Wilhelmina International (WHLM) 10-Q 14 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 13, 2015
Entity Registrant Name	Wilhelmina International, Inc.
Entity Central Index Key	1,013,706
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		5,843,621
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 3,057,000	$ 5,869,000
Accounts receivable, net of allowance for doubtful accounts of $667 and $679	16,090,000	12,482,000
Deferred tax asset	1,877,000	1,986,000
Prepaid expenses and other current assets	448,000	252,000
Total current assets	21,472,000	20,589,000
Property and equipment, net of accumulated depreciation of $879 and $762, respectively	1,707,000	1,333,000
Trademarks and trade names with indefinite lives	8,467,000	8,467,000
Other intangibles with finite lives, net of accumulated amortization of $8,352 and $8,222	380,000	115,000
Goodwill	13,192,000	12,563,000
Other assets	190,000	136,000
Total assets	45,408,000	43,203,000
Current liabilities:
Accounts payable and accrued liabilities	4,321,000	4,310,000
Due to models	10,915,000	10,011,000
Total current liabilities	15,236,000	$ 14,321,000
Long term liabilities
Contingent consideration to seller (Note 3)	171,000
Deferred tax liability	2,685,000	$ 2,332,000
Total long-term liabilities	2,856,000	2,332,000
Total liabilities	18,092,000	16,653,000
Shareholders’ equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized; none outstanding	0	0
Common stock, $0.01 par value, 12,500,000 shares authorized; 5,852,322 and 5,869,220 share issued and outstanding at June 30, 2015 and December 31, 2014	65,000	65,000
Treasury stock, 619,716 and 602,818 shares, respectively, at cost	(1,740,000)	(1,643,000)
Additional paid-in capital	86,884,000	86,778,000
Accumulated deficit	(57,904,000)	$ (58,650,000)
Accumulated other comprehensive income	11,000
Total shareholders’ equity	27,316,000	$ 26,550,000
Total liabilities and shareholders’ equity	$ 45,408,000	$ 43,203,000

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accounts receivable, allowance for doubtful accounts	$ 667	$ 679
Property and equipment, accumulated depreciation	879	762
Other intangibles with finite lives, accumulated amortization	$ 8,352	$ 8,222
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	12,500,000	12,500,000
Common stock, shares issued (in shares)	5,852,322	5,869,220
Common stock, shares outstanding (in shares)	5,852,322	5,869,220
Treasury stock, shares (in shares)	619,716	602,818

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Revenues	$ 21,538	$ 19,528	$ 42,489	$ 37,664
License fees and other income	132	100	229	200
Total revenues	21,670	19,628	42,718	37,864
Model costs	15,643	14,206	30,545	26,963
Revenues net of model costs	6,027	5,422	12,173	10,901
Operating expenses
Salaries and service costs	3,758	3,249	7,485	6,354
Office and general expenses	1,125	1,083	2,299	2,178
Amortization and depreciation	125	110	252	370
Corporate overhead	262	374	542	653
Total operating expenses	5,270	4,816	10,578	9,555
Operating income	757	$ 606	1,595	$ 1,346
Other income (expense):
Foreign exchange loss	(21)		(98)
Gain (loss) from an unconsolidated affiliate	$ 9	$ 5	$ (15)	$ (15)
Interest income		$ 2		4
Interest expense				(8)
	$ (12)	$ 7	$ (113)	(19)
Income before provision for income taxes	745	613	1,482	1,327
Provision for income taxes:
Current	(145)	(54)	(351)	(191)
Deferred	(227)	(168)	(385)	(413)
	(372)	(222)	(736)	(604)
Net income	373	$ 391	746	$ 723
Other comprehensive income
Foreign currency translation income	9		11
Total comprehensive income	$ 382	$ 391	$ 757	$ 723
Basic net income per common share (in dollars per share)	$ 0.06	$ 0.07	$ 0.13	$ 0.12
Diluted net income per common share (in dollars per share)	$ 0.06	$ 0.07	$ 0.13	$ 0.12
Weighted average common shares outstanding-basic (in shares)	5,852	5,870	5,852	5,870
Weighted average common shares outstanding-diluted (in shares)	5,955	5,968	5,955	5,942

Unaudited Consolidated Stateme5

Unaudited Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 746,000	$ 723,000
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and depreciation	252,000	370,000
Share based payment expense	106,000	107,000
Deferred taxes	385,000	413,000
Changes in operating assets and liabilities:
Accounts Receivable	(3,253,000)	(2,654,000)
Prepaid expenses and other current assets	(240,000)	(139,000)
Due to models	393,000	922,000
Accounts payable and accrued liabilities	(357,000)	1,431,000
Net cash provided by (used in) operating activities	(1,968,000)	$ 1,173,000
Cash flows from investing activities:
Cash paid for business acquisition, net of cash acquired (Note 3)	(282,000)
Purchase of property and equipment	(476,000)	$ (251,000)
Net cash used in investing activities	$ (758,000)	(251,000)
Cash flows from financing activities:
Repayment of Amegy line of credit		$ (800,000)
Purchase of treasury stock	$ (97,000)
Net cash used in financing activities	(97,000)	$ (800,000)
Foreign currency effect on cash flows	11,000
Net increase (decrease) in cash and cash equivalents	(2,812,000)	$ 122,000
Cash and cash equivalents, beginning of period	5,869,000	2,776,000
Cash and cash equivalents, end of period	3,057,000	$ 2,898,000
Non-cash investing and financing activities:
Issuance of contingent consideration to seller	$ 171,000
Supplemental disclosures of cash flow information
Cash paid for interest		$ 8,000
Cash paid for income taxes	$ 105,000	$ 239,000

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Basis of Accounting [Text Block]	Note 1. Basis of Presentation The interim consolidated financial statements included herein have been prepared by Wilhelmina International, Inc. (“Wilhelmina” or the “Company”) and subsidiaries without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Although certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to those rules and regulations, all adjustments considered necessary in order to make the consolidated financial statements not misleading have been included. In the opinion of the Company’s management, the accompanying interim unaudited consolidated financial statements reflect all adjustments, of a normal recurring nature, that are necessary for a fair presentation of the Company’s consolidated financial position, results of operations and cash flows for such periods. It is recommended that these interim unaudited consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, as amended. Results of operations for the interim periods are not necessarily indicative of results that may be expected for any other interim periods or the full fiscal year.

Note 2 - Business Activity

Note 2 - Business Activity	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Nature of Operations [Text Block]	Note 2. Business Activity Overview The primary business of Wilhelmina is fashion model management, which is headquartered in New York City. The Company’s predecessor was founded in 1967 by Wilhelmina Cooper, a renowned fashion model, and is one of the oldest, best known and largest fashion model management companies in the world. Since its founding, Wilhelmina has grown to include operations located in Los Angeles, Miami and London, as well as a growing network of licensees comprising leading modeling agencies in various local markets across the U.S. as well as in Thailand, Dubai, Vancouver and Tokyo. Wilhelmina provides traditional, full-service fashion model and talent management services, specializing in the representation and management of models, entertainers, artists, athletes and other talents to various customers and clients, including retailers, designers, advertising agencies, print and catalog companies.

Note 3 - Business Acquisition

Note 3 - Business Acquisition	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Business Combination Disclosure [Text Block]	Note 3. Business Acquisition In January 2015, the Company purchased 100% of the outstanding shares of Union Models Management Ltd. in London and renamed it Wilhelmina London Limited (“London”). The strategic acquisition of London establishes a footprint for the Company and the brand in Western Europe. It will also serve as a base of operations to service the Company’s European clients, and as a new talent development office for European models and artists. The purchase price includes the discounted value of contingent consideration assuming London achieves certain performance benchmarks during the post-closing period. These amounts are due to the former seller in the post-closing period subject to achieving these performance benchmarks. Under the purchase method of accounting, the purchase price has been allocated to the net tangible, intangible assets acquired and liabilities assumed, based on the preliminary fair value of the assets and liabilities of London in accordance with ASC 805. The intangible assets acquired include intangible assets with finite lives, such as customer relationships and talent relationships, and the remainder of any intangible assets not meeting the above criteria has been allocated to goodwill. The goodwill is non-amortizable. Other assets such as customer relationships and talent relationships are being amortized on a straight line basis over their estimated useful lives with range from 2 to 8 years. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of completion of the London transaction: (in thousands) Fair value of operating assets acquired: Cash $ 868 Accounts receivable 355 Other current assets 10 Equipment 15 Total operating assets acquired 1,248 Fair value of intangible assets acquired: Other intangible assets with finite lives 400 Goodwill 629 Total intangible assets acquired 1,029 Total assets acquired 2,277 Fair value of liabilities assumed: Accounts payable and accrued liabilities 360 Due to models 511 Indemnification seller basket 8 Deferred income tax liability 77 Total liabilities assumed 956 Total net assets acquired $ 1,321 The results of operations for London are included in the Company’s consolidated results from the effective date of the acquisition.

Note 4 - Foreign Currency Trans

Note 4 - Foreign Currency Translation	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Foreign Currency Disclosure [Text Block]	Note 4. Foreign Currency Translation The functional currency of the wholly owned subsidiary, London, is the Pound Sterling. Its assets and liabilities are translated into U.S. dollars at the exchange rates in effect at each balance sheet date, revenues and expenses are translated at average monthly exchange rates and resulting translation gains or losses are accumulated in other comprehensive income as a separate component of shareholders’ equity.

Note 5 - Line of Credit

Note 5 - Line of Credit	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 5. Line of Credit On July 31, 2014, the Company executed and closed the third amendment (the “Third Credit Agreement Amendment”) to its revolving facility with Amegy Bank National Association (“Amegy”). The terms of the Third Credit Agreement Amendment are essentially the same as those set forth in the Second Credit Agreement Amendment with the exception of the ability to issue up to $300 of standby letters of credit. Outstanding letters of credit will reduce the Company’s availability under the facility. Under the terms of the Third Credit Agreement Amendment, (1) total availability under the revolving credit facility is $5,000 (2) the borrowing base is derived from 75% of eligible accounts receivable (as defined) and (3) the Company’s minimum net worth covenant is $22,000. In addition, the maturity date of the facility is October 15, 2015. The Company’s obligation to repay advances under the amended facility is evidenced by a second amended and restated promissory note (the “Second Amended and Restated Promissory Note”). Under the terms of the Third Amended and Restated Promissory Note, the interest rate on borrowings is prime rate plus 1%. As of August 13, 2015, the Company had no outstanding borrowings under the revolving credit facility.

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 6. Commitments and Contingencies On May 2, 2012, Sean Patterson, the former President of the Company’s subsidiary, Wilhelmina International, Ltd. (“Wilhelmina International”), filed a lawsuit in the Supreme Court of the State of New York, County of New York, against the Company, Wilhelmina International and Mark Schwarz, the Company’s Chairman of the Board, asserting claims for alleged breach of Mr. Patterson’s expired employment agreement (the “Employment Agreement”) with Wilhelmina International, defamation, and declaratory relief with respect to the alleged invalidity and unenforceability of the Employment Agreement’s non-competition and non-solicitation provisions. The Company and Wilhelmina International asserted counterclaims against Mr. Patterson for breach of the Employment Agreement, breach of fiduciary duty, and injunctive relief. On May 23, 2014, the court granted the defendants’ motion to dismiss Mr. Patterson’s defamation claim, and granted Mr. Patterson’s cross-motion for leave to file an amended defamation claim. Patterson filed an Amended Complaint on May 15, 2014, repeating the claims for alleged breach of contract and declaratory relief, and filing and amended defamation claim. The Company and Wilhelmina International filed an Answer to the Amended Complaint on June 17, 2014, and again asserted counterclaims for breach of contract, breach of fiduciary duty, and for injunctive relief. Patterson replied to those counterclaims on June 27, 2014. Discovery has now been completed, and the case is on the trial calendar. The parties have been ordered to engage in a second mediation. The Company believes Mr. Patterson's claims are without merit, and, in the event the case is not settled in the mediation or otherwise, intends to continue to vigorously defend itself and pursue the counterclaims. On October 24, 2013, a purported class action lawsuit brought by former Wilhelmina model Alex Shanklin and others (the “Shanklin Litigation”), naming the Company’s subsidiaries Wilhelmina International and Wilhelmina Models, Inc. (the “Wilhelmina Subsidiary Parties”), was initiated in New York State Supreme Court (New York County) by the same lead counsel who represented plaintiffs in the prior, now-dismissed action brought by Louisa Raske (the “Raske Litigation”) . In July 2015, an action was commenced against Wilhelmina Models, Inc. by a model previously under contract to Wilhelmina, Kimberly Forbes, claiming that Wilhelmina had authorized the re-use of certain of her photos, allegedly without her authorization, without paying her; asserting that the IRS had asserted claims against her arising out of an IRS Form 1099 issued by Wilhelmina with respect to payments she had not received; and seeking an unspecified amount in compensatory damages and $1,000 in exemplary damages. When the model informally brought the matter to its attention prior to commencing litigation, Wilhelmina acknowledged owing her compensation she had not received because of her change of address, and offered to pay her in full and reimburse her for related costs (although the exact amount has not been calculated, it is not a material amount). Despite that fact, this action was thereafter commenced. The Company intends to vigorously defend itself against the action to the extent it seeks in excess of the amount the Company offered to Ms. Forbes. In addition to the legal proceedings disclosed herein, the Company is also engaged in various legal proceedings that are routine in nature and incidental to its business. None of these routine proceedings, either individually or in the aggregate, are believed, in the Company's opinion, to have a material adverse effect on its consolidated financial position or its results of operations. As of June 30, 2015, a number of the Company’s employees were covered by employment agreements that vary in length from one to three years. As of June 30, 2015, total compensation payable under the remaining contractual term of these agreements was approximately $4,042. In addition, the employment agreements contain non-compete provisions ranging from six months to one year following the term of the applicable agreement. Therefore, subject to certain exceptions, as of June 30, 2015, invoking the non-compete provisions would require the Company to compensate additional amounts to the covered employees during the non-compete period in the amount of approximately $4,693. During the three six months ended June 30, 2015 and 2014, the Company paid $16 and $0 compensation cost in connection with certain non-compete and contractual arrangements of former employees, respectively.

Note 7 - Share Capital

Note 7 - Share Capital	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 7. Share Capital The Company has a shareholder’s rights plan (the “Rights Plan”). The Rights Plan provides for a dividend distribution of one preferred share purchase right (a “Right”) for each outstanding share of the Company's Common Stock, $.01 par value (the "Common Stock"). The terms of the Rights and the Rights Plan are set forth in a Rights Agreement, dated as of July 10, 2006, as amended, by and between the Company and The Bank of New York Trust Company, N.A., now known as The Bank of New York Mellon Trust Company, N.A., as Rights Agent (the “Rights Agreement”). The Company’s Board of Directors adopted the Rights Plan to protect shareholder value by protecting the Company’s ability to realize the benefits of its net operating loss carryforwards (“NOLs”). In general terms, the Rights Plan imposes a significant penalty upon any person or group that acquires 5% or more of the outstanding Common Stock without the prior approval of the Company’s Board of Directors. Shareholders that own 5% or more of the outstanding Common Stock as of the close of business on the Record Date (as defined in the Rights Agreement) may acquire up to an additional 1% of the outstanding Common Stock without penalty so long as they maintain their ownership above the 5% level (such increase subject to downward adjustment by the Company’s Board of Directors if it determines that such increase will endanger the availability of the Company’s NOLs). In addition, the Company’s Board of Directors has exempted Newcastle Partners, L.P. (“Newcastle”), the Company’s largest shareholder, and may exempt any person or group that owns 5% or more if the Board of Directors determines that the person’s or group’s ownership will not endanger the availability of the Company’s NOLs. A person or group that acquires a percentage of Common Stock in excess of the applicable threshold is called an “Acquiring Person”. Any Rights held by an Acquiring Person are void and may not be exercised. The Company’s Board of Directors authorized the issuance of one Right per each share of Common Stock outstanding on the Record Date. If the Rights become exercisable, each Right would allow its holder to purchase from the Company one one-hundredth of a share of the Company’s Series A Junior Participating Preferred Stock, par value $0.01 (the “Preferred Stock”), for a purchase price of $10.00. Each fractional share of Preferred Stock would give the shareholder approximately the same dividend, voting and liquidation rights as does one share of Common Stock. Prior to exercise, however, a Right does not give its holder any dividend, voting or liquidation rights. One for Twenty Reverse Stock Split The Company's Board of Directors approved the implementation of the Reverse Stock Split and the applicable ratio of one-for-twenty on July 7, 2014. On July 11, 2014, the Company filed a certificate of amendment to the Company's restated certificate of incorporation (the “Certificate of Amendment”) which affected the Reverse Stock Split. The Company's stockholders previously approved the granting of authority to the Company’s Board of Directors to affect a reverse stock split at a ratio between one-for-ten and one-for-forty at the Company’s annual meeting of stockholders held on September 26, 2013. The Certificate of Amendment provided that, effective as of 5:00 pm (Eastern Time) on July 11, 2014, every twenty outstanding shares of Common Stock were combined automatically into one share of Common Stock. Fractional shares resulting from the Reverse Stock Split were cancelled and stockholders otherwise entitled to a fractional share received a cash payment in lieu of the fractional share based on the average of the last reported sales price of the Common Stock as quoted on the OTCBB for the five business days prior to the effectiveness of the Reverse Stock Split (which average price was $.30). The Certificate of Amendment also proportionally reduced the Company’s authorized shares of Common Stock from 250,000,000 shares to 12,500,000 shares. The rights and privileges of the holders of the Common Stock are unaffected by the Reverse Stock Split. Trading of the Common Stock on a split-adjusted basis began at the opening of trading on July 14, 2014. In September 2014, the Company began trading on the NASDAQ under the ticker symbol WHLM.

Note 8 - Income Taxes

Note 8 - Income Taxes	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 8. Income Taxes Generally, the Company’s combined effective tax rate is high relative to reported net income as a result of certain amounts of amortization expense and corporate overhead not being deductible or attributable to states in which it operates. Currently, the majority of taxes being paid by the Company are state taxes, not federal taxes. The Company operates in three states which have relatively high tax rates: California, New York and Florida. The Company’s combined (federal and state) effective tax rate would be even higher if it were not for federal net operating loss carryforwards available to offset current federal taxable income. As of December 31, 2014, the Company had federal income tax loss carryforwards of approximately $900 which begin expiring in 2019. A portion of the Company’s federal net operating loss carryforwards were utilized to offset federal taxable income generated during the three and six months ended June 30, 2015. Realization of the Company’s carryforwards is dependent on future taxable income. As defined in the Internal Revenue Code, ownership changes may limit the amount of net operating loss carryforwards that can be utilized annually to offset future taxable income.

Note 9 - Treasury Stock

Note 9 - Treasury Stock	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Treasury Stock [Text Block]	Note 9. Treasury Stock During the year ended December 31, 2012, the Board of Directors authorized a stock repurchase program, whereby the Company could repurchase up to 500,000 shares of its outstanding Common Stock. During August 2013, the Board of Directors renewed and extended the Company’s share repurchase authority to enable it to repurchase up to an additional 500,000 shares of Common Stock. The shares may be repurchased from time-to-time in the open market or through privately negotiated transactions at prices the Company deems appropriate. The program does not obligate the Company to acquire any particular amount of Common Stock and the program may be modified or suspended at any time at the Company’s discretion. The stock repurchase plan will be funded through the Company’s cash on hand and the Second Credit Agreement Amendment. In total, the Company has repurchased 619,716 shares of Common Stock at an average price of approximately $2.81 per share, for a total of approximately $1,740 under the foregoing stock repurchase program. During the six months ended June 30, 2015, 16,898 shares were repurchased at an average price of $5.85 per share.

Note 10 - Related Parties

Note 10 - Related Parties	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 10. Related Parties As of June 30, 2015, Mark Schwarz, the Chairman, Chief Executive Officer and Portfolio Manager of Newcastle Capital Management, L.P. (“NCM”) held the Chairman of the Board and Executive Chairman positions with the Company. NCM is the General Partner of Newcastle, which owns 2,430,726 shares of Common Stock. Clinton Coleman (Managing Director at NCM) and James Dvorak (Managing Director at NCM) also serve as directors of the Company. The Company’s corporate headquarters are located at 200 Crescent Court, Suite 1400, Dallas, Texas 75201, which are also the offices of NCM. The Company occupies a portion of NCM space on a month-to-month basis at $2.5 per month, pursuant to a services agreement entered into between the parties. Pursuant to the services agreement, the Company receives the use of NCM’s facilities and equipment and accounting, legal and administrative services from employees of NCM. The Company incurred expenses pursuant to the services agreement totaling approximately $7.5 for the quarters ended June 30, 2015 and 2014. The Company owed NCM $0 as of June 30, 2015 and 2014, under the services agreement. The Company has an agreement with an unconsolidated affiliate to provide management and administrative services, as well as sharing of space. Management fee and rental income from the unconsolidated affiliate amounted to approximately $27.5 for the quarters ended June 30, 2015 and 2014.

Note 3 - Business Acquisition (

Note 3 - Business Acquisition (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	(in thousands) Fair value of operating assets acquired: Cash $ 868 Accounts receivable 355 Other current assets 10 Equipment 15 Total operating assets acquired 1,248 Fair value of intangible assets acquired: Other intangible assets with finite lives 400 Goodwill 629 Total intangible assets acquired 1,029 Total assets acquired 2,277 Fair value of liabilities assumed: Accounts payable and accrued liabilities 360 Due to models 511 Indemnification seller basket 8 Deferred income tax liability 77 Total liabilities assumed 956 Total net assets acquired $ 1,321

Note 3 - Business Acquisition17

Note 3 - Business Acquisition (Details Textual) - Union Model Management [Member]	6 Months Ended
	Jun. 30, 2015	Jan. 31, 2015
Minimum [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	2 years
Maximum [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	8 years
Business Acquisition, Percentage of Voting Interests Acquired		100.00%

Note 3 - Estimated Fair Values

Note 3 - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($)	Jan. 31, 2015
Union Model Management [Member]
Fair value of operating assets acquired:
Cash	$ 868,000
Accounts receivable	355,000
Other current assets	10,000
Equipment	15,000
Total operating assets acquired	1,248,000
Fair value of intangible assets acquired:
Other intangible assets with finite lives	400,000
Goodwill	629,000
Total intangible assets acquired	1,029,000
Total assets acquired	2,277,000
Fair value of liabilities assumed:
Accounts payable and accrued liabilities	360,000
Due to models	511,000
Indemnification seller basket	8,000
Deferred income tax liability	77,000
Total liabilities assumed	956,000
Total net assets acquired	$ 1,321,000

Note 5 - Line of Credit (Detail

Note 5 - Line of Credit (Details Textual) - Third Credit Agreement Amendment [Member] - USD ($)	1 Months Ended
	Jul. 31, 2014	Aug. 13, 2015
Revolving Credit Facility [Member] | Subsequent Event [Member]
Long-term Line of Credit		$ 0
Revolving Credit Facility [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000
Line of Credit Facility Borrowing Base Percentage Of Collateral Modified From	75.00%
Line of Credit Facility, Covenant Compliance, Minimum Net Worth	$ 22,000,000
Standby Letters of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 300,000

Note 6 - Commitments and Cont20

Note 6 - Commitments and Contingencies (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Subsequent Event [Member] | Exemplary Damages sought by Kimberly Forbes [Member]
Loss Contingency, Damages Sought, Value	$ 1,000,000
Minimum [Member]
Employment Agreement Term				1 year
Maximum [Member]
Employment Agreement Term				3 years
Scenario Invoking Non Compete Provisions [Member]
Due to Employees		$ 4,693,000		$ 4,693,000
Payment for Non-compete Agreements		16,000	$ 0	16,000	$ 0
Due to Employees		$ 4,042,000		$ 4,042,000
Employment Agreement Non Compete Term Minimum				180 days
Employment Agreement Non Compete Term Maximum				1 year

Note 7 - Share Capital (Details

Note 7 - Share Capital (Details Textual)	Jul. 07, 2014	Sep. 26, 2013	Jun. 30, 2015$ / sharesshares	Dec. 31, 2014$ / sharesshares	Jul. 11, 2014shares	Jul. 10, 2014$ / sharesshares
Rights Plan [Member] | Series A Preferred Stock [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares			1
Preferred Stock, Par or Stated Value Per Share			$ 0.01
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 10
Rights Plan [Member]
Class of Warrant or Right, Dividend Distribution, Number of Rights for Each Share of Common Stock | shares			1
Common Stock, Par or Stated Value Per Share			$ 0.01
Common Stock Shareholder Ownership Level Percentage Subject To Penalty			5.00%
Common Stock Owned By Shareholders Percentage			5.00%
Common Stock Additional Shares Percentage			1.00%
Common Stock Shareholder Ownership Level Percentage			5.00%
Common Stock Ownership Penalty Exemption Percentage			5.00%
Number of Rights Authorized | shares			1
Reverse Stock Split [Member] | Minimum [Member] | Director [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		10
Reverse Stock Split [Member] | Maximum [Member] | Director [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		40
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	20
Share Price						$ 0.30
Common Stock, Par or Stated Value Per Share			$ 0.01	$ 0.01
Preferred Stock, Par or Stated Value Per Share			$ 0.01	$ 0.01
Common Stock, Shares Authorized | shares			12,500,000	12,500,000	12,500,000	250,000,000

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) $ in Millions	Dec. 31, 2014USD ($)
Operating Loss Carryforwards	$ 0.9

Note 9 - Treasury Stock (Detail

Note 9 - Treasury Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended	30 Months Ended
	Aug. 31, 2013	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2012
Stock Repurchase Program, Number of Shares Authorized to be Repurchased				500,000
Stock Repurchase Program, Additional Shares Authorized	500,000
Stock Repurchased During Period, Shares		16,898	619,716
Treasury Stock Acquired, Average Cost Per Share		$ 5.85	$ 2.81
Stock Repurchased During Period, Value			$ 1,740

Note 10 - Related Parties (Deta

Note 10 - Related Parties (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015
N C M [Member]
Due to Related Parties, Current	$ 0	$ 0	$ 0
Common Stock Shares Owned By Related Party			2,430,726
Rent [Member]
Related Party Transaction, Monthly Rent			$ 2,500
Management Fee And Rental Income [Member]
Revenue from Related Parties	27,500	27,500
Services Agreements [Member]
Related Party Transaction, Expenses from Transactions with Related Party	$ 7,500	$ 7,500