Wilhelmina International (WHLM) 10-Q 12 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 12, 2016
Document Information [Line Items]
Entity Registrant Name	Wilhelmina International, Inc.
Entity Central Index Key	1,013,706
Trading Symbol	whlm
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)		5,781,668
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 3,476,000	$ 4,556,000
Accounts receivable, net of allowance for doubtful accounts $1,120 and $1,041, respectively	17,342,000	13,184,000
Deferred tax asset	1,369,000	1,358,000
Prepaid expenses and other current assets	370,000	191,000
Total current assets	22,557,000	19,289,000
Property and equipment, net of accumulated depreciation of $1,183 and $1,026, respectively	2,704,000	2,111,000
Trademarks and trade names with indefinite lives	8,467,000	8,467,000
Other intangibles with finite lives, net of accumulated amortization of $8,478 and $8,431 respectively	257,000	306,000
Goodwill	13,192,000	13,192,000
Other assets	307,000	405,000
TOTAL ASSETS	47,484,000	43,770,000
Current liabilities:
Accounts payable and accrued liabilities	4,587,000	3,772,000
Due to models	11,843,000	9,745,000
Contingent consideration to seller	67,000
Total current liabilities	16,497,000	13,517,000
Long term liabilities:
Contingent consideration to seller		67,000
Deferred income tax liability	2,679,000	2,407,000
Total long-term liabilities	2,679,000	2,474,000
Total liabilities	19,176,000	15,991,000
Shareholders’ equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized; none issued	0	0
Common stock, $0.01 par value, 12,500,000 shares authorized; 6,472,038 shares issued	65,000	65,000
Treasury stock, 690,370 and 683,654 shares, respectively, at cost	(2,163,000)	(2,118,000)
Additional paid-in capital	87,146,000	86,987,000
Accumulated deficit	(56,690,000)	(57,143,000)
Accumulated other comprehensive income	(50,000)	(12,000)
Total shareholders’ equity	28,308,000	27,779,000
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 47,484,000	$ 43,770,000

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accounts receivable, allowance for doubtful accounts	$ 1,120	$ 1,041
Property and equipment, accumulated depreciation	$ 1,183	$ 1,026
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)	6,472,038	6,472,038
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Treasury stock, shares (in shares)	690,370	683,654

Statements of Operations and Co

Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Service revenues	$ 22,242	$ 21,538	$ 43,632	$ 42,489
License fees and other income	27	132	54	229
Total revenues	22,269	21,670	43,686	42,718
Model costs	15,955	15,643	31,064	30,545
Revenues net of model costs	6,314	6,027	12,622	12,173
Operating expenses
Salaries and service costs	3,697	3,758	7,886	7,485
Office and general expenses	1,262	1,125	2,886	2,299
Amortization and depreciation	102	125	206	252
Corporate overhead	283	262	576	542
Total operating expenses	5,344	5,270	11,554	10,578
Operating income	970	757	1,068	1,595
Other income:
Foreign exchange gain (loss)	3	(21)	7	(98)
Gain (loss) from an unconsolidated affiliate	43	9	6	(15)
Total other income (expense)	46	(12)	13	(113)
Income before provision for income taxes	1,016	745	1,081	1,482
Provision for income taxes:
Current	(354)	(145)	(367)	(351)
Deferred	(85)	(227)	(261)	(385)
Income tax expense	(439)	(372)	(628)	(736)
Net income	577	373	453	746
Other comprehensive income
Foreign currency translation income (expense)	23	(9)	38	(11)
Total comprehensive income	$ 554	$ 382	$ 415	$ 757
Basic net income per common share (in dollars per share)	$ 0.10	$ 0.06	$ 0.08	$ 0.13
Diluted net income per common share (in dollars per share)	$ 0.10	$ 0.06	$ 0.08	$ 0.13
Weighted average common shares outstanding-basic (in shares)	5,845	5,852	5,844	5,852
Weighted average common shares outstanding-diluted (in shares)	5,857	5,955	5,857	5,955

Consolidate Statements of Cash

Consolidate Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income:	$ 453,000	$ 746,000
Adjustments to reconcile net income to net cash used in operating activities:
Amortization and depreciation	206,000	252,000
Share based payment expense	159,000	106,000
Deferred income taxes	261,000	385,000
Bad debt expenses	20,000
Changes in operating assets and liabilities:
Accounts receivable	(4,178,000)	(3,253,000)
Prepaid expenses and other current assets	(179,000)	(186,000)
Other assets	98,000	(54,000)
Due to models	2,098,000	393,000
Accounts payable and accrued liabilities	816,000	(357,000)
Net cash used in operating activities	(246,000)	(1,968,000)
Cash flows from investing activities:
Cash paid for business acquisition, net of cash acquired (Note 3)		(282,000)
Purchase of property and equipment	(751,000)	(476,000)
Net cash used in investing activities	(751,000)	(758,000)
Cash flows from financing activities:
Purchase of treasury stock	(45,000)	(97,000)
Net cash used in financing activities	(45,000)	(97,000)
Foreign currency effect on cash flows:	(38,000)	11,000
Net change in cash and cash equivalents:	(1,080,000)	(2,812,000)
Cash and cash equivalents, beginning of period	4,556,000	5,869,000
Cash and cash equivalents, end of period	3,476,000	3,057,000
Non-cash investing and financing activities:
Issuance of contingent consideration to seller		171,000
Supplemental disclosures of cash flow information:
Cash paid for interest
Cash paid for income taxes	$ 34,000	$ 105,000

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 2016
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. (together with its subsidiaries, "Wilhelmina" or the "Company") 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 the periods presented. Except as otherwise noted, all dollar amounts other than per share data are presented in thousands. These interim unaudited consolidated financial statements should be read in conjunction with the audited 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, 2015, 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

Note 2 - Business	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Nature of Operations [Text Block]	Note 2. Business The primary business of Wilhelmina is fashion model management. These business operations are headquartered in New York City. The Company’s predecessor was founded in 1967 by Wilhelmina Cooper, a renowned fashion model, and became 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, London and Chile, as well as a network of licensees in various local markets in the U.S. and several international markets. Wilhelmina provides traditional, full-service fashion model and talent management services, specializing in the representation and management of models, entertainers, artists, athletes and other talent, to various clients, including retailers, designers, advertising agencies, print and electronic media and catalog companies.

Note 3 - Business Acquisition

Note 3 - Business Acquisition	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Business Combination Disclosure [Text Block]	Note 3. Business Acquisition On January 5, 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 in Western Europe. It also serves 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 of $1,321 included $171 of discounted value of contingent consideration assuming London achieves certain performance benchmarks, due to the seller post-closing. The purchase price net of cash acquired was $453 of which $282 was paid at the time of the closing. The Company reduced the contingent consideration to $67 because London did not achieve the initial benchmark at December 31, 2015. The remaining contingent consideration payable is due on February 4, 2017, if London achieves its performance benchmark for the year ending December 31, 2016. Under the purchase method of accounting, the purchase price was allocated to the net tangible and intangible assets acquired and liabilities assumed, based on the fair value of the assets and liabilities of London in accordance with ASC 805. The intangible assets acquired included intangible assets with finite lives, such as customer relationships and talent relationships, which are being amortized on a straight line basis over their estimated useful lives ranging from two to eight years. The remaining acquired intangible assets were allocated to non-amortizable goodwill. 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 Seller indemnification 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, 2016
Notes to Financial Statements
Foreign Currency Disclosure [Text Block]	Note 4. Foreign Currency Translation The functional currency of London is the British Pound Sterling, and business is conducted in Chile using the Chilean Peso. 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, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 5. Line of Credit On May 13, 2016, the Company entered into a Fifth Amendment to Credit Agreement with Amegy Bank National Association (“Amegy”). The amendment modified the Company’s fixed charge coverage ratio by eliminating certain non-recurring expenses from the calculation for the first and second quarters of fiscal 2016. As amended to date, the credit agreement with Amegy provides a $7,000 facility comprised of a $4,000 revolving line of credit and up to a $3,000 term loan which may be drawn at any time on or before October 24, 2016. The total availability of $7,000 is subject to a borrowing base derived from 80% of eligible accounts receivable (as defined) and the Company’s minimum net worth covenant of $20,000. The revolving line of credit is due on October 24, 2016 with interest paid monthly at prime plus 0.50%. The term loan, which is currently undrawn, would be payable in 60 monthly payments of interest only at 4.25% until November 2016, followed by 47 equal monthly payments of principal and interest computed based on a 60-month amortization schedule and a final payment of principal and interest due on October 24, 2019. The revolving facility contains the ability to issue up to $500 of standby letters of credit. Outstanding letters of credit reduce the Company’s availability under the facility. As of June 30, 2016, the Company had no outstanding borrowings under the revolving credit facility or the term loan.

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 6. Commitments and Contingencies On October 24, 2013, a purported class action lawsuit was brought against the Company by former Wilhelmina model Alex Shanklin and others (the “Shanklin Litigation”), in New York State Supreme Court (New York County) by the same lead counsel who represented plaintiffs in a prior, now-dismissed action brought by Louisa Raske (the “Raske Litigation”). The claims in the Shanklin Litigation initially included breach of contract and unjust enrichment allegations arising out of matters similar to the Raske Litigation, such as the handling and reporting of funds on behalf of models and the use of model images. Other parties named as defendants in the Shanklin Litigation include other model management companies, advertising firms, and certain advertisers. On January 6, 2014, the Company moved to dismiss the Amended Complaint in the Shanklin Litigation for failure to state a claim upon which relief can be granted and other grounds, and other defendants also filed motions to dismiss. On August 11, 2014, the court denied the motion to dismiss as to Wilhelmina and other of the model management defendants. Further, on March 3, 2014, the judge assigned to the Shanklin Litigation wrote the Office of the New York Attorney General bringing the case to its attention, generally describing the claims asserted therein against the model management defendants, and stating that the case “may involve matters in the public interest.” The judge’s letter also enclosed a copy of his decision in the Raske Litigation, which dismissed that case. Plaintiffs have retained substitute counsel, who has filed a Second and now Third Amended Complaint. Plaintiffs’ Third Amended Complaint asserts causes of action for alleged breaches of the plaintiffs' management contracts with the defendants, conversion, breach of the duty of good faith and fair dealing, and unjust enrichment. The Third Amended Complaint also alleges that the plaintiff models were at all relevant times employees, and not independent contractors, of the model management defendants, and that defendants violated the New York Labor Law in several respects, including, among other things, by allegedly failing to pay the models the minimum wages and overtime pay required thereunder, not maintaining accurate payroll records, and not providing plaintiffs with full explanations of how their wages and deductions therefrom were computed. The Third Amended Complaint seeks certification of the action as a class action, damages in an amount to be determined at trial, plus interest, costs, attorneys’ fees, and such other relief as the court deems proper. On October 6, 2015, Wilhelmina filed a motion to dismiss as to most of the plaintiffs’ claims, and oral argument on the motion was heard by the Court in June 2016. The judge reserved decision and it is not known when the decision will be issued. The Company believes the claims asserted in the Third Amended Complaint are without merit, and intends to continue to vigorously defend the action. On June 6, 2016, another purported class action lawsuit was brought against the Company by former Wilhelmina model Shawn Pressley and others (the “Pressley Litigation”), in New York State Supreme Court (New York County) by the same counsel representing the plaintiffs in the Shanklin Litigation, and asserting identical, although more recent, claims as those in the Shanklin Litigation. On June 14, 2016, the Court stayed all proceedings in the Pressley Litigation until a decision is issued on the motion to dismiss in the Shanklin Litigation. The Company believes the claims asserted in the Pressley Litigation are without merit, and intends to vigorously defend the action. On August 20, 2015, a lawsuit was brought against the Company and the Company’s former Chief Accounting Officer by a former employee, Angel Betancourt. The lawsuit alleges that the plaintiff was discriminated against during his time of employment and upon his termination. The lawsuit further alleges that the plaintiff was not compensated due to misclassification by the Company under the federal Fair Labor Standards Act. The proceeding is in the preliminary stages and, by agreement with the plaintiff, further action in the lawsuit has been abated pending ongoing settlement discussions. The Company expects that the lawsuit will be resolved within the limits of the Company¹s insurance coverage. 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. During the six months ended June 30, 2016, the Company recorded $329 of severance expense in relation to two termination agreements with former employees, which has been fully paid as of June 30, 2016.

Note 7 - Income Taxes

Note 7 - Income Taxes	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 7. 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 and income being attributable to certain 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, 2015, the Company had federal income tax loss carryforwards of approximately $1,200, which are expected to be fully utilized upon filing the Company’s 2015 income tax return during 2016. The Company also operates and pays taxes in international jurisdictions.

Note 8 - Treasury Stock

Note 8 - Treasury Stock	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Treasury Stock [Text Block]	Note 8. Treasury Stock During 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 2013, the Board of Directors renewed and extended the Company’s share repurchase authority to enable it to repurchase up to an aggregate of 1,000,000 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 may be modified or suspended at any time at the Company’s discretion. From 2012 through June 30, 2016, the Company has repurchased 690,370 shares of Common Stock at an average price of approximately $3.14 per share, for a total of approximately $2,163 under the foregoing stock repurchase program. During the second quarter ended June 30, 2016, no additional shares were repurchased.

Note 9 - Related Parties

Note 9 - Related Parties	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 9. Related Parties The Executive Chairman of the Company, Mark E. Schwarz, is also the chairman, chief executive officer and portfolio manager of Newcastle Capital Management, L.P. (“NCM”). NCM is the general partner of Newcastle Partners L.P. (“Newcastle”), which is the largest shareholder of the Company. Clinton J. Coleman (Managing Director at NCM) and James A. 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 and $15 for the three and six months ended June 30, 2016 and June 30, 2015 respectively. The Company did not owe NCM any amounts under the services agreement as of June 30, 2016. The Company has an agreement with the unconsolidated Wilhelmina Kids 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 and $55 for the three and six months ended June 30, 2016 and 2015.

Note 3 - Business Acquisition (

Note 3 - Business Acquisition (Tables)	6 Months Ended
	Jun. 30, 2016
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 Seller indemnification 8 Deferred income tax liability 77 Total liabilities assumed 956 Total net assets acquired $ 1,321

Note 3 - Business Acquisition16

Note 3 - Business Acquisition (Details Textual) - USD ($)	Jan. 05, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Union Models Management [Member] | Minimum [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		2 years
Union Models Management [Member] | Maximum [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		8 years
Union Models Management [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 1,321,000
Business Combination, Contingent Consideration, Liability, Noncurrent	171,000			$ 67,000
Business Combination, Purchase Price, Net of Cash Acquired	453,000
Payments to Acquire Businesses, Net of Cash Acquired	$ 282,000
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Business Combination, Contingent Consideration, Liability, Noncurrent				$ 67,000
Payments to Acquire Businesses, Net of Cash Acquired			$ 282,000

Note 3 - Estimated Fair Values

Note 3 - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015	Jan. 05, 2015
Union Models 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
Seller indemnification			8,000
Deferred income tax liability			77,000
Total liabilities assumed			956,000
Total net assets acquired			$ 1,321,000
Goodwill	$ 13,192,000	$ 13,192,000

Note 5 - Line of Credit (Detail

Note 5 - Line of Credit (Details Textual) - Fourth Credit Agreement Amendment [Member] - Amegy [Member] - USD ($)	Nov. 10, 2015	Jun. 30, 2016
Combined Revolving Line of Credit Facility and Term Loan [Member]
Long-term Line of Credit		$ 0
Revolving Credit Facility [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Revolving Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity	$ 4,000,000
Term Loan [Member]
Debt Agreement, Maximum Borrowing Capacity	3,000,000
Standby Letters of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	500,000
Debt Agreement, Maximum Borrowing Capacity	$ 7,000,000
Debt Agreement, Borrowing Base Percentage of Collateral Modified From	80.00%
Debt Agreement, Covenant Compliance, Minimum Net Worth	$ 20,000,000
Long-term Debt, Number of Monthly Payments	60
Debt Instrument, Interest Rate, Stated Percentage	4.25%
Long-term Debt, Number of Monthly Payments, Principal and Interest	47
Debt Instrument, Amortization Period	5 years

Note 6 - Commitments and Cont19

Note 6 - Commitments and Contingencies (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Severance Costs	$ 329

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) $ in Millions	Dec. 31, 2015USD ($)
Operating Loss Carryforwards	$ 1.2

Note 8 - Treasury Stock (Detail

Note 8 - Treasury Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended	54 Months Ended
	Dec. 31, 2013	Jun. 30, 2016	Dec. 31, 2012
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		0	500,000
Stock Repurchase Program, Additional Shares Authorized	1,000,000
Stock Repurchased During Period, Shares		690,370
Treasury Stock Acquired, Average Cost Per Share		$ 3.14
Stock Repurchased During Period, Value		$ 2,163

Note 9 - Related Parties (Detai

Note 9 - Related Parties (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Rent [Member]
Related Party Transaction, Monthly Rent			$ 2,500
N C M [Member]
Due to Related Parties, Current	$ 0		0
Services Agreements [Member]
Related Party Transaction, Expenses from Transactions with Related Party	7,500	$ 15,000	7,500	$ 15,000
Management Fee And Rental Income [Member]
Revenue from Related Parties	$ 27,500	$ 27,500	$ 55,000	$ 55,000