Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 30, 2020 | Jun. 30, 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 Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 5,157,344 | ||
Entity Public Float | $ 11.2 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, $0.01 par value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 6,993 | $ 6,748 |
Accounts receivable, net of allowance for doubtful accounts of $1,423 and $1,791, respectively | 9,441 | 11,901 |
Prepaid expenses and other current assets | 243 | 197 |
Total current assets | 16,677 | 18,846 |
Property and equipment, net of accumulated depreciation of $4,300 and $3,264, respectively | 1,925 | 2,567 |
Right of use assets-operating | 1,261 | |
Right of use assets-finance | 316 | |
Trademarks and trade names with indefinite lives | 8,467 | 8,467 |
Other intangibles with finite lives, net of accumulated amortization of$8,737 and $8,684 respectively | 53 | |
Goodwill | 8,347 | 13,192 |
Other assets | 115 | 114 |
TOTAL ASSETS | 37,108 | 43,239 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 3,815 | 5,071 |
Due to models | 7,495 | 8,809 |
Lease liabilities – operating, current | 1,055 | |
Lease liabilities – finance, current | 94 | |
Term loan - current | 1,257 | 623 |
Total current liabilities | 13,716 | 14,503 |
Long term liabilities: | ||
Deferred income taxes, net | 725 | 631 |
Lease liabilities – operating, non-current | 328 | |
Lease liabilities – finance, non-current | 225 | |
Term loan - non-current | 743 | 2,000 |
Total long-term liabilities | 2,021 | 2,631 |
Total liabilities | 15,737 | 17,134 |
Shareholders’ equity: | ||
Common stock, $0.01 par value, 9,000,000 shares authorized; 6,472,038 shares issued at December 31, 2019 and December 31, 2018 | 65 | 65 |
Treasury stock, 1,309,861 and 1,264,154 at December 31, 2019 and December 31, 2018, at cost | (6,352) | (6,093) |
Additional paid-in capital | 88,471 | 88,255 |
Accumulated deficit | (60,815) | (56,029) |
Accumulated other comprehensive income (loss) | 2 | (93) |
Total shareholders’ equity | 21,371 | 26,105 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 37,108 | $ 43,239 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable, allowance for doubtful accounts | $ 1,423 | $ 1,791 |
Property and equipment, accumulated depreciation | 4,300 | 3,264 |
Other intangibles, accumulated amortization | $ 8,737 | $ 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) | 1,309,861 | 1,264,154 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | ||
Revenues | $ 75,504 | $ 77,851 |
Model costs | 54,249 | 55,600 |
Revenues net of model costs | 21,254 | 22,251 |
Operating expenses: | ||
Salaries and service costs | 13,944 | 14,015 |
Office and general expenses | 4,408 | 4,748 |
Amortization and depreciation | 1,192 | 990 |
Goodwill impairment | 4,845 | |
Corporate overhead | 1,038 | 1,125 |
Total operating expenses | 25,427 | 20,878 |
Operating (loss) income | (4,172) | 1,373 |
Other expense: | ||
Foreign exchange loss | 97 | 83 |
Interest expense | 117 | 101 |
Total other expense | 214 | 184 |
(Loss) income before provision for income taxes | (4,386) | 1,189 |
Provision for income taxes: | ||
Current | (306) | (224) |
Deferred | (94) | (109) |
Income tax expense | (400) | (333) |
Net (loss) income | (4,786) | 856 |
Other comprehensive income (loss): | ||
Foreign currency translation benefit (expense) | 95 | (97) |
Total comprehensive (loss) income | $ (4,691) | $ 759 |
Basic net (loss) income per common share (in dollars per share) | $ (0.92) | $ 0.16 |
Diluted net (loss) income per common share (in dollars per share) | $ (0.92) | $ 0.16 |
Weighted average common shares outstanding-basic (in shares) | 5,184 | 5,328 |
Weighted average common shares outstanding-diluted (in shares) | 5,184 | 5,328 |
Service [Member] | ||
Revenues: | ||
Revenues | $ 75,452 | $ 77,791 |
License Fees and Other [Member] | ||
Revenues: | ||
Revenues | $ 52 | $ 60 |
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, 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 | 363 | 363 | ||||
Net income (loss) | 856 | 856 | ||||
Purchases of treasury stock (in shares) | (174,000) | |||||
Purchases of treasury stock | $ (1,200) | (1,200) | ||||
Foreign currency translation | (97) | (97) | ||||
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 | 216 | 216 | ||||
Net income (loss) | (4,786) | $ (4,786) | ||||
Purchases of treasury stock (in shares) | (46,000) | (45,707) | ||||
Purchases of treasury stock | $ (259) | $ (259) | ||||
Foreign currency translation | 95 | 95 | ||||
Balances (in shares) at Dec. 31, 2019 | 6,472,000 | (1,310,000) | ||||
Balances at Dec. 31, 2019 | $ 65 | $ (6,352) | $ 88,471 | $ (60,815) | $ 2 | $ 21,371 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net (loss) income: | $ (4,786) | $ 856 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Amortization and depreciation | 1,192 | 990 |
Goodwill impairment | 4,845 | |
Share based payment expense | 216 | 363 |
Deferred income taxes | 94 | 110 |
Bad debt expense | 11 | 58 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,449 | 1,668 |
Prepaid expenses and other current assets | (46) | (17) |
Right of use assets-operating | 1,143 | |
Other assets | (1) | 23 |
Due to models | (1,314) | (1,381) |
Lease liabilities-operating | (1,219) | |
Accounts payable and accrued liabilities | (1,047) | 1,086 |
Net cash provided by operating activities | 1,537 | 3,756 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (394) | (443) |
Net cash used in investing activities | (394) | (443) |
Cash flows from financing activities: | ||
Purchases of treasury stock | (259) | (1,200) |
Payments on finance leases | (111) | |
Proceeds from term loan | 1,000 | |
Payments on term loan | (623) | (524) |
Net cash used in financing activities | (993) | (724) |
Foreign currency effect on cash flows: | 95 | (97) |
Net change in cash and cash equivalents: | 245 | 2,492 |
Cash and cash equivalents, beginning of period | 6,748 | 4,256 |
Cash and cash equivalents, end of period | 6,993 | 6,748 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 114 | 99 |
Cash paid for income taxes | $ 5 | $ 44 |
Note 1 - Business Activity
Note 1 - Business Activity | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Basis of Accounting [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, 2019 | |
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. All significant inter-company accounts and transactions have been eliminated in consolidation. Revenue Recognition The Company has adopted the requirements of Accounting Standards Update (“ASU”) No. 2014 09, 606 606” 606 five The new revenue standard became effective for the Company on January 1, 2018 January 1, 2018 not not no The Company adopted the standard to contracts that were not January 1, 2018). Under the new revenue standard, the Company recognizes revenues when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. The Company recognizes revenues following the five No. 2014 09: Service Revenues Our service revenues are derived primarily from fashion model and artist bookings, and representation of social media influencers and actors for commercials, film, and television. Revenues from services are recognized and related model costs are accrued when the customer obtains control of the Company’s product, which occurs at a point in time, typically when the talent has completed the contractual requirement. The Company expenses incremental costs of obtaining a contract as and when incurred because the expected amortization period of the asset that it would have recognized is one A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The performance obligations for most of the Company’s core modeling bookings are satisfied on the day of the event, and the “day rate” total fee is agreed in advance, when the customer books the model for a particular date. For contracts with multiple performance obligations (which are typically all satisfied within 1 3 When reporting service 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 probable, 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 probable, net of pass-through model or talent cost. License Fees License fees, in connection with the licensing of the “Wilhelmina” name, are collected on a monthly or quarterly basis under the terms of Wilhelmina’s agreements with licensees. The Company recognizes revenue relating to license fees where payment is deemed to be probable, over the license period. Contract Assets Contract assets, which primarily relate to the Company’s right to consideration for work completed but not $2.1 $1.5 December 31, 2019 2018, Advances to Models 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. Due to the inherent uncertainty of future work for any individual model, any recoupment 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. Estimates are used for, but not 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 December 31, 2019, $1.4 $11 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, and London. Balances in accounts other than “noninterest-bearing transaction accounts” are insured up to Federal Deposit Insurance Corporation (“FDIC”) limits of $250 December 31, 2019, $4.3 £75 $0.1 December 31, 2019, $2.3 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 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. The process of estimating the fair value of goodwill is subjective and requires the Company to make estimates that may not Under the quantitative test, a goodwill impairment is identified by comparing the fair value to the carrying amount, including goodwill. If the carrying amount exceeds the fair value, goodwill is considered impaired and an impairment charge is recognized in an amount equal to the excess, not Due to Models Due to models represents the liability for amounts owed to talent for jobs that have taken place, but where the model or talent fee has not Advertising The Company expenses all advertising costs as incurred. Advertising expense for the year ended December 31, 2019 $35 $33 December 31, 2018. 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, 2019, $0.3 January 26, 2020. December 2019, $0.3 $4.8 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 2016 2018 December 31, 2019. 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 ASU 2016 02, 2016, 2018, January 1, 2019. not not 12 $2.6 $2.8 January 1, 2019, not ASU No. 2016 13, 326 June 2016, 2016 13 December 15, 2019, ASU No. 2017 03 350 January 2017, 2017 03, December 15, 2019, one 2 two ASU No. 2018 19, 326, November 2018, 2018 19, not December 15, 2019, |
Note 3 - Debt
Note 3 - Debt | 12 Months Ended |
Dec. 31, 2019 | |
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% $22.0 0.50% December 31, 2019, $0.2 $1.4 October 24, 2022. On August 16, 2016, $2.7 4.5% November, 2016, 47 60 October 24, 2020. On July 16, 2018, $1.0 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 December 31, 2019, $2.0 two As of December 31, 2019, 2020 $ 1,257 2021 194 2022 204 2023 345 Total 2,000 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 4. Property and equipment at December 31, 2019 2018 December 31, 2019 December 31, 2018 Furniture and fixtures $ 1,488 $ 1,480 Software and software development costs 2,944 2,944 Computer and equipment 829 445 Leasehold improvements 964 962 Total 6,225 5,831 Less: Accumulated depreciation (4,300 ) (3,264 ) Property and equipment, net $ 1,925 $ 2,567 For the years ended December 31, 2019 2018, $1.0 $0.9 2018 2019. |
Note 5 - Leases
Note 5 - Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Finance and Operating Leases [Text Block] | Note 5. 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 2024. During 2019, $0.1 December 31, 2019, 1.3 4.1 December 31, 2019, 4.7% 5.1% The following table presents additional information regarding Wilhelmina’s financing and operating leases for the year ended December 31, 2019 ( Year ended December 31, 2019 Finance lease expense Amortization of ROU assets $ 102 Interest on lease liabilities 8 Operating lease expense 1,159 Short term lease expense 273 Cash paid for amounts included in the measurement of lease liabilities for finance leases Financing cash flows 113 Cash paid for amounts included in the measurement of lease liabilities for operating leases Operating cash flows 1,236 ROU assets obtained in exchange for lease liabilities Finance leases 452 Operating leases 2,404 As of December 31, 2019, Operating Finance 2020 $ 1,135 $ 109 2021 369 86 2022 - 55 2023 - 55 2024 - 50 Total 1,504 355 Less: Present value discount (121 ) (36 ) Lease liability $ 1,383 $ 319 The following table summarizes future minimum payments under the current lease agreements: Years Ending Amount 2020 $ 1,365 2021 410 2022 50 2023 50 2024 50 Total $ 1,925 Rent expense totaled approximately $1.5 $1.9 December 31, 2019 2018 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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, October 23, 2019. December 4, 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 | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 7. The following table summarizes the income tax (expense) benefit for the years ended December 31, 2019 2018 2019 2018 Current: Federal $ - $ - State (30 ) (26 ) Foreign (276 ) (198 ) Current Total (306 ) (224 ) Deferred: Federal (36 ) (153 ) State (58 ) 44 Foreign - - Deferred Total (94 ) (109 ) Total $ (400 ) $ (333 ) The income tax 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): 2019 2018 Computed income tax benefit (expense) at statutory rate $ 944 $ (228 ) Increase in taxes resulting from: Permanent and other deductions, net (782 ) (34 ) Global intangible low-taxed income (200 ) (149 ) Foreign income taxes - 55 State income taxes, net of federal benefit (9 ) 26 Deferred tax effects (13 ) (3 ) Valuation allowance – forfeiture of stock options (340 ) - Total income tax expense $ (400 ) $ (333 ) A tax provision of $0.4 2019. $0.3 January 26, 2020 not $3.5 $4.8 2019. $0.3 A tax provision of $0.3 2018. not The following table shows the tax effect of significant temporary differences, which comprise the deferred tax asset and liability (in thousands): 2019 2018 Deferred tax asset: Net operating loss carryforward $ 103 $ 114 Foreign tax credits 483 483 Accrued expenses 580 649 Allowance for doubtful accounts 85 144 Stock-based compensation 384 336 Other intangible assets 36 45 Interest expense limitation 11 - Less: Valuation allowance - forfeiture of stock options (340 ) - Total deferred income tax asset 1,342 1,771 Deferred tax liability: Property and equipment (393 ) (545 ) Intangible assets-brand name (1,079 ) (1,079 ) Goodwill (257 ) (497 ) Other intangible assets (338 ) (281 ) Total deferred income tax liability (2,067 ) (2,402 ) Net deferred tax liability $ (725 ) $ (631 ) The presentation of net deferred tax assets and liabilities for each jurisdiction are presented as noncurrent within the Company’s Consolidated Balance Sheets. Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases and are stated at enacted tax rates expected to be in effect when the taxes are actually paid or recovered. The Company recognizes a valuation allowance for deferred tax assets when it is more likely than not not At December 31, 2019 December 31, 2018, $0.5 2037. $0.5 2023 2029. The Company does not December 31, 2019 December 31, 2018, twelve The U.S. Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017 2018, 35% 21% In January 2018, |
Note 8 - Treasury Stock
Note 8 - Treasury Stock | 12 Months Ended |
Dec. 31, 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 December 31, 2019, 1,309,861 $4.85 $6.4 December 31, 2019, 45,707 $5.66 190,139 |
Note 9 - Related Parties
Note 9 - Related Parties | 12 Months Ended |
Dec. 31, 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 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, 2019 2018. not December 31, 2019. |
Note 10 - Stock Options and Sto
Note 10 - Stock Options and Stock Purchase Warrants | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 10. During 2015, 2015 500,000 2015 five ten Under the 2015 no 2019 2018. No 2019 2018. The following table shows a summary of stock option transactions under the Incentive Plans during 2019 2018: Number Weighted Outstanding, January 1, 2018 460,000 $ 7.34 Granted - - Exercised - - Forfeited or expired - - Outstanding, December 31, 2018 460,000 $ 7.34 Granted - - Exercised - - Forfeited or expired - - Outstanding, December 31, 2019 460,000 $ 7.34 Weighted average remaining contractual life was 6.61 December 31, 2019 7.61 December 31, 2018. December 31, 2019 2018. no December 31, 2019 2018. December 31, 2019 $0.2 230,000 December 31, 2019. 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 11 - Benefit Plans
Note 11 - Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 11. The Company has established a 401 twenty-one 401 401 may 1% 100% may No December 31, 2019 2018. |
Note 12 - Intangible Assets
Note 12 - Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 12. The following table summarizes the goodwill as of December 31, 2019 2018 Goodwill: Goodwill Impairment 2019 Goodwill U.S. goodwill $ 12,563 $ (4,845 ) London goodwill 629 - Total $ 13,192 $ (4,845 ) 2018 Goodwill U.S. goodwill $ 12,563 $ - London goodwill 629 - Total $ 13,192 $ - In December 2019, December 2019, $4.8 No December 31, 2018 The following table summarizes the intangible assets with finite lives as of December 31, 2019 2018 Intangible assets subject to Gross Accumulated Weighted-average 2019 Intangibles: Customer lists $ 3,204 $ (3,204 ) 5.0 Non-compete agreements 1,054 (1,054 ) 6.5 Talent and model contractual relationships 2,846 (2,846 ) 3.8 Employee contractual relationships 1,633 (1,633 ) 5.0 Total $ 8,737 $ (8,737 ) 5.1 2018 Intangibles: Customer lists $ 3,204 $ (3,194 ) 5.0 Non-compete agreements 1,054 (1,054 ) 6.5 Talent and model contractual relationships 2,846 (2,803 ) 3.8 Employee contractual relationships 1,633 (1,633 ) 5.0 Total $ 8,737 $ (8,684 ) 5.1 Amortization expense totaled $0.1 December 31, 2019 2018. |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 13. On March 11, 2020, 19 may not On March, 26, 2020, $4.0 December 31, 2019. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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. All significant inter-company accounts and transactions have been eliminated in consolidation. |
Revenue [Policy Text Block] | Revenue Recognition The Company has adopted the requirements of Accounting Standards Update (“ASU”) No. 2014 09, 606 606” 606 five The new revenue standard became effective for the Company on January 1, 2018 January 1, 2018 not not no The Company adopted the standard to contracts that were not January 1, 2018). Under the new revenue standard, the Company recognizes revenues when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. The Company recognizes revenues following the five No. 2014 09: Service Revenues Our service revenues are derived primarily from fashion model and artist bookings, and representation of social media influencers and actors for commercials, film, and television. Revenues from services are recognized and related model costs are accrued when the customer obtains control of the Company’s product, which occurs at a point in time, typically when the talent has completed the contractual requirement. The Company expenses incremental costs of obtaining a contract as and when incurred because the expected amortization period of the asset that it would have recognized is one A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The performance obligations for most of the Company’s core modeling bookings are satisfied on the day of the event, and the “day rate” total fee is agreed in advance, when the customer books the model for a particular date. For contracts with multiple performance obligations (which are typically all satisfied within 1 3 When reporting service 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 probable, 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 probable, net of pass-through model or talent cost. License Fees License fees, in connection with the licensing of the “Wilhelmina” name, are collected on a monthly or quarterly basis under the terms of Wilhelmina’s agreements with licensees. The Company recognizes revenue relating to license fees where payment is deemed to be probable, over the license period. Contract Assets Contract assets, which primarily relate to the Company’s right to consideration for work completed but not $2.1 $1.5 December 31, 2019 2018, Advances to Models 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. Due to the inherent uncertainty of future work for any individual model, any recoupment 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. Estimates are used for, but not may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three |
Receivable [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are accounted for at net realizable value, do not December 31, 2019, $1.4 $11 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, and London. Balances in accounts other than “noninterest-bearing transaction accounts” are insured up to Federal Deposit Insurance Corporation (“FDIC”) limits of $250 December 31, 2019, $4.3 £75 $0.1 December 31, 2019, $2.3 |
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 |
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. The process of estimating the fair value of goodwill is subjective and requires the Company to make estimates that may not Under the quantitative test, a goodwill impairment is identified by comparing the fair value to the carrying amount, including goodwill. If the carrying amount exceeds the fair value, goodwill is considered impaired and an impairment charge is recognized in an amount equal to the excess, not |
Due to Models [Policy Text Block] | Due to Models Due to models represents the liability for amounts owed to talent for jobs that have taken place, but where the model or talent fee has not |
Advertising Cost [Policy Text Block] | Advertising The Company expenses all advertising costs as incurred. Advertising expense for the year ended December 31, 2019 $35 $33 December 31, 2018. |
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, 2019, $0.3 January 26, 2020. December 2019, $0.3 $4.8 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 2016 2018 December 31, 2019. |
Share-based Payment Arrangement [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 ASU 2016 02, 2016, 2018, January 1, 2019. not not 12 $2.6 $2.8 January 1, 2019, not ASU No. 2016 13, 326 June 2016, 2016 13 December 15, 2019, ASU No. 2017 03 350 January 2017, 2017 03, December 15, 2019, one 2 two ASU No. 2018 19, 326, November 2018, 2018 19, not December 15, 2019, |
Note 3 - Debt (Tables)
Note 3 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2020 $ 1,257 2021 194 2022 204 2023 345 Total 2,000 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2019 December 31, 2018 Furniture and fixtures $ 1,488 $ 1,480 Software and software development costs 2,944 2,944 Computer and equipment 829 445 Leasehold improvements 964 962 Total 6,225 5,831 Less: Accumulated depreciation (4,300 ) (3,264 ) Property and equipment, net $ 1,925 $ 2,567 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year ended December 31, 2019 Finance lease expense Amortization of ROU assets $ 102 Interest on lease liabilities 8 Operating lease expense 1,159 Short term lease expense 273 Cash paid for amounts included in the measurement of lease liabilities for finance leases Financing cash flows 113 Cash paid for amounts included in the measurement of lease liabilities for operating leases Operating cash flows 1,236 ROU assets obtained in exchange for lease liabilities Finance leases 452 Operating leases 2,404 |
Lessee, Finance and Operating Lease, Liability, Maturity [Table Text Block] | Operating Finance 2020 $ 1,135 $ 109 2021 369 86 2022 - 55 2023 - 55 2024 - 50 Total 1,504 355 Less: Present value discount (121 ) (36 ) Lease liability $ 1,383 $ 319 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Years Ending Amount 2020 $ 1,365 2021 410 2022 50 2023 50 2024 50 Total $ 1,925 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2019 2018 Current: Federal $ - $ - State (30 ) (26 ) Foreign (276 ) (198 ) Current Total (306 ) (224 ) Deferred: Federal (36 ) (153 ) State (58 ) 44 Foreign - - Deferred Total (94 ) (109 ) Total $ (400 ) $ (333 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2019 2018 Computed income tax benefit (expense) at statutory rate $ 944 $ (228 ) Increase in taxes resulting from: Permanent and other deductions, net (782 ) (34 ) Global intangible low-taxed income (200 ) (149 ) Foreign income taxes - 55 State income taxes, net of federal benefit (9 ) 26 Deferred tax effects (13 ) (3 ) Valuation allowance – forfeiture of stock options (340 ) - Total income tax expense $ (400 ) $ (333 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2019 2018 Deferred tax asset: Net operating loss carryforward $ 103 $ 114 Foreign tax credits 483 483 Accrued expenses 580 649 Allowance for doubtful accounts 85 144 Stock-based compensation 384 336 Other intangible assets 36 45 Interest expense limitation 11 - Less: Valuation allowance - forfeiture of stock options (340 ) - Total deferred income tax asset 1,342 1,771 Deferred tax liability: Property and equipment (393 ) (545 ) Intangible assets-brand name (1,079 ) (1,079 ) Goodwill (257 ) (497 ) Other intangible assets (338 ) (281 ) Total deferred income tax liability (2,067 ) (2,402 ) Net deferred tax liability $ (725 ) $ (631 ) |
Note 10 - Stock Options and S_2
Note 10 - Stock Options and Stock Purchase Warrants (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number Weighted Outstanding, January 1, 2018 460,000 $ 7.34 Granted - - Exercised - - Forfeited or expired - - Outstanding, December 31, 2018 460,000 $ 7.34 Granted - - Exercised - - Forfeited or expired - - Outstanding, December 31, 2019 460,000 $ 7.34 |
Note 12 - Intangible Assets (Ta
Note 12 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Goodwill: Goodwill Impairment 2019 Goodwill U.S. goodwill $ 12,563 $ (4,845 ) London goodwill 629 - Total $ 13,192 $ (4,845 ) 2018 Goodwill U.S. goodwill $ 12,563 $ - London goodwill 629 - Total $ 13,192 $ - |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Intangible assets subject to Gross Accumulated Weighted-average 2019 Intangibles: Customer lists $ 3,204 $ (3,204 ) 5.0 Non-compete agreements 1,054 (1,054 ) 6.5 Talent and model contractual relationships 2,846 (2,846 ) 3.8 Employee contractual relationships 1,633 (1,633 ) 5.0 Total $ 8,737 $ (8,737 ) 5.1 2018 Intangibles: Customer lists $ 3,204 $ (3,194 ) 5.0 Non-compete agreements 1,054 (1,054 ) 6.5 Talent and model contractual relationships 2,846 (2,803 ) 3.8 Employee contractual relationships 1,633 (1,633 ) 5.0 Total $ 8,737 $ (8,684 ) 5.1 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) £ in Thousands, $ in Thousands | 12 Months Ended | 24 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Jan. 01, 2019USD ($) | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total | $ 1,400 | ||||
Accounts Receivable, Credit Loss Expense (Reversal) | 11 | $ 58 | |||
Cash, FDIC Insured Amount | 250 | $ 250 | |||
Cash, Uninsured Amount | 4,300 | 4,300 | |||
Cash, FSCS Insured Amount | 100 | 100 | £ 75 | ||
Cash, Uninsured Amount, FSCS | $ 2,300 | 2,300 | |||
Finite-Lived Intangible Asset, Useful Life | 5 years 36 days | 5 years 36 days | |||
Advertising Expense | $ 35 | $ 33 | |||
Deferred Tax Assets, Valuation Allowance, Total | 340 | 340 | |||
Deferred Income Tax Benefit, Goodwill Impairment | 300 | ||||
Goodwill, Impairment Loss | 4,845 | ||||
Operating Lease, Right-of-Use Asset | 1,261 | 1,261 | |||
Operating Lease, Liability, Total | $ 1,383 | $ 1,383 | |||
Accounting Standards Update 2016-02 [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 2,600 | ||||
Operating Lease, Liability, Total | $ 2,800 | ||||
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 | ||||
Accounts Receivable [Member] | |||||
Contract with Customer, Asset, Net, Current, Total | $ 2,100 | $ 1,500 | $ 2,100 |
Note 3 - Debt (Details Textual)
Note 3 - Debt (Details Textual) $ in Thousands | Dec. 12, 2018USD ($)shares | Aug. 01, 2018USD ($)shares | Oct. 24, 2016USD ($) | Aug. 16, 2016USD ($) | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)shares | Jul. 16, 2018USD ($) |
Proceeds from Issuance of Long-term Debt, Total | $ 1,000 | |||||||
Treasury Stock, Shares, Acquired | shares | 50,000 | 100,000 | 45,707 | 1,309,861 | ||||
Long-term Debt, Total | $ 2,000 | $ 2,000 | ||||||
Amegy [Member] | Credit Agreement After Fifth Amendment [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 4,000 | |||||||
Debt Agreement, Borrowing Base Percentage of Collateral Modified From | 80.00% | |||||||
Debt Agreement, Covenant Compliance, Minimum Net Worth | $ 22,000 | |||||||
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 | $ 3,000 | |||||||
Proceeds from Issuance of Long-term Debt, Total | $ 2,700 | |||||||
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 | 200 | 200 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 1,400 | 1,400 | ||||||
Amegy [Member] | Tenth Amendment to Credit Agreement [Member] | Term Loan [Member] | ||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 1,000 | |||||||
Proceeds from Issuance of Long-term Debt, Total | $ 300 | $ 700 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | |||||||
Long-term Debt, Total | $ 2,000 | $ 2,000 |
Note 3 - Debt - Future Maturiti
Note 3 - Debt - Future Maturities of Long-term Debt (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 1,257 |
2021 | 194 |
2022 | 204 |
2023 | 345 |
Total | $ 2,000 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 1 | $ 0.9 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property and euqipment, gross | $ 6,225 | $ 5,831 |
Less: Accumulated depreciation | (4,300) | (3,264) |
Property and equipment, net | 1,925 | 2,567 |
Furniture and Fixtures [Member] | ||
Property and euqipment, gross | 1,488 | 1,480 |
Software and Software Development Costs [Member] | ||
Property and euqipment, gross | 2,944 | 2,944 |
Computer Equipment [Member] | ||
Property and euqipment, gross | 829 | 445 |
Leasehold Improvements [Member] | ||
Property and euqipment, gross | $ 964 | $ 962 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finance Lease, Principal Payments | $ 111 | |
Operating Lease, Weighted Average Remaining Lease Term | 1 year 109 days | |
Finance Lease, Weighted Average Remaining Lease Term | 4 years 36 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.70% | |
Finance Lease, Weighted Average Discount Rate, Percent | 5.10% | |
Operating Lease, Expense | $ 1,500 | $ 1,900 |
Note 5 - Leases - Additional In
Note 5 - Leases - Additional Information Regarding Financing and Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Amortization of ROU assets, finance lease | $ 102 | |
Interest on lease liabilities, finance lease | 8 | |
Operating lease expense | 1,159 | |
Short term lease expense | 273 | |
Financing cash flows | 111 | |
Operating cash flows | 1,236 | |
Finance leases | 452 | |
Operating leases | $ 2,404 |
Note 5 - Leases - Futrue Maturi
Note 5 - Leases - Futrue Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020, operating | $ 1,135 |
2020, finance | 109 |
2021, operating | 369 |
2021, finance | 86 |
2022, operating | |
2022, finance | 55 |
2023, operating | |
2023, finance | 55 |
2024, operating | |
2024, finance | 50 |
Total, operating | 1,504 |
Total, finance | 355 |
Less: Present value discount, operating | (121) |
Less: Present value discount, finance | (36) |
Lease liability, operating | 1,383 |
Lease liability, finance | $ 319 |
Note 5 - Leases - Future Minimu
Note 5 - Leases - Future Minimum Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2020 | $ 1,365 |
2021 | 410 |
2022 | 50 |
2023 | 50 |
2024 | 50 |
Total | $ 1,925 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Expense (Benefit), Total | $ 400 | $ 333 | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 340 | ||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | 3,500 | ||
Goodwill, Impairment Loss | 4,845 | ||
Deferred Income Tax Benefit, Goodwill Impairment | $ 300 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards, Total | $ 500 | ||
Foreign Tax Authority [Member] | |||
Tax Credit Carryforward, Amount | $ 500 |
Note 7 - Income Taxes - Income
Note 7 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Federal | ||
State | (30) | (26) |
Foreign | (276) | (198) |
Current Total | (306) | (224) |
Federal | (36) | (153) |
State | (58) | 44 |
Foreign | ||
Deferred Total | (94) | (109) |
Total | $ (400) | $ (333) |
Note 7 - Income Taxes - Effecti
Note 7 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Computed income tax benefit (expense) at statutory rate | $ 944 | $ (228) |
Permanent and other deductions, net | (782) | (34) |
Global intangible low-taxed income | (200) | (149) |
Foreign income taxes | 55 | |
State income taxes, net of federal benefit | (9) | 26 |
Deferred tax effects | (13) | (3) |
Valuation allowance – forfeiture of stock options | (340) | |
Income tax expense | $ (400) | $ (333) |
Note 7 - Income Taxes - Summary
Note 7 - Income Taxes - Summary of Deferred Tax Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Net operating loss carryforward | $ 103 | $ 114 |
Foreign tax credits | 483 | 483 |
Accrued expenses | 580 | 649 |
Allowance for doubtful accounts | 85 | 144 |
Stock-based compensation | 384 | 336 |
Other intangible assets | 36 | 45 |
Interest expense limitation | 11 | |
Less: Valuation allowance - forfeiture of stock options | (340) | |
Total deferred income tax asset | 1,342 | 1,771 |
Property and equipment | (393) | (545) |
Intangible assets-brand name | (1,079) | (1,079) |
Goodwill | (257) | (497) |
Other intangible assets | (338) | (281) |
Total deferred income tax liability | (2,067) | (2,402) |
Net deferred tax liability | $ (725) | $ (631) |
Note 8 - Treasury Stock (Detail
Note 8 - Treasury Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Dec. 12, 2018 | Aug. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2019 | 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 | 50,000 | 100,000 | 45,707 | 1,309,861 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 5.66 | $ 4.85 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 259 | $ 1,200 | $ 6,400 | |||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 190,139 | 190,139 |
Note 9 - Related Parties (Detai
Note 9 - Related Parties (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 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 | $ 30,000 | $ 30,000 |
Note 10 - Stock Options and S_3
Note 10 - Stock Options and Stock Purchase Warrants (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | |||
Incentive Plan 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | ||
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 | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 222 days | 7 years 222 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | $ 0 | |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 200 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 230,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years |
Note 10 - Stock Options and S_4
Note 10 - Stock Options and Stock Purchase Warrants - Summary of Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding (in shares) | 460,000 | 460,000 |
Outstanding (in dollars per share) | $ 7.34 | $ 7.34 |
Granted (in shares) | ||
Granted (in dollars per share) | ||
Exercised (in shares) | ||
Exercised (in dollars per share) | ||
Forfeited or expired (in shares) | ||
Forfeited or expired (in dollars per share) | ||
Outstanding (in shares) | 460,000 | 460,000 |
Outstanding (in dollars per share) | $ 7.34 | $ 7.34 |
Note 11 - Benefit Plans (Detail
Note 11 - Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 12 - Intangible Assets (De
Note 12 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill, Impairment Loss | $ 4,845 | |
Asset Impairment Charges, Total | 0 | |
Amortization of Intangible Assets, Total | $ 100 | $ 100 |
Note 12 - Intangible Assets - G
Note 12 - Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill | $ 13,192 | $ 13,192 |
Impairment | (4,845) | |
US Reporting Unit [Member] | ||
Goodwill | 12,563 | 12,563 |
Impairment | (4,845) | |
London Reporting Unit [Member] | ||
Goodwill | 629 | 629 |
Impairment |
Note 12 - Intangible Assets - S
Note 12 - Intangible Assets - Summary of Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets, Gross | $ 8,737 | $ 8,737 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (8,737) | $ (8,684) |
Finite-Lived Intangible Asset, Useful Life | 5 years 36 days | 5 years 36 days |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 3,204 | $ 3,204 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (3,204) | $ (3,194) |
Finite-Lived Intangible Asset, Useful Life | 5 years | 5 years |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 1,054 | $ 1,054 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (1,054) | $ (1,054) |
Finite-Lived Intangible Asset, Useful Life | 6 years 182 days | 6 years 182 days |
Talent And Model Contractual Relationships [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 2,846 | $ 2,846 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (2,846) | $ (2,803) |
Finite-Lived Intangible Asset, Useful Life | 3 years 292 days | 3 years 292 days |
Employment Contracts [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 1,633 | $ 1,633 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (1,633) | $ (1,633) |
Finite-Lived Intangible Asset, Useful Life | 5 years | 5 years |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - Amegy [Member] - Credit Agreement After Fifth Amendment [Member] - Revolving Credit Facility [Member] - USD ($) | Mar. 26, 2020 | Oct. 24, 2016 |
Debt Agreement, Covenant Compliance, Minimum Net Worth | $ 22,000,000 | |
Subsequent Event [Member] | ||
Debt Agreement, Covenant Compliance, Minimum Net Worth | $ 4 |