Wilhelmina International (WHLM) 10-Q 13 Aug 19 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 13, 2019
Document Information [Line Items]
Entity Registrant Name	Wilhelmina International, Inc.
Entity Central Index Key	0001013706
Trading Symbol	whlm
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		5,175,573
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Title of 12(b) Security	Common Stock

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 6,003	$ 6,748
Accounts receivable, net of allowance for doubtful accounts of $1,768 and $1,791, respectively	12,838	11,901
Prepaid expenses and other current assets	306	197
Total current assets	19,147	18,846
Property and equipment, net of accumulated depreciation of $3,772 and $3,264, respectively	2,266	2,567
Right of use assets-operating	1,867
Right of use assets-finance	156
Trademarks and trade names with indefinite lives	8,467	8,467
Other intangibles with finite lives, net of accumulated amortization of $8,708 and $8,684, respectively	29	53
Goodwill	13,192	13,192
Other assets	114	114
TOTAL ASSETS	45,238	43,239
Current liabilities:
Accounts payable and accrued liabilities	4,417	5,071
Due to models	9,213	8,809
Lease liabilities – operating, current	1,143
Lease liabilities – finance, current	114
Term loan – current	726	623
Total current liabilities	15,613	14,503
Long term liabilities:
Net deferred income tax liability	709	631
Lease liabilities – operating, non-current	880
Lease liabilities – finance, non-current	52
Term loan – non-current	1,625	2,000
Total long term liabilities	3,266	2,631
Total liabilities	18,879	17,134
Shareholders’ equity:
Common stock, $0.01 par value, 9,000,000 shares authorized; 6,472,038 shares issued at June 30, 2019 and December 31, 2018	65	65
Treasury stock, 1,292,620 and 1,264,154 shares at June 30, 2019 and December 31, 2018, at cost	(6,266)	(6,093)
Additional paid-in capital	88,371	88,255
Accumulated deficit	(55,687)	(56,029)
Accumulated other comprehensive loss	(124)	(93)
Total shareholders’ equity	26,359	26,105
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 45,238	$ 43,239

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accounts receivable, allowance for doubtful accounts	$ 1,768	$ 1,791
Property and equipment, accumulated depreciation	3,772	3,264
Other intangibles, accumulated amortization	$ 8,708	$ 8,684
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	9,000,000	9,000,000
Common stock, shares issued (in shares)	6,472,038	6,472,038
Treasury stock, shares (in shares)	1,292,620	1,264,154

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Revenues	$ 19,945	$ 20,596	$ 40,004	$ 40,312
Model costs	14,156	14,905	28,632	28,747
Revenues, net of model costs	5,789	5,691	11,372	11,565
Operating expenses:
Salaries and service costs	3,589	3,472	7,305	7,031
Office and general expenses	1,031	1,198	2,259	2,576
Amortization and depreciation	298	239	588	475
Corporate overhead	251	260	583	597
Total operating expenses	5,169	5,169	10,735	10,679
Operating income	620	522	637	886
Other expense:
Foreign exchange gain (loss)	12	(27)	(3)	(47)
Interest expense	(30)	(22)	(62)	(47)
Total other expense	(18)	(49)	(65)	(94)
Income before provision for income taxes	602	473	572	792
Provision for income taxes expense:
Current	(89)	(56)	(152)	(140)
Deferred	(62)	(53)	(78)	(63)
Income tax expense	(151)	(109)	(230)	(203)
Net income	451	364	342	589
Other comprehensive expense:
Foreign currency translation expense	(59)	(75)	(31)	(32)
Total comprehensive income	$ 392	$ 289	$ 311	$ 557
Basic net income per common share (in dollars per share)	$ 0.09	$ 0.07	$ 0.07	$ 0.11
Diluted net income per common share (in dollars per share)	$ 0.09	$ 0.07	$ 0.07	$ 0.11
Weighted average common shares outstanding-basic (in shares)	5,187	5,375	5,196	5,378
Weighted average common shares outstanding-diluted (in shares)	5,187	5,375	5,196	5,378
Service [Member]
Revenues:
Revenues	$ 19,940	$ 20,580	$ 39,975	$ 40,282
License Fees and Other [Member]
Revenues:
Revenues	$ 5	$ 16	$ 29	$ 30

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - 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, 2017	6,472,000	(1,090,000)
Balances at Dec. 31, 2017	$ 65	$ (4,893)	$ 87,892	$ (56,885)	$ 4	$ 26,183
Share based payment expense			109			109
Net income to common shareholders				225		225
Purchases of treasury stock (in shares)		(6,000)
Purchases of treasury stock		$ (36)				(36)
Foreign currency translation					43	43
Balances (in shares) at Mar. 31, 2018	6,472,000	(1,096,000)
Balances at Mar. 31, 2018	$ 65	$ (4,929)	88,001	(56,660)	47	26,524
Balances (in shares) at Dec. 31, 2017	6,472,000	(1,090,000)
Balances at Dec. 31, 2017	$ 65	$ (4,893)	87,892	(56,885)	4	26,183
Net income to common shareholders						589
Foreign currency translation						(32)
Balances (in shares) at Jun. 30, 2018	6,472,000	(1,103,000)
Balances at Jun. 30, 2018	$ 65	$ (4,975)	88,088	(56,296)	(28)	26,854
Balances (in shares) at Mar. 31, 2018	6,472,000	(1,096,000)
Balances at Mar. 31, 2018	$ 65	$ (4,929)	88,001	(56,660)	47	26,524
Share based payment expense			87			87
Net income to common shareholders				364		364
Purchases of treasury stock (in shares)		(7,000)
Purchases of treasury stock		$ (46)				(46)
Foreign currency translation					(75)	(75)
Balances (in shares) at Jun. 30, 2018	6,472,000	(1,103,000)
Balances at Jun. 30, 2018	$ 65	$ (4,975)	88,088	(56,296)	(28)	26,854
Balances (in shares) at Dec. 31, 2018	6,472,000	(1,264,000)
Balances at Dec. 31, 2018	$ 65	$ (6,093)	88,255	(56,029)	(93)	26,105
Share based payment expense			64			64
Net income to common shareholders				(109)		(109)
Purchases of treasury stock (in shares)		(4,000)
Purchases of treasury stock		$ (24)				(24)
Foreign currency translation					28	28
Balances (in shares) at Mar. 31, 2019	6,472,000	(1,268,000)
Balances at Mar. 31, 2019	$ 65	$ (6,117)	88,319	(56,138)	(65)	26,064
Balances (in shares) at Dec. 31, 2018	6,472,000	(1,264,000)
Balances at Dec. 31, 2018	$ 65	$ (6,093)	88,255	(56,029)	(93)	26,105
Net income to common shareholders						$ 342
Purchases of treasury stock (in shares)						(28,466)
Purchases of treasury stock						$ (173)
Foreign currency translation						(31)
Balances (in shares) at Jun. 30, 2019	6,472,000	(1,293,000)
Balances at Jun. 30, 2019	$ 65	$ (6,266)	88,371	(55,687)	(124)	26,359
Balances (in shares) at Mar. 31, 2019	6,472,000	(1,268,000)
Balances at Mar. 31, 2019	$ 65	$ (6,117)	88,319	(56,138)	(65)	26,064
Share based payment expense			52			52
Net income to common shareholders				451		451
Purchases of treasury stock (in shares)		(25,000)
Purchases of treasury stock		$ (149)				(149)
Foreign currency translation					(59)	(59)
Balances (in shares) at Jun. 30, 2019	6,472,000	(1,293,000)
Balances at Jun. 30, 2019	$ 65	$ (6,266)	$ 88,371	$ (55,687)	$ (124)	$ 26,359

Consolidated Statements of Cash

Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net (loss) income:	$ 342	$ 589
Adjustments to reconcile net income to net cash used in operating activities:
Amortization and depreciation	588	475
Share based payment expense	116	196
Deferred income taxes	78	63
Bad debt expense	24	75
Changes in operating assets and liabilities:
Accounts receivable	(961)	(1,543)
Prepaid expenses and other current assets	(109)	(139)
Right of use assets-operating	537
Right of use assets-finance	54
Other assets		10
Due to models	404	400
Lease liabilities-operating	(579)
Lease liabilities-finance	(47)
Accounts payable and accrued liabilities	(445)	812
Net cash used in operating activities	2	938
Cash flows used in investing activities:
Purchases of property and equipment	(207)	(204)
Net cash used in investing activities	(207)	(204)
Cash flows used in financing activities:
Purchases of treasury stock	(173)	(82)
Payments on finance leases	(64)
Repayment of term loan	(272)	(259)
Net cash used in financing activities	(509)	(341)
Foreign currency effect on cash flows:	(31)	(32)
Net change in cash and cash equivalents:	(745)	361
Cash and cash equivalents, beginning of period	6,748	4,256
Cash and cash equivalents, end of period	6,003	4,617
Supplemental disclosures of cash flow information:
Cash paid for interest	60	46
Cash paid (refund) of income taxes	$ 5	$ (10)

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1. 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 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 10 December 31, 2018. not may

Note 2 - Business

Note 2 - Business	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Basis of Accounting [Text Block]	Note 2. 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 3 - New Accounting Standar

Note 3 - New Accounting Standards	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note 3. ASU 2016 02, 2016, 2018, January 1, 2019. not not 12 $2.6 $2.8 January 1, 2019, not first six 2019, $64 June 30, 2019, 1.8 1.7 June 30, 2019, 4.8% 4.5% The following table presents additional information regarding Wilhelmina’s financing and operating leases for the three six June 30, 2019 ( Three months ended June 30, 2019 Six months ended June 30, 2019 Finance lease expense Amortization of ROU assets $ 27 $ 61 Interest on lease liabilities 2 4 Operating lease expense 299 597 Short term lease expense 60 119 Cash paid for amounts included in the measurement of lease liabilities for finance leases Financing cash flows 30 64 Cash paid for amounts included in the measurement of lease liabilities for operating leases Operating cash flows 316 632 ROU assets obtained in exchange for lease liabilities Finance leases - 2,404 Operating leases - 210 As of June 30, 2019, Operating Finance July 1, 2019 to December 31, 2019 $ 604 $ 60 2020 1,135 81 2021 369 31 Total 2,108 172 Less: Present value discount (85 ) (6 ) Lease liability $ 2,023 $ 166

Note 4 - Foreign Currency Trans

Note 4 - Foreign Currency Translation	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Foreign Currency Disclosure [Text Block]	Note 4. The functional currency of the London subsidiary is the British Pound. 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, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 5. The Company has a credit agreement with Amegy Bank which provides a $4.0 $3.0 October 24, 2016. 80% $20.0 0.50% June 30, 2019, $0.2 $1.4 On August 16, 2016, $2.7 4.5% November, 2016, 47 60 October 24, 2020. On July 16, 2018, $1.0 may July 12, 2019, 5.15% July 12, 2019. 60 July 12, 2023. three Amounts outstanding under the additional term loan further reduce the availability under the Company’s revolving line of credit with Amegy Bank. On August 1, 2018, $0.7 100,000 December 12, 2018, $0.3 50,000 June 30, 2019, $2.4 two

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 6. On October 24, 2013, January 6, 2014, August 11, 2014, March 3, 2014, “may Plaintiffs retained substitute counsel, who filed a Second and then 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 not not October 6, 2015, May 26, 2017. three five two May 24, 2018. August 16, 2017, On June 6, 2016, August 16, 2017. September 29, 2017, May 10, 2018. July 12, 2019, On May 1, 2019, July 12, 2019, September 12, 2019 October 12, 2019. The Company believes the claims asserted in the Shanklin and Pressley Litigations are without merit and intends to continue to vigorously defend the actions. 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 7 - Income Taxes

Note 7 - Income Taxes	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 7. Generally, the Company’s combined effective tax rate is high relative to reported net income as a result of certain amortization expense, stock based compensation, and corporate overhead not not four June 30, 2019, $0.2 The U.S. Tax Cuts and Jobs Act (the “Tax Act”) enacted in December 2017 2018, 35% 21% not

Note 8 - Treasury Shares

Note 8 - Treasury Shares	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Treasury Stock [Text Block]	Note 8. During 2012, 500,000 2013, 1,000,000 2016, 500,000 may 1,500,000 may not may From 2012 June 30, 2019, 1,292,620 $4.85 $6.3 first six 2019, 28,466 $173

Note 9 - Related Parties

Note 9 - Related Parties	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 9. 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 Dvorak (Managing Director at NCM) also serves as a director of the Company. The Company’s corporate headquarters are located at 200 1400, 75201, $2.5 $15 six June 30, 2019 2018. not June 30, 2019.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	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 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 10 December 31, 2018. not may

Note 3 - New Accounting Stand_2

Note 3 - New Accounting Standards (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Lease, Cost [Table Text Block]	Three months ended June 30, 2019 Six months ended June 30, 2019 Finance lease expense Amortization of ROU assets $ 27 $ 61 Interest on lease liabilities 2 4 Operating lease expense 299 597 Short term lease expense 60 119 Cash paid for amounts included in the measurement of lease liabilities for finance leases Financing cash flows 30 64 Cash paid for amounts included in the measurement of lease liabilities for operating leases Operating cash flows 316 632 ROU assets obtained in exchange for lease liabilities Finance leases - 2,404 Operating leases - 210
Lessee, Lease, Liability, Maturity [Table Text Block]	Operating Finance July 1, 2019 to December 31, 2019 $ 604 $ 60 2020 1,135 81 2021 369 31 Total 2,108 172 Less: Present value discount (85 ) (6 ) Lease liability $ 2,023 $ 166

Note 3 - New Accounting Stand_3

Note 3 - New Accounting Standards (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2019	Dec. 31, 2018
Operating Lease, Right-of-Use Asset	$ 1,867	$ 1,867		$ 2,600
Operating Lease, Liability, Total	2,023	2,023		$ 2,800
Finance Lease, Principal Payments	$ 30	$ 64
Operating Lease, Weighted Average Remaining Lease Term	1 year 292 days	1 year 292 days
Finance Lease, Weighted Average Remaining Lease Term	1 year 255 days	1 year 255 days
Operating Lease, Weighted Average Discount Rate, Percent	4.80%	4.80%
Finance Lease, Weighted Average Discount Rate, Percent	4.50%	4.50%

Note 3 - New Accounting Stand_4

Note 3 - New Accounting Standards - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018
Amortization of ROU assets	$ 27	$ 61
Interest on lease liabilities	2	4
Operating lease expense	299	597
Short term lease expense	60	119
Finance Lease, Principal Payments	30	64
Operating cash flows	316	632
Finance leases		2,404
Operating leases		$ 210

Note 3 - New Accounting Stand_5

Note 3 - New Accounting Standards - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019
July 1, 2019 to December 31, 2019, Operating	$ 604
July 1, 2019 to December 31, 2019, Finance	60
2020, Operating	1,135
2020, Finance	81
2021, Operating	369
2021, Finance	31
Total, Operating	2,108
Total, Finance	172
Less: Present value discount, Operating	(85)
Less: Present value discount, Finance	(6)
Lease liability, Operating	2,023	$ 2,800
Lease liability, Finance	$ 166

Note 5 - Line of Credit (Detail

Note 5 - Line of Credit (Details Textual) $ in Millions	Dec. 12, 2018USD ($)shares	Aug. 01, 2018USD ($)shares	Oct. 24, 2016USD ($)	Aug. 16, 2016USD ($)	Jun. 30, 2019USD ($)shares	Jul. 16, 2018USD ($)
Treasury Stock, Shares, Acquired | shares	50,000	100,000			28,466
Amegy [Member] | Credit Agreement After Fifth Amendment [Member] | Revolving Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity			$ 4
Debt Agreement, Borrowing Base Percentage of Collateral Modified From			80.00%
Debt Agreement, Covenant Compliance, Minimum Net Worth			$ 20
Amegy [Member] | Credit Agreement After Fifth Amendment [Member] | Revolving Credit Facility [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate			0.50%
Amegy [Member] | Credit Agreement After Fifth Amendment [Member] | Term Loan [Member]
Debt Agreement, Maximum Borrowing Capacity			$ 3
Proceeds from Issuance of Long-term Debt, Total				$ 2.7
Debt Instrument, Interest Rate, Stated Percentage				4.50%
Long-term Debt, Number of Monthly Payments, Principal and Interest				47
Amegy [Member] | Credit Agreement After Fifth Amendment [Member] | Standby Letters of Credit [Member]
Long-term Line of Credit, Total					$ 0.2
Line of Credit Facility, Remaining Borrowing Capacity					1.4
Amegy [Member] | Tenth Amendment to Credit Agreement [Member] | Term Loan [Member]
Debt Agreement, Maximum Borrowing Capacity						$ 1
Proceeds from Issuance of Long-term Debt, Total	$ 0.3	$ 0.7
Debt Instrument, Interest Rate, Stated Percentage						5.15%
Long-term Debt, Total					$ 2.4

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) $ in Millions	12 Months Ended	18 Months Ended
	Dec. 31, 2017	Jun. 30, 2019USD ($)
Number of States in which Entity Operates		4
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%	21.00%
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards, Total		$ 0.2

Note 8 - Treasury Shares (Detai

Note 8 - Treasury Shares (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Dec. 12, 2018	Aug. 01, 2018	Aug. 12, 2016	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	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, Ending Balance				1,292,620				1,292,620	1,292,620	1,264,154
Treasury Stock Acquired, Average Cost Per Share									$ 4.85
Treasury Stock, Value, Ending Balance				$ 6,266				$ 6,266	$ 6,266	$ 6,093
Treasury Stock, Shares, Acquired	50,000	100,000						28,466
Treasury Stock, Value, Acquired, Cost Method				$ 149	$ 24	$ 46	$ 36	$ 173

Note 9 - Related Parties (Detai

Note 9 - Related Parties (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
NCM [Member]
Due to Related Parties, Current, Total	$ 0
Rent [Member]
Related Party Transaction, Monthly Rent	2,500
Services Agreements [Member]
Related Party Transaction, Expenses from Transactions with Related Party	$ 15,000	$ 15,000