Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 22, 2018 | Jun. 30, 2017 | |
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) | 5,381,668 | ||
Entity Public Float | $ 14 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 4,256 | $ 5,688 |
Accounts receivable, net of allowance for doubtful accounts of $2,171 and $1,646, respectively | 13,627 | 16,947 |
Prepaid expenses and other current assets | 180 | 847 |
Total current assets | 18,063 | 23,482 |
Property and equipment, net of accumulated depreciation of $2,349 and $1,525, respectively | 3,039 | 3,206 |
Trademarks and trade names with indefinite lives | 8,467 | 8,467 |
Other intangibles with finite lives, net of accumulated amortization of$8,609 and $8,527, respectively | 128 | 210 |
Goodwill | 13,192 | 13,192 |
Other assets | 137 | 164 |
TOTAL ASSETS | 43,026 | 48,721 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 3,985 | 4,781 |
Due to models | 10,190 | 14,217 |
Contingent consideration to seller | 97 | |
Term loan - current | 524 | 502 |
Total current liabilities | 14,699 | 19,597 |
Long term liabilities: | ||
Net deferred income tax liability | 521 | 1,567 |
Term loan - non-current | 1,623 | 2,147 |
Total long-term liabilities | 2,144 | 3,714 |
Total liabilities | 16,843 | 23,311 |
Shareholders’ equity: | ||
Common stock, $0.01 par value, 9,000,000 and 12,500,000 shares authorized; 6,472,038 shares issued at December 31, 2017 and December 31, 2016 | 65 | 65 |
Treasury stock, 1,090,370 at December 31, 2017 and December 31, 2016, at cost | (4,893) | (4,893) |
Additional paid-in capital | 87,892 | 87,336 |
Accumulated deficit | (56,885) | (57,048) |
Accumulated other comprehensive income | (4) | 50 |
Total shareholders’ equity | 26,183 | 25,410 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 43,026 | $ 48,721 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property and equipment, accumulated depreciation | $ 2,349 | $ 1,525 |
Other intangibles, accumulated depreciation | $ 8,609 | $ 8,527 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 9,000,000 | 12,500,000 |
Common stock, shares issued (in shares) | 6,472,038 | 6,472,038 |
Treasury stock, shares (in shares) | 1,090,370 | 1,090,370 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | ||
Service revenues | $ 73,162 | $ 82,044 |
License fees and other income | 34 | 184 |
Total revenues | 73,196 | 82,228 |
Model costs | 52,275 | 58,682 |
Revenues net of model costs | 20,921 | 23,546 |
Operating expenses | ||
Salaries and service costs | 14,103 | 14,893 |
Office and general expenses | 5,132 | 5,647 |
Amortization and depreciation | 906 | 594 |
Corporate overhead | 1,079 | 1,395 |
Total operating expenses | 21,220 | 22,529 |
Operating income (loss) | (299) | 1,017 |
Other income (expense): | ||
Foreign exchange gain (loss) | (54) | 14 |
Loss from unconsolidated affiliate | (40) | (10) |
Interest expense | (128) | (81) |
Loss on revaluation of contingent liability | (30) | |
Total other income (expense) | (222) | (107) |
Income (loss) before income taxes | (521) | 910 |
Provision for income taxes: | ||
Current | (362) | (296) |
Deferred | 1,046 | (519) |
Income tax benefit (expense) | 684 | (815) |
Net income | 163 | 95 |
Other comprehensive income | ||
Foreign currency translation benefit (expense) | 54 | (38) |
Total comprehensive income | $ 217 | $ 57 |
Basic net income per common share (in dollars per share) | $ 0.03 | $ 0.02 |
Diluted net income per common share (in dollars per share) | $ 0.03 | $ 0.02 |
Weighted average common shares outstanding-basic (in shares) | 5,382 | 5,632 |
Weighted average common shares outstanding-diluted (in shares) | 5,382 | 5,686 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 31, 2015 | 6,472 | (2,118) | ||||
Balances at Dec. 31, 2015 | $ 65 | $ (684) | $ 86,987 | $ (57,143) | $ (12) | $ 27,779 |
Share based payment expense | 349 | 349 | ||||
Net income to common shareholders | 95 | 95 | ||||
Purchases of treasury stock | $ (406) | (2,775) | ||||
Purchases of treasury stock (in shares) | (2,775) | |||||
Foreign currency translation | (38) | (38) | ||||
Balances (in shares) at Dec. 31, 2016 | 6,472 | (4,893) | ||||
Balances at Dec. 31, 2016 | $ 65 | $ (1,090) | 87,336 | (57,048) | (50) | 25,410 |
Share based payment expense | 556 | 556 | ||||
Net income to common shareholders | 163 | 163 | ||||
Purchases of treasury stock | ||||||
Purchases of treasury stock (in shares) | 0 | |||||
Foreign currency translation | 54 | $ 54 | ||||
Balances (in shares) at Dec. 31, 2017 | 6,472 | (4,893) | ||||
Balances at Dec. 31, 2017 | $ 65 | $ (1,090) | $ 87,892 | $ (56,885) | $ 4 | $ 26,183 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | ||
Net income: | $ 163 | $ 95 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Amortization and depreciation | 906 | 594 |
Share based payment expense | 556 | 349 |
Revaluation of contingent liability to seller | 30 | |
Bad debt expenses | 172 | 153 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 3,148 | (3,916) |
Prepaid expenses and other current assets | 667 | (656) |
Other assets | 27 | 241 |
Due to models | (4,027) | 4,472 |
Accounts payable and accrued liabilities | (796) | 1,009 |
Contingent liability to seller | (97) | |
Deferred income taxes | (1,046) | 519 |
Net cash (used in) provided by operating activities | (327) | 2,890 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (657) | (1,594) |
Net cash used in investing activities | (657) | (1,594) |
Cash flows from financing activities: | ||
Purchases of treasury stock | (2,775) | |
Proceeds from term loan | 2,730 | |
Payments on term loan | (502) | (81) |
Net cash used in financing activities | (502) | (126) |
Foreign currency effect on cash flows: | 54 | (38) |
Net change in cash and cash equivalents: | (1,432) | 1,132 |
Cash and cash equivalents, beginning of period | 5,688 | 4,556 |
Cash and cash equivalents, end of period | 4,256 | 5,688 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 110 | 81 |
Cash (refund of) paid for income taxes | $ (376) | $ 320 |
Note 1 - Basis Activitiy
Note 1 - Basis Activitiy | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | Note 1. Overview 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 one |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2. The consolidated financial statements are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The following is a summary of significant policies used in the preparation of the accompanying financial statements. Principles of Consolidation and Basis of Presentation The financial statements include the consolidated accounts of Wilhelmina and its wholly owned subsidiaries. Wilhelmina also previously owned a non-consolidated 50% Revenue Recognition In compliance with GAAP, when reporting revenue gross as a principal versus net as an agent, the Company assesses whether the Company, the model or the talent is the primary obligor. The Company evaluates the terms of its model, talent and client agreements as part of this assessment. In addition, the Company gives appropriate consideration to other key indicators such as latitude in establishing price, discretion in model or talent selection and credit risk the Company undertakes. The Company operates broadly as a modeling agency and in those relationships with models and talents where the key indicators suggest the Company acts as a principal, the Company records the gross amount billed to the client as revenue, when the revenues are earned and collectability is reasonably assured, and the related costs incurred to the model or talent as model or talent cost. In other model and talent relationships, where the Company believes the key indicators suggest the Company acts as an agent on behalf of the model or talent, the Company records revenue, when the revenues are earned and collectability is reasonably assured, net of pass-through model or talent cost. The Company recognizes royalty income when earned based on terms of the contractual agreement. Revenues received in advance are deferred and amortized using the straight-line method over periods pursuant to the related contract. The Company also records fees from licensees when the revenues are earned and collectability is reasonably assured. Advances to models for the cost of initial portfolios and other out-of-pocket costs, which are reimbursable only from collections from the Company’s clients as a result of future work, are expensed to model costs as incurred. Any repayments of such costs are credited to model costs in the period received. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates that affect the amounts reported in the consolidated financial statements and the accompanying notes. Accounting estimates and assumptions discussed herein are those that management considers to be the most critical to an understanding of the consolidated financial statements because they inherently involve significant judgments and uncertainties. All of these estimates reflect management’s judgment about current economic and market conditions and their effects based on information available as of the date of these consolidated financial statements. If such conditions persist longer or deteriorate further than expected, it is reasonably possible that the judgments and estimates could change, which may Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are accounted for at net realizable value, do not 2017, $2.2 $0.2 not Concentrations of Credit Risk The balance sheet items that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents and accounts receivable. The Company maintains its cash balances in several different financial institutions in New York, Los Angeles, Miami, London and the Republic of Chile. Balances in accounts other than “noninterest-bearing transaction accounts” are insured up to Federal Deposit Insurance Corporation (“FDIC”) limits of $250 December 31, 2017, $4.1 £75 $0.1 December 31, 2017, $0.5 Property and Equipment Property and equipment are stated at cost. Depreciation and amortization, based upon the estimated useful lives (ranging from two seven The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not For the years ended December 31, 2017 2016, $0.8 $0.5 second 2016. Goodwill and Intangible Assets Goodwill consists primarily of customer and talent relationships arising from past business acquisitions. Intangible assets with finite lives are amortized over useful lives ranging from two eight not The Company annually assesses whether the carrying value of its intangible assets exceeds their fair value and, if necessary, records an impairment loss equal to any such excess. Each interim reporting period, the Company assesses whether events or circumstances have occurred which indicate that the carrying amount of an intangible asset exceeds its fair value. If the carrying amount of the intangible asset exceeds its fair value, an asset impairment charge will be recognized in an amount equal to that excess. No December 31, 2017 2016. Advertising The Company expenses all advertising costs as incurred. Advertising expense for the year ended December 31, 2017 $39 $152 December 31, 2016. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base and operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company continually assesses the need for a tax valuation allowance based on all available information. As of December 31, 2017, not no Accounting for uncertainty in income taxes recognized in an enterprise’s financial statements requires a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Also, consideration should be given to de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Tax positions are subject to change in the future, as a number of years may 2013 2016 December 31, 2017. Stock-Based Compensation The Company utilizes stock-based awards as a form of compensation for certain officers. The Company records compensation expense for all awards granted. The Company uses the Black-Scholes valuation model and straight-line amortization of compensation expense over the requisite service period for each separately vesting portion of the grants. Fair Value Measurements The Company has adopted the provisions of ASC 820, 820” 820 820 820 820 three • Level 1 • Level 2 1 not • Level 3 no 3 Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers December 15, 2017. |
Note 3 - Notes Payable
Note 3 - Notes Payable | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 3. The Company has a credit agreement with Amegy Bank which provides a $4.0 $3.0 October 24, 2016. 80% $20.0 0.50% December 31, 2017, $0.2 October 24, 2018. On August 16, 2016, $2.7 4.5% November, 2016, 47 60 October 24, 2020. On May 4, 2017, December 31, 2017. June 30, 2017. August 1, 2017, September 30, 2017. October 24, 2017, one 1.0% 1.25% not $1,000 |
Note 4 - Operating Leases
Note 4 - Operating Leases | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | Note 4. The Company is obligated under non-cancelable lease agreements for the rental of office space and various other lease agreements for the leasing of office equipment. These operating leases expire at various dates through 2021. The following table summarizes future minimum payments under the current lease agreements: Years Ending Amount 2018 $ 1,437 2019 1,087 2020 982 2021 317 Total $ 3,823 Rent expense totaled approximately $1.7 $1.8 December 31, 2017 2016 |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 5. On October 24, 2013, January 6, 2014, August 11, 2014, March 3, 2014, “may not not not October 6, 2015, June 2016. May 26, 2017. three five two April 2018. July 18, 2017, August 16, 2017. On June 6, 2016, August 16, 2017 September 29, 2017 April 3, 2018. 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 |
Note 6 - Income Taxes
Note 6 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 6. The following table summarizes the income tax (expense) benefit for the years ended December 31, 2017 2016 2017 2016 Current: Federal $ - $ - State (149 ) (177 ) Foreign (213 ) (119 ) Current Total (362 ) (296 ) Deferred: Federal 994 (380 ) State 52 (119 ) Foreign - (20 ) Deferred Total 1,046 (519 ) Total $ 684 $ (815 ) The income tax benefit (expense) differs from the amount computed by applying the statutory federal and state income tax rates to the net income before income tax. The following table shows the reasons for these differences (in thousands): 2017 2016 Computed income tax benefit (expense) at statutory rate $ 180 $ (319 ) Increase in taxes resulting from: Permanent and other deductions, net (95 ) (94 ) Forfeiture of stock options, net - (164 ) Foreign income taxes (32 ) (71 ) State income taxes, net of federal benefit (62 ) (167 ) Deferred tax effects 693 - Total income tax benefit (expense) $ 684 $ (815 ) The following table shows the tax effect of significant temporary differences, which comprise the deferred tax asset and liability (in thousands): 2017 2016 Deferred tax asset: Net operating loss carryforward $ 395 $ 506 Foreign tax credits 380 261 Accrued expenses 578 959 Allowance for doubtful accounts 173 209 Stock-based compensation 242 138 Other intangible assets 54 104 Total deferred income tax asset 1,822 2,177 Deferred tax liability: Property and equipment (589 ) (990 ) Intangible assets-brand name (1,079 ) (1,798 ) Goodwill (447 ) (661 ) Other intangible assets (229 ) (295 ) Total deferred income tax liability (2,344 ) (3,744 ) Net deferred tax liability $ (522 ) $ (1,567 ) The Company has $1.9 2036 2037. $0.4 2023 2027. The U.S. Tax Cuts and Jobs Act (Tax Act) was enacted on December 22, 2017 2018, 35% 21% 2017 one not not Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, we have made reasonable estimates of the effects and recorded provisional amounts in our financial statements as of December 31, 2017. may may 2018. Provisional amounts for the following income tax effects of the Tax Act have been recorded as of December 31, 2017 2018. One-time transition tax The Tax Act requires us to pay U.S. income taxes on accumulated foreign subsidiary earnings not 15.5% 8% not one December 31, 2017. Deferred tax effects The Tax Act reduces the U.S. statutory tax rate from 35% 21% 2017. December 31, 2017 $0.7 not December 31, 2017 |
Note 7 - Treasury Stock
Note 7 - Treasury Stock | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | Note 7. During 2012, 500,000 2013, 1,000,000 August 12, 2016, 500,000 may 1,500,000 may not may On August 16, 2016, 400,000 $6.83 $2.7 From 2012 December 31, 2017, 1,090,370 $4.49 $4.9 December 31, 2017, no 409,630 |
Note 8 - Related Parties
Note 8 - Related Parties | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 8. 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. James A. Dvorak (Managing Director at NCM) also serves as a director of the Company. The Company’s corporate headquarters are located at 200 1400, 75201, $2,500 $30 December 31, 2017 2016. not December 31, 2017. |
Note 9 - Stock Options and Stoc
Note 9 - Stock Options and Stock Purchase Warrants | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 9. During 2012, 2011 300,000 2015, 2015 500,000 2011 2015 five ten Under the Incentive Plans, stock option awards covering 230,000 2017 2016. No 2017 2016. The following table shows a summary of stock option transactions under the Incentive Plans during 2017 2016: Number Weighted Outstanding, January 1, 2016 310,000 $ 4.01 Granted 230,000 6.70 Exercised - - Forfeited or expired (310,000 ) 5.40 Outstanding, December 31, 2016 230,000 $ 6.70 Granted 230,000 7.98 Exercised - - Forfeited or expired - - Outstanding, December 31, 2017 460,000 $ 7.34 Total unrecognized compensation expense on options outstanding as of December 31, 2017 $0.7 46,000 December 31, 2017. The Company estimates the fair value of each stock option granted on the date of grant using the Black-Scholes option pricing model. Expected volatilities are based on the historical volatility of Wilhelmina’s and similar companies’ common stock for a period equal to the expected term. The risk-free interest rates for periods within the contractual term of the options are based on rates for U.S. Treasury Notes with maturity dates corresponding to the options’ expected lives on the dates of grant. Expected term is determined based on the option term of ten |
Note 10 - Benefit Plans
Note 10 - Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 10. The Company has established a 401 twenty-one 401 401 may 1% 100% may No December 31, 2017 2016. |
Note 11 - Intangible Assets
Note 11 - Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 11. The following table summarizes the intangible assets for the years ended December 31, 2017 2016 Intangible assets subject to Gross Accumulated Weighted-average 2017 Intangibles: Customer lists $ 3,204 $ (3,191 ) 5.0 Non-compete agreements 1,054 (1,054 ) 6.5 Talent and model contractual relationships 2,846 (2,731 ) 3.8 Employee contractual relationships 1,633 (1,633 ) 5.0 Total $ 8,737 $ (8,609 ) 5.1 2016 Intangibles: Customer lists $ 3,204 $ (3,182 ) 5.0 Non-compete agreements 1,054 (1,053 ) 6.5 Talent and model contractual relationships 2,846 (2,659 ) 3.8 Employee contractual relationships 1,633 (1,633 ) 5.0 Total $ 8,737 $ (8,527 ) 5.1 Amortization expense totaled $0.1 $0.1 December 31, 2017 2016, $0.1 five |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Basis of Presentation The financial statements include the consolidated accounts of Wilhelmina and its wholly owned subsidiaries. Wilhelmina also previously owned a non-consolidated 50% |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition In compliance with GAAP, when reporting revenue gross as a principal versus net as an agent, the Company assesses whether the Company, the model or the talent is the primary obligor. The Company evaluates the terms of its model, talent and client agreements as part of this assessment. In addition, the Company gives appropriate consideration to other key indicators such as latitude in establishing price, discretion in model or talent selection and credit risk the Company undertakes. The Company operates broadly as a modeling agency and in those relationships with models and talents where the key indicators suggest the Company acts as a principal, the Company records the gross amount billed to the client as revenue, when the revenues are earned and collectability is reasonably assured, and the related costs incurred to the model or talent as model or talent cost. In other model and talent relationships, where the Company believes the key indicators suggest the Company acts as an agent on behalf of the model or talent, the Company records revenue, when the revenues are earned and collectability is reasonably assured, net of pass-through model or talent cost. The Company recognizes royalty income when earned based on terms of the contractual agreement. Revenues received in advance are deferred and amortized using the straight-line method over periods pursuant to the related contract. The Company also records fees from licensees when the revenues are earned and collectability is reasonably assured. Advances to models for the cost of initial portfolios and other out-of-pocket costs, which are reimbursable only from collections from the Company’s clients as a result of future work, are expensed to model costs as incurred. Any repayments of such costs are credited to model costs in the period received. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates that affect the amounts reported in the consolidated financial statements and the accompanying notes. Accounting estimates and assumptions discussed herein are those that management considers to be the most critical to an understanding of the consolidated financial statements because they inherently involve significant judgments and uncertainties. All of these estimates reflect management’s judgment about current economic and market conditions and their effects based on information available as of the date of these consolidated financial statements. If such conditions persist longer or deteriorate further than expected, it is reasonably possible that the judgments and estimates could change, which may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three |
Receivables, Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are accounted for at net realizable value, do not 2017, $2.2 $0.2 not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk The balance sheet items that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents and accounts receivable. The Company maintains its cash balances in several different financial institutions in New York, Los Angeles, Miami, London and the Republic of Chile. Balances in accounts other than “noninterest-bearing transaction accounts” are insured up to Federal Deposit Insurance Corporation (“FDIC”) limits of $250 December 31, 2017, $4.1 £75 $0.1 December 31, 2017, $0.5 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost. Depreciation and amortization, based upon the estimated useful lives (ranging from two seven The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not For the years ended December 31, 2017 2016, $0.8 $0.5 second 2016. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill consists primarily of customer and talent relationships arising from past business acquisitions. Intangible assets with finite lives are amortized over useful lives ranging from two eight not The Company annually assesses whether the carrying value of its intangible assets exceeds their fair value and, if necessary, records an impairment loss equal to any such excess. Each interim reporting period, the Company assesses whether events or circumstances have occurred which indicate that the carrying amount of an intangible asset exceeds its fair value. If the carrying amount of the intangible asset exceeds its fair value, an asset impairment charge will be recognized in an amount equal to that excess. No December 31, 2017 2016. |
Advertising Costs, Policy [Policy Text Block] | Advertising The Company expenses all advertising costs as incurred. Advertising expense for the year ended December 31, 2017 $39 $152 December 31, 2016. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base and operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company continually assesses the need for a tax valuation allowance based on all available information. As of December 31, 2017, not no Accounting for uncertainty in income taxes recognized in an enterprise’s financial statements requires a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Also, consideration should be given to de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Tax positions are subject to change in the future, as a number of years may 2013 2016 December 31, 2017. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation The Company utilizes stock-based awards as a form of compensation for certain officers. The Company records compensation expense for all awards granted. The Company uses the Black-Scholes valuation model and straight-line amortization of compensation expense over the requisite service period for each separately vesting portion of the grants. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company has adopted the provisions of ASC 820, 820” 820 820 820 820 three • Level 1 • Level 2 1 not • Level 3 no 3 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers December 15, 2017. |
Note 4 - Operating Leases (Tabl
Note 4 - Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Lessee, Operating Lease, Disclosure [Table Text Block] | Years Ending Amount 2018 $ 1,437 2019 1,087 2020 982 2021 317 Total $ 3,823 |
Note 6 - Income Taxes (Tables)
Note 6 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2017 2016 Current: Federal $ - $ - State (149 ) (177 ) Foreign (213 ) (119 ) Current Total (362 ) (296 ) Deferred: Federal 994 (380 ) State 52 (119 ) Foreign - (20 ) Deferred Total 1,046 (519 ) Total $ 684 $ (815 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2017 2016 Computed income tax benefit (expense) at statutory rate $ 180 $ (319 ) Increase in taxes resulting from: Permanent and other deductions, net (95 ) (94 ) Forfeiture of stock options, net - (164 ) Foreign income taxes (32 ) (71 ) State income taxes, net of federal benefit (62 ) (167 ) Deferred tax effects 693 - Total income tax benefit (expense) $ 684 $ (815 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2017 2016 Deferred tax asset: Net operating loss carryforward $ 395 $ 506 Foreign tax credits 380 261 Accrued expenses 578 959 Allowance for doubtful accounts 173 209 Stock-based compensation 242 138 Other intangible assets 54 104 Total deferred income tax asset 1,822 2,177 Deferred tax liability: Property and equipment (589 ) (990 ) Intangible assets-brand name (1,079 ) (1,798 ) Goodwill (447 ) (661 ) Other intangible assets (229 ) (295 ) Total deferred income tax liability (2,344 ) (3,744 ) Net deferred tax liability $ (522 ) $ (1,567 ) |
Note 9 - Stock Options and St21
Note 9 - Stock Options and Stock Purchase Warrants (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number Weighted Outstanding, January 1, 2016 310,000 $ 4.01 Granted 230,000 6.70 Exercised - - Forfeited or expired (310,000 ) 5.40 Outstanding, December 31, 2016 230,000 $ 6.70 Granted 230,000 7.98 Exercised - - Forfeited or expired - - Outstanding, December 31, 2017 460,000 $ 7.34 |
Note 11 - Intangible Assets (Ta
Note 11 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Intangible assets subject to Gross Accumulated Weighted-average 2017 Intangibles: Customer lists $ 3,204 $ (3,191 ) 5.0 Non-compete agreements 1,054 (1,054 ) 6.5 Talent and model contractual relationships 2,846 (2,731 ) 3.8 Employee contractual relationships 1,633 (1,633 ) 5.0 Total $ 8,737 $ (8,609 ) 5.1 2016 Intangibles: Customer lists $ 3,204 $ (3,182 ) 5.0 Non-compete agreements 1,054 (1,053 ) 6.5 Talent and model contractual relationships 2,846 (2,659 ) 3.8 Employee contractual relationships 1,633 (1,633 ) 5.0 Total $ 8,737 $ (8,527 ) 5.1 |
Note 2 - Summary of Significa23
Note 2 - Summary of Significant Accounting Policies (Details Textual) £ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017GBP (£) | |
Allowance for Doubtful Accounts Receivable, Period Increase (Decrease) | $ 2,200 | ||
Provision for Doubtful Accounts | 172 | $ 153 | |
Cash, FDIC Insured Amount | 250 | ||
Cash, Uninsured Amount | 4,100 | ||
Cash, FSCS Insured Amount | 100 | £ 75 | |
Cash, Uninsured Amount, FSCS | 500 | ||
Depreciation | $ 800 | $ 500 | |
Finite-Lived Intangible Asset, Useful Life | 5 years 36 days | 5 years 36 days | |
Asset Impairment Charges | $ 0 | $ 0 | |
Advertising Expense | 39 | $ 152 | |
Deferred Tax Assets, Valuation Allowance | $ 0 | ||
Earliest Tax Year [Member] | |||
Open Tax Year | 2,013 | ||
Latest Tax Year [Member] | |||
Open Tax Year | 2,016 | ||
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Finite-Lived Intangible Asset, Useful Life | 8 years | ||
Wilhelmina Kids and Creative Management, LLC [Member] | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
Note 3 - Notes Payable (Details
Note 3 - Notes Payable (Details Textual) | Oct. 23, 2017 | Aug. 16, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 24, 2017USD ($) |
Proceeds from Issuance of Long-term Debt | $ 2,730,000 | ||||
Amegy [Member] | |||||
Line of Credit, Extension of Maturity | 1 year | ||||
Letters of Credit, Issuance Fee | 1.00% | 1.25% | |||
Letters of Credit, Issuance Fee, Minimum Amount | $ 1,000 | ||||
Amegy [Member] | Credit Agreement After Fifth Amendment [Member] | |||||
Debt Agreement, Borrowing Base Percentage of Collateral Modified From | 80.00% | ||||
Debt Agreement, Covenant Compliance, Minimum Net Worth | $ 20,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||
Long-term Debt, Number of Monthly Payments, Principal and Interest | 47 | ||||
Debt Instrument, Amortization Period | 5 years | ||||
Amegy [Member] | Credit Agreement After Fifth Amendment [Member] | Revolving Credit Facility [Member] | |||||
Debt Agreement, Maximum Borrowing Capacity | 4,000,000 | ||||
Amegy [Member] | Credit Agreement After Fifth Amendment [Member] | Term Loan [Member] | |||||
Debt Agreement, Maximum Borrowing Capacity | $ 3,000,000 | ||||
Proceeds from Issuance of Long-term Debt | $ 2,700,000 | ||||
Amegy [Member] | Credit Agreement After Fifth Amendment [Member] | Term Loan [Member] | Prime Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Amegy [Member] | Credit Agreement After Fifth Amendment [Member] | Standby Letters of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 |
Note 4 - Operating Leases (Deta
Note 4 - Operating Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases, Rent Expense | $ 1.7 | $ 1.8 |
Note 4 - Operating Leases - Sum
Note 4 - Operating Leases - Summary of Future Minimum Payments Under the Lease Agreements (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 1,437 |
2,019 | 1,087 |
2,020 | 982 |
2,021 | 317 |
Total | $ 3,823 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards | $ 1.9 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate on Cash and Certain Current Assets | 15.50% | |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate on Remaining Earnings, Percent | 8.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (0.7) | |
Scenario, Forecast [Member] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |
Foreign Tax Authority [Member] | ||
Tax Credit Carryforward, Amount | $ 0.4 |
Note 6 - Income Taxes - Income
Note 6 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | ||
Federal | ||
State | (149) | (177) |
Foreign | (213) | (119) |
Current Total | (362) | (296) |
Deferred: | ||
Federal | 994 | (380) |
State | 52 | (119) |
Foreign | (20) | |
Deferred Total | 1,046 | (519) |
Total | $ 684 | $ (815) |
Note 6 - Income Taxes - Effecti
Note 6 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Computed income tax benefit (expense) at statutory rate | $ 180 | $ (319) |
Permanent and other deductions, net | (95) | (94) |
Forfeiture of stock options, net | (164) | |
Foreign income taxes | (32) | (71) |
State income taxes, net of federal benefit | (62) | (167) |
Deferred tax effects | 693 | |
Total income tax benefit (expense) | $ 684 | $ (815) |
Note 6 - Income Taxes - Summary
Note 6 - Income Taxes - Summary of Deferred Tax Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax asset: | ||
Net operating loss carryforward | $ 395 | $ 506 |
Foreign tax credits | 380 | 261 |
Accrued expenses | 578 | 959 |
Allowance for doubtful accounts | 173 | 209 |
Stock-based compensation | 242 | 138 |
Other intangible assets | 54 | 104 |
Total deferred income tax asset | 1,822 | 2,177 |
Deferred tax liability: | ||
Property and equipment | (589) | (990) |
Intangible assets-brand name | (1,079) | (1,798) |
Goodwill | (447) | (661) |
Other intangible assets | (229) | (295) |
Total deferred income tax liability | (2,344) | (3,744) |
Net deferred tax liability | $ (522) | $ (1,567) |
Note 7 - Treasury Stock (Detail
Note 7 - Treasury Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Aug. 16, 2016 | Aug. 12, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,500,000 | 1,000,000 | 500,000 | ||||
Stock Repurchase Program, Additional Shares Authorized | 500,000 | ||||||
Treasury Stock, Shares, Acquired | 0 | ||||||
Treasury Stock Acquired, Average Cost Per Share | $ 4.49 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 2,775 | ||||||
Treasury Stock, Shares | 1,090,370 | 1,090,370 | 1,090,370 | ||||
Treasury Stock, Value | $ 4,893 | $ 4,893 | $ 4,893 | ||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 409,630 | 409,630 | |||||
Lorex Investment AG [Member] | |||||||
Treasury Stock, Shares, Acquired | 400,000 | ||||||
Treasury Stock Acquired, Average Cost Per Share | $ 6.83 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 2,700 |
Note 8 - Related Parties (Detai
Note 8 - Related Parties (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Rent [Member] | ||
Related Party Transaction, Monthly Rent | $ 2,500 | |
Services Agreements [Member] | ||
Related Party Transaction, Expenses from Transactions with Related Party | 30,000 | $ 30 |
NCM [Member] | ||
Due to Related Parties, Current | $ 0 |
Note 9 - Stock Options and St33
Note 9 - Stock Options and Stock Purchase Warrants (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 230,000 | 230,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 0.7 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 46,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | |||
Incentive 2011 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 300,000 | |||
Incentive Plan 2015 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 |
Note 9 - Stock Options and St34
Note 9 - Stock Options and Stock Purchase Warrants - Summary of Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Outstanding (in shares) | 230,000 | 310,000 |
Outstanding (in dollars per share) | $ 6.70 | $ 4.01 |
Granted (in shares) | 230,000 | 230,000 |
Granted (in dollars per share) | $ 7.98 | $ 6.70 |
Exercised (in shares) | 0 | 0 |
Exercised (in dollars per share) | ||
Forfeited or expired (in shares) | (310,000) | |
Forfeited or expired (in dollars per share) | $ 5.40 | |
Outstanding (in shares) | 460,000 | 230,000 |
Outstanding (in dollars per share) | $ 7.34 | $ 6.70 |
Note 10 - Benefit Plans (Detail
Note 10 - Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | $ 0 |
Minimum [Member] | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 1.00% | |
Maximum [Member] | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% |
Note 11 - Intangible Assets (De
Note 11 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Amortization of Intangible Assets | $ 100 | $ 100 |
Finite-Lived Intangible Assets, Net | $ 128 | $ 210 |
Note 11 - Intangible Assets - S
Note 11 - Intangible Assets - Summary of Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Customer lists | $ 8,737 | $ 8,737 |
Customer lists | $ (8,609) | $ (8,527) |
Finite-Lived Intangible Asset, Useful Life | 5 years 36 days | 5 years 36 days |
Customer Lists [Member] | ||
Customer lists | $ 3,204 | $ 3,204 |
Customer lists | $ (3,191) | $ (3,182) |
Finite-Lived Intangible Asset, Useful Life | 5 years | 5 years |
Noncompete Agreements [Member] | ||
Customer lists | $ 1,054 | $ 1,054 |
Customer lists | $ (1,054) | $ (1,053) |
Finite-Lived Intangible Asset, Useful Life | 6 years 182 days | 6 years 182 days |
Talent And Model Contractual Relationships [Member] | ||
Customer lists | $ 2,846 | $ 2,846 |
Customer lists | $ (2,731) | $ (2,659) |
Finite-Lived Intangible Asset, Useful Life | 3 years 292 days | 3 years 292 days |
Employment Contracts [Member] | ||
Customer lists | $ 1,633 | $ 1,633 |
Customer lists | $ (1,633) | $ (1,633) |
Finite-Lived Intangible Asset, Useful Life | 5 years | 5 years |