Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 17, 2020 | Jun. 30, 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 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) | 114,655,893 | ||
Entity Public Float | $ 1,961,807 | ||
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(g) 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 | $ 2,032 | $ 9,249 |
Accounts and unbilled receivables | 6,583 | 6,122 |
Prepaid expenses | 647 | 350 |
Other | 21 | 131 |
Total current assets | 9,283 | 15,852 |
Non-current assets: | ||
Goodwill | 3,905 | 8,205 |
Intangible assets, net | 5,784 | 6,978 |
Property and equipment, net | 125 | 91 |
Operating lease right-of-use asset | 316 | |
Other | 4 | 4 |
Total non-current assets | 10,134 | 15,278 |
Total assets | 19,417 | 31,130 |
Current liabilities: | ||
Accounts payable and current maturities of long-term debt | 524 | 670 |
Accrued compensation and benefits payable | 2,717 | 2,731 |
Health and wellness program liability | 492 | |
Borrowings under revolving line of credit | 1,948 | |
Operating lease liability | 205 | |
Accrued interest payable | 1,295 | |
Accrued claim settlements | 246 | 459 |
Other | 36 | 35 |
Total current liabilities | 4,220 | 7,138 |
Non-current liabilities: | ||
Long-term debt, including debt premium | 86,824 | 85,969 |
Accrued claim settlements | 307 | 553 |
Operating lease liability | 125 | |
Other | 426 | |
Total non-current liabilities | 87,256 | 86,948 |
Total liabilities | 91,476 | 94,086 |
Shareholders' deficit: | ||
Common stock, $.01 par value per share, 780,000,000 shares authorized: 110,303,893 and 99,137,893 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively | 1,123 | 991 |
Additional paid-in capital | 746,112 | 745,104 |
Accumulated deficit | (819,294) | (809,050) |
Accumulated other comprehensive income (loss) | (1) | |
Total shareholders' deficit | (72,059) | (62,956) |
Total liabilities and shareholders' deficit | $ 19,417 | $ 31,130 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 780,000,000 | 780,000,000 |
Common stock, shares issued (in shares) | 112,355,893 | 99,137,893 |
Common stock, shares outstanding (in shares) | 112,355,893 | 99,137,893 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Service fee income | $ 63,474 | $ 55,126 |
Cost and expenses: | ||
Cost of services | 56,483 | 48,149 |
General and administrative expenses | 8,345 | 8,089 |
Goodwill impairment | 4,300 | 0 |
Operating loss | (5,654) | (1,112) |
Interest income - mortgage securities | 1,133 | |
Impairment on mortgage securities | (325) | |
Gains on sales of investments | 12,881 | |
Other income | 39 | 411 |
Interest expense | (4,522) | (5,279) |
Reorganization items, net | (63) | (1,864) |
Income (loss) before income taxes | (10,200) | 5,845 |
Income tax expense (benefit) | 25 | (289) |
Net income (loss) | (10,225) | 6,134 |
Other comprehensive loss: | ||
Reclassification gain on marketable securities included in net income | (12,881) | |
Unrealized gains on marketable securities | 1 | 1,486 |
Total other comprehensive income (loss) | 1 | (11,395) |
Total comprehensive loss | $ (10,224) | $ (5,261) |
Earnings (loss) per share: | ||
Basic (in dollars per share) | $ (0.10) | $ 0.07 |
Diluted (in dollars per share) | $ (0.10) | $ 0.06 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 100,472,515 | 93,961,799 |
Diluted (in shares) | 100,472,515 | 94,470,057 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Deficit - 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) |
Issuances and cancellations of nonvested stock | 20 | (20) | |||
Compensation recognized under stock compensation plans | 187 | 187 | |||
Net income (loss) | (6,134) | (6,134) | |||
Other comprehensive income (loss) | (11,395) | (11,395) | |||
Net income | 6,134 | 6,134 | |||
Balance at Dec. 31, 2018 | 991 | 745,104 | (809,050) | (1) | (62,956) |
Issuances and cancellations of nonvested stock | 42 | (42) | |||
Common stock granted in debt restructure | 90 | (90) | |||
Common stock and common stock warrants granted in debt restructure | 916 | 916 | |||
Compensation recognized under stock compensation plans | 224 | 224 | |||
Net income (loss) | 10,225 | 10,225 | |||
Adjustment to retained earnings for adoption of accounting standard | (19) | (19) | |||
Other comprehensive income (loss) | 1 | 1 | |||
Net income | (10,225) | (10,225) | |||
Balance at Dec. 31, 2019 | $ 1,123 | $ 746,112 | $ (819,294) | $ (72,059) |
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 income | $ (10,225) | $ 6,134 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Accretion of marketable securities, net | (76) | |
Impairment on mortgage securities | 325 | |
Amortization of intangible assets | 1,194 | 1,194 |
Amortization of debt discount | 1,262 | |
Realized gain on marketable securities | (12,881) | |
Settlement claims | 1,012 | |
Depreciation expense | 27 | 334 |
Loss on disposal of fixed assets | 9 | |
Lease expense | (5) | |
Goodwill impairment | 4,300 | 0 |
Compensation recognized under stock compensation plans | 224 | 187 |
Changes in operating assets and liabilities: | ||
Accounts and unbilled receivables | (461) | 1,800 |
Accounts payable and accrued expenses | (146) | (2,012) |
Accrued compensation and benefits payable | (14) | (1,482) |
Accrued health and wellness program payable | 492 | |
Accrued interest payable | (754) | 245 |
Accrued claim settlements | (459) | |
Other current assets and liabilities, net | (186) | 128 |
Other noncurrent assets and liabilities, net | (426) | 36 |
Net cash used in operating activities | (5,168) | (5,056) |
Cash flows from investing activities: | ||
Proceeds from sales and maturities of marketable securities | 13,031 | |
Purchase of property and equipment | (96) | |
Proceeds from sale of property and equipment | 26 | |
Net cash provided by (used in) investing activities | (70) | 13,031 |
Cash flows from financing activities: | ||
Borrowings under revolving line of credit | 8,685 | 55,537 |
Repayments of borrowings under revolving line of credit | (10,633) | (56,922) |
Paydowns of long-term debt | (31) | (81) |
Net cash used in financing activities | (1,979) | (1,466) |
Net increase (decrease) in cash and cash equivalents | (7,217) | 6,509 |
Cash and cash equivalents, beginning of period | 9,249 | 2,740 |
Cash and cash equivalents, end of period | 2,032 | 9,249 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 4,030 | 5,034 |
Cash paid for reorganization items | 94 | 1,175 |
Cash paid for income taxes, net | 30 | 75 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Issuance of common stock in restructure of debt (Note 8) | 311 | |
Issuance of common stock warrants in restructure of debt (Note 8) | $ 605 |
Note 1 - Basis of Presentation,
Note 1 - Basis of Presentation, Business Plan and Liquidity | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1. Description of Operations July 27, 2017, $0.01 Liquidity and Going Concern 2019 10.2 5.2 December 31, 2019 72.1 2.0 91.5 2.0 0.7 . From January 2019 August 2019, 3.5% March 30, 2033, Management continues to work toward expanding HCS’s customer base by increasing revenue from existing customers, looking at methods to reduce overall operating costs, both at HCS and the corporate level, and targeting new customers that have not 8 2019 not August 2019 March 2022, As discussed, the Amendment to the Note Purchase Agreement and waiver of interest payments through April 2022, 19 no not one Financial Statement Presentation. |
Note 2 - Reorganization
Note 2 - Reorganization | 12 Months Ended |
Dec. 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 On September 25, 2017, 2114 December 22, 2017, 11 December 26, 2017 February 16, 2018 April 11, 2018, April 19, 2019, July 16, 2019, Reorganization and bankruptcy-related expenses for the twelve December 31, 2019 December 31, 2018 0.06 1.9 |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting and Reporting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 3. Cash and Cash Equivalents. three four $250,000. 1.4 December 31, 2019 Accounts and Unbilled Receivables. not Goodwill and Indefinite-Lived Intangible Assets. not second Impairment of Long-Lived Intangible Assets with Finite Lives. may not Revenue and Cost Recognition - not not no Income Taxes. $ 166.5 164.0 December 31, 2019 2018 not not not 50%. Under the income tax guidance, companies are required to identify and consider all available evidence, both positive and negative, in determining whether it is more likely than not not not not The weight given to the potential effect of negative and positive evidence should be commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is required to support a conclusion that a valuation allowance is not not not The Company examines and weighs all available evidence (both positive and negative and both historical and forecasted) in the process of determining whether it is more likely than not not not If a valuation allowance is necessary, the Company considers all sources of taxable income in determining the amount of valuation allowance to be recorded. Sources of taxable income identified in the income tax guidance include the following: 1 2 3 4 The Company currently evaluates estimates of uncertainty in income taxes based upon a framework established in the income tax accounting guidance. The guidance prescribes a recognition threshold and measurement standard for the recognition and measurement of tax positions taken or expected to be taken in a tax return. In accordance with the guidance, the Company evaluates whether a tax position will more likely than not 50% Earnings (Loss) Per Share (“EPS”). 12 Recently Adopted Accounting Principles In February 2016, 842, No. 2016 02, 842 No. 2018 01, 842; No. 2018 10, 842, No. 2018 11, 12 No. 2016 02 January 1, 2019 7 |
Note 4 - Revenue; Accounts and
Note 4 - Revenue; Accounts and Unbilled Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4. Staffing services include the augmentation of customers' workforce with our contingent employees performing services under the customers' 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 For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Type of Customer CSB $ 61,620 97.1 % $ 52,491 95.2 % Other 1,854 2.9 % 2,635 4.8 % Total $ 63,474 100.0 % $ 55,126 100.0 % Accounts and unbilled receivables are summarized as follows, in thousands: December 31, 2019 December 31, 2018 Accounts receivable $ 4,083 $ 3,952 Unbilled receivables (Contract Assets) 2,500 2,170 Total accounts and unbilled receivables $ 6,583 $ 6,122 As of December 31, 2019 and December 31, 2018 management has determined no December 31, 2019 and December 31, 2018 63.1% 44.6% four two December 31, 2019 , 61.6% four 96.6% 14 December 31, 2018 60.9% four 95.3% 14 |
Note 5 - Marketable Securities
Note 5 - Marketable Securities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 5. Prior to 2018, 2018, 33 $13.0 $12.9 33 no 2018 $0.3 third October 12, 2007 third 2007 10 2018. no no |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6. December 31, 2019 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 $ 3,905 $ — $ 3,905 $ 8,205 $ — $ 8,205 Tradenames 1,147 — 1,147 1,147 — 1,147 $ 5,052 $ — $ 5,052 $ 9,352 $ — $ 9,352 Finite-lived assets (in thousands): Customer relationships $ 6,895 $ 2,380 $ 4,515 $ 6,895 $ 1,395 $ 5,500 Non-compete agreement 627 505 122 627 296 331 $ 7,522 $ 2,885 $ 4,637 $ 7,522 $ 1,691 $ 5,831 Years Ended December 31, 2019 2018 Goodwill activity (in thousands): Beginning balance $ 8,205 $ 8,205 Impairment charge (4,300 ) — Ending balance $ 3,905 $ 8,205 Management completed its annual goodwill impairment assessment as of April 30, 2019. $2.6 second 2019. no During the fourth 2019, January 29, 2020. September 30, 2019. $1.7 third 2019. Amortization expense (in thousands): 2018 $ 1,194 2019 1,194 Estimated future amortization expense (in thousands): 2020 $ 1,107 2021 985 2022 985 2023 985 Thereafter 575 Total estimated amortization expense $ 4,637 |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 7. 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 twelve December 31, 2019 not Maturities of lease liabilities were as follows (in thousands): December 31, 2019 2020 $ 220 2021 110 2022 20 Thereafter - Total $ 350 Less interest 20 Present value of lease liabilities $ 330 Other information related to the Company's operating leases was as follows (in thousands): December 31, 2019 Supplemental Cash Flow Information Operating cash flows from leases $ (5 ) Lease Term and Discount Rate Weighted average remaining lease term (years) 1.67 Weighted average discount rate 6.75 % |
Note 8 - Borrowings
Note 8 - Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 8. Note Refinancing and 2017 August 9, 2019, 2017 January 2019 third 2028 December 31, 2019 $85.9 three “2017 2017 March 30, 2033, 1% April 1, 2019 December 31, 2023; 2% January 1, 2024 December 31, 2028; 10% January 1, 2029 December 31, 2019, 50% 2017 may 30 2017 101% 2017 July 27, 2017 On April 1, 2019 July 1, 2019, 2017 $2.6 $0.4 $2.2 not April 1, 2022. not December 31, 2021. not may, 2017 first 2017 9,000,000 ten 22,250,000 $0.01 10 Revolving Credit Agreement December 31, 2018, $1.9 $5,000,000. 1.25%. November 17, 2018 one February 2019 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 9. 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 2 11 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 June 28, 2019. September 27, 2019, October 18, 2019. February 19, 2020. Assuming 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, 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 10 - Troubled Debt Restruc
Note 10 - Troubled Debt Restructuring | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Troubled Debt Restructuring [Text Block] | Note 10. The Company evaluated whether the terms of the Amendment, as discussed in Note 8 no no The outstanding balance on the 2017 December 31, 2019 2018 86.8 85.9 0.3 0.6 July 1, 2019 August 8, 2019 0.5 3.5% The carrying value of long-term debt is as follows (in thousands): December 31, 2019 December 31, 2018 Principal balance, 2017 Notes $ 85,938 $ 85,938 Unamortized debt premium, 2017 Notes 886 - Other long-term debt - 31 Total long-term debt $ 86,824 $ 85,969 |
Note 11 - Fair Value Accounting
Note 11 - Fair Value Accounting | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 11. Fair Value Measurements The Company's valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These 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 as follows as of December 31, 2019 2018 As of December 31, 2019 2018 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Equity securities (Level 1) $ - $ - $ 1 $ 1 Financial liabilities: Senior notes (Level 3) $ 86,824 $ 21,289 $ 85,938 $ 24,659 Valuation Methods and Processes The equity securities are valued based on quoted market prices and are included in other current assets on the consolidated balance sheets. All equity securities held by the Company were sold during the third 2019. not 3 no No Senior Notes three 3.5% March 2033. three Goodwill 6 2019. Financial assets reported at fair value on a nonrecurring basis include the following (in thousands): December 31, 2019 Fair Value (Level 3) Gains and (Losses) Goodwill $ 3,905 $ (4,300 ) Activity during 2019 3 Goodwill Activity: Balance, December 31, 2018 $ 8,205 Impairment charge (4,300 ) Balance, December 31, 2019 $ 3,905 |
Note 12 - Earnings (Loss) Per S
Note 12 - Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 12. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share include the effect of conversions of stock options and nonvested shares. The computations of basic and diluted earnings per share for 2019 2018 For the Years Ended December 31, 2019 2018 Numerator, in thousands: Net income (loss) available to common shareholders $ (10,225 ) $ 6,134 Denominator: Weighted average common shares outstanding – basic 100,472,515 93,961,799 Weighted average common shares outstanding – dilutive: Weighted average common shares outstanding – basic 100,472,515 93,961,799 Stock options — — Common stock warrants — — Nonvested shares — 508,258 Weighted average common shares outstanding – dilutive 100,472,515 94,470,057 Basic earnings (loss) per share: Net income (loss) available to common shareholders $ (0.10 ) $ 0.07 Diluted earnings (loss) per share: Net income (loss) available to common shareholders $ (0.10 ) $ 0.06 Options and warrants to purchase shares of common stock were outstanding during each period as presented below (in thousands, except exercise price), but were not For the Years Ended December 31, 2019 2018 Number of stock options (in thousands) 24 72 Weighted average exercise price of stock options $ 1.00 $ 1.17 There have been no 2018 2019 2018 3.3 2019. 2019 4.5 2.4 2.1 2020 2021, December 31, 2019 2018 2.2 4.2 0.1 million 0.8 22.3 not 2019 2018 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 13. The components of income tax expense (benefit) from continuing operations are (in thousands): For the Years Ended December 31, 2019 2018 Current: Federal $ (11 ) $ (113 ) State and local 36 (176 ) Total current $ 25 $ (289 ) Below is a reconciliation of the expected federal income tax expense (benefit) using the federal statutory tax rate of 21% For the Years Ended December 31, 2019 2018 Income tax expense (benefit) at statutory rate $ (2,949 ) $ 984 State income taxes, net of federal tax benefit 36 36 Valuation allowance 2,528 (688 ) Change in federal tax rate — — Change in state tax rate — — Bankruptcy reorganization 9 17 Uncertain tax positions — (371 ) Other 401 (267 ) Total income tax expense (benefit) $ 25 $ (289 ) Prior to 2018 no not December 31, 2019 2018 The Company's determination of the realizable deferred tax assets requires the exercise of significant judgment, based in part on business plans and expectations about future outcomes. In the event the actual results differ from these estimates in future periods, the Company may December 31, 2019 2018 $ 166.5 $ 164.0 Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2019 2018 December 31, 2019 2018 Deferred tax assets: Federal NOL carryforwards $ 152,705 $ 153,139 State NOL carryforwards 9,003 9,016 Goodwill impairment, HCS 1,084 — Business interest expense limitation 1,877 — Other 1,876 1,866 Gross deferred tax asset 166,545 164,021 Valuation allowance (166,545 ) (163,992 ) Deferred tax asset — 29 Deferred tax liabilities: Other — 29 Deferred tax liability — 29 Net deferred tax asset $ — $ — The other deferred tax assets consist of differences in various accrued expenses, debt restructuring expenses, goodwill and intangible asset book to tax differences, and various other book to tax differences. As of December 31, 2019 $ 727.2 250.3 not may not 2025 2037. 2017, 2017 the portion of NOLs that will not 92.6 million. T 2004. may 2018 2037. The activity in the accrued liability for unrecognized tax benefits for the years ended December 31, 2019 2018 For the Years Ended December 31, 2019 2018 Beginning balance $ 11 $ 328 Gross increases – tax positions in current period — 1 Lapse of statute of limitations (11 ) (318 ) Ending balance $ — $ 11 Accounting for income taxes, including uncertain tax positions, represents management's best estimate of various events and transactions, and requires significant judgment. As of December 31, 2019 no December 31, 2018 0.01 0.01 2019. not twelve not 2019 2018 $0.1 December 31, 2019 2018 2016 2019 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents. three four $250,000. 1.4 December 31, 2019 |
Accounts Receivable [Policy Text Block] | Accounts and Unbilled Receivables. not |
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] | Goodwill and Indefinite-Lived Intangible Assets. not second |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Impairment of Long-Lived Intangible Assets with Finite Lives. may not |
Revenue from Contract with Customer [Policy Text Block] | Revenue and Cost Recognition - not not no |
Income Tax, Policy [Policy Text Block] | Income Taxes. $ 166.5 164.0 December 31, 2019 2018 not not not 50%. Under the income tax guidance, companies are required to identify and consider all available evidence, both positive and negative, in determining whether it is more likely than not not not not The weight given to the potential effect of negative and positive evidence should be commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is required to support a conclusion that a valuation allowance is not not not The Company examines and weighs all available evidence (both positive and negative and both historical and forecasted) in the process of determining whether it is more likely than not not not If a valuation allowance is necessary, the Company considers all sources of taxable income in determining the amount of valuation allowance to be recorded. Sources of taxable income identified in the income tax guidance include the following: 1 2 3 4 The Company currently evaluates estimates of uncertainty in income taxes based upon a framework established in the income tax accounting guidance. The guidance prescribes a recognition threshold and measurement standard for the recognition and measurement of tax positions taken or expected to be taken in a tax return. In accordance with the guidance, the Company evaluates whether a tax position will more likely than not 50% |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) Per Share (“EPS”). 12 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Principles In February 2016, 842, No. 2016 02, 842 No. 2018 01, 842; No. 2018 10, 842, No. 2018 11, 12 No. 2016 02 January 1, 2019 7 |
Note 4 - Revenue; Accounts an_2
Note 4 - Revenue; Accounts and Unbilled Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Type of Customer CSB $ 61,620 97.1 % $ 52,491 95.2 % Other 1,854 2.9 % 2,635 4.8 % Total $ 63,474 100.0 % $ 55,126 100.0 % |
Contract with Customer, Asset and Liability [Table Text Block] | December 31, 2019 December 31, 2018 Accounts receivable $ 4,083 $ 3,952 Unbilled receivables (Contract Assets) 2,500 2,170 Total accounts and unbilled receivables $ 6,583 $ 6,122 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 31, 2019 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 $ 3,905 $ — $ 3,905 $ 8,205 $ — $ 8,205 Tradenames 1,147 — 1,147 1,147 — 1,147 $ 5,052 $ — $ 5,052 $ 9,352 $ — $ 9,352 Finite-lived assets (in thousands): Customer relationships $ 6,895 $ 2,380 $ 4,515 $ 6,895 $ 1,395 $ 5,500 Non-compete agreement 627 505 122 627 296 331 $ 7,522 $ 2,885 $ 4,637 $ 7,522 $ 1,691 $ 5,831 |
Schedule of Goodwill [Table Text Block] | Years Ended December 31, 2019 2018 Goodwill activity (in thousands): Beginning balance $ 8,205 $ 8,205 Impairment charge (4,300 ) — Ending balance $ 3,905 $ 8,205 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Amortization expense (in thousands): 2018 $ 1,194 2019 1,194 Estimated future amortization expense (in thousands): 2020 $ 1,107 2021 985 2022 985 2023 985 Thereafter 575 Total estimated amortization expense $ 4,637 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | December 31, 2019 2020 $ 220 2021 110 2022 20 Thereafter - Total $ 350 Less interest 20 Present value of lease liabilities $ 330 |
Operating Lease, Other Information [Table Text Block] | December 31, 2019 Supplemental Cash Flow Information Operating cash flows from leases $ (5 ) Lease Term and Discount Rate Weighted average remaining lease term (years) 1.67 Weighted average discount rate 6.75 % |
Note 10 - Troubled Debt Restr_2
Note 10 - Troubled Debt Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] | December 31, 2019 December 31, 2018 Principal balance, 2017 Notes $ 85,938 $ 85,938 Unamortized debt premium, 2017 Notes 886 - Other long-term debt - 31 Total long-term debt $ 86,824 $ 85,969 |
Note 11 - Fair Value Accounti_2
Note 11 - Fair Value Accounting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | As of December 31, 2019 2018 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Equity securities (Level 1) $ - $ - $ 1 $ 1 Financial liabilities: Senior notes (Level 3) $ 86,824 $ 21,289 $ 85,938 $ 24,659 |
Fair Value Measurements, Nonrecurring [Table Text Block] | December 31, 2019 Fair Value (Level 3) Gains and (Losses) Goodwill $ 3,905 $ (4,300 ) Goodwill Activity: Balance, December 31, 2018 $ 8,205 Impairment charge (4,300 ) Balance, December 31, 2019 $ 3,905 |
Note 12 - Earnings (Loss) Per_2
Note 12 - Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Years Ended December 31, 2019 2018 Numerator, in thousands: Net income (loss) available to common shareholders $ (10,225 ) $ 6,134 Denominator: Weighted average common shares outstanding – basic 100,472,515 93,961,799 Weighted average common shares outstanding – dilutive: Weighted average common shares outstanding – basic 100,472,515 93,961,799 Stock options — — Common stock warrants — — Nonvested shares — 508,258 Weighted average common shares outstanding – dilutive 100,472,515 94,470,057 Basic earnings (loss) per share: Net income (loss) available to common shareholders $ (0.10 ) $ 0.07 Diluted earnings (loss) per share: Net income (loss) available to common shareholders $ (0.10 ) $ 0.06 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | For the Years Ended December 31, 2019 2018 Number of stock options (in thousands) 24 72 Weighted average exercise price of stock options $ 1.00 $ 1.17 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Years Ended December 31, 2019 2018 Current: Federal $ (11 ) $ (113 ) State and local 36 (176 ) Total current $ 25 $ (289 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Years Ended December 31, 2019 2018 Income tax expense (benefit) at statutory rate $ (2,949 ) $ 984 State income taxes, net of federal tax benefit 36 36 Valuation allowance 2,528 (688 ) Change in federal tax rate — — Change in state tax rate — — Bankruptcy reorganization 9 17 Uncertain tax positions — (371 ) Other 401 (267 ) Total income tax expense (benefit) $ 25 $ (289 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2019 2018 Deferred tax assets: Federal NOL carryforwards $ 152,705 $ 153,139 State NOL carryforwards 9,003 9,016 Goodwill impairment, HCS 1,084 — Business interest expense limitation 1,877 — Other 1,876 1,866 Gross deferred tax asset 166,545 164,021 Valuation allowance (166,545 ) (163,992 ) Deferred tax asset — 29 Deferred tax liabilities: Other — 29 Deferred tax liability — 29 Net deferred tax asset $ — $ — |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | For the Years Ended December 31, 2019 2018 Beginning balance $ 11 $ 328 Gross increases – tax positions in current period — 1 Lapse of statute of limitations (11 ) (318 ) Ending balance $ — $ 11 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation, Business Plan and Liquidity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Aug. 08, 2019 | Dec. 31, 2019 | 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 | $ (10,225) | $ 6,134 | ||
Net Cash Provided by (Used in) Operating Activities, Total | (5,168) | (5,056) | ||
Stockholders' Equity Attributable to Parent, Ending Balance | (72,059) | (62,956) | $ (57,882) | |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 2,032 | 9,249 | ||
Liabilities, Total | $ 91,476 | $ 94,086 | ||
Senior Notes [Member] | The 2017 Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | 3.50% | ||
NovaStar Mortgage LLC [Member] | ||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 700 |
Note 2 - Reorganization (Detail
Note 2 - Reorganization (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reorganization Items, Total | $ 63 | $ 1,864 |
Adjustments to Other Liabilities for Claims Made or Rejected Contracts [Member] | ||
Reorganization Items, Total | $ 60 | $ 1,900 |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting and Reporting Policies (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Cash, Uninsured Amount | $ 1,400 | |
Deferred Tax Assets, Gross, Total | $ 166,545 | $ 164,021 |
Note 4 - Revenue; Accounts an_3
Note 4 - Revenue; Accounts and Unbilled Receivables (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Customer Contracts, Notice of Termination Period | 60 days | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 0 | $ 0 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of Major Customers | 4 | 2 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customers [Member] | ||
Concentration Risk, Percentage | 63.10% | 44.60% |
Customer Concentration Risk [Member] | Accounts and Unbilled Receivables [Member] | Four Non-CSB Customers [Member] | ||
Concentration Risk, Percentage | 61.60% | 60.90% |
Number of Major Customers | 4 | 4 |
Customer Concentration Risk [Member] | Accounts and Unbilled Receivables [Member] | Fourteen CSB Customers [Member] | ||
Concentration Risk, Percentage | 96.60% | 95.30% |
Number of Major Customers | 14 | 14 |
Note 4 - Revenue; Accounts an_4
Note 4 - Revenue; Accounts and Unbilled Receivables - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financial services revenue, amount | $ 63,474 | $ 55,126 |
Financial services revenue, percentage | 100.00% | 100.00% |
CSB Customers [Member] | ||
Financial services revenue, amount | $ 61,620 | $ 52,491 |
Financial services revenue, percentage | 97.10% | 95.20% |
Non-CSB Customers [Member] | ||
Financial services revenue, amount | $ 1,854 | $ 2,635 |
Financial services revenue, percentage | 2.90% | 4.80% |
Note 4 - Revenue; Accounts an_5
Note 4 - Revenue; Accounts and Unbilled Receivables - Accounts and Unbilled Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable | $ 4,083 | $ 3,952 |
Unbilled receivables (Contract Assets) | 2,500 | 2,170 |
Total accounts and unbilled receivables | $ 6,583 | $ 6,122 |
Note 5 - Marketable Securities
Note 5 - Marketable Securities (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | $ 325 | |
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 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill, Impairment Loss | $ 1,700 | $ 2,600 | $ 4,300 | $ 0 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill | $ 3,905 | $ 8,205 | $ 8,205 |
Tradenames | 1,147 | 1,147 | |
Indefinite-lived assets | 5,052 | 9,352 | |
Finite-lived intangible assets, gross | 7,522 | 7,522 | |
Finite-lived intangible assets, accumulated amortization | 2,885 | 1,691 | |
Finite-lived intangible assets, net | 4,637 | 5,831 | |
Customer Relationships [Member] | |||
Finite-lived intangible assets, gross | 6,895 | 6,895 | |
Finite-lived intangible assets, accumulated amortization | 2,380 | 1,395 | |
Finite-lived intangible assets, net | 4,515 | 5,500 | |
Noncompete Agreements [Member] | |||
Finite-lived intangible assets, gross | 627 | 627 | |
Finite-lived intangible assets, accumulated amortization | 505 | 296 | |
Finite-lived intangible assets, net | $ 122 | $ 331 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Goodwill Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance | $ 8,205 | $ 8,205 | ||
Impairment charge | $ (1,700) | $ (2,600) | (4,300) | 0 |
Ending balance | $ 3,905 | $ 8,205 |
Note 6 - Goodwill and Intangi_6
Note 6 - Goodwill and Intangible Assets - Estimated Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
2018 | $ 1,194 | $ 1,194 |
2020 | 1,107 | |
2021 | 985 | |
2022 | 985 | |
2023 | 985 | |
Thereafter | 575 | |
Total estimated amortization expense | $ 4,637 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating Lease, Right-of-Use Asset | $ 316 | $ 200 | |
Operating Lease, Liability, Total | $ 330 | $ 200 | |
Minimum [Member] | |||
Lessee, Operating Lease, Renewal Term | 1 year | ||
Maximum [Member] | |||
Lessee, Operating Lease, Renewal Term | 3 years |
Note 7 - Leases - Maturities of
Note 7 - Leases - Maturities of lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
2020 | $ 220 | |
2021 | 110 | |
2022 | 20 | |
Thereafter | ||
Total | 350 | |
Less interest | 20 | |
Present value of lease liabilities | $ 330 | $ 200 |
Note 7 - Leases - Operating Lea
Note 7 - Leases - Operating Lease Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Lease expense | $ (5) | |
Weighted average remaining lease term (years) (Year) | 1 year 244 days | |
Weighted average discount rate | 6.75% |
Note 8 - Borrowings (Details Te
Note 8 - Borrowings (Details Textual) - USD ($) | Aug. 09, 2019 | Nov. 17, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 30, 2033 | Dec. 31, 2023 | Dec. 31, 2028 | Sep. 30, 2019 |
Line of Credit, Current | $ 1,948,000 | |||||||
Warrants Issued in Debt Restructuring [Member] | ||||||||
Warrants and Rights Outstanding, Term | 10 years | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 22,250,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | |||||||
Common Stock [Member] | ||||||||
Stock Issued During Period, Shares, Issued for Debt Restructuring | 9,000,000 | |||||||
White Oak Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit, Current | 1,900,000 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | |||||||
Debt Instrument, Term | 1 year | |||||||
White Oak Credit Agreement [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||
Senior Notes [Member] | Post-modification Notes [Member] | ||||||||
Debt Instrument, Face Amount | $ 85,900,000 | |||||||
Senior Notes [Member] | The 2017 Notes [Member] | ||||||||
Percentage of of Excess Cash Flow Each Year to Noteholders | 50.00% | |||||||
Debt Instrument, Redemption Notice, Number Of Days | 30 days | |||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 101.00% | |||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 2,600,000 | |||||||
Debt Instrument, Aggregate Amount Due | 400,000 | |||||||
Payments Against Future Quarterly Interest Payments | $ 2,200,000 | |||||||
Senior Notes [Member] | The 2017 Notes [Member] | Forecast [Member] | ||||||||
Debt Instrument, Interest Rate During Period | 10.00% | 1.00% | 2.00% |
Note 9 - Commitments and Cont_2
Note 9 - 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 10 - Troubled Debt Restr_3
Note 10 - Troubled Debt Restructuring (Details Textual) - USD ($) $ in Thousands | Aug. 09, 2019 | Jul. 01, 2019 | Aug. 08, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Long-term Debt, Total | $ 86,824 | $ 85,969 | |||
Senior Notes [Member] | The 2017 Notes [Member] | |||||
Long-term Debt, Total | $ 86,800 | $ 85,900 | |||
Troubled Debt Restructuring, Carrying Value Decreased by Fair Value of Common Stock Issued | $ 300 | ||||
Troubled Debt Restructuring, Carrying Value Decreased by Fair Value of Warrants Issued | $ 600 | ||||
Debt Instrument, Increase, Accrued Interest | $ 500 | ||||
Senior Notes [Member] | The 2017 Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | 3.50% |
Note 10 - Troubled Debt Restr_4
Note 10 - Troubled Debt Restructuring - Carrying Value of 2017 Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other long-term debt | $ 31 | |
Total long-term debt | 86,824 | 85,969 |
Senior Notes [Member] | The 2017 Notes [Member] | ||
Principal balance, 2017 Notes | 85,938 | 85,938 |
Unamortized debt premium, 2017 Notes | 886 | |
Total long-term debt | $ 86,800 | $ 85,900 |
Note 11 - Fair Value Accounti_3
Note 11 - Fair Value Accounting (Details Textual) | 12 Months Ended |
Dec. 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 11 - Fair Value Accounti_4
Note 11 - Fair Value Accounting - Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Equity securities (Level 1) | $ 1 | |||
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Senior notes (Level 3) | $ 86,824 | $ 85,938 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Equity securities (Level 1) | $ 1 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Senior notes (Level 3) | $ 21,289 | $ 24,659 |
Note 11 - Fair Value Accounti_5
Note 11 - Fair Value Accounting - Financial Assets Reported at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill, gains and (losses) | $ (1,700) | $ (2,600) | $ (4,300) | $ 0 |
Impairment charge | $ (1,700) | $ (2,600) | (4,300) | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||
Goodwill, fair value (level 3) | 8,205 | 8,205 | ||
Goodwill, gains and (losses) | (4,300) | |||
Balance | 8,205 | |||
Impairment charge | (4,300) | |||
Balance | $ 3,905 | $ 8,205 |
Note 12 - Earnings (Loss) Per_3
Note 12 - Earnings (Loss) Per Share (Details Textual) - shares shares in Thousands | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total | 0 | 0 | |
Nonvested Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 100 | 800 | |
Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 22,300 | 22,300 | |
Share-based Payment Arrangement [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 4,500 | 3,300 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 2,400 | ||
Share-based Payment Arrangement [Member] | Forecast [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 2,100 | ||
Nonvested Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 2,200 | 4,200 |
Note 12 - Earnings (Loss) Per_4
Note 12 - Earnings (Loss) Per Share - Computation of Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net income (loss) available to common shareholders | $ (10,225) | $ 6,134 |
Weighted average common shares outstanding – basic (in shares) | 100,472,515 | 93,961,799 |
Common stock warrants (in shares) | ||
Weighted average common shares outstanding – dilutive (in shares) | 100,472,515 | 94,470,057 |
Basic earnings (loss) per share: | ||
Basic (in dollars per share) | $ (0.10) | $ 0.07 |
Diluted earnings (loss) per share: | ||
Diluted (in dollars per share) | $ (0.10) | $ 0.06 |
Share-based Payment Arrangement, Option [Member] | ||
Incremental shares related to share-based compensation (in shares) | 0 | 0 |
Nonvested Shares [Member] | ||
Incremental shares related to share-based compensation (in shares) | 508,258 |
Note 12 - Earnings (Loss) Per_5
Note 12 - Earnings (Loss) Per Share - Antidilutive Securities (Details) - Share-based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Number of stock options (in thousands) (in shares) | 24 | 72 |
Weighted average exercise price of stock options (in dollars per share) | $ 1 | $ 1.17 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Deferred Tax Assets, Valuation Allowance, Total | $ 166,545 | $ 163,992 | |
Operating Loss Carryforwards, Total | 727,200 | ||
Operating Loss Carryforwards, Mortgage Securities | 250,300 | ||
Operating Loss Carryforwards with No Expiration | 92,600 | ||
Unrecognized Tax Benefits, Ending Balance | 0 | 11 | $ 328 |
Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations, Due In Next Twelve Months | 10 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 100 | $ 100 | |
Open Tax Year | 2016 2017 2018 2019 | ||
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, 2018 | ||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2037 |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | ||
Federal | $ (11) | $ (113) |
State and local | 36 | (176) |
Total current | $ 25 | $ (289) |
Note 13 - Income Taxes - Reconc
Note 13 - Income Taxes - Reconciliation of the Expected Federal Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax expense (benefit) at statutory rate | $ (2,949) | $ 984 |
State income taxes, net of federal tax benefit | 36 | 36 |
Valuation allowance | 2,528 | (688) |
Change in federal tax rate | ||
Change in state tax rate | ||
Bankruptcy reorganization | 9 | 17 |
Uncertain tax positions | (371) | |
Other | 401 | (267) |
Total income tax expense (benefit) | $ 25 | $ (289) |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Federal NOL carryforwards | $ 152,705 | $ 153,139 |
State NOL carryforwards | 9,003 | 9,016 |
Business interest expense limitation | 1,877 | |
Other | 1,876 | 1,866 |
Gross deferred tax asset | 166,545 | 164,021 |
Valuation allowance | (166,545) | (163,992) |
Deferred tax asset | 29 | |
Deferred tax liabilities: | ||
Other | 29 | |
Deferred tax liability | 29 | |
Net deferred tax asset | ||
Healthcare Staffing [Member] | ||
Deferred tax assets: | ||
Goodwill impairment, HCS | $ 1,084 |
Note 13 - Income Taxes - Activi
Note 13 - Income Taxes - Activity in the Accrued Liability for Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance | $ 11 | $ 328 |
Gross increases – tax positions in current period | 1 | |
Lapse of statute of limitations | (11) | (318) |
Ending balance | $ 0 | $ 11 |