (449,000) | [4] | (456,000) | [4] | 76,000 | [4] | (443,000) | [4] | (2,004,000) | [4] | 92,000 | [4] | (496,000) | [4] | |||||
Net Income | $ (714,000) | $ 670,000 | $ 1,000 | $ (243,000) | $ (813,000) | $ 660,000 | $ (448,000) | $ (448,000) | $ (363,000) | $ (38,000) | $ (81,000) | $ 85,000 | $ (242,000) | $ (896,000) | $ 4,000 | $ 428,000 | $ (236,000) | $ (34,000) | ||||||||||||||||||||||
Continuing Operations (in dollars per share) | ||||||||||||||||||||||||||||||||||||||||
Discontinued Operations (in dollars per share) | ||||||||||||||||||||||||||||||||||||||||
(in dollars per share) | ||||||||||||||||||||||||||||||||||||||||
Continuing Operations (in dollars per share) | ||||||||||||||||||||||||||||||||||||||||
Discontinued Operations (in dollars per share) | ||||||||||||||||||||||||||||||||||||||||
(in dollars per share) | ||||||||||||||||||||||||||||||||||||||||
[1] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | |||||||||||||||||||||||||||||||||||||||
[2] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | |||||||||||||||||||||||||||||||||||||||
[3] | To properly record certain unallocated payments reported on its consolidated balance sheet properly during the Non-Reliance Periods. | |||||||||||||||||||||||||||||||||||||||
[4] | In connection with the Company determining it lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods, the Company has corrected the presentation and has now accounted for its investment in Pegasus under the equity method in accordance with US GAAP. | |||||||||||||||||||||||||||||||||||||||
[5] | Adjustment to properly record various accruals at the balance sheet date. | |||||||||||||||||||||||||||||||||||||||
[6] | To properly record previous transactions that had been recorded to incorrect accounts and/or in improper amounts. | |||||||||||||||||||||||||||||||||||||||
[7] | Adjustment to reflect the proper accounting for certain foreign currency transactions under ASC 830. | |||||||||||||||||||||||||||||||||||||||
[8] | To properly record an amortizable asset and related liability in conjunction with an asset purchase agreement entered into in June 2015. | |||||||||||||||||||||||||||||||||||||||
[9] | Income tax provision adjustments for impact on restatement. |
Note S - Supplementary Finan104
Note S - Supplementary Financial Information (Unaudited and Restated) - Consolidated Statement of Operations (Details) (Parentheticals) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Reclassification for unrealized net gain (loss) on available for sale securities | $ (31,000) | $ (63,000) | $ (155,000) | $ (143,000) | |
Previously Reported [Member] | |||||
Reclassification for unrealized net gain (loss) on available for sale securities | [1] | (31,000) | |||
Restatement Adjustment [Member] | |||||
Reclassification for unrealized net gain (loss) on available for sale securities | $ (31,000) | ||||
[1] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). |
Note S - Supplementary Finan105
Note S - Supplementary Financial Information (Unaudited and Restated) - Consolidated Statement of Comprehensive Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | ||||||||||||||||
Net Income | $ 3,866,000 | $ (1,830,000) | $ 1,563,000 | $ 821,000 | $ (103,000) | $ (78,000) | $ 4,649,000 | $ (6,000) | $ 1,032,000 | $ (267,000) | $ (181,000) | $ 1,026,000 | $ 3,599,000 | $ 640,000 | $ 5,675,000 | $ 7,573,000 | $ 967,000 | $ 5,504,000 | |||||||||||||||
Net unrealized securities gain/(loss), net of tax expense | 560,000 | 156,000 | 330,000 | (223,000) | (48,000) | (183,000) | 394,000 | 452,000 | (66,000) | 486,000 | (231,000) | 386,000 | 1,046,000 | (454,000) | 780,000 | 867,000 | (254,000) | 902,000 | |||||||||||||||
Reclassification adjustments for securities sold, net of tax benefit | (19,000) | (20,000) | (95,000) | 23,000 | (69,000) | (15,000) | (20,000) | 23,000 | (15,000) | (39,000) | (72,000) | (84,000) | (38,000) | (93,000) | (86,000) | ||||||||||||||||||
Foreign currency translation, net of tax benefit (expense) | (63,000) | 12,000 | 14,000 | (515,000) | (298,000) | 53,000 | (4,000) | 26,000 | (245,000) | (37,000) | (760,000) | (4,000) | (46,000) | 222,000 | 3,000 | ||||||||||||||||||
Other comprehensive income (loss) | 478,000 | 168,000 | 324,000 | (833,000) | (346,000) | (107,000) | 321,000 | 452,000 | (81,000) | 492,000 | (453,000) | 371,000 | 970,000 | (1,286,000) | 692,000 | 783,000 | (125,000) | 819,000 | |||||||||||||||
Total comprehensive income | 4,344,000 | (1,662,000) | 1,887,000 | (12,000) | (449,000) | (185,000) | 4,970,000 | 446,000 | 951,000 | 225,000 | (634,000) | 1,397,000 | 4,569,000 | (646,000) | 6,367,000 | 8,356,000 | 842,000 | 6,323,000 | |||||||||||||||
Net unrealized securities gain/(loss), net | 560,000 | 156,000 | 330,000 | (223,000) | (48,000) | (183,000) | 394,000 | 452,000 | (66,000) | 486,000 | (231,000) | 386,000 | 1,046,000 | (454,000) | 780,000 | 867,000 | (254,000) | 902,000 | |||||||||||||||
Reclassification adjustments for securities sold | 19,000 | 20,000 | 95,000 | (23,000) | 69,000 | 15,000 | 20,000 | (23,000) | 15,000 | 39,000 | 72,000 | 84,000 | 38,000 | 93,000 | 86,000 | ||||||||||||||||||
Previously Reported [Member] | |||||||||||||||||||||||||||||||||
Net Income | 3,196,000 | [1] | (1,831,000) | [1] | 1,806,000 | [2] | 161,000 | [1] | 345,000 | [1] | 370,000 | [1],[2] | 4,687,000 | [1] | 75,000 | [1] | 947,000 | [1],[2] | (25,000) | [1],[2] | 715,000 | [1],[2] | 1,022,000 | [1],[2] | 3,171,000 | [1],[2] | 876,000 | [1] | 5,709,000 | [1],[2] | 10,472,000 | 2,027,000 | 6,359,000 |
Net unrealized securities gain/(loss), net of tax expense | 543,000 | [1] | 167,000 | [1] | 336,000 | (310,000) | [1] | 63,000 | [1] | (300,000) | [1] | 394,000 | [1] | 452,000 | [1] | (66,000) | [1] | 503,000 | (237,000) | 386,000 | [1] | 1,046,000 | (547,000) | [1] | 780,000 | [1] | 868,000 | (260,000) | 900,000 | ||||
Reclassification adjustments for securities sold, net of tax benefit | (19,000) | [1] | [1] | (20,000) | (123,000) | [1] | 30,000 | [1] | (69,000) | [1] | [1] | (15,000) | [1] | (20,000) | [1] | 30,000 | (15,000) | [1] | (39,000) | (93,000) | [1] | (84,000) | [1] | (39,000) | (87,000) | (84,000) | |||||||
Foreign currency translation, net of tax benefit (expense) | 9,000 | [1] | 254,000 | [1] | 242,000 | [1] | [1] | [1] | [1] | [1] | 496,000 | [1] | [1] | [1] | 505,000 | [1] | [1] | [1] | 942,000 | (1,480,000) | |||||||||||||
Other comprehensive income (loss) | 533,000 | [1] | 421,000 | [1] | 558,000 | (433,000) | [1] | 63,000 | [1] | (270,000) | [1] | 325,000 | [1] | 452,000 | [1] | (81,000) | [1] | 979,000 | [1] | (207,000) | [1] | 371,000 | [1] | 1,512,000 | [1] | (640,000) | [1] | 696,000 | [1] | 1,771,000 | (1,827,000) | 816,000 | |
Total comprehensive income | 3,729,000 | [1] | (1,410,000) | [1] | 2,364,000 | (272,000) | [1] | 408,000 | [1] | 100,000 | [1] | 5,012,000 | [1] | 527,000 | [1] | 866,000 | [1] | 954,000 | [1] | 508,000 | [1] | 1,393,000 | [1] | 4,683,000 | [1] | 236,000 | [1] | 6,405,000 | [1] | 9,631,000 | 189,000 | 6,717,000 | |
Net unrealized securities gain/(loss), net | 543,000 | [1] | 167,000 | [1] | 336,000 | (310,000) | [1] | 63,000 | [1] | (300,000) | [1] | 394,000 | [1] | 452,000 | [1] | (66,000) | [1] | 503,000 | (237,000) | 386,000 | [1] | 1,046,000 | (547,000) | [1] | 780,000 | [1] | 868,000 | (260,000) | 900,000 | ||||
Reclassification adjustments for securities sold | 19,000 | [1] | [1] | 20,000 | 123,000 | [1] | (30,000) | [1] | 69,000 | [1] | [1] | 15,000 | [1] | 20,000 | [1] | (30,000) | 15,000 | [1] | 39,000 | 93,000 | [1] | 84,000 | [1] | 39,000 | 87,000 | 84,000 | |||||||
Restatement Adjustment [Member] | |||||||||||||||||||||||||||||||||
Net Income | 670,000 | 1,000 | (243,000) | 660,000 | (448,000) | (448,000) | (38,000) | (81,000) | 85,000 | (242,000) | (896,000) | 4,000 | 428,000 | (236,000) | (34,000) | $ (2,899,000) | $ (1,060,000) | $ (855,000) | |||||||||||||||
Net unrealized securities gain/(loss), net of tax expense | 17,000 | (11,000) | (6,000) | 87,000 | (111,000) | 117,000 | (17,000) | 6,000 | 93,000 | ||||||||||||||||||||||||
Reclassification adjustments for securities sold, net of tax benefit | 28,000 | (7,000) | (7,000) | 21,000 | |||||||||||||||||||||||||||||
Foreign currency translation, net of tax benefit (expense) | (72,000) | (242,000) | (228,000) | (515,000) | (298,000) | 53,000 | (4,000) | (470,000) | (245,000) | (542,000) | (760,000) | (4,000) | |||||||||||||||||||||
Other comprehensive income (loss) | (55,000) | (253,000) | (234,000) | (400,000) | (409,000) | 163,000 | (4,000) | (487,000) | (246,000) | (542,000) | (646,000) | (4,000) | |||||||||||||||||||||
Total comprehensive income | 615,000 | (252,000) | (477,000) | 260,000 | (857,000) | (285,000) | (42,000) | (81,000) | 85,000 | (729,000) | (1,142,000) | 4,000 | (114,000) | (882,000) | (38,000) | ||||||||||||||||||
Net unrealized securities gain/(loss), net | 17,000 | (11,000) | (6,000) | 87,000 | $ (111,000) | 117,000 | (17,000) | 6,000 | 93,000 | ||||||||||||||||||||||||
Reclassification adjustments for securities sold | $ (28,000) | $ 7,000 | $ 7,000 | $ (21,000) | |||||||||||||||||||||||||||||
[1] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | ||||||||||||||||||||||||||||||||
[2] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). |
Note S - Supplementary Finan106
Note S - Supplementary Financial Information (Unaudited and Restated) - Consolidated Statement of Comprehensive Income (Details) (Parentheticals) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |||||||||
Net unrealized securities gain (loss), tax (expense) benefit | $ 373,000 | $ 220,000 | $ 148,000 | $ 32,000 | $ 126,000 | $ 263,000 | $ 306,000 | $ 58,000 | $ (283,000) | $ (32,000) | $ 306,000 | $ (647,000) | $ 306,000 | $ (528,000) | $ 297,000 | $ (597,000) | ||||||||||
Reclassification adjustments for securities, tax (expense) benefit | 13,000 | 11,000 | 64,000 | 16,000 | 47,000 | 10,000 | 24,000 | 48,000 | 25,000 | 62,000 | 57,000 | |||||||||||||||
Foreign currency translation, tax benefit | 42,000 | $ 8,000 | 9,000 | 343,000 | 199,000 | (35,000) | (17,000) | 199,000 | 42,000 | 506,000 | 31,000 | (148,000) | (2,000) | |||||||||||||
Unrealized gain (loss) on marketable securities, tax | (373,000) | (220,000) | (148,000) | (32,000) | (126,000) | (263,000) | (306,000) | (58,000) | 283,000 | 32,000 | (306,000) | 647,000 | (306,000) | 528,000 | (297,000) | 597,000 | ||||||||||
Reclassification adjustments for securities, tax (expense) benefit | 13,000 | 11,000 | 64,000 | 16,000 | 47,000 | 10,000 | 24,000 | 48,000 | $ 25,000 | $ 62,000 | $ 57,000 | |||||||||||||||
Previously Reported [Member] | ||||||||||||||||||||||||||
Net unrealized securities gain (loss), tax (expense) benefit | 373,000 | 220,000 | 148,000 | 32,000 | [1] | 126,000 | [1] | 263,000 | 306,000 | 58,000 | [1] | (283,000) | (32,000) | 306,000 | (647,000) | 306,000 | ||||||||||
Reclassification adjustments for securities, tax (expense) benefit | 13,000 | [1] | 11,000 | 64,000 | 16,000 | [1] | 47,000 | 10,000 | [1] | 24,000 | 48,000 | |||||||||||||||
Foreign currency translation, tax benefit | 42,000 | [1] | $ 8,000 | [1] | 9,000 | 343,000 | 199,000 | [1] | (35,000) | [1] | (17,000) | [1] | 199,000 | [1] | 42,000 | [1] | 506,000 | |||||||||
Unrealized gain (loss) on marketable securities, tax | (373,000) | (220,000) | (148,000) | $ (32,000) | [1] | (126,000) | [1] | (263,000) | $ (306,000) | (58,000) | [1] | $ 283,000 | $ 32,000 | $ (306,000) | 647,000 | (306,000) | ||||||||||
Reclassification adjustments for securities, tax (expense) benefit | $ 13,000 | [1] | $ 11,000 | $ 64,000 | $ 16,000 | [1] | $ 47,000 | $ 10,000 | [1] | $ 24,000 | $ 48,000 | |||||||||||||||
Restatement Adjustment [Member] | ||||||||||||||||||||||||||
Net unrealized securities gain (loss), tax (expense) benefit | ||||||||||||||||||||||||||
Reclassification adjustments for securities, tax (expense) benefit | ||||||||||||||||||||||||||
Unrealized gain (loss) on marketable securities, tax | ||||||||||||||||||||||||||
Reclassification adjustments for securities, tax (expense) benefit | ||||||||||||||||||||||||||
[1] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). |
Note S - Supplementary Finan107
Note S - Supplementary Financial Information (Unaudited and Restated) - Consolidated Statements of Stockholders' Equity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Balance | $ 175,048,000 | $ 177,696,000 | $ 183,407,000 | $ 182,605,000 | $ 182,507,000 | $ 181,768,000 | $ 175,811,000 | $ 174,882,000 | $ 173,468,000 | $ 183,407,000 | $ 181,768,000 | $ 173,468,000 | $ 183,407,000 | $ 181,768,000 | $ 173,468,000 | $ 183,407,000 | $ 181,768,000 | $ 173,468,000 |
Stock based compensation expense | 278,000 | 432,000 | 418,000 | 428,000 | 823,000 | 851,000 | 567,000 | 1,107,000 | 1,368,000 | 686,000 | 1,393,000 | 1,822,000 | ||||||
Net Income | 3,866,000 | (1,830,000) | 1,563,000 | 821,000 | (103,000) | (78,000) | 4,649,000 | (6,000) | 1,032,000 | (267,000) | (181,000) | 1,026,000 | 3,599,000 | 640,000 | 5,675,000 | 7,573,000 | 967,000 | 5,504,000 |
Unrealized gain on marketable securities | 330,000 | (183,000) | (66,000) | 486,000 | (231,000) | 386,000 | 1,046,000 | (454,000) | 780,000 | 867,000 | (254,000) | 902,000 | ||||||
Reclassification adjustments for securities sold, net of tax benefit | (19,000) | (20,000) | (95,000) | 23,000 | (69,000) | (15,000) | (20,000) | 23,000 | (15,000) | (39,000) | (72,000) | (84,000) | (38,000) | (93,000) | (86,000) | |||
Purchase of treasury stock | (7,180,000) | (8,363,000) | (11,174,000) | (11,174,000) | (1,751,000) | |||||||||||||
Foreign currency translation, net of tax benefit (expense) | (63,000) | 12,000 | 14,000 | (515,000) | (298,000) | 53,000 | (4,000) | 26,000 | (245,000) | (37,000) | (760,000) | (4,000) | (46,000) | 222,000 | 3,000 | |||
Purchase of subsidiary shares from non-controlling interest | (1,696,000) | (1,696,000) | (1,696,000) | (696,000) | ||||||||||||||
Issuance of restricted stock to purchase subsidiary shares from non-controlling interest | 1,000,000 | 1,000,000 | 1,000,000 | |||||||||||||||
Balance | $ 177,544,000 | $ 175,048,000 | $ 177,696,000 | $ 182,981,000 | $ 182,605,000 | 182,507,000 | $ 181,274,000 | $ 175,811,000 | 174,882,000 | 175,048,000 | 182,605,000 | 175,811,000 | 177,544,000 | 182,981,000 | 181,274,000 | $ 181,783,000 | $ 183,407,000 | $ 181,768,000 |
Exercise of options, shares (in shares) | 146,531 | 60,834 | 11,600 | |||||||||||||||
Exercise of options | $ 469,000 | $ 47,000 | 470,000 | 30,000 | $ 871,000 | 470,000 | 40,000 | $ 1,204,000 | $ 477,000 | $ 40,000 | ||||||||
CBC non-controlling interest | $ 45,000 | $ 178,000 | 65,000 | $ 282,000 | 31,000 | $ 678,000 | 115,000 | |||||||||||
Retirement of Treasury Stock | ||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Balance (in shares) | 13,197,476 | 13,189,977 | 13,061,673 | 13,060,839 | 13,060,839 | 12,985,839 | 12,984,239 | 14,917,977 | 14,917,977 | 13,061,673 | 12,985,839 | 14,917,977 | 13,061,673 | 12,985,839 | 14,917,977 | 13,061,673 | 12,985,839 | 14,917,977 |
Balance | $ 132,000 | $ 132,000 | $ 131,000 | $ 131,000 | $ 130,000 | $ 130,000 | $ 130,000 | $ 149,000 | $ 149,000 | $ 131,000 | $ 130,000 | $ 149,000 | $ 131,000 | $ 130,000 | $ 149,000 | $ 131,000 | $ 130,000 | $ 149,000 |
Restricted common stock, shares (in shares) | 5,000 | 15,000 | 5,000 | 15,000 | 5,000 | 15,000 | 5,000 | 15,000 | ||||||||||
Stock based compensation expense | ||||||||||||||||||
Net Income | ||||||||||||||||||
Unrealized gain on marketable securities | ||||||||||||||||||
Reclassification adjustments for securities sold, net of tax benefit | ||||||||||||||||||
Purchase of treasury stock | ||||||||||||||||||
Foreign currency translation, net of tax benefit (expense) | ||||||||||||||||||
Purchase of subsidiary shares from non-controlling interest | 1,000 | |||||||||||||||||
Issuance of restricted stock to purchase subsidiary shares from non-controlling interest, shares (in shares) | 123,304 | 123,304 | 123,304 | |||||||||||||||
Issuance of restricted stock to purchase subsidiary shares from non-controlling interest | $ 1,000 | $ 1,000 | $ 1,000 | $ 123,304 | ||||||||||||||
Balance (in shares) | 13,297,508 | 13,197,476 | 13,189,977 | 13,060,839 | 13,060,839 | 13,060,839 | 12,985,739 | 12,984,239 | 14,917,977 | 13,197,476 | 13,060,839 | 12,984,239 | 13,297,508 | 13,060,839 | 12,985,739 | 13,336,508 | 13,061,673 | 12,985,839 |
Balance | $ 133,000 | $ 132,000 | $ 132,000 | $ 131,000 | $ 131,000 | $ 130,000 | $ 130,000 | $ 130,000 | $ 149,000 | $ 132,000 | $ 131,000 | $ 130,000 | $ 133,000 | $ 131,000 | $ 130,000 | $ 133,000 | $ 131,000 | $ 130,000 |
Exercise of options, shares (in shares) | 60,000 | 7,499 | 60,000 | 10,000 | 107,531 | 60,000 | 11,500 | 146,531 | 60,834 | 11,600 | ||||||||
Exercise of options | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||||||
CBC non-controlling interest | ||||||||||||||||||
Retirement of Treasury Stock, shares (in shares) | (1,943,738) | (1,943,738) | (1,943,738) | |||||||||||||||
Retirement of Treasury Stock | $ (19,000) | $ (19,000) | $ (19,000) | |||||||||||||||
Additional Paid-in Capital [Member] | ||||||||||||||||||
Balance | 65,620,000 | 65,423,000 | 65,049,000 | 64,472,000 | 64,081,000 | 63,180,000 | 62,199,000 | 79,522,000 | 79,104,000 | 65,049,000 | 63,180,000 | 79,104,000 | 65,049,000 | 63,180,000 | 79,104,000 | 65,049,000 | 63,180,000 | 79,104,000 |
Stock based compensation expense | 278,000 | 432,000 | 418,000 | 428,000 | 823,000 | 851,000 | 567,000 | 1,107,000 | 1,368,000 | 686,000 | 1,393,000 | 1,822,000 | ||||||
Net Income | ||||||||||||||||||
Unrealized gain on marketable securities | ||||||||||||||||||
Reclassification adjustments for securities sold, net of tax benefit | ||||||||||||||||||
Purchase of treasury stock | ||||||||||||||||||
Foreign currency translation, net of tax benefit (expense) | ||||||||||||||||||
Purchase of subsidiary shares from non-controlling interest | (903,000) | (903,000) | (903,000) | 96,000 | ||||||||||||||
Issuance of restricted stock to purchase subsidiary shares from non-controlling interest | 999,000 | 999,000 | 999,000 | |||||||||||||||
Balance | 66,582,000 | 65,620,000 | 65,423,000 | 64,756,000 | 64,472,000 | 64,081,000 | 62,726,000 | 62,199,000 | 79,522,000 | 65,620,000 | 64,472,000 | 62,199,000 | 66,582,000 | 64,756,000 | 62,726,000 | 67,034,000 | 65,049,000 | 63,180,000 |
Exercise of options | 469,000 | 47,000 | 469,000 | 30,000 | 870,000 | 469,000 | 40,000 | 1,203,000 | 476,000 | 40,000 | ||||||||
CBC non-controlling interest | ||||||||||||||||||
Retirement of Treasury Stock | (17,786,000) | (17,786,000) | (17,786,000) | |||||||||||||||
Retained Earnings [Member] | ||||||||||||||||||
Balance | 118,898,000 | 120,728,000 | 119,165,000 | 118,017,000 | 118,120,000 | 118,198,000 | 113,720,000 | 113,726,000 | 112,694,000 | 119,165,000 | 118,198,000 | 112,694,000 | 119,165,000 | 118,198,000 | 112,694,000 | 119,165,000 | 118,198,000 | 112,694,000 |
Stock based compensation expense | ||||||||||||||||||
Net Income | 1,563,000 | (78,000) | 1,032,000 | (267,000) | (181,000) | 1,026,000 | 3,599,000 | 640,000 | 5,675,000 | 7,573,000 | 967,000 | 5,504,000 | ||||||
Unrealized gain on marketable securities | ||||||||||||||||||
Reclassification adjustments for securities sold, net of tax benefit | ||||||||||||||||||
Purchase of treasury stock | ||||||||||||||||||
Foreign currency translation, net of tax benefit (expense) | ||||||||||||||||||
Purchase of subsidiary shares from non-controlling interest | ||||||||||||||||||
Issuance of restricted stock to purchase subsidiary shares from non-controlling interest | ||||||||||||||||||
Balance | 122,764,000 | 118,898,000 | 120,728,000 | 118,838,000 | 118,017,000 | 118,120,000 | 118,369,000 | 113,720,000 | 113,726,000 | 118,898,000 | 118,017,000 | 113,720,000 | 122,764,000 | 118,838,000 | 118,369,000 | 126,738,000 | 119,165,000 | 118,198,000 |
Exercise of options | ||||||||||||||||||
CBC non-controlling interest | ||||||||||||||||||
Retirement of Treasury Stock | ||||||||||||||||||
AOCI Attributable to Parent [Member] | ||||||||||||||||||
Balance | 512,000 | 344,000 | 20,000 | (308,000) | 38,000 | 145,000 | (303,000) | (755,000) | (674,000) | 20,000 | 145,000 | (674,000) | 20,000 | 145,000 | (674,000) | 20,000 | 145,000 | (674,000) |
Stock based compensation expense | ||||||||||||||||||
Net Income | ||||||||||||||||||
Unrealized gain on marketable securities | 330,000 | (183,000) | (66,000) | 486,000 | (231,000) | 386,000 | 1,046,000 | (454,000) | 780,000 | 867,000 | (254,000) | 902,000 | ||||||
Reclassification adjustments for securities sold, net of tax benefit | (20,000) | 23,000 | (15,000) | (20,000) | 23,000 | (15,000) | (39,000) | (72,000) | (84,000) | (38,000) | (93,000) | (86,000) | ||||||
Purchase of treasury stock | ||||||||||||||||||
Foreign currency translation, net of tax benefit (expense) | 14,000 | 53,000 | 26,000 | (245,000) | (37,000) | (760,000) | (4,000) | (46,000) | 222,000 | 3,000 | ||||||||
Purchase of subsidiary shares from non-controlling interest | ||||||||||||||||||
Issuance of restricted stock to purchase subsidiary shares from non-controlling interest | ||||||||||||||||||
Balance | 990,000 | 512,000 | 344,000 | (1,141,000) | (308,000) | 38,000 | 18,000 | (303,000) | (755,000) | 512,000 | (308,000) | (303,000) | 990,000 | (1,141,000) | 18,000 | 803,000 | 20,000 | 145,000 |
Exercise of options | ||||||||||||||||||
CBC non-controlling interest | ||||||||||||||||||
Retirement of Treasury Stock | ||||||||||||||||||
Treasury Stock [Member] | ||||||||||||||||||
Balance | (10,114,000) | (8,931,000) | (1,751,000) | (17,805,000) | (17,805,000) | (1,751,000) | (17,805,000) | (1,751,000) | (17,805,000) | (1,751,000) | (17,805,000) | |||||||
Stock based compensation expense | ||||||||||||||||||
Net Income | ||||||||||||||||||
Unrealized gain on marketable securities | ||||||||||||||||||
Reclassification adjustments for securities sold, net of tax benefit | ||||||||||||||||||
Purchase of treasury stock | (7,180,000) | (8,363,000) | (11,174,000) | (11,174,000) | (1,751,000) | |||||||||||||
Foreign currency translation, net of tax benefit (expense) | ||||||||||||||||||
Purchase of subsidiary shares from non-controlling interest | ||||||||||||||||||
Issuance of restricted stock to purchase subsidiary shares from non-controlling interest | ||||||||||||||||||
Balance | (12,925,000) | (10,114,000) | (8,931,000) | (17,805,000) | (10,114,000) | (12,925,000) | (12,925,000) | (1,751,000) | ||||||||||
Exercise of options | ||||||||||||||||||
CBC non-controlling interest | ||||||||||||||||||
Retirement of Treasury Stock | 17,805,000 | 17,805,000 | 17,805,000 | |||||||||||||||
Noncontrolling Interest [Member] | ||||||||||||||||||
Balance | 793,000 | 293,000 | 138,000 | 115,000 | 65,000 | 45,000 | 793,000 | 115,000 | 793,000 | 115,000 | 793,000 | 115,000 | ||||||
Stock based compensation expense | ||||||||||||||||||
Net Income | ||||||||||||||||||
Unrealized gain on marketable securities | ||||||||||||||||||
Reclassification adjustments for securities sold, net of tax benefit | ||||||||||||||||||
Purchase of treasury stock | ||||||||||||||||||
Foreign currency translation, net of tax benefit (expense) | ||||||||||||||||||
Purchase of subsidiary shares from non-controlling interest | (793,000) | (793,000) | (793,000) | (793,000) | ||||||||||||||
Issuance of restricted stock to purchase subsidiary shares from non-controlling interest | ||||||||||||||||||
Balance | $ 397,000 | $ 293,000 | 138,000 | $ 31,000 | $ 65,000 | 45,000 | 293,000 | 65,000 | 397,000 | 31,000 | 793,000 | 115,000 | ||||||
Exercise of options | ||||||||||||||||||
CBC non-controlling interest | $ 45,000 | $ 178,000 | 65,000 | $ 282,000 | 31,000 | $ 678,000 | 115,000 | |||||||||||
Retirement of Treasury Stock |
Note S - Supplementary Finan108
Note S - Supplementary Financial Information (Unaudited and Restated) - Consolidated Statement of Cash Flow (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |||||||||||||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | $ (2,385,000) | $ 1,291,000 | $ (205,000) | $ (538,000) | $ 4,735,000 | $ 1,032,000 | $ (1,094,000) | $ (773,000) | $ 936,000 | $ 2,195,000 | $ (432,000) | $ 5,671,000 | $ 4,667,000 | $ (809,000) | $ 5,133,000 | ||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | $ 1,503,000 | $ 577,000 | 555,000 | 272,000 | $ 704,000 | $ 480,000 | $ 465,000 | 127,000 | 367,000 | (86,000) | $ 90,000 | 827,000 | 592,000 | 90,000 | 1,404,000 | 1,072,000 | 4,000 | 3,010,000 | 2,454,000 | 441,000 | |||||||||||||||||||||||
Net Income | 3,866,000 | (1,830,000) | 1,563,000 | 821,000 | (103,000) | (78,000) | 4,649,000 | (6,000) | 1,032,000 | (267,000) | (181,000) | 1,026,000 | 3,599,000 | 640,000 | 5,675,000 | 7,573,000 | 967,000 | 5,504,000 | |||||||||||||||||||||||||
Depreciation and amortization | 90,000 | 150,000 | 150,000 | 186,000 | 300,000 | 300,000 | 353,000 | 450,000 | 450,000 | 377,000 | 319,000 | 363,000 | |||||||||||||||||||||||||||||||
Deferred income taxes | 95,000 | 270,000 | (752,000) | 444,000 | (358,000) | (1,304,000) | (78,000) | (2,615,000) | (3,640,000) | (2,423,000) | (6,017,000) | 354,000 | |||||||||||||||||||||||||||||||
Stock based compensation | 278,000 | 432,000 | 418,000 | 428,000 | 823,000 | 851,000 | 567,000 | 1,107,000 | 1,368,000 | 686,000 | 1,393,000 | 1,822,000 | |||||||||||||||||||||||||||||||
Loss on sale of available-for-sale securities | 31,000 | (39,000) | 25,000 | 31,000 | (39,000) | 25,000 | 63,000 | 120,000 | 141,000 | 63,000 | 155,000 | 143,000 | |||||||||||||||||||||||||||||||
Unrealized gain on other investments | (62,000) | 307,000 | (152,000) | 642,000 | (246,000) | (296,000) | (359,000) | (68,000) | |||||||||||||||||||||||||||||||||||
Unrealized foreign exchange loss on other investments | 118,000 | (26,000) | 976,000 | 59,000 | 884,000 | 8,000 | 829,000 | ||||||||||||||||||||||||||||||||||||
Pegasus non-controlling interest | |||||||||||||||||||||||||||||||||||||||||||
(Earnings) loss from equity method investment | (2,531,000) | (6,193,000) | (333,000) | (1,494,000) | (415,000) | 79,000 | (10,000) | 400,000 | 55,000 | (215,000) | 25,000 | (1,796,000) | (1,827,000) | 390,000 | (1,771,000) | (6,193,000) | 469,000 | (1,986,000) | (10,551,000) | 54,000 | (1,931,000) | ||||||||||||||||||||||
Prepaid and income taxes receivable | 819,000 | (163,000) | 1,204,000 | 113,000 | 495,000 | 1,496,000 | 2,512,000 | 644,000 | 1,496,000 | 6,398,000 | (6,951,000) | 852,000 | |||||||||||||||||||||||||||||||
Due from third party collection agencies and attorneys | 352,000 | (24,000) | 490,000 | 269,000 | (430,000) | 376,000 | 263,000 | (166,000) | 297,000 | 132,000 | (310,000) | ||||||||||||||||||||||||||||||||
Other assets | (2,360,000) | (2,185,000) | 75,000 | (2,235,000) | (3,244,000) | (425,000) | (2,444,000) | (3,153,000) | (458,000) | (1,582,000) | (2,814,000) | 326,000 | |||||||||||||||||||||||||||||||
Other liabilities | (493,000) | (1,180,000) | (590,000) | 1,572,000 | (1,483,000) | (640,000) | 1,911,000 | (848,000) | (703,000) | 1,566,000 | 902,000 | (355,000) | |||||||||||||||||||||||||||||||
Changes in net assets and liabilities related to discontinued operations | (479,000) | (1,172,000) | (351,000) | (3,951,000) | (3,580,000) | (2,230,000) | (6,649,000) | (8,172,000) | (2,882,000) | (13,007,000) | (11,021,000) | (7,832,000) | |||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | (1,542,000) | (3,282,000) | (95,000) | (2,797,000) | (6,089,000) | (788,000) | (5,025,000) | (9,605,000) | 300,000 | (9,318,000) | (21,993,000) | (7,571,000) | |||||||||||||||||||||||||||||||
Purchase of consumer receivables acquired for liquidation | (6,051,000) | (139,000) | (520,000) | (6,185,000) | (1,925,000) | (969,000) | (6,936,000) | (2,009,000) | (3,702,000) | (8,162,000) | (2,110,000) | (5,078,000) | |||||||||||||||||||||||||||||||
Principal collected on consumer receivables acquired for liquidation | 2,299,000 | 4,609,000 | 5,615,000 | 4,677,000 | 9,169,000 | 11,117,000 | 7,301,000 | 13,243,000 | 16,289,000 | 9,628,000 | 15,602,000 | 21,076,000 | |||||||||||||||||||||||||||||||
Purchase of available-for-sale securities | (7,136,000) | (5,443,000) | (5,618,000) | (7,419,000) | (12,326,000) | (15,920,000) | (11,704,000) | (17,564,000) | (19,845,000) | (12,019,000) | (17,843,000) | (20,111,000) | |||||||||||||||||||||||||||||||
Proceeds from sales of available-for-sale securities | 12,303,000 | 5,020,000 | 5,000,000 | 12,303,000 | 8,704,000 | 5,000,000 | 16,302,000 | 13,677,000 | 8,684,000 | 16,302,000 | 24,178,000 | 12,560,000 | |||||||||||||||||||||||||||||||
Increase in equity method investment | 5,827,000 | (1,152,000) | (5,384,000) | 3,471,000 | (1,537,000) | 4,379,000 | 1,826,000 | (4,932,000) | 3,876,000 | 2,720,000 | (6,471,000) | 4,737,000 | |||||||||||||||||||||||||||||||
Purchase of non-controlling interest | (800,000) | (800,000) | (800,000) | (800,000) | |||||||||||||||||||||||||||||||||||||||
Investments in personal injury claims — advances | |||||||||||||||||||||||||||||||||||||||||||
Investments in personal injury claims — receipts | |||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities related to discontinued operations: | (2,544,000) | (1,809,000) | (4,921,000) | (4,852,000) | (1,366,000) | (6,756,000) | (7,173,000) | (2,541,000) | (8,002,000) | (11,080,000) | (12,122,000) | ||||||||||||||||||||||||||||||||
Net cash used in investing activities | 3,898,000 | (3,911,000) | 4,273,000 | 1,061,000 | (7,798,000) | (3,347,000) | (804,000) | (9,805,000) | (2,824,000) | (501,000) | (2,723,000) | 1,175,000 | |||||||||||||||||||||||||||||||
Purchase of treasury stock | (7,180,000) | (8,363,000) | (11,174,000) | (11,174,000) | (1,751,000) | ||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | |||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities related to discontinued operations: | 4,306,000 | 6,177,000 | (2,500,000) | 7,797,000 | 9,745,000 | 354,000 | 11,056,000 | 14,409,000 | 1,571,000 | 15,824,000 | 19,316,000 | 6,432,000 | |||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (2,874,000) | 6,646,000 | (5,108,000) | (519,000) | 10,215,000 | (4,431,000) | 14,879,000 | (7,080,000) | 5,854,000 | 18,042,000 | (2,219,000) | ||||||||||||||||||||||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations | (518,000) | (547,000) | (2,255,000) | (3,672,000) | (8,566,000) | 754,000 | (4,531,000) | (9,604,000) | (3,965,000) | (6,674,000) | (8,615,000) | ||||||||||||||||||||||||||||||||
Less: net increase in cash, cash equivalents and restricted cash classified within assets related to discontinued operations | (312,000) | 63,000 | (159,000) | 153,000 | 238,000 | (5,075,000) | 1,102,000 | (7,000) | 300,000 | 474,000 | 572,000 | ||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | (830,000) | (484,000) | (2,414,000) | (3,519,000) | (8,328,000) | (283,000) | (3,429,000) | (9,611,000) | (3,665,000) | (6,200,000) | (8,043,000) | ||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | 14,589,000 | 17,533,000 | 19,117,000 | 19,947,000 | 22,718,000 | 22,628,000 | 25,663,000 | 26,147,000 | 24,579,000 | 25,862,000 | 33,260,000 | 34,190,000 | 19,947,000 | 26,147,000 | 34,190,000 | 19,947,000 | 26,147,000 | 34,190,000 | 19,947,000 | 26,147,000 | 34,190,000 | ||||||||||||||||||||||
Cash and cash equivalents at end of year | 16,282,000 | 14,589,000 | 17,533,000 | 19,117,000 | 19,947,000 | 22,718,000 | 22,628,000 | 25,663,000 | 26,147,000 | 24,579,000 | 25,862,000 | 33,260,000 | 17,533,000 | 22,628,000 | 25,862,000 | 14,589,000 | 22,718,000 | 24,579,000 | 16,282,000 | 19,947,000 | 26,147,000 | ||||||||||||||||||||||
Impairments of consumer receivables acquired for liquidation | 41,000 | 124,000 | 19,591,000 | 124,000 | 124,000 | 19,591,000 | 164,000 | 19,591,000 | |||||||||||||||||||||||||||||||||||
Reserve for loss on investment | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (65,000) | (31,000) | (120,000) | (126,000) | (168,000) | (1,000) | |||||||||||||||||||||||||||||||||||||
Proceeds from Stock Options Exercised | 469,000 | 47,000 | 470,000 | 30,000 | 872,000 | 470,000 | 40,000 | 1,205,000 | 476,000 | 40,000 | |||||||||||||||||||||||||||||||||
Operating Lease Adjustment | 21,000 | 21,000 | |||||||||||||||||||||||||||||||||||||||||
Principal collected on consumer receivable accounts represented by account sales | 3,000 | 83,000 | 79,000 | 3,000 | 2,000 | 113,000 | |||||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | (930,000) | (5,358,000) | |||||||||||||||||||||||||||||||||||||||||
Purchase of other investments | (5,000,000) | (5,000,000) | (5,000,000) | (5,000,000) | |||||||||||||||||||||||||||||||||||||||
Income taxes payable | 484,000 | 1,292,000 | 5,743,000 | ||||||||||||||||||||||||||||||||||||||||
Payments for (Proceeds from) Investments, Total | (5,827,000) | 1,152,000 | 5,384,000 | (3,471,000) | 1,537,000 | (4,379,000) | (1,826,000) | 4,932,000 | (3,876,000) | (2,720,000) | 6,471,000 | (4,737,000) | |||||||||||||||||||||||||||||||
Cash paid for acquisition (net of cash acquired) | (5,588,000) | (5,588,000) | (5,588,000) | (5,588,000) | |||||||||||||||||||||||||||||||||||||||
Change in restricted cash | 20,000 | 167,000 | 968,000 | 968,000 | |||||||||||||||||||||||||||||||||||||||
Repayments of non-recourse debt — Bank of Montreal, net | (2,628,000) | (4,982,000) | (9,659,000) | (9,659,000) | |||||||||||||||||||||||||||||||||||||||
Forgiveness of non-recourse debt | (26,101,000) | (26,101,000) | (26,101,000) | ||||||||||||||||||||||||||||||||||||||||
Previously Reported [Member] | |||||||||||||||||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (2,201,000) | 1,741,000 | 243,000 | [1] | (160,000) | [2] | 4,827,000 | [2] | 947,000 | [1] | (916,000) | (218,000) | [1] | 932,000 | [1] | 1,670,000 | [1] | (74,000) | [1] | 6,202,000 | [2] | 7,535,000 | (132,000) | 6,042,000 | |||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | 1,436,000 | [2] | 610,000 | [2] | 453,000 | 438,000 | [1] | 1,211,000 | [2] | 15,000 | [2] | 806,000 | [2] | 127,000 | [1],[2] | 314,000 | [2] | (87,000) | [2] | 90,000 | [2] | [1],[2] | 891,000 | [1] | 933,000 | [1],[2] | 90,000 | [1],[2] | 1,501,000 | [1],[2] | 948,000 | [1],[2] | 3,000 | [1],[2] | |||||||||
Net Income | 3,196,000 | [3] | (1,831,000) | [3] | 1,806,000 | [1] | 161,000 | [3] | 345,000 | [3] | 370,000 | [1],[3] | 4,687,000 | [3] | 75,000 | [3] | 947,000 | [1],[3] | (25,000) | [1],[3] | 715,000 | [1],[3] | 1,022,000 | [1],[3] | 3,171,000 | [1],[3] | 876,000 | [3] | 5,709,000 | [1],[3] | 10,472,000 | 2,027,000 | 6,359,000 | ||||||||||
Depreciation and amortization | 120,000 | [1] | 150,000 | [1] | 150,000 | [1] | 246,000 | [1] | 300,000 | [1] | 300,000 | [1] | 442,000 | [1] | 459,000 | [1] | 450,000 | [1] | 497,000 | 319,000 | 363,000 | ||||||||||||||||||||||
Deferred income taxes | (876,000) | [1] | (121,000) | [1] | (446,000) | [1] | (1,202,000) | [1] | (144,000) | [1] | (863,000) | [1] | (662,000) | [1] | (485,000) | [1] | (773,000) | [1] | (3,251,000) | (5,343,000) | 446,000 | ||||||||||||||||||||||
Stock based compensation | 283,000 | [1] | 432,000 | [1] | 418,000 | [1] | 428,000 | [1] | 841,000 | [1] | 841,000 | [1] | 567,000 | [1] | 1,136,000 | [1] | 1,290,000 | [1] | 686,000 | 1,434,000 | 1,744,000 | ||||||||||||||||||||||
Loss on sale of available-for-sale securities | 31,000 | [1] | (39,000) | [1] | 25,000 | [1] | 31,000 | [1] | (39,000) | [1] | 25,000 | [1] | 63,000 | [1] | 120,000 | [1] | 141,000 | [1] | 63,000 | 155,000 | 143,000 | ||||||||||||||||||||||
Unrealized gain on other investments | (62,000) | [1] | [1] | (152,000) | [1] | [1] | (246,000) | [1] | (296,000) | [1] | (359,000) | (68,000) | |||||||||||||||||||||||||||||||
Unrealized foreign exchange loss on other investments | 118,000 | [1] | (26,000) | [1] | 975,000 | [1] | 59,000 | [1] | 884,000 | [1] | 8,000 | 829,000 | |||||||||||||||||||||||||||||||
Pegasus non-controlling interest | [1] | 373,000 | (72,000) | 449,000 | 456,000 | (76,000) | 443,000 | 2,004,000 | (92,000) | 496,000 | |||||||||||||||||||||||||||||||||
(Earnings) loss from equity method investment | [2] | [2] | [1] | [2] | [2] | [2] | [1],[2] | [2] | [2] | [2] | [1],[2] | [1] | [1],[2] | [1],[2] | [1],[2] | [1],[2] | [1],[2] | ||||||||||||||||||||||||||
Prepaid and income taxes receivable | 906,000 | [1] | 219,000 | [1] | 1,245,000 | [1] | 169,000 | [1] | 430,000 | [1] | 1,496,000 | [1] | 2,064,000 | [1] | 430,000 | [1] | 1,496,000 | [1] | 5,864,000 | (6,314,000) | 1,066,000 | ||||||||||||||||||||||
Due from third party collection agencies and attorneys | 493,000 | [1] | 93,000 | [1] | 490,000 | [1] | 372,000 | [1] | (217,000) | [1] | (385,000) | [1] | 341,000 | [1] | 38,000 | [1] | 31,000 | [1] | 417,000 | (396,000) | 143,000 | ||||||||||||||||||||||
Other assets | (423,000) | [1] | (686,000) | [1] | (327,000) | [1] | (392,000) | [1] | (2,919,000) | [1] | (529,000) | [1] | (964,000) | [1] | (1,680,000) | [1] | (596,000) | [1] | (597,000) | (2,551,000) | (1,592,000) | ||||||||||||||||||||||
Other liabilities | (219,000) | [1] | (735,000) | [1] | (736,000) | [1] | 2,018,000 | [1] | (29,000) | [1] | (417,000) | [1] | 2,686,000 | [1] | 372,000 | [1] | (119,000) | [1] | 2,475,000 | (489,000) | 745,000 | ||||||||||||||||||||||
Changes in net assets and liabilities related to discontinued operations | (2,049,000) | [1] | (2,212,000) | [1] | [1] | (5,164,000) | [1] | (5,025,000) | [1] | (1,746,000) | [1] | (7,770,000) | [1] | (9,233,000) | [1] | (2,921,000) | [1] | (13,515,000) | (11,676,000) | (6,547,000) | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | 501,000 | [1] | (2,601,000) | [1] | 2,215,000 | [1] | (2,117,000) | [1] | (4,810,000) | [1] | 388,000 | [1] | 2,900,000 | [1] | (6,950,000) | [1] | 1,778,000 | [1] | 4,438,000 | (22,073,000) | (3,640,000) | ||||||||||||||||||||||
Purchase of consumer receivables acquired for liquidation | (4,419,000) | [1] | [1] | (520,000) | [1] | (6,141,000) | [1] | (1,621,000) | [1] | (969,000) | [1] | (6,470,000) | [1] | (2,009,000) | [1] | (3,702,000) | [1] | (8,162,000) | (2,110,000) | (5,078,000) | |||||||||||||||||||||||
Principal collected on consumer receivables acquired for liquidation | 2,184,000 | [1] | 3,713,000 | [1] | 5,556,000 | [1] | 4,841,000 | [1] | 8,887,000 | [1] | 10,984,000 | [1] | 7,414,000 | [1] | 12,567,000 | [1] | 15,950,000 | [1] | 9,286,000 | 15,944,000 | 20,271,000 | ||||||||||||||||||||||
Purchase of available-for-sale securities | (7,136,000) | [1] | (5,443,000) | [1] | (5,618,000) | [1] | (7,419,000) | [1] | (12,326,000) | [1] | (15,920,000) | [1] | (11,704,000) | [1] | (17,564,000) | [1] | (19,845,000) | [1] | (12,020,000) | (17,843,000) | (20,111,000) | ||||||||||||||||||||||
Proceeds from sales of available-for-sale securities | 12,303,000 | [1] | 5,020,000 | [1] | 5,000,000 | [1] | 12,303,000 | [1] | 8,704,000 | [1] | 5,000,000 | [1] | 16,302,000 | [1] | 13,677,000 | [1] | 8,684,000 | [1] | 16,302,000 | 24,178,000 | 12,560,000 | ||||||||||||||||||||||
Increase in equity method investment | [1] | [1] | [1] | [1] | [1] | [1] | [1] | [1] | [1] | ||||||||||||||||||||||||||||||||||
Purchase of non-controlling interest | (800,000) | [1] | (800,000) | [1] | (800,000) | [1] | (800,000) | ||||||||||||||||||||||||||||||||||||
Investments in personal injury claims — advances | [1] | (7,013,000) | (5,843,000) | (4,519,000) | (12,649,000) | (10,959,000) | (10,019,000) | (27,689,000) | (18,270,000) | (16,392,000) | |||||||||||||||||||||||||||||||||
Investments in personal injury claims — receipts | [1] | 9,049,000 | 4,817,000 | 9,788,000 | 14,173,000 | 9,365,000 | 15,459,000 | 20,673,000 | 13,467,000 | 20,417,000 | |||||||||||||||||||||||||||||||||
Cash flows from investing activities related to discontinued operations: | (2,544,000) | [1] | (1,843,000) | [1] | (4,921,000) | [1] | (4,852,000) | [1] | (1,366,000) | [1] | (6,756,000) | [1] | (7,173,000) | [1] | (2,541,000) | [1] | (8,002,000) | (11,080,000) | (6,534,000) | ||||||||||||||||||||||||
Net cash used in investing activities | 1,624,000 | [1] | (4,576,000) | [1] | 4,099,000 | [1] | (678,000) | [1] | (7,829,000) | [1] | (2,419,000) | [1] | (9,153,000) | [1] | (10,441,000) | [1] | (3,016,000) | [1] | (15,192,000) | (315,000) | (1,048,000) | ||||||||||||||||||||||
Purchase of treasury stock | (7,180,000) | [1] | (8,363,000) | [1] | (11,174,000) | [1] | (11,174,000) | (1,751,000) | |||||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | (438,000) | [1] | (229,000) | [1] | (282,000) | [1] | (789,000) | [1] | (466,000) | [1] | (680,000) | [1] | (1,139,000) | [1] | (754,000) | [1] | (837,000) | [1] | (1,489,000) | (996,000) | (1,057,000) | ||||||||||||||||||||||
Cash flows from financing activities related to discontinued operations: | 4,306,000 | [1] | 6,177,000 | [1] | (2,500,000) | [1] | 7,797,000 | [1] | 9,745,000 | [1] | 354,000 | [1] | 11,056,000 | [1] | 14,409,000 | [1] | 1,571,000 | [1] | 15,824,000 | 19,316,000 | 6,432,000 | ||||||||||||||||||||||
Net cash (used in) provided by financing activities | (3,312,000) | [1] | 6,416,000 | [1] | (5,390,000) | [1] | (1,308,000) | [1] | 9,748,000 | [1] | (5,111,000) | [1] | 14,124,000 | [1] | (7,917,000) | [1] | 4,365,000 | 17,045,000 | (3,276,000) | ||||||||||||||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations | (1,187,000) | (761,000) | (4,103,000) | (2,891,000) | (7,142,000) | (385,000) | [1] | (3,267,000) | (9,155,000) | (6,389,000) | (5,343,000) | (7,964,000) | |||||||||||||||||||||||||||||||
Less: net increase in cash, cash equivalents and restricted cash classified within assets related to discontinued operations | (312,000) | 63,000 | (159,000) | 153,000 | 238,000 | (6,638,000) | 1,102,000 | (7,000) | 300,000 | 474,000 | 572,000 | ||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | (1,499,000) | [1] | (698,000) | [1] | (4,262,000) | [1] | (2,738,000) | [1] | (6,904,000) | [1] | (283,000) | (2,165,000) | [1] | (9,162,000) | [1] | (6,089,000) | (4,869,000) | (7,392,000) | |||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | [1] | 15,997,000 | [4] | 18,656,000 | [4] | 21,419,000 | [4] | 22,918,000 | [5] | 25,622,000 | [4] | 25,049,000 | [4] | 27,089,000 | [4] | 27,787,000 | 26,017,000 | 28,275,000 | 36,103,000 | 35,179,000 | 22,918,000 | [5] | 27,787,000 | 35,179,000 | 22,918,000 | [5] | 27,787,000 | 35,179,000 | 22,918,000 | [5] | 27,787,000 | 35,179,000 | |||||||||||
Cash and cash equivalents at end of year | 16,829,000 | [5] | 15,997,000 | [1],[4] | 18,656,000 | [1],[4] | 21,419,000 | [1],[4] | 22,918,000 | [1],[5] | 25,622,000 | [1],[4] | 25,049,000 | [1],[4] | 27,089,000 | [1],[4] | 27,787,000 | [1] | 26,017,000 | [1] | 28,275,000 | [1] | 36,103,000 | [1] | 18,656,000 | [1],[4] | 25,049,000 | [1],[4] | 28,275,000 | [1] | 15,997,000 | [1],[4] | 25,622,000 | [1],[4] | 26,017,000 | [1] | 16,829,000 | [5] | 22,918,000 | [1],[5] | 27,787,000 | [1] | |
Impairments of consumer receivables acquired for liquidation | 41,000 | [2] | 124,000 | 19,591,000 | [2] | 124,000 | [1] | 124,000 | [1] | 19,591,000 | [1],[2] | 164,000 | 19,591,000 | ||||||||||||||||||||||||||||||
Reserve for loss on investment | 1,000,000 | [1] | 1,000,000 | [1] | 1,000,000 | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | (65,000) | [1] | (27,000) | [1] | (123,000) | [1] | (138,000) | [1] | (175,000) | (90,000) | |||||||||||||||||||||||||||||||||
Proceeds from Stock Options Exercised | 468,000 | [1] | 47,000 | [1] | 469,000 | [1] | 30,000 | [1] | 872,000 | [1] | 469,000 | [1] | 40,000 | [1] | 1,204,000 | 476,000 | 40,000 | ||||||||||||||||||||||||||
Operating Lease Adjustment | 21,000 | [1] | 21,000 | ||||||||||||||||||||||||||||||||||||||||
Principal collected on consumer receivable accounts represented by account sales | 3,000 | [1] | [1] | 2,000 | [1] | 1,000 | [1] | 2,000 | 26,000 | ||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | [1] | 924,000 | (6,921,000) | ||||||||||||||||||||||||||||||||||||||||
Purchase of other investments | (5,000,000) | [1] | (5,000,000) | [1] | (5,000,000) | [1] | (5,000,000) | ||||||||||||||||||||||||||||||||||||
Income taxes payable | [1] | 378,000 | 201,000 | 523,000 | 3,084,000 | ||||||||||||||||||||||||||||||||||||||
Payments for (Proceeds from) Investments, Total | [1] | [1] | [1] | [1] | [1] | [1] | [1] | [1] | [1] | ||||||||||||||||||||||||||||||||||
Cash paid for acquisition (net of cash acquired) | (5,588,000) | [1] | (5,588,000) | [1] | (5,588,000) | [1] | (5,588,000) | ||||||||||||||||||||||||||||||||||||
Change in restricted cash | 20,000 | [1] | 167,000 | [1] | 968,000 | [1] | 968,000 | ||||||||||||||||||||||||||||||||||||
Repayments of non-recourse debt — Bank of Montreal, net | (2,628,000) | [1] | (4,982,000) | [1] | (9,659,000) | [1] | (9,659,000) | ||||||||||||||||||||||||||||||||||||
Forgiveness of non-recourse debt | [2] | [2] | [2] | (26,101,000) | [2] | [2] | [2] | (26,101,000) | [1],[2] | (26,101,000) | |||||||||||||||||||||||||||||||||
Restatement Adjustment [Member] | |||||||||||||||||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (184,000) | (77,000) | (448,000) | (378,000) | (92,000) | 85,000 | (634,000) | (555,000) | 4,000 | 525,000 | (358,000) | (531,000) | (2,868,000) | (677,000) | (909,000) | ||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | 67,000 | (33,000) | 102,000 | (166,000) | (507,000) | 465,000 | (341,000) | 53,000 | 1,000 | 64,000 | (341,000) | (97,000) | 124,000 | 1,000 | |||||||||||||||||||||||||||||
Net Income | 670,000 | 1,000 | (243,000) | 660,000 | (448,000) | (448,000) | (38,000) | (81,000) | 85,000 | (242,000) | (896,000) | 4,000 | 428,000 | (236,000) | (34,000) | (2,899,000) | (1,060,000) | (855,000) | |||||||||||||||||||||||||
Depreciation and amortization | (30,000) | (60,000) | (89,000) | (9,000) | (120,000) | ||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 971,000 | 391,000 | (306,000) | 1,646,000 | (214,000) | (441,000) | 584,000 | (2,130,000) | (2,867,000) | 1,279,000 | (547,000) | (90,000) | |||||||||||||||||||||||||||||||
Stock based compensation | (5,000) | (18,000) | 10,000 | (29,000) | 78,000 | (41,000) | 78,000 | ||||||||||||||||||||||||||||||||||||
Loss on sale of available-for-sale securities | |||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on other investments | 307,000 | 642,000 | |||||||||||||||||||||||||||||||||||||||||
Unrealized foreign exchange loss on other investments | 1,000 | ||||||||||||||||||||||||||||||||||||||||||
Pegasus non-controlling interest | (373,000) | 72,000 | (449,000) | (456,000) | 76,000 | (443,000) | (2,004,000) | 92,000 | (496,000) | ||||||||||||||||||||||||||||||||||
(Earnings) loss from equity method investment | (2,531,000) | [6] | (6,193,000) | [6] | (333,000) | [6] | (1,494,000) | [6] | (415,000) | [6] | 79,000 | (10,000) | [6] | 400,000 | [6] | 55,000 | [6] | (215,000) | [6] | 25,000 | [6] | (1,796,000) | [6] | (1,827,000) | [6] | 390,000 | [6] | (1,771,000) | [6] | (6,193,000) | [6] | 469,000 | [6] | (1,986,000) | [6] | (10,551,000) | 54,000 | (1,931,000) | |||||
Prepaid and income taxes receivable | (87,000) | (382,000) | (41,000) | (56,000) | 65,000 | 448,000 | 214,000 | 534,000 | (637,000) | (214,000) | |||||||||||||||||||||||||||||||||
Due from third party collection agencies and attorneys | (141,000) | (117,000) | (103,000) | (213,000) | (11,000) | 35,000 | 225,000 | (197,000) | (120,000) | 528,000 | (453,000) | ||||||||||||||||||||||||||||||||
Other assets | (1,937,000) | (1,499,000) | 402,000 | (1,843,000) | (325,000) | 104,000 | (1,480,000) | (1,473,000) | 138,000 | (985,000) | (263,000) | 1,918,000 | |||||||||||||||||||||||||||||||
Other liabilities | (274,000) | (445,000) | 146,000 | (446,000) | (1,454,000) | (223,000) | (775,000) | (1,220,000) | (584,000) | (909,000) | 1,391,000 | (1,100,000) | |||||||||||||||||||||||||||||||
Changes in net assets and liabilities related to discontinued operations | 1,570,000 | 1,040,000 | (351,000) | 1,213,000 | 1,445,000 | (484,000) | 1,121,000 | 1,061,000 | 39,000 | 508,000 | 655,000 | (1,285,000) | |||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | (2,043,000) | (681,000) | (2,310,000) | (680,000) | (1,279,000) | (1,176,000) | (7,925,000) | (2,655,000) | (1,478,000) | (13,756,000) | 80,000 | (3,931,000) | |||||||||||||||||||||||||||||||
Purchase of consumer receivables acquired for liquidation | (1,632,000) | (139,000) | (44,000) | (304,000) | (466,000) | ||||||||||||||||||||||||||||||||||||||
Principal collected on consumer receivables acquired for liquidation | 115,000 | 896,000 | 59,000 | (164,000) | 282,000 | 133,000 | (113,000) | 676,000 | 339,000 | 342,000 | (342,000) | 805,000 | |||||||||||||||||||||||||||||||
Purchase of available-for-sale securities | 1,000 | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of available-for-sale securities | |||||||||||||||||||||||||||||||||||||||||||
Increase in equity method investment | 5,827,000 | (1,152,000) | (5,384,000) | 3,471,000 | (1,537,000) | 4,379,000 | 1,826,000 | (4,932,000) | 3,876,000 | 2,720,000 | (6,471,000) | 4,737,000 | |||||||||||||||||||||||||||||||
Purchase of non-controlling interest | |||||||||||||||||||||||||||||||||||||||||||
Investments in personal injury claims — advances | 7,013,000 | 5,843,000 | 4,519,000 | 12,649,000 | 10,959,000 | 10,019,000 | 27,689,000 | 18,270,000 | 16,392,000 | ||||||||||||||||||||||||||||||||||
Investments in personal injury claims — receipts | (9,049,000) | (4,817,000) | (9,788,000) | (14,173,000) | (9,365,000) | (15,459,000) | (20,673,000) | (13,467,000) | (20,417,000) | ||||||||||||||||||||||||||||||||||
Cash flows from investing activities related to discontinued operations: | 34,000 | ||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | 2,274,000 | 665,000 | 174,000 | 1,739,000 | 31,000 | (928,000) | 8,349,000 | 636,000 | 192,000 | 14,691,000 | (2,408,000) | 2,223,000 | |||||||||||||||||||||||||||||||
Purchase of treasury stock | |||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | 438,000 | 229,000 | 282,000 | 789,000 | 466,000 | 680,000 | 1,139,000 | 754,000 | 837,000 | 1,489,000 | 996,000 | 1,057,000 | |||||||||||||||||||||||||||||||
Cash flows from financing activities related to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | 438,000 | 230,000 | 282,000 | 789,000 | 467,000 | 680,000 | 755,000 | 837,000 | 1,489,000 | 997,000 | 1,057,000 | ||||||||||||||||||||||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash including cash, cash equivalents and restricted cash classified within assets related to discontinued operations | 669,000 | 214,000 | 1,848,000 | (781,000) | (1,424,000) | 1,139,000 | (1,264,000) | (449,000) | 2,424,000 | (1,331,000) | (651,000) | ||||||||||||||||||||||||||||||||
Less: net increase in cash, cash equivalents and restricted cash classified within assets related to discontinued operations | 1,563,000 | ||||||||||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | 669,000 | 214,000 | 1,848,000 | (781,000) | (1,424,000) | (1,264,000) | (449,000) | 2,424,000 | (1,331,000) | (651,000) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | (1,408,000) | [7] | (1,123,000) | [7] | (2,302,000) | [7] | (2,971,000) | (2,904,000) | [7] | (2,421,000) | [7] | (1,426,000) | [7] | (1,640,000) | (1,438,000) | (2,413,000) | (2,843,000) | (989,000) | (2,971,000) | (1,640,000) | (989,000) | (2,971,000) | (1,640,000) | (989,000) | (2,971,000) | (1,640,000) | (989,000) | ||||||||||||||||
Cash and cash equivalents at end of year | (547,000) | (1,408,000) | [7] | (1,123,000) | [7] | (2,302,000) | [7] | $ (2,971,000) | $ (2,904,000) | [7] | (2,421,000) | [7] | (1,426,000) | [7] | $ (1,640,000) | (1,438,000) | $ (2,413,000) | (2,843,000) | (1,123,000) | [7] | (2,421,000) | [7] | (2,413,000) | (1,408,000) | [7] | (2,904,000) | [7] | (1,438,000) | (547,000) | (2,971,000) | (1,640,000) | ||||||||||||
Impairments of consumer receivables acquired for liquidation | 1,000 | ||||||||||||||||||||||||||||||||||||||||||
Reserve for loss on investment | |||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (4,000) | 3,000 | 12,000 | 7,000 | 89,000 | ||||||||||||||||||||||||||||||||||||||
Proceeds from Stock Options Exercised | 1,000 | 1,000 | 1,000 | 1,000 | |||||||||||||||||||||||||||||||||||||||
Operating Lease Adjustment | |||||||||||||||||||||||||||||||||||||||||||
Principal collected on consumer receivable accounts represented by account sales | 83,000 | 77,000 | 2,000 | 87,000 | |||||||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | (1,854,000) | 1,563,000 | |||||||||||||||||||||||||||||||||||||||||
Purchase of other investments | |||||||||||||||||||||||||||||||||||||||||||
Income taxes payable | (378,000) | 283,000 | 769,000 | 2,659,000 | |||||||||||||||||||||||||||||||||||||||
Payments for (Proceeds from) Investments, Total | (5,827,000) | $ 1,152,000 | 5,384,000 | (3,471,000) | 1,537,000 | (4,379,000) | (1,826,000) | $ 4,932,000 | (3,876,000) | (2,720,000) | 6,471,000 | (4,737,000) | |||||||||||||||||||||||||||||||
Cash paid for acquisition (net of cash acquired) | |||||||||||||||||||||||||||||||||||||||||||
Change in restricted cash | |||||||||||||||||||||||||||||||||||||||||||
Repayments of non-recourse debt — Bank of Montreal, net | |||||||||||||||||||||||||||||||||||||||||||
Forgiveness of non-recourse debt | |||||||||||||||||||||||||||||||||||||||||||
[1] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | ||||||||||||||||||||||||||||||||||||||||||
[2] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | ||||||||||||||||||||||||||||||||||||||||||
[3] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | ||||||||||||||||||||||||||||||||||||||||||
[4] | The "As Reported" amounts in the tables above represent the amounts reported in the original Form 10-Q's, filed with the SEC, adjusted in its presentation for the discontinued operations of the Company's wholly-owned subsidiary CBC Settlement Funding, LLC, which was sold on December 13, 2017 (see Note V - Subsequent events). | ||||||||||||||||||||||||||||||||||||||||||
[5] | In connection with the Company determining it lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods, the Company has corrected the presentation and has now accounted for its investment in Pegasus under the equity method in accordance with ASC 810 - Consolidation and US GAAP. The correction of the error has resulted in a reduction in total revenues of $20,212,000, $8,482,000 and $7,134,000 for the years ended September 30, 2016, 2015 and 2014, respectively, a reduction in expenses of $7,151,000, $8,425,000 and $4,845,000 for the years ended September 30, 2016, 2015 and 2014, respectively, and a decrease in non-controlling interest of $2,612,000, $11,000 and $458,000 for the years ended September 30, 2016, 2015 and 2014, respectively. This change to the equity method of accounting had no effect on net income during the Non-Reliance Periods. Additionally, there were other corrections made to the Pegasus financial statements which have been included in the adjustment column in the restatement tables, which are included in #6, below. | ||||||||||||||||||||||||||||||||||||||||||
[6] | In connection with the Company determining it lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods, the Company has corrected the presentation and has now accounted for its investment in Pegasus under the equity method in accordance with US GAAP. | ||||||||||||||||||||||||||||||||||||||||||
[7] | In connection with the Company determining it lacked the requisite control to consolidate Pegasus during the Non-Reliance Periods, the Company has corrected the presentation and has now accounted for its investment in Pegasus under the equity method in accordance with US GAAP. |
Note T - Segment Reporting (109
Note T - Segment Reporting (Restated) (Details Textual) | 12 Months Ended |
Sep. 30, 2016 | |
Number of Reportable Segments | 3 |
Note T - Segment Reporting (110
Note T - Segment Reporting (Restated) - Schedule of Segment Reporting (Restated) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | ||||
Revenues | $ 5,644,000 | $ 5,741,000 | $ 5,751,000 | $ 5,765,000 | $ 5,553,000 | $ 5,642,000 | $ 5,654,000 | $ 5,149,000 | $ 5,140,000 | $ 5,121,000 | $ 5,097,000 | $ 4,624,000 | $ 11,516,000 | $ 10,803,000 | $ 9,721,000 | $ 17,257,000 | $ 16,445,000 | $ 14,842,000 | $ 22,901,000 | $ 21,998,000 | $ 19,982,000 | |||
Other income | 1,700,000 | 1,600,000 | 27,500,000 | |||||||||||||||||||||
Segment profit (loss) | 2,472,000 | 3,289,000 | (377,000) | 341,000 | (568,000) | (205,000) | $ (96,000) | $ 1,032,000 | (773,000) | $ 936,000 | 2,195,000 | (432,000) | 5,700,000 | (900,000) | 9,300,000 | |||||||||
Segment assets(1) (4) | 255,008,000 | $ 246,620,000 | $ 240,439,000 | $ 237,780,000 | 240,326,000 | $ 235,221,000 | $ 226,441,000 | $ 222,366,000 | 217,200,000 | [1],[2] | $ 240,439,000 | $ 226,441,000 | $ 246,620,000 | $ 235,221,000 | 255,008,000 | 240,326,000 | 217,200,000 | [1],[2] | ||||||
Operating Segments [Member] | Consumer Receivables [Member] | ||||||||||||||||||||||||
Revenues | 18,900,000 | 20,600,000 | 19,600,000 | |||||||||||||||||||||
Other income | 26,100,000 | |||||||||||||||||||||||
Segment profit (loss) | 14,200,000 | 16,300,000 | 22,900,000 | |||||||||||||||||||||
Segment assets(1) (4) | [1],[2] | 18,900,000 | 21,500,000 | 36,400,000 | 18,900,000 | 21,500,000 | 36,400,000 | |||||||||||||||||
Operating Segments [Member] | Personal Injury Claims [Member] | ||||||||||||||||||||||||
Revenues | [3] | |||||||||||||||||||||||
Other income | [3] | |||||||||||||||||||||||
Segment profit (loss) | [3] | 10,500,000 | (100,000) | 1,900,000 | ||||||||||||||||||||
Segment assets(1) (4) | [1],[2],[3] | 48,600,000 | 40,800,000 | 34,300,000 | 48,600,000 | 40,800,000 | 34,300,000 | |||||||||||||||||
Corporate, Non-Segment [Member] | ||||||||||||||||||||||||
Revenues | [4] | |||||||||||||||||||||||
Other income | [4] | 1,700,000 | 1,600,000 | 1,400,000 | ||||||||||||||||||||
Segment profit (loss) | [4] | (11,700,000) | (11,300,000) | (12,800,000) | ||||||||||||||||||||
Segment assets(1) (4) | [1],[2],[4] | 185,500,000 | 175,400,000 | 145,500,000 | 185,500,000 | 175,400,000 | 145,500,000 | |||||||||||||||||
Corporate, Non-Segment [Member] | GAR Disability Advocates [Member] | ||||||||||||||||||||||||
Revenues | 4,000,000 | 1,400,000 | 400,000 | |||||||||||||||||||||
Other income | ||||||||||||||||||||||||
Segment profit (loss) | (7,300,000) | (5,800,000) | (2,700,000) | |||||||||||||||||||||
Segment assets(1) (4) | [1],[2] | $ 2,000,000 | $ 2,600,000 | $ 1,000,000 | $ 2,000,000 | $ 2,600,000 | $ 1,000,000 | |||||||||||||||||
[1] | Includes other amounts in other line items on the consolidated balance sheet and excludes assets from discontinued operations. | |||||||||||||||||||||||
[2] | The Company has included assets related to discontinued operations under Corporate. See Note 2 - Discontinued Operations in the Company's notes to consolidated financial statements. | |||||||||||||||||||||||
[3] | The Company records Pegasus as an equity investment in its consolidated financial statements. For segment reporting the Company has included its pro-rated share of the earnings and losses from its investment under the Personal Injury Claims segment, and the carrying value of the investment is included in segment assets. | |||||||||||||||||||||||
[4] | Corporate is not part of the three reportable segments, as certain non-allocated administrative costs, interest income, interest expense and various other non-operating income and expense are reflected in corporate. |
Note U - Accumulated Other C111
Note U - Accumulated Other Comprehensive Income (Loss) (Restated) - Accumulated Other Comprehensive Income (Loss) (Restated) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Beginning Balance | $ 512,000 | $ 344,000 | $ 20,000 | $ (308,000) | $ 38,000 | $ 145,000 | $ 20,000 | $ 145,000 | $ 20,000 | $ 145,000 | $ 20,000 | $ 145,000 | ||||||
Change in unrealized gains (losses) on foreign currency translation, net | (46,000) | 222,000 | ||||||||||||||||
Net unrealized securities gain/(loss), net | 560,000 | 156,000 | 330,000 | (223,000) | (48,000) | (183,000) | $ 394,000 | $ 452,000 | $ (66,000) | 486,000 | (231,000) | $ 386,000 | 1,046,000 | (454,000) | $ 780,000 | 867,000 | (254,000) | $ 902,000 |
Amount reclassified from accumulated other comprehensive income | (38,000) | (93,000) | ||||||||||||||||
Net current-period other comprehensive income | 478,000 | 168,000 | 324,000 | (833,000) | (346,000) | (107,000) | $ 321,000 | $ 452,000 | (81,000) | 492,000 | (453,000) | 371,000 | 970,000 | (1,286,000) | 692,000 | 783,000 | (125,000) | 819,000 |
Ending balance | $ 990,000 | $ 512,000 | 344,000 | $ (1,141,000) | $ (308,000) | 38,000 | 512,000 | (308,000) | 990,000 | (1,141,000) | 803,000 | 20,000 | 145,000 | |||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||||||||||||||
Beginning Balance | (205,000) | 142,000 | $ (674,000) | (205,000) | 142,000 | $ (674,000) | (205,000) | 142,000 | $ (674,000) | (205,000) | 142,000 | (674,000) | ||||||
Change in unrealized gains (losses) on foreign currency translation, net | 3,000 | |||||||||||||||||
Net unrealized securities gain/(loss), net | 867,000 | (254,000) | 900,000 | |||||||||||||||
Amount reclassified from accumulated other comprehensive income | (38,000) | (93,000) | (84,000) | |||||||||||||||
Net current-period other comprehensive income | 829,000 | (347,000) | 819,000 | |||||||||||||||
Ending balance | 624,000 | (205,000) | 142,000 | |||||||||||||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||||||||||||
Beginning Balance | $ 225,000 | $ 3,000 | $ 225,000 | $ 3,000 | $ 225,000 | $ 3,000 | 225,000 | 3,000 | ||||||||||
Change in unrealized gains (losses) on foreign currency translation, net | (46,000) | 222,000 | ||||||||||||||||
Net unrealized securities gain/(loss), net | ||||||||||||||||||
Amount reclassified from accumulated other comprehensive income | ||||||||||||||||||
Net current-period other comprehensive income | (46,000) | 222,000 | ||||||||||||||||
Ending balance | $ 179,000 | $ 225,000 | $ 3,000 |
Note V - Subsequent Events (Det
Note V - Subsequent Events (Details Textual) - USD ($) | Feb. 28, 2018 | Feb. 05, 2018 | Jan. 23, 2018 | Jan. 12, 2018 | Dec. 13, 2017 | Nov. 24, 2017 | Nov. 22, 2017 | Mar. 10, 2017 | Feb. 15, 2017 | Jan. 06, 2017 | Nov. 11, 2016 | Mar. 31, 2017 | Dec. 31, 2015 | Mar. 31, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2017 | May 05, 2017 | Jan. 18, 2017 | Nov. 08, 2016 |
Treasury Stock, Value, Acquired, Cost Method | $ 7,180,000 | $ 8,363,000 | $ 11,174,000 | $ 11,174,000 | $ 1,751,000 | ||||||||||||||||
Restricted Cash, Total | 500,000 | $ 200,000 | |||||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 1,696,000 | $ 1,696,000 | $ 1,696,000 | $ 696,000 | |||||||||||||||||
Pegasus Legal Funding LLC [Member] | |||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% | ||||||||||||||||||||
Voting Agreement, Related Party Maximum Percentage of Voting Right | 50.00% | ||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||
Share Price | $ 10.20 | ||||||||||||||||||||
Stockholder Rights Agreement, Price of Preferred Stock | $ 28.60 | ||||||||||||||||||||
Stockholder Rights Agreement, Redemption Price | $ 0.01 | ||||||||||||||||||||
Dividends Payable, Amount Per Share | $ 5.30 | ||||||||||||||||||||
Payments of Dividends, Total | $ 35,000,000 | ||||||||||||||||||||
Dividends Payable, Date Declared | Feb. 5, 2018 | ||||||||||||||||||||
Dividends Payable, Date to be Paid | Feb. 28, 2018 | ||||||||||||||||||||
Dividends Payable, Date of Record | Feb. 16, 2018 | ||||||||||||||||||||
Subsequent Event [Member] | Lawsuit in Montana State Court [Member] | |||||||||||||||||||||
Payments for Legal Settlements | $ 800,000 | ||||||||||||||||||||
Subsequent Event [Member] | Competitor Alleged Former Subsidiary [Member] | |||||||||||||||||||||
Payments for Legal Settlements | $ 500,000 | ||||||||||||||||||||
Subsequent Event [Member] | Global Settlement [Member] | |||||||||||||||||||||
Payments for Legal Settlements | $ 2,300,000 | ||||||||||||||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 4,600,000 | ||||||||||||||||||||
Subsequent Event [Member] | CBC [Member] | |||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 10,500,000 | ||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Cash Consideration | 4,490,000 | ||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Promissory Note Consideration | $ 5,750,000 | ||||||||||||||||||||
Promissory Note Interest Rate, Discontinued Operations | 7.00% | ||||||||||||||||||||
Subsequent Event [Member] | Simia Capital LLC [Member] | Chief Executive Officer [Member] | |||||||||||||||||||||
Employment Agreement, Annual Base Salary | $ 250,000 | ||||||||||||||||||||
Employment Agreement, Profit Bonus, Percentage of Profit | 15.00% | ||||||||||||||||||||
Employment Agreement, Profit Bonus, Minimum Internal Rate of Return | 18.00% | ||||||||||||||||||||
Employment Agreement, Profit Bonus, Percentage of Closing Consideration | 15.00% | ||||||||||||||||||||
Employment Agreement Term | 5 years | ||||||||||||||||||||
Employment Agreement, Severance, Years of Base Salary | 2 years | ||||||||||||||||||||
Subsequent Event [Member] | Pegasus Legal Funding LLC [Member] | |||||||||||||||||||||
Restricted Cash, Total | $ 24,700,000 | ||||||||||||||||||||
Subsequent Event [Member] | Pegasus Funding LLC [Member] | |||||||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 1,800,000 | ||||||||||||||||||||
Subsequent Event [Member] | Mangrove [Member] | Ricky Stern Family [Member] | |||||||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 4,900,000 | ||||||||||||||||||||
Treasury Stock, Shares, Acquired | 471,086 | ||||||||||||||||||||
Subsequent Event [Member] | Stern Stockholders [Member] | |||||||||||||||||||||
Voting Agreement, Related Party Maximum Percentage of Voting Right | 49.00% | ||||||||||||||||||||
Settlement Agreement [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 5,314,009 | ||||||||||||||||||||
Stock Repurchase Program, Purchase Price Per Share | $ 10.35 | ||||||||||||||||||||
Stock Repurchase Program, Number of Share Tendered | 6,022,253 | ||||||||||||||||||||
Stock Repurchase Program, Number of Shares Oversubscribed | 708,244 | ||||||||||||||||||||
Stock Repurchase Program, Percent of Share Tendered | 88.24% | ||||||||||||||||||||
Treasury Stock, Percent, Acquired | 44.70% | ||||||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 54,200,000 | ||||||||||||||||||||
Settlement Agreement [Member] | Subsequent Event [Member] | General and Administrative Expense [Member] | |||||||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 797,000 | ||||||||||||||||||||
Settlement Agreement [Member] | Subsequent Event [Member] | Mangrove [Member] | |||||||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 4,005,701 |