Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 08, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | NOVATION COMPANIES, INC. | |
Entity Central Index Key | 0001025953 | |
Trading Symbol | novc | |
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) | 101,303,893 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 5,198 | $ 9,249 |
Accounts and unbilled receivables | 6,405 | 6,122 |
Prepaid expenses | 590 | 350 |
Other | 42 | 131 |
Total current assets | 12,235 | 15,852 |
Non-current assets: | ||
Goodwill | 8,205 | 8,205 |
Intangible assets, net | 6,679 | 6,978 |
Operating lease right-of-use asset | 180 | |
Other | 96 | 95 |
Total non-current assets | 15,160 | 15,278 |
Total assets | 27,395 | 31,130 |
Current liabilities: | ||
Accounts payable and accrued expenses | 676 | 670 |
Accrued compensation and benefits payable | 3,071 | 2,731 |
Borrowings under revolving line of credit | 1,948 | |
Operating lease liability | 83 | |
Accrued interest payable | 1,338 | 1,295 |
Accrued claim settlements | 246 | 459 |
Other | 16 | 35 |
Total current liabilities | 5,430 | 7,138 |
Non-current liabilities: | ||
Long-term debt | 85,938 | 85,969 |
Accrued claim settlements | 492 | 553 |
Operating lease liability | 103 | |
Other | 261 | 426 |
Total non-current liabilities | 86,794 | 86,948 |
Total liabilities | 92,224 | 94,086 |
Shareholders' deficit: | ||
Common stock, $.01 par value per share, 780,000,000 shares authorized: 101,577,893 and 99,137,893 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively | 1,016 | 991 |
Additional paid-in capital | 745,149 | 745,104 |
Accumulated deficit | (810,994) | (809,050) |
Accumulated other comprehensive income (loss) | (1) | |
Total shareholders' deficit | (64,829) | (62,956) |
Total liabilities and shareholders' deficit | $ 27,395 | $ 31,130 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 780,000,000 | 780,000,000 |
Common stock, issued (in shares) | 101,577,893 | 99,137,893 |
Common stock, outstanding (in shares) | 101,577,893 | 99,137,893 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Service fee income | $ 15,854 | $ 13,220 |
Cost and expenses: | ||
Cost of services | 14,097 | 11,725 |
General and administrative expenses | 2,258 | 2,261 |
Operating loss | (501) | (766) |
Interest income - mortgage securities | 462 | |
Other income (expense) | (19) | 1,014 |
Interest expense | (1,381) | (1,203) |
Reorganization items, net | (31) | (139) |
Loss before income taxes | (1,932) | (632) |
Income tax benefit | (7) | (15) |
Net loss | (1,925) | (617) |
Other comprehensive loss: | ||
Reclassification gain on marketable securities included in net income | (975) | |
Unrealized gain (loss) on marketable securities | 1 | (2,413) |
Total other comprehensive income (loss) | 1 | (3,388) |
Total comprehensive loss | $ (1,924) | $ (4,005) |
Loss per share: | ||
Basic (in dollars per share) | $ (0.02) | $ (0.01) |
Diluted (in dollars per share) | $ (0.02) | $ (0.01) |
Weighted average common shares outstanding: | ||
Basic (in shares) | 94,970,561 | 93,232,402 |
Diluted (in shares) | 94,970,561 | 93,232,402 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Deficit (unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2017 | $ 971 | $ 744,937 | $ (815,184) | $ 11,394 | $ (57,882) |
Compensation recognized under stock compensation plans | 46 | 46 | |||
Net loss | (617) | (617) | |||
Other comprehensive income | (3,388) | (3,388) | |||
Balance at Mar. 31, 2018 | 971 | 744,983 | (815,801) | 8,006 | (61,841) |
Balance at Dec. 31, 2018 | 991 | 745,104 | (809,050) | (1) | (62,956) |
Issuances of nonvested shares | 25 | (25) | |||
Compensation recognized under stock compensation plans | 70 | 70 | |||
Net loss | (1,925) | (1,925) | |||
Adjustment to retained earnings for adoption of accounting standard | (19) | (19) | |||
Other comprehensive income | 1 | 1 | |||
Balance at Mar. 31, 2019 | $ 1,016 | $ 745,149 | $ (810,994) | $ (64,829) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (1,925) | $ (617) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Accretion of marketable securities, net | (48) | |
Amortization of intangible assets | 299 | 298 |
Amortization of prepaid expenses | 293 | 87 |
Realized gain on marketable securities | (975) | |
Depreciation expense | 7 | 112 |
Lease expense | (13) | |
Compensation recognized under stock compensation plans | 70 | 46 |
Changes in operating assets and liabilities, net of acquisition: | ||
Accounts and unbilled receivables | (283) | 2,097 |
Accounts payable and accrued expenses | (268) | (591) |
Accrued compensation and benefits payable | 340 | (792) |
Accrued interest payable | 43 | 54 |
Other current assets and liabilities, net | (462) | 479 |
Other noncurrent assets and liabilities, net | (166) | (386) |
Net cash used in operating activities | (2,065) | (236) |
Cash flows from investing activities: | ||
Proceeds from sales and maturities of marketable securities | 975 | |
Purchase of property and equipment | (7) | |
Net cash provided by (used in) investing activities | (7) | 975 |
Cash flows from financing activities: | ||
Borrowings under revolving line of credit | 8,685 | 14,135 |
Repayments of borrowings under revolving line of credit | (10,633) | (15,306) |
Paydowns of long-term debt | (31) | (76) |
Net cash used in financing activities | (1,979) | (1,247) |
Net decrease in cash and cash equivalents | (4,051) | (508) |
Cash and cash equivalents, beginning of period | 9,249 | 2,740 |
Cash and cash equivalents, end of period | 5,198 | 2,232 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 1,353 | 1,050 |
Cash paid for reorganization items | $ 639 |
Note 1 - Condensed Consolidated
Note 1 - Condensed Consolidated Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1. Description of Operations – July 27, 2017, 2018. 2018 $13 $0.01 Liquidity and Going Concern – three March 31, 2019 1.9 2.1 March 31, 2019 64.8 5.2 92.2 5.2 1.0 3.5% March 30, 2033. $1.3 After engaging major investment firms to evaluate the marketplace for its mortgage securities, the Company executed trades to sell all of its mortgage securities during 2018. $13.0 December 31, 2018, $12.9 no not not As a result of the foregoing, the Company's cash position is not one May 13, 2019 no not Condensed Consolidated Financial Statement Presentation – The Company's condensed consolidated financial statements are unaudited. In the opinion of management, all necessary adjustments have been made, which were of a normal and recurring nature, for a fair presentation of the condensed consolidated financial statements. The Company's condensed consolidated financial statements should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations included herein and the consolidated financial statements of the Company and the notes thereto included in the Company's Annual Report on Form 10 December 31, 2018 2018 10 Recent Accounting Pronouncements Adopted in 2019 February 2016, 842, Leases No. 2016 02, 842 No. 2018 01, 842; No. 2018 10, 842, No. 2018 11, 12 No. 2016 02 6 |
Note 2 - Reorganization
Note 2 - Reorganization | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Reorganization under Chapter 11 of US Bankruptcy Code Disclosure [Text Block] | Note 2. On July 20, 2016, three 2114 11 one 1121 June 12, 2017, July 27, 2017 September 25, 2017, 2114 December 22, 2017, 11 December 26, 2017 February 16, 2018 April 11, 2018, April 19, 2019, The Company incurred significant costs in 2016 2017 11 2017. three March 31, 2019 March 31, 2018 $0.03 $0.1 |
Note 3 - Revenue; Accounts and
Note 3 - Revenue; Accounts and Unbilled Receivables | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3. Staffing services include the augmentation of customers' workforce with our contingent employees performing services under the customer's supervision, which provides our customers with a source of flexible labor at a competitive cost. Customer contracts are typically annual contracts but may 60 The Company recognizes revenue when control of the promised services is transferred to customers and for the amount that reflects the consideration we are entitled to receive in exchange for those services. Furthermore, revenue is recognized over time based on a fixed amount for each hour of staffing service provided as our customers benefit from our services and as we provide them. Performance Obligations — not not no Contract Balances — two not Disaggregation of Revenue — Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Type of Customer CSB $ 15,255 96.2 % $ 12,744 96.4 % Other 599 3.8 % 476 3.6 % Total $ 15,854 100.0 % $ 13,220 100.0 % Accounts and unbilled receivables are summarized as follows, in thousands: March 31, 2019 (unaudited) December 31, 2018 Accounts receivable $ 3,953 $ 3,952 Unbilled receivables (Contract Assets) 2,452 2,170 Total $ 6,405 $ 6,122 As of March 31, 2019 December 31, 2018 no three March 31, 2019 50% three three March 31, 2018 34% two March 31, 2019 March 31, 2018 48% 43% three March 31, 2019 March 31, 2018 95% 92% 14 |
Note 4 - Marketable Securities
Note 4 - Marketable Securities | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 4. Prior to 2018, 2018, 33 $13.0 $12.9 33 no 2018 $0.3 As part of the mortgage securitization process, the Company owned the mortgage servicing rights on the mortgage loans in each securitization deal. These servicing rights were sold to a third October 12, 2007 third 2007 10 2018. no no See Note 9 |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5. March 31, 2019 (unaudited) December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived assets (in thousands) Goodwill $ 8,205 $ - $ 8,205 $ 8,205 $ - $ 8,205 Tradenames 1,147 - 1,147 1,147 - 1,147 $ 9,352 $ - $ 9,352 $ 9,352 $ - $ 9,352 Finite-lived assets (in thousands) Customer relationships $ 6,895 $ 1,642 $ 5,253 $ 6,895 $ 1,395 $ 5,500 Non-compete agreement 627 348 279 627 296 331 $ 7,522 $ 1,990 $ 5,532 $ 7,522 $ 1,691 $ 5,831 Amortization expense (unaudited, in thousands) Three Months Ended March 31, 2019 $ 299 Estimated future amortization expense (unaudited, in thousands) 2019 $ 895 2020 1,107 2021 985 2022 985 Thereafter 1,560 Total estimated amortization expense $ 5,532 |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 6. We adopted ASU No. 2016 02—Leases 842 January 1, 2019, not not Adoption of the new standard resulted in the recording of an additional net operating lease right-of-use asset and operating lease liability of approximately $ 0.2 January 1, 2019. not no not Our leases consist primarily of office space. Leases with an initial term of 12 not Most leases include one one three not three March 31, 2019 0.04 million. As our leases do not Maturities of lease liabilities were as follows (in thousands): March 31, 2019 (unaudited) Remaining 2019 $ 74 2020 73 2021 52 Thereafter 3 Total $ 202 Less interest 16 Present value of lease liabilities $ 186 Other information related to the Company's operating leases was as follows (in thousands): March 31, 2019 (unaudited) Supplemental Cash Flow Information Operating cash flows from leases $ (13 ) Lease Term and Discount Rate Weighted average remaining lease term (years) 1.47 Weighted average discount rate 6.75 % |
Note 7 - Borrowings
Note 7 - Borrowings | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 7. Revolving Credit Agreement — December 31, 2018 1.9 $5,000,000. February 2018. 1.25%. November 17, 2018, one not not February 2019 Note Refinancing and 2017 $85.9 three "2017 2017 3.5% March 30, 2033. 2017 may 30 2017 101% 2017 July 27, 2017 The Note Purchase Agreement contains customary affirmative and negative covenants, including but not not may, 2017 first 2017 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 8. Contingencies — 2016, 2006 third 1997 2007, third $43.1 not third may not no not 2010. Historically, repurchases of loans or indemnification of losses where a loan defect has been alleged have been insignificant and any future losses for alleged loan defects have not no not not not 2007, not Pending Litigation — Although it is not not, not not one On May 21, 2008, June 16, 2009, 11, 12 15 1933, August 31, 2009, March 31, 2011, second May 16, 2011, March 29, 2012, second March 1, 2013, not April 23, 2013 five not February 5, 2015, March 8, 2017, May 10, 2017. not no October 19, 2018 March 7, 2019 March 8, 2019, March 26, 2019. no not On June 20, 2011, August 24, 2012, September 12, 2013. August 27, 2013, 12 §1787 14 June 16, 2014, 134 2175 2014 August 19, 2014, October 2, 2014, March 22, 2016, not On February 28, 2013, 2007 1 not June 28, 2013. June 24, 2013, 43 43 $6.5 August 19, 2013, seven 43 October 9, 2013, This motion to dismiss was withdrawn after plaintiff filed an amended complaint on January 28, 2014, March 4, 2014, November 30, 2017, The parties have reached a settlement of this matter. On October 25, 2018, November 19, 2018, $0.3 March 1, 2019. three $0.3 second 2018 DB Structured Products, Inc., Deutsche Bank AG, Deutsche Bank National Trust Company, Deutsche Bank Securities Inc., Greenwich Capital Derivatives, Inc., RBS Acceptance Inc., RBS Financial Products Inc., RBS Securities Inc., The Royal Bank of Scotland PLC, Wachovia Investment Holdings, LLC, Wells Fargo & Company, Wells Fargo Advisors, LLC, Wells Fargo Bank, N.A. and Wells Fargo Securities, LLC (collectively, the “Indemnity Claimants”) filed proofs of claim in the Company’s bankruptcy case asserting the right to be indemnified by the Company for, and/or to receive contribution from the company in respect of, certain liabilities incurred as a result of their roles in the issuance of residential mortgage-backed securities sponsored by the Company. The Company filed an objection in the bankruptcy case seeking to disallow and expunge the Indemnity Claimants’ proofs of claim. The Indemnity Claimants’ claims were not not The parties have reached a settlement in this matter, which was approved by the court on November 29, 2018. $0.5 December 21, 2018. three $0.4 second 2018 |
Note 9 - Fair Value Accounting
Note 9 - Fair Value Accounting | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 9. Fair Value Measurements — two • Level 1 • Level 2 1 • Level 3 no The following table provides the estimated fair value of financial instruments and presents amounts that have been determined using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not not The estimated fair values of the Company's financial instruments are (in thousands): March 31, 2019 (unaudited) December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Equity securities (Level 1) $ 2 $ 2 $ 1 $ 1 Financial liabilities: Senior notes (Level 3) $ 85,938 $ 23,828 $ 85,938 $ 24,659 The equity securities are valued based on quoted market prices and are included in other current assets on the condensed consolidated balance sheets. The senior notes in the table above are not 3 no No Senior Notes three 3.5% March 2033. three |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10. Prior to 2017, no not March 31, 2019 December 31, 2018 $ 164.4 164.0 may 0% not As of March 31, 2019 $ 729.6 $ 250.3 not may not 2025 2037 2017, 2017 2018 not not 19.9 may 2017 2004. may 2024 2037 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Liquidity and Going Concern [Policy Text Block] | Liquidity and Going Concern – three March 31, 2019 1.9 2.1 March 31, 2019 64.8 5.2 92.2 5.2 1.0 3.5% March 30, 2033. $1.3 After engaging major investment firms to evaluate the marketplace for its mortgage securities, the Company executed trades to sell all of its mortgage securities during 2018. $13.0 December 31, 2018, $12.9 no not not As a result of the foregoing, the Company's cash position is not one May 13, 2019 no not |
Consolidation, Policy [Policy Text Block] | Condensed Consolidated Financial Statement Presentation – The Company's condensed consolidated financial statements are unaudited. In the opinion of management, all necessary adjustments have been made, which were of a normal and recurring nature, for a fair presentation of the condensed consolidated financial statements. The Company's condensed consolidated financial statements should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations included herein and the consolidated financial statements of the Company and the notes thereto included in the Company's Annual Report on Form 10 December 31, 2018 2018 10 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Adopted in 2019 February 2016, 842, Leases No. 2016 02, 842 No. 2018 01, 842; No. 2018 10, 842, No. 2018 11, 12 No. 2016 02 6 |
Note 3 - Revenue; Accounts an_2
Note 3 - Revenue; Accounts and Unbilled Receivables (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Type of Customer CSB $ 15,255 96.2 % $ 12,744 96.4 % Other 599 3.8 % 476 3.6 % Total $ 15,854 100.0 % $ 13,220 100.0 % |
Contract with Customer, Asset and Liability [Table Text Block] | March 31, 2019 (unaudited) December 31, 2018 Accounts receivable $ 3,953 $ 3,952 Unbilled receivables (Contract Assets) 2,452 2,170 Total $ 6,405 $ 6,122 |
Note 5 - Goodwill and Intangi_2
Note 5 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | March 31, 2019 (unaudited) December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived assets (in thousands) Goodwill $ 8,205 $ - $ 8,205 $ 8,205 $ - $ 8,205 Tradenames 1,147 - 1,147 1,147 - 1,147 $ 9,352 $ - $ 9,352 $ 9,352 $ - $ 9,352 Finite-lived assets (in thousands) Customer relationships $ 6,895 $ 1,642 $ 5,253 $ 6,895 $ 1,395 $ 5,500 Non-compete agreement 627 348 279 627 296 331 $ 7,522 $ 1,990 $ 5,532 $ 7,522 $ 1,691 $ 5,831 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Amortization expense (unaudited, in thousands) Three Months Ended March 31, 2019 $ 299 Estimated future amortization expense (unaudited, in thousands) 2019 $ 895 2020 1,107 2021 985 2022 985 Thereafter 1,560 Total estimated amortization expense $ 5,532 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | March 31, 2019 (unaudited) Remaining 2019 $ 74 2020 73 2021 52 Thereafter 3 Total $ 202 Less interest 16 Present value of lease liabilities $ 186 |
Operating Lease, Other Information [Table Text Block] | March 31, 2019 (unaudited) Supplemental Cash Flow Information Operating cash flows from leases $ (13 ) Lease Term and Discount Rate Weighted average remaining lease term (years) 1.47 Weighted average discount rate 6.75 % |
Note 9 - Fair Value Accounting
Note 9 - Fair Value Accounting (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2019 (unaudited) December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Equity securities (Level 1) $ 2 $ 2 $ 1 $ 1 Financial liabilities: Senior notes (Level 3) $ 85,938 $ 23,828 $ 85,938 $ 24,659 |
Note 1 - Condensed Consolidat_2
Note 1 - Condensed Consolidated Financial Statement Presentation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||
Net Income (Loss) Attributable to Parent, Total | $ (1,925) | $ (617) | ||
Net Cash Provided by (Used in) Operating Activities, Total | (2,065) | (236) | ||
Stockholders' Equity Attributable to Parent, Ending Balance | (64,829) | (61,841) | $ (62,956) | $ (57,882) |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 5,198 | 9,249 | ||
Liabilities, Total | 92,224 | 94,086 | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 1,353 | $ 1,050 | ||
London Interbank Offered Rate (LIBOR) [Member] | Senior Notes [Member] | The 2017 Notes [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | 3.50% | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 1,300 | |||
NovaStar Mortgage LLC [Member] | ||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 1,000 | |||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
Proceeds from Sale of Debt Securities, Available-for-sale | 13,000 | |||
Debt Securities, Available-for-sale, Realized Gain | $ 12,900 |
Note 2 - Reorganization (Detail
Note 2 - Reorganization (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reorganization Items, Total | $ 31 | $ 139 |
Note 3 - Revenue; Accounts an_3
Note 3 - Revenue; Accounts and Unbilled Receivables (Details Textual) $ in Thousands | 3 Months Ended | 15 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2018 | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Customer Contracts, Notice of Termination Period | 60 days | |||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 0 | $ 0 | $ 0 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Number of Major Customers | 3 | 2 | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Three Customers [Member] | ||||
Concentration Risk, Percentage | 50.00% | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customers [Member] | ||||
Concentration Risk, Percentage | 34.00% | |||
Customer Concentration Risk [Member] | Accounts and Unbilled Receivables [Member] | Three Non-CSB Customers [Member] | ||||
Concentration Risk, Percentage | 48.00% | 43.00% | ||
Customer Concentration Risk [Member] | Accounts and Unbilled Receivables [Member] | Non-CSB Customers [Member] | ||||
Number of Major Customers | 3 | 3 | ||
Customer Concentration Risk [Member] | Accounts and Unbilled Receivables [Member] | Fourteen CSB Customers [Member] | ||||
Concentration Risk, Percentage | 95.00% | 92.00% | ||
Customer Concentration Risk [Member] | Accounts and Unbilled Receivables [Member] | CSB Customers [Member] | ||||
Number of Major Customers | 14 | 14 |
Note 3 - Revenue; Accounts an_4
Note 3 - Revenue; Accounts and Unbilled Receivables - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Financial services revenue, amount | $ 15,854 | $ 13,220 |
Financial services revenue, percentage (Rate) | 100.00% | 100.00% |
CSB Customers [Member] | ||
Financial services revenue, amount | $ 15,255 | $ 12,744 |
Financial services revenue, percentage (Rate) | 96.20% | 96.40% |
Non-CSB Customers [Member] | ||
Financial services revenue, amount | $ 599 | $ 476 |
Financial services revenue, percentage (Rate) | 3.80% | 3.60% |
Note 3 - Revenue; Accounts an_5
Note 3 - Revenue; Accounts and Unbilled Receivables - Accounts and Unbilled Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts receivable | $ 3,953 | $ 3,952 |
Unbilled receivables (Contract Assets) | 2,452 | 2,170 |
Total | $ 6,405 | $ 6,122 |
Note 4 - Marketable Securities
Note 4 - Marketable Securities (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | $ 300 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |
Number of Debt Securities Unsold | 33 |
Proceeds from Sale of Debt Securities, Available-for-sale | $ 13,000 |
Debt Securities, Available-for-sale, Realized Gain | 12,900 |
Debt Securities, Available-for-sale, Total | $ 0 |
Note 5 - Goodwill and Intangi_3
Note 5 - Goodwill and Intangible Assets - Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Goodwill | $ 8,205 | $ 8,205 |
Tradenames | 1,147 | 1,147 |
Indefinite-lived assets | 9,352 | 9,352 |
Finite-lived intangible assets, gross | 7,522 | 7,522 |
Finite-lived intangible assets, accumulated amortization | 1,990 | 1,691 |
Finite-lived intangible assets, net | 5,532 | 5,831 |
Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 6,895 | 6,895 |
Finite-lived intangible assets, accumulated amortization | 1,642 | 1,395 |
Finite-lived intangible assets, net | 5,253 | 5,500 |
Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross | 627 | 627 |
Finite-lived intangible assets, accumulated amortization | 348 | 296 |
Finite-lived intangible assets, net | $ 279 | $ 331 |
Note 5 - Goodwill and Intangi_4
Note 5 - Goodwill and Intangible Assets - Estimated Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Three Months Ended March 31, 2019 | $ 299 | $ 298 |
2019 | 895 | |
2020 | 1,107 | |
2021 | 985 | |
2022 | 985 | |
Thereafter | 1,560 | |
Total estimated amortization expense | $ 5,532 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Operating Lease, Right-of-Use Asset | $ 180 | $ 200 | |
Operating Lease, Expense | 40 | ||
Operating Lease, Liability, Total | $ 186 | $ 200 | |
Minimum [Member] | |||
Lessee, Operating Lease, Renewal Term | 1 year | ||
Maximum [Member] | |||
Lessee, Operating Lease, Renewal Term | 3 years |
Note 6 - Leases - Maturities of
Note 6 - Leases - Maturities of lease liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Remaining 2019 | $ 74 | |
2020 | 73 | |
2021 | 52 | |
Thereafter | 3 | |
Total | 202 | |
Less interest | 16 | |
Present value of lease liabilities | $ 186 | $ 200 |
Note 6 - Leases - Operating Lea
Note 6 - Leases - Operating Lease Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Lease expense | $ (13) | |
Weighted average remaining lease term (years) (Year) | 1 year 171 days | |
Weighted average discount rate | 6.75% |
Note 7 - Borrowings (Details Te
Note 7 - Borrowings (Details Textual) - USD ($) | Nov. 17, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Line of Credit, Current | $ 1,948,000 | ||||
Debt Instrument, Term | 1 year | ||||
Post-modification Notes [Member] | Senior Notes [Member] | |||||
Debt Instrument, Face Amount | $ 85,900,000 | ||||
Post-modification Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | Senior Notes [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||
The 2017 Notes [Member] | Senior Notes [Member] | |||||
Debt Instrument, Redemption Notice, Number Of Days | 30 days | ||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 101.00% | ||||
The 2017 Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | Senior Notes [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | 3.50% | |||
Revolving Credit Facility [Member] | White Oak Credit Agreement [Member] | |||||
Line of Credit, Current | 1,900,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | ||||
Revolving Credit Facility [Member] | White Oak Credit Agreement [Member] | Prime Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Details Textual) $ in Millions | Mar. 01, 2019USD ($) | Dec. 21, 2018USD ($) | Nov. 29, 2018USD ($) | Oct. 25, 2018 | Jun. 24, 2013USD ($) | Dec. 31, 2007USD ($) |
NovaStar Mortgage Funding Trust Case [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Number of Loans | 43 | |||||
Loans Summoned in Litigation Case | $ 6.5 | |||||
Payments for Legal Settlements | $ 0.3 | |||||
Settlement Period for Quarterly Payments | 3 years | |||||
Loss Contingency Accrual, Ending Balance | $ 0.3 | |||||
Indemnity Claimants’ Claims [Member] | ||||||
Settlement Period for Quarterly Payments | 3 years | |||||
Loss Contingency Accrual, Ending Balance | $ 0.4 | |||||
Litigation Settlement, Amount Awarded to Other Party | $ 0.5 | |||||
Claims to Repurchase Securitized Loans [Member] | ||||||
Principal Amount Outstanding on Loans Securitized or Asset-backed Financing Arrangement | $ 43,100 |
Note 9 - Fair Value Accountin_2
Note 9 - Fair Value Accounting (Details Textual) | 3 Months Ended |
Mar. 31, 2019 | |
Post-modification Notes [Member] | Senior Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 3.50% |
Note 9 - Fair Value Accountin_3
Note 9 - Fair Value Accounting - Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity securities (Level 1) | $ 2 | $ 1 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Senior notes (Level 3) | 85,938 | 85,938 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity securities (Level 1) | 2 | 1 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Senior notes (Level 3) | $ 23,828 | $ 24,659 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 0.00% |
Operating Loss Carryforwards, Total | $ 729.6 |
Operating Loss Carryforwards, Mortgage Securities | 250.3 |
Operating Loss Carryforwards with No Expiration | $ 19.9 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2025 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2037 |
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2017 |