Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 09, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-36589 | |
Entity Registrant Name | WILHELMINA INTERNATIONAL, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 74-2781950 | |
Entity Address, Address Line One | 5420 Lyndon B Johnson Freeway, Box #25 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75240 | |
City Area Code | 214 | |
Local Phone Number | 661-7488 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | WHLM | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 5,157,344 | |
Entity Central Index Key | 0001013706 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 10,873 | $ 11,998 |
Short term investments | 295 | 0 |
Accounts receivable, net of allowance for doubtful accounts of $2,038 and $1,664, respectively | 9,897 | 9,467 |
Prepaid expenses and other current assets | 289 | 181 |
Total current assets | 21,354 | 21,646 |
Property and equipment, net of accumulated depreciation of $498 and $1,216, respectively | 332 | 307 |
Right of use assets-operating | 3,625 | 3,565 |
Right of use assets-finance | 93 | 138 |
Trademarks and trade names with indefinite lives | 8,467 | 8,467 |
Goodwill | 7,547 | 7,547 |
Other assets | 300 | 322 |
TOTAL ASSETS | 41,718 | 41,992 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 3,949 | 4,306 |
Due to models | 7,589 | 8,378 |
Contract liabilities | 0 | 270 |
Lease liabilities – operating, current | 695 | 385 |
Lease liabilities – finance, current | 65 | 62 |
Total current liabilities | 12,298 | 13,401 |
Long term liabilities: | ||
Deferred income tax, net | 1,278 | 985 |
Lease liabilities – operating, non-current | 3,271 | 3,310 |
Lease liabilities – finance, non-current | 36 | 85 |
Total long term liabilities | 4,585 | 4,380 |
Total liabilities | 16,883 | 17,781 |
Shareholders’ equity: | ||
Common stock, $0.01 par value, 9,000,000 shares authorized; 6,472,038 shares issued at September 30, 2023 and December 31, 2022 | 65 | 65 |
Treasury stock, 1,314,694 shares at September 30, 2023 and December 31, 2022, at cost | (6,371) | (6,371) |
Additional paid-in capital | 88,844 | 88,770 |
Accumulated deficit | (57,205) | (57,709) |
Accumulated other comprehensive loss | (498) | (544) |
Total shareholders’ equity | 24,835 | 24,211 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 41,718 | $ 41,992 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 2,038 | $ 1,664 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 498 | $ 1,216 |
Common Stock, Par or Stated Value Per Share (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 |
Common Stock, Shares, Outstanding (in shares) | 6,472,038 | 6,472,038 |
Treasury Stock, Common, Shares (in shares) | 1,314,694 | 1,314,694 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues: | ||||
Revenues | $ 4,472 | $ 4,442 | $ 13,449 | $ 13,689 |
Revenues | 4,472 | 4,442 | 13,449 | 13,689 |
Operating expenses: | ||||
Salaries and service costs | 2,843 | 2,753 | 8,702 | 8,102 |
Office and general expenses | 859 | 729 | 3,002 | 2,131 |
Amortization and depreciation | 55 | 42 | 162 | 148 |
Corporate overhead | 248 | 247 | 738 | 723 |
Total operating expenses | 4,005 | 3,771 | 12,604 | 11,104 |
Operating income | 467 | 671 | 845 | 2,585 |
Other (income) expense: | ||||
Foreign exchange (gain) loss | 18 | 107 | (61) | 211 |
Interest expense | 0 | (2) | (1) | (7) |
Total other (income) expense | (18) | (105) | 62 | (204) |
Income before provision for income taxes | 485 | 776 | 783 | 2,789 |
Benefit (provision) for income taxes: | ||||
Current | 14 | (221) | 14 | (305) |
Deferred | (140) | 1,332 | (293) | 1,063 |
Benefit (provision) for income taxes, net | (126) | 1,111 | (279) | 758 |
Net income | 359 | 1,887 | 504 | 3,547 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustment | (152) | (352) | 46 | (864) |
Total comprehensive income | $ 207 | $ 1,535 | $ 550 | $ 2,683 |
Basic net income per common share (in dollars per share) | $ 0.07 | $ 0.37 | $ 0.10 | $ 0.69 |
Diluted net income per common share (in dollars per share) | $ 0.07 | $ 0.37 | $ 0.10 | $ 0.69 |
Weighted average common shares outstanding-basic (in shares) | 5,157 | 5,157 | 5,157 | 5,157 |
Weighted average common shares outstanding-diluted (in shares) | 5,157 | 5,157 | 5,157 | 5,157 |
Service [Member] | ||||
Revenues: | ||||
Revenues | $ 4,465 | $ 4,434 | $ 13,427 | $ 13,666 |
Revenues | 4,465 | 4,434 | 13,427 | 13,666 |
License Fees [Member] | ||||
Revenues: | ||||
Revenues | 7 | 8 | 22 | 23 |
Revenues | $ 7 | $ 8 | $ 22 | $ 23 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 31, 2021 | 6,472 | (1,315) | ||||
Balances at Dec. 31, 2021 | $ 65 | $ (6,371) | $ 88,580 | $ (61,238) | $ (23) | $ 21,013 |
Share based payment expense | 0 | 0 | 55 | 0 | 0 | 55 |
Net income | 0 | 0 | 0 | 739 | 0 | 739 |
Foreign currency translation | 0 | 0 | 0 | 0 | (174) | (174) |
Foreign currency translation adjustment | $ 0 | $ 0 | 0 | 0 | (174) | (174) |
Balances (in shares) at Mar. 31, 2022 | 6,472 | (1,315) | ||||
Balances at Mar. 31, 2022 | $ 65 | $ (6,371) | 88,635 | (60,499) | (197) | 21,633 |
Balances (in shares) at Dec. 31, 2021 | 6,472 | (1,315) | ||||
Balances at Dec. 31, 2021 | $ 65 | $ (6,371) | 88,580 | (61,238) | (23) | 21,013 |
Net income | 3,547 | |||||
Foreign currency translation | (864) | |||||
Foreign currency translation adjustment | (864) | |||||
Balances (in shares) at Sep. 30, 2022 | 6,472 | (1,315) | ||||
Balances at Sep. 30, 2022 | $ 65 | $ (6,371) | 88,745 | (57,691) | (887) | 23,861 |
Balances (in shares) at Mar. 31, 2022 | 6,472 | (1,315) | ||||
Balances at Mar. 31, 2022 | $ 65 | $ (6,371) | 88,635 | (60,499) | (197) | 21,633 |
Share based payment expense | 0 | 0 | 55 | 0 | 0 | 55 |
Net income | 0 | 0 | 0 | 921 | 0 | 921 |
Foreign currency translation | 0 | 0 | 0 | 0 | (338) | (338) |
Foreign currency translation adjustment | $ 0 | $ 0 | 0 | 0 | (338) | (338) |
Balances (in shares) at Jun. 30, 2022 | 6,472 | (1,315) | ||||
Balances at Jun. 30, 2022 | $ 65 | $ (6,371) | 88,690 | (59,578) | (535) | 22,271 |
Share based payment expense | 0 | 0 | 55 | 0 | 0 | 55 |
Net income | 0 | 0 | 0 | 1,887 | 0 | 1,887 |
Foreign currency translation | 0 | 0 | 0 | 0 | (352) | (352) |
Foreign currency translation adjustment | $ 0 | $ 0 | 0 | 0 | (352) | (352) |
Balances (in shares) at Sep. 30, 2022 | 6,472 | (1,315) | ||||
Balances at Sep. 30, 2022 | $ 65 | $ (6,371) | 88,745 | (57,691) | (887) | 23,861 |
Balances (in shares) at Dec. 31, 2022 | 6,472 | (1,315) | ||||
Balances at Dec. 31, 2022 | $ 65 | $ (6,371) | 88,770 | (57,709) | (544) | 24,211 |
Share based payment expense | 0 | 0 | 24 | 0 | 0 | 24 |
Net income | 0 | 0 | 0 | 159 | 0 | 159 |
Foreign currency translation | 0 | 0 | 0 | 0 | 86 | 86 |
Foreign currency translation adjustment | $ 0 | $ 0 | 0 | 0 | 86 | 86 |
Balances (in shares) at Mar. 31, 2023 | 6,472 | (1,315) | ||||
Balances at Mar. 31, 2023 | $ 65 | $ (6,371) | 88,794 | (57,550) | (458) | 24,480 |
Balances (in shares) at Dec. 31, 2022 | 6,472 | (1,315) | ||||
Balances at Dec. 31, 2022 | $ 65 | $ (6,371) | 88,770 | (57,709) | (544) | 24,211 |
Net income | 504 | |||||
Foreign currency translation | 46 | |||||
Foreign currency translation adjustment | 46 | |||||
Balances (in shares) at Sep. 30, 2023 | 6,472 | (1,315) | ||||
Balances at Sep. 30, 2023 | $ 65 | $ (6,371) | 88,844 | (57,205) | (498) | 24,835 |
Balances (in shares) at Mar. 31, 2023 | 6,472 | (1,315) | ||||
Balances at Mar. 31, 2023 | $ 65 | $ (6,371) | 88,794 | (57,550) | (458) | 24,480 |
Share based payment expense | 0 | 0 | 25 | 0 | 0 | 25 |
Net income | 0 | 0 | 0 | (14) | 0 | (14) |
Foreign currency translation | 0 | 0 | 0 | 0 | 112 | 112 |
Foreign currency translation adjustment | $ 0 | $ 0 | 0 | 0 | 112 | 112 |
Balances (in shares) at Jun. 30, 2023 | 6,472 | (1,315) | ||||
Balances at Jun. 30, 2023 | $ 65 | $ (6,371) | 88,819 | (57,564) | (346) | 24,603 |
Share based payment expense | 0 | 0 | 25 | 0 | 0 | 25 |
Net income | 0 | 0 | 0 | 359 | 0 | 359 |
Foreign currency translation | 0 | 0 | 0 | 0 | (152) | (152) |
Foreign currency translation adjustment | $ 0 | $ 0 | 0 | 0 | (152) | (152) |
Balances (in shares) at Sep. 30, 2023 | 6,472 | (1,315) | ||||
Balances at Sep. 30, 2023 | $ 65 | $ (6,371) | $ 88,844 | $ (57,205) | $ (498) | $ 24,835 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income: | $ 504 | $ 3,547 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Amortization and depreciation | 162 | 148 |
Share based payment expense | 74 | 165 |
Loss (gain) on foreign exchange rates | 61 | (211) |
Deferred income taxes | 293 | (1,063) |
Bad debt expense | 126 | 115 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (617) | (2,123) |
Prepaid expenses and other current assets | (108) | (140) |
Right of use assets-operating | 519 | 359 |
Other assets | 22 | (228) |
Due to models | (789) | 1,086 |
Lease liabilities-operating | (308) | (337) |
Contract liabilities | (270) | (535) |
Accounts payable and accrued liabilities | (357) | 455 |
Net cash used in operating activities | (688) | 1,238 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (141) | (96) |
Purchase of short term investments | (295) | 0 |
Net cash used in investing activities | (436) | (96) |
Cash flows from financing activities: | ||
Payments on finance leases | (47) | (45) |
Net cash used in financing activities | (47) | (45) |
Foreign currency effect on cash flows: | 46 | (819) |
Net change in cash and cash equivalents: | (1,125) | 278 |
Cash and cash equivalents, beginning of period | 11,998 | 10,251 |
Cash and cash equivalents, end of period | 10,873 | 10,529 |
Supplemental disclosures of cash flow information: | ||
Cash paid for income taxes | $ 65 | $ 16 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1. Basis of Presentation The interim consolidated financial statements included herein have been prepared by Wilhelmina International, Inc. (together with its subsidiaries, "Wilhelmina" or the "Company") without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Although certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to those rules and regulations, all adjustments considered necessary in order to make the consolidated financial statements not misleading have been included. In the opinion of the Company’s management, the accompanying interim unaudited consolidated financial statements reflect all adjustments, of a normal recurring nature, that are necessary for a fair presentation of the Company’s consolidated balance sheets, statements of operations and comprehensive income, statements of shareholders’ equity, and cash flows for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Results of operations for the interim periods are not necessarily indicative of results that may be expected for any other interim periods or the full fiscal year. |
Note 2 - Business Activity
Note 2 - Business Activity | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 2. Business Activity The primary business of Wilhelmina is fashion model management. These business operations are headquartered in New York City. The Company’s predecessor was founded in 1967 by Wilhelmina Cooper, a renowned fashion model, and became one of the oldest, best known and largest fashion model management companies in the world. Since its founding, Wilhelmina has grown to include operations located in Los Angeles, Miami, and London, as well as a network of licensees. Wilhelmina provides traditional, full-service fashion model and talent management services, specializing in the representation and management of models, entertainers, athletes and other talent, to various clients, including retailers, designers, advertising agencies, print and electronic media and catalog companies. |
Note 3 - Foreign Currency Trans
Note 3 - Foreign Currency Translation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Foreign Currency Disclosure [Text Block] | Note 3. Foreign Currency Translation The functional currency of our subsidiary in the United Kingdom is the British Pound. Assets and liabilities are translated into U.S. dollars at the exchange rates in effect at each balance sheet date. Results of operations are translated using the weighted average exchange rates during reporting periods. Related translation adjustments are accumulated in a separate component of shareholders’ equity and transaction gains and losses are recognized in the consolidated statements of operations and comprehensive income when realized. |
Note 4 - Commitments and Contin
Note 4 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 4. Commitments and Contingencies On October 24, 2013, a putative class action lawsuit was brought against the Company by former Wilhelmina model Alex Shanklin and others, including Louisa Raske, Carina Vretman, Grecia Palomares and Michelle Griffin Trotter (the “Shanklin Litigation”), in New York State Supreme Court (New York County) by the same lead counsel who represented plaintiffs in a prior, now-dismissed action brought by Louisa Raske (the “Raske Litigation”). The claims in the Shanklin Litigation initially included breach of contract and unjust enrichment allegations arising out of matters similar to the Raske Litigation, such as the handling and reporting of funds on behalf of models and the use of model images. Other parties named as defendants in the Shanklin Litigation included other model management companies, advertising firms, and certain advertisers. On January 6, 2014, the Company moved to dismiss the Amended Complaint in the Shanklin Litigation for failure to state a claim upon which relief can be granted and other grounds, and other defendants also filed motions to dismiss. On August 11, 2014, the court denied the motion to dismiss as to Wilhelmina and other of the model management defendants. Separately, on March 3, 2014, the judge assigned to the Shanklin Litigation wrote the Office of the New York Attorney General bringing the case to its attention, generally describing the claims asserted therein against the model management defendants, and stating that the case “may involve matters in the public interest.” The judge’s letter also enclosed a copy of his decision in the Raske Litigation, which dismissed that case. Plaintiffs 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 independent contractors, of the model management defendants, and that defendants violated the New York Labor Law in several respects, including, among other things, by allegedly failing to pay the models the minimum wages and overtime pay required thereunder, not maintaining accurate payroll records, and not providing plaintiffs with full explanations of how their wages and deductions therefrom were computed. The Third Amended Complaint seeks certification of the action as a class action, damages in an amount to be determined at trial, plus interest, costs, attorneys’ fees, and such other relief as the court deems proper. On October 6, 2015, Wilhelmina filed a motion to dismiss as to most of the plaintiffs’ claims. The Court entered a decision granting in part and denying in part Wilhelmina’s motion to dismiss on May 26, 2017. The Court (i) dismissed three of the five New York Labor Law causes of action, along with the conversion, breach of the duty of good faith and fair dealing and unjust enrichment causes of action, in their entirety, and (ii) permitted only the breach of contract causes of action, and some plaintiffs’ remaining two New York Labor Law causes of action to continue, within a limited time frame. The plaintiffs and Wilhelmina each appealed, and the decision was affirmed on May 24, 2018. On August 16, 2017, Wilhelmina timely filed its Answer to the Third Amended Complaint. On June 6, 2016, another putative class action lawsuit was brought against the Company by former Wilhelmina model Shawn Pressley and others, including Roberta Little (the “Pressley Litigation”), in New York State Supreme Court (New York County) by the same counsel representing the plaintiffs in the Shanklin Litigation, and asserting identical, although more recent, claims as those in the Shanklin Litigation. The Amended Complaint, asserting essentially the same types of claims as in the Shanklin action, was filed on August 16, 2017. Wilhelmina filed a motion to dismiss the Amended Complaint on September 29, 2017, which was granted in part and denied in part on May 10, 2018. Some New York Labor Law and contract claims remain in the case. Pressley has withdrawn from the case, leaving Roberta Little as the sole remaining named plaintiff in the Pressley Litigation. On July 12, 2019, the Company filed its Answer and Counterclaim against Little. On May 1, 2019, the Plaintiffs in the Shanklin Litigation (except Raske) and the Pressley Litigation filed motions for class certification on their contract claims and the remaining New York Labor Law Claims. On July 12, 2019, Wilhelmina filed its opposition to the motions for class certification and filed a cross-motion for summary judgment against Shanklin, Vretman, Palomares, Trotter and Little, and a motion for summary judgment against Raske. By Order dated May 8, 2020 (the “Class Certification Order”), the Court denied class certification in the Pressley case, denied class certification with respect to the breach of contract and alleged unpaid usage claims, granted class certification as to the New York Labor Law causes of action asserted by Vretman, Palomares, and Trotter, and declined to rule on Wilhelmina’s motions for summary judgment, denying them without prejudice to be re-filed at a later date. Currently the parties are engaging in merits discovery. The Company believes the claims asserted in the Shanklin Litigation and Pressley Litigation are without merit and intends to continue to vigorously defend the actions. Nonetheless, an adverse outcome in either case is at least reasonably possible. However, the Company is presently unable to reasonably estimate the amount or range of possible loss in either case. Therefore, no amount has been accrued as of September 30, 2023 related to these matters. In addition to the legal proceedings disclosed herein, the Company is also engaged in various legal proceedings that are routine in nature and incidental to its business. None of these routine proceedings, either individually or in the aggregate, are believed likely, in the Company's opinion, to have a material adverse effect on its consolidated financial position or its results of operations. |
Note 5 - Income Taxes
Note 5 - Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 5. Income Taxes Generally, the Company’s combined effective tax rate is high relative to reported income before taxes as a result of certain amortization expense and stock based compensation not being deductible and income being attributable to certain states in which it operates. In recent years, the majority of taxes paid by the Company were state and foreign taxes, not U.S. federal taxes. The Company operates in three states which have relatively high tax rates: California, New York, and Florida. Realization of net operating loss carryforwards, foreign tax credits, and other deferred tax temporary differences are contingent upon future taxable earnings. The Company’s deferred tax assets are reviewed for expected utilization by assessing the available positive and negative factors surrounding recoverability, including projected future taxable income, reversal of existing taxable temporary differences, tax-planning strategies, and results of recent operations. A valuation allowance is recorded when it is more likely than not that a deferred tax asset will not be realized. There was no valuation allowance at September 30, 2023. The Company will continue to assess the evidence used to determine the need for a valuation allowance if warranted by changes in estimated future income and other factors. As of September 30, 2023, the Company had no federal income tax loss carryforwards. |
Note 6 - Treasury Shares
Note 6 - Treasury Shares | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | Note 6. Treasury Shares During 2012, the Board of Directors authorized a stock repurchase program whereby the Company could repurchase up to 500,000 shares of its outstanding common stock. During 2013, the Board of Directors renewed and extended the Company’s share repurchase authority to enable it to repurchase up to an aggregate of 1,000,000 shares of common stock. In 2016, the Board of Directors increased by an additional 500,000 shares the number of shares of the Company’s common stock that may be repurchased under its stock repurchase program to an aggregate of 1,500,000 shares. The shares may be repurchased from time to time in the open market or through privately negotiated transactions at prices the Company deems appropriate. The program does not obligate the Company to acquire any particular amount of common stock and may be modified or suspended at any time at the Company’s discretion. From 2012 through September 30, 2023, the Company had repurchased 1,314,694 shares of common stock at an average price of approximately $4.85 per share, for a total of approximately $6.4 million in repurchases under the stock repurchase program. During the first nine months of 2023, no |
Note 7 - Related Parties
Note 7 - Related Parties | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 7. Related Parties The Executive Chairman of the Company, Mark E. Schwarz, is also the chairman, chief executive officer and portfolio manager of Newcastle Capital Management, L.P. (“NCM”). NCM is the general partner of Newcastle Partners L.P. (“Newcastle”), which is the largest shareholder of the Company. The Company’s corporate headquarters are located at the offices of NCM. The Company utilizes NCM facilities on a month-to-month basis at $2.5 thousand per month, pursuant to a services agreement entered into between the parties. The Company incurred expenses pursuant to the services agreement totaling $22.5 thousand for the nine months ended both September 30, 2023 and 2022. The Company did not |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 8. Fair Value Measurements A three-level valuation hierarchy, based upon observable and unobservable inputs, is used for fair value measurements. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions based on the best evidence available. These two types of inputs create the following fair value hierarchy: ● Level 1 – Quoted prices for identical instruments in active markets ● Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose significant inputs are observable ● Level 3 – Instruments with model-derived valuations whose significant inputs are unobservable Cash and cash equivalents include cash on hand, cash in banks, and short-term, highly liquid investments with maturities of three months or less. Short-term investments with maturities over three and up to twelve months are recorded in Short-term investments on the Condensed Consolidated Balance Sheets. The following table presents the fair value of the Company’s cash and cash equivalents and short-term investments and their corresponding level within the fair value hierarchy: (in thousands) September 30, 2023 December 31, 2022 Level Amount Level Amount Cash and cash equivalents Cash $ 7,396 $ 11,998 Money market funds 1 3,003 - United States Treasury securities 1 474 - Total $ 10,873 $ 11,998 Short-term investments United States Treasury securities 1 $ 295 - Total $ 295 - Total cash and cash equivalents and short term investments $ 11,168 $ 11,998 As of December 31, 2022 and September 30, 2023, the fair value of cash equivalents and short-term investments approximated their cost. |
Note 8 - Fair Value Measureme_2
Note 8 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | (in thousands) September 30, 2023 December 31, 2022 Level Amount Level Amount Cash and cash equivalents Cash $ 7,396 $ 11,998 Money market funds 1 3,003 - United States Treasury securities 1 474 - Total $ 10,873 $ 11,998 Short-term investments United States Treasury securities 1 $ 295 - Total $ 295 - Total cash and cash equivalents and short term investments $ 11,168 $ 11,998 |
Note 6 - Treasury Shares (Detai
Note 6 - Treasury Shares (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | 12 Months Ended | 141 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2016 | Sep. 30, 2023 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,500,000 | 1,000,000 | 500,000 | ||
Stock Repurchase Program, Additional Shares Authorized (in shares) | 500,000 | ||||
Treasury Stock, Shares, Acquired (in shares) | 0 | 1,314,694 | |||
Shares Acquired, Average Cost Per Share (in dollars per share) | $ 4.85 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 6.4 |
Note 7 - Related Parties (Detai
Note 7 - Related Parties (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Services Agreements [Member] | |||
Related Party Transaction, Monthly Rent | $ 2,500 | ||
Lessee, Operating Lease, Liability, to be Paid | $ 0 | ||
Related Party [Member] | |||
Operating Lease, Expense | $ 22,500 | $ 22,500 |
Note 8 - Fair Value Measureme_3
Note 8 - Fair Value Measurements - Schedule of Fair Value Asset Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | $ 10,873 | $ 11,998 |
Short-term investments | 295 | 0 |
Total cash and cash equivalents and short term investments | 11,168 | 11,998 |
Cash [Member] | ||
Cash and cash equivalents | 7,396 | 11,998 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 3,003 | 0 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 474 | 0 |
Short-term investments | $ 295 | $ 0 |