SWK (SWKH) 10-Q 10 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 10, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	SWK Holdings Corporation
Entity Central Index Key	1,089,907
Document Type	10-Q
Trading Symbol	SWKH
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Entity Common Stock, Shares Outstanding		13,063,862

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 21,281	$ 30,557
Accounts receivable	1,584	1,637
Finance receivables, net	170,661	151,995
Marketable investments	1,152	1,856
Deferred tax asset	20,630	22,725
Warrant assets	1,349	987
Other assets	659	126
Total assets	217,316	209,883
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities	1,506	1,840
Revolving credit facility	370
Warrant liability	36	91
Total liabilities	1,912	1,931
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively
Common stock, $0.001 par value; 250,000,000 shares authorized;13,063,915 and 13,053,422 issued and outstanding as of June 30, 2018 and December 31, 2017, respectively	13	13
Additional paid-in capital	4,433,729	4,433,589
Accumulated deficit	(4,218,338)	(4,225,863)
Accumulated other comprehensive loss		213
Total SWK Holdings Corporation stockholders' equity	215,404	207,952
Non-controlling interests in consolidated entities
Total stockholders' equity	215,404	207,952
Total liabilities and stockholders' equity	$ 217,316	$ 209,883

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized	250,000,000	250,000,000
Common stock, issued	13,063,915	13,053,422
Common stock, outstanding	13,063,915	13,053,422

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues
Finance receivable interest income, including fees	$ 6,764	$ 5,734	$ 13,581	$ 10,390
Income related to investments in unconsolidated entities		335		10,539
Other	3	5	7	9
Revenues	6,767	6,074	13,588	20,938
Costs and expenses:
Provision for loan credit losses			1,179
General and administrative	1,178	951	2,399	1,612
Total costs and expenses	1,178	951	3,578	1,612
Other income (expense), net
Unrealized net gain (loss) on derivatives	(238)	(143)	61	(614)
Unrealized net loss on equity securities	(541)		(664)
Gain on sale of marketable securities				243
Income before provision for income taxes	4,810	4,980	9,407	18,955
Provision for income taxes	1,142	1,400	2,095	5,106
Consolidated net income	3,668	3,580	7,312	13,849
Net income attributable to non-controlling interests		171		5,204
Net income (loss) attributable to SWK Holdings Corporation Stockholders	$ 3,668	$ 3,409	$ 7,312	$ 8,645
Net income (loss) per share attributable to SWK Holdings Corporation Stockholders
Basic (in dollars per share)	$ 0.28	$ 0.26	$ 0.56	$ 0.66
Diluted (in dollars per share)	$ 0.28	$ 0.26	$ 0.56	$ 0.66
Weighted Average Shares
Basic (in shares)	13,059,000	13,038,000	13,056,000	13,035,000
Diluted (in shares)	13,063,000	13,042,000	13,060,000	13,038,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Consolidated net income (loss)	$ 3,668	$ 3,580	$ 7,312	$ 13,849
Other comprehensive income, net of tax:
Change in fair value of securities		(109)		1,711
Total other comprehensive income		(109)		1,711
Comprehensive income	3,668	3,471	7,312	15,560
Comprehensive income attributable to non-controlling interests		171		5,204
Comprehensive income attributable to SWK Holdings Corporation Stockholders	$ 3,668	$ 3,300	$ 7,312	$ 10,356

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Consolidated net income (loss)	$ 7,312	$ 13,849
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Income from investments in unconsolidated entities		(10,539)
Provision for loan credit losses	1,179
Deferred income tax	2,095	5,106
Change in fair value of warrants	(61)	614
Gain on sale of equity securities	664
Gain on sale of equity securities		(243)
Loan discount amortization and fee accretion	(1,727)	(1,622)
Interest paid-in-kind	(96)	(807)
Stock-based compensation	140	157
Interest income in excess of cash collected	(125)
Other	8	9
Changes in operating assets and liabilities:
Accounts receivable	53	(316)
Other assets	(19)	(65)
Accounts payable and other liabilities	(334)	(91)
Net cash provided by operating activities	9,089	6,052
Cash flows from investing activities:
Cash distributions from investments in unconsolidated entity		17,524
Proceeds from sale of available-for-sale marketable securities		345
Investment in finance receivables	(46,710)	(11,012)
Repayment of finance receivables	28,458	261
Marketable investment principal payment	39	54
Other	(4)	(11)
Net cash provided by (used in) investing activities	(18,217)	7,161
Cash flows from financing activities:
Debt issuance costs	(148)
Distribution to non-controlling interests		(8,960)
Net cash used in financing activities	(148)	(8,960)
Net (decrease) increase in cash and cash equivalents	(9,276)	4,253
Cash and cash equivalents at beginning of period	30,557	32,182
Cash and cash equivalents at end of period	$ 21,281	$ 36,435

SWK Holdings Corporation and Su

SWK Holdings Corporation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
SWK Holdings Corporation and Summary of Significant Accounting Policies	Note 1. SWK Holdings Corporation and Summary of Significant Accounting Policies Nature of Operations SWK Holdings Corporation (the “Company”) was incorporated in July 1996 in California and reincorporated in Delaware in September 1999. In July 2012, the Company commenced its strategy of building a specialty finance and asset management business. The Company’s strategy is to be a leading healthcare capital provider by offering sophisticated, customized financing solutions to a broad range of life science companies, institutions and inventors. The Company is primarily focused on monetizing cash flow streams derived from commercial-stage products and related intellectual property through royalty purchases and financings, as well as through the creation of synthetic revenue interests in commercialized products. The Company has been deploying its assets to earn interest, fees, and other income pursuant to this strategy, and the Company continues to identify and review financing and similar opportunities on an ongoing basis. In addition, through the Company’s wholly-owned subsidiary, SWK Advisors LLC, the Company provides non-discretionary investment advisory services to institutional clients in separately managed accounts to similarly invest in life science finance. SWK Advisors LLC is registered as an investment advisor with the Texas State Securities Board. The Company intends to fund transactions through its own working capital, and its revolving credit facility, as well as by building its asset management business by raising additional third-party capital to be invested alongside the Company’s capital. The Company fills a niche that it believes is underserved in the sub-$50 million transaction size. Since many of its competitors that provide longer term, non-traditional debt and/or royalty-related financing options have much greater financial resources than the Company, they tend to not focus on transaction sizes below $50 million as it is generally inefficient for them to do so. In addition, the Company does not believe that a sufficient number of other companies offer similar types of long-term financing options to fill the demand of the sub-$50 million market. As such, the Company believes it faces less competition from such investors in transactions that are less than $50 million. The Company has net operating loss carryforwards (“NOLs”) and believes that the ability to utilize these NOLs is an important and substantial asset. However, at this time, under current law, we do not anticipate that our life science business strategy will generate sufficient income to permit us to utilize all of our NOLs prior to their respective expiration dates. As such, it is possible that we might pursue additional strategies that we believe might result in our ability to utilize more of our NOLs. As of August 10, 2018, the Company and its partners have executed transactions with 30 different parties under its specialty finance strategy, funding an aggregate $445 million in various financial products across the life science sector. The Company’s portfolio includes senior and subordinated debt backed by royalties and synthetic royalties paid by companies in the life science sector, and purchased royalties generated by sales of life science products and related intellectual property. The Company is headquartered in Dallas, Texas. Basis of Presentation and Principles of Consolidation The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”). The consolidated financial statements include the accounts of all subsidiaries and affiliates in which the Company holds a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. The Company consolidates a variable interest entity (“VIE”) when it possesses both the power to direct the activities of the VIE that most significantly impact its economic performance and the Company is either obligated to absorb the losses that could potentially be significant to the VIE or the Company holds the right to receive benefits from the VIE that could potentially be significant to the VIE, after elimination of intercompany accounts and transactions. The Company owns interests in various partnerships and limited liability companies, or LLCs. The Company consolidates its investments in these partnerships or LLCs, where the Company, as the general partner or managing member, exercises effective control, even though the Company’s ownership may be less than 50 percent, the related governing agreements provide the Company with broad powers, and the other parties do not participate in the management of the entities and do not effectively have the ability to remove the Company. The Company has reviewed each of the underlying agreements to determine if it has effective control. If circumstances change and it is determined this control does not exist, any such investment would be recorded using the equity method of accounting. Although this would change individual line items within the Company’s consolidated financial statements, it would have no effect on its operations and/or total stockholders’ equity attributable to the Company. Unaudited Interim Financial Information The unaudited condensed consolidated financial statements have been prepared by the Company and reflect all normal, recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the interim financial information. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the year ending December 31, 2018. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted under the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements and notes included herein should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on March 29, 2018. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition, stock-based compensation, impairment of financing receivables and long-lived assets, valuation of warrants, income taxes and contingencies and litigation, among others. Some of these judgments can be subjective and complex, and consequently, actual results may differ from these estimates. The Company’s estimates often are based on complex judgments, probabilities and assumptions that it believes to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by the Company, there may also be other estimates or assumptions that are reasonable. The Company regularly evaluates its estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, the Company’s estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause changes to those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, and economic downturns, can increase the uncertainty already inherent in the Company’s estimates and assumptions. The Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our consolidated financial statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326).” The new standard adds an impairment model, known as the current expected credit loss (“CECL”) model, that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of losses. The ASU describes the impairment allowance as a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. Credit losses relating to available-for-sale debt securities should be measured in a manner similar to current GAAP; however, the amendments in this update require that credit losses be presented as an allowance rather than as a write-down, which will allow an entity the ability to record reversals of credit losses in current period net income. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. An entity will apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). A prospective transition approach is required for debt securities for which an other-than-temporary impairment has been recognized before the effective date. The Company is currently evaluating the new guidance but believes it is likely to incur more upfront provisions on its portfolio under the new CECL model. In July 2017, the FASB issued ASU No. 2017-11, “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); and Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, and (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception.” This guidance addresses the complexity of accounting for certain financial instruments with down round features. Down round features are features of certain equity-linked instruments (or embedded features) that result in the strike price being reduced on the basis of the pricing of future equity offerings. Current accounting guidance creates cost and complexity for entities that issue financial instruments (such as warrants and convertible instruments) with down round features that require fair value measurement of the entire instrument or conversion option. For public business entities, the amendments in Part I of this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the new guidance to determine the impact on its consolidated financial statements upon adoption in fiscal 2019.

Net Income per Share

Net Income per Share	6 Months Ended
	Jun. 30, 2018
Net Income Per Share
Net Income per Share	Note 2. Net Income per Share Basic net income per share is computed using the weighted-average number of outstanding shares of common stock. Diluted net income per share is computed using the weighted-average number of outstanding shares of common stock, and when dilutive, shares of common stock issuable upon exercise of options and warrants deemed outstanding using the treasury stock method. The following table shows the computation of basic and diluted income per share for the following periods (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Numerator: Net income attributable to SWK Holdings Corporation stockholders $ 3,668 $ 3,409 $ 7,312 $ 8,645 Denominator: Weighted-average shares outstanding 13,059 13,038 13,056 13,035 Effect of dilutive securities 4 4 4 3 Weighted-average diluted shares 13,063 13,042 13,060 13,038 Basic income per share attributable to SWK Holdings Corporation stockholders $ 0.28 $ 0.26 $ 0.56 $ 0.66 Diluted income per share attributable to SWK Holdings Corporation stockholders $ 0.28 $ 0.26 $ 0.56 $ 0.66 For the three months ended June 30, 2018 and 2017, outstanding stock options and warrants to purchase shares of common stock in an aggregate of approximately 272,000 and 287,000, respectively, have been excluded from the calculation of diluted income per share as all such securities were anti-dilutive. For the six months ended June 30, 2018 and 2017, outstanding stock options and warrants to purchase shares of common stock in an aggregate of approximately 287,000, and 343,000, respectively, have been excluded from the calculation of diluted income per share as all such securities were anti-dilutive.

Finance Receivables

Finance Receivables	6 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
Finance Receivables	Note 3. Finance Receivables, Net Finance receivables are reported at their determined principal balances net of any unearned income, cumulative charge-offs and unamortized deferred fees and costs. Unearned income and deferred fees and costs are amortized to interest income based on all cash flows expected using the effective interest method. The carrying value of finance receivables are as follows (in thousands): June 30, December 31, Portfolio 2018 2017 Term loans $ 144,857 $ 118,533 Royalty purchases 28,642 35,121 Total before allowance for credit losses 173,499 153,654 Allowance for credit losses (2,838 ) (1,659 ) Total carrying value $ 170,661 $ 151,995 Credit Quality of Finance Receivables The Company originates finance receivables to companies primarily in the life sciences sector. This concentration of credit exposes the Company to a higher degree of risk associated with this sector. On a quarterly basis, the Company evaluates the carrying value of each finance receivable for impairment. A term loan is considered to be impaired when, based on current information and events, it is determined that the Company will not be able to collect the amounts due according to the loan contract, including scheduled interest payments. This evaluation is generally based on delinquency information, an assessment of the borrower’s financial condition and the adequacy of collateral, if any. The Company would generally place term loans on nonaccrual status when the full and timely collection of interest or principal becomes uncertain and they are 90 days past due for interest or principal, unless the term loan is both well-secured and in the process of collection. When placed on nonaccrual, the Company would reverse any accrued unpaid interest receivable against interest income and amortization of any net deferred fees is suspended. Generally, the Company would return a term loan to accrual status when all delinquent interest and principal become current under the terms of the credit agreement and collectability of remaining principal and interest is no longer doubtful. In certain circumstances, the Company may place a finance receivable on nonaccrual status but conclude it is not impaired. The Company may retain independent third-party valuations on such nonaccrual positions to support impairment decisions. Receivables associated with royalty stream purchases would be considered to be impaired when it is probable that the Company will be unable to collect the book value of the remaining investment based upon adverse changes in the estimated underlying royalty stream. When the Company identifies a finance receivable as impaired, it measures the impairment based on the present value of expected future cash flows, discounted at the receivable’s effective interest rate, or the estimated fair value of the collateral, less estimated costs to sell. If it is determined that the value of an impaired receivable is less than the recorded investment, the Company would recognize impairment with a charge to the allowance for credit losses. When the value of the impaired receivable is calculated by discounting expected cash flows, interest income would be recognized using the receivable’s effective interest rate over the remaining life of the receivable. The Company individually develops the allowance for credit losses for any identified impaired loans. In developing the allowance for credit losses, the Company considers, among other things, the following credit quality indicators: § business characteristics and financial conditions of obligors; § current economic conditions and trends; § actual charge-off experience; § current delinquency levels; § value of underlying collateral and guarantees; § regulatory environment; and § any other relevant factors predicting investment recovery. The following table presents nonaccrual and performing finance receivables by portfolio segment, net of credit loss allowance (in thousands): June 30, 2018 December 31, 2017 Nonaccrual Performing Total Nonaccrual Performing Total Term loans $ 32,212 $ 112,645 $ 144,857 $ 11,402 $ 107,131 $ 118,533 Royalty purchases, net of credit loss allowance — 25,804 25,804 — 33,462 33,462 Total carrying value $ 32,212 $ 138,449 $ 170,661 $ 11,402 $ 140,593 $ 151,995 As of June 30, 2018 and December 31, 2017, the Company had four term loans associated with three portfolio companies in nonaccrual status with a carrying value, net of credit loss allowance, of $32.2 million and $11.4 million, respectively. The Company collected $0.6 million on one nonaccrual loan during the six months ended June 30, 2018. Of the four nonaccrual term loans as of June 30, 2018, only one loan is deemed to be impaired. (Please see ABT Molecular Imaging, Inc., B&D Dental Corporation, and Hooper Holmes, Inc. Term Loans ABT Molecular Imaging, Inc. (“ABT”) . On October 10, 2014, the Company entered into a credit agreement pursuant to which the Company provided ABT a second lien term loan in the principal amount of $10.0 million. The loan was scheduled to mature on October 8, 2021. The synthetic royalty payment due to the Company on December 15, 2015 was blocked by ABT’s first lien lender pursuant to the terms of the intercreditor agreement by and between the Company and the first lien lender as a result of a forbearance agreement entered into between ABT and the first lien lender. Under the terms of the forbearance agreement, the first lien lender deferred principal payments until maturity of the first lien in March 2016 and ABT raised additional equity capital. In February 2016, ABT violated the terms of the forbearance agreement with the first lien lender. In order to control the workout of the default under the first lien loan and prevent the equity sponsors from taking control of the first lien term loan, the Company purchased from an unrelated party the first lien term loan at par for a purchase price of $0.7 million. The equity sponsors funded cash shortfalls into the second quarter of 2016. Since 2016, the Company has entered into additional amendments to the first lien term loan to provide for an additional $9.3 million of liquidity under the first lien credit agreement. The Company continues to work with ABT and its advisors to evaluate strategic options, including a potential sale of ABT. The Company recorded an impairment loss of $7.6 million as of December 31, 2017. On June 13, 2018, ABT filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") in order to implement a restructuring that will entail either a sale of substantially all of ABT's assets under section 363 of the bankruptcy code or confirmation of a plan that will convert a portion of the Company's outstanding secured indebtedness into 100 percent of the equity of reorganized ABT. The Company agreed to provide ABT up to $1.65 million of secured, debtor-in-possession financing to support ABT's proposed bankruptcy restructuring. The Bankruptcy Court has set the following deadlines relating to ABT's proposed 363 sale process: August 13, 2018 as the date sale bids are due, August 16, 2018 as the date for any sale auction, August 17, 2018 as the date for a Bankruptcy Court hearing to approve a sale to the winning bidder, and August 20, 2018 for the closing date of the proposed sale. However, such deadlines may be subject to revision or modification in accordance with the sale procedures adopted by the Bankruptcy Court. The minimum bid to participate in ABT's proposed 363 sale is $5.3 million in cash. While several parties continue to conduct due diligence on ABT, it is uncertain if any party would participate in the sale or related auction for substantially all of ABT’s assets. In the event no sale bid is received in excess of $5.3 million prior to the bid deadline set forth above, ABT has indicated that it intends to proceed with a plan of reorganization whereby the Company will exchange a to be determined portion of its prepetition debt advanced to ABT into 100 percent ownership of reorganized ABT's equity, and ABT will become a wholly-owned subsidiary of SWK. The Company believes that its current collateral position is greater than the recorded investment in the loan as of June 30, 2018, though the Company's ultimate collateral position may require re-evaluation following the conclusion of ABT's bankruptcy sale process. The Company considered several factors in its collateral position assessment, including an independent third-party valuation and developments in ABT's business and industry. B&D Dental Corporation (“B&D”) On December 10, 2013, the Company entered into a five-year credit agreement to provide B&D a senior secured term loan with a principal amount of $6.0 million funded upon close, net of an arrangement fee of $60,000. The loan was scheduled to mature on December 10, 2018. Subsequently, the terms of the loan have been amended, and the Company has funded additional amounts to B&D. As of June 30, 2018, the total amount funded was $8.1 million. B&D is currently evaluating strategic options, including a potential sale of the business. B&D is currently in default under the terms of the credit agreement, and as a result, the Company classified the loan to nonaccrual status as of September 30, 2015. During the first and fourth quarters of 2016, the Company executed two additional amendments to the loan to advance an additional $0.5 million in order to directly pay critical vendors and protect the value of the collateral. The Company believes its collateral position is greater than the unpaid balance; thus, accrued interest has not been reversed nor has an allowance been recorded as of June 30, 2018. The Company considered several factors in this determination, including an independent third-party valuation and developments in B&D’s business and industry. Hooper Holmes, Inc. (“Hooper”) On May 12, 2017, the Company provided a $6.5 million term loan to Hooper to support its merger with Provant Health Solutions, LLC. On August 8, 2017, the Company provided an additional $2.0 million term loan with terms similar to the original term loan. The $2.0 million August term loan was scheduled to mature on February 1, 2018. In late January, Hooper informed the Company of tight liquidity and that it was unable to repay the full $2.0 million; thus, the Company agreed to extend the maturity for twelve weeks to April 30, 2018 in exchange for a partial repayment of $0.3 million on February 1, 2018 and an additional $0.3 million on March 15, 2018. However, in mid- March, Hooper informed the Company that it was unable to repay the $0.3 million that was due on March 15, 2018. The Company required Hooper to retain financial advisors to evaluate strategic options, which includes the potential sale of the business. On May 8, 2018, the Company entered into an amendment and limited forbearance agreement whereby the Company advanced Hooper an additional $1.5 million term loan to fund working capital shortfalls. On May 31, 3018, the Company entered into an amendment and limited forbearance agreement to provide up to an additional $5.0 million term loan, funded pursuant to a weekly cash flow forecast. The $5.0 million was full advanced by July 31, 2018. Under the May 31, 2018 amendment, Hooper was required to continue retaining its financial adviser and to sell itself as imminently as reasonably possible; the sale process is currently ongoing. Hooper will require additional working capital to complete the sale process. The forbearance period expires on August 31, 2018. The Company has placed Hooper on nonaccrual but believes its collateral position is greater than the unpaid balance; thus, an allowance has not been recorded as of June 30, 2018. Royalty Purchases Cambia® On July 31, 2014, the Company purchased a 25 percent royalty on sales of Cambia® from royalty holder, APR Applied Pharma Research S.A. (“APR”), for $4.0 million. On December 2, 2015, the Company purchased a second 25 percent royalty on sales of Cambia® for $4.5 million in Canada. In the U.S., Cambia® is marketed by DepoMed, Inc. (“DepoMed”) while the product is marketed by Aralez Pharmaceuticals, Inc. As disclosed by DepoMed, Cambia® prescription trends decelerated in 2017, and while they have begun to stabilize, they are not growing in line with the Company’s original forecast. During the three months ended March 31, 2018, the Company reduced its expectations for future royalty receipts and recognized an allowance for credit loss on the royalty purchase of $1.2 million.

Marketable Investments

Marketable Investments	6 Months Ended
	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Marketable Investments	Note 4. Marketable Investments Investments in marketable securities at June 30, 2018 and December 31, 2017 consist of the following (in thousands): June 30, December 31, 2018 2017 Corporate debt securities $ 561 $ 600 Equity securities 591 1,256 Total $ 1,152 $ 1,856 The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale debt securities as of June 30, 2018 and December 31, 2017, are as follows (in thousands): June 30, 2018 Amortized Gross Gross Fair Value Corporate debt securities $ 561 $ — $ — $ 561 December 31, 2017 Amortized Gross Gross Fair Value Corporate debt securities $ 600 $ — $ — $ 600 The following table presents the proceeds from sales, realized gains and gross unrealized losses for equity securities that were sold during the following periods, as well as changes in fair value of equity securities as prescribed by ASC 321, “Investment - Equity Securities.” ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” was adopted on January 1, 2018, at which time a cumulative effect adjustment of $213,000 was recorded to reclassify the amount of accumulated unrealized gains related to equity securities from accumulated other comprehensive income to retained earnings (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Proceeds from sale of equity securities $ — $ — $ — $ 345 Realized gain on sale of equity securities — — — 243 Unrealized net loss on equity securities reflected in the Consolidated Statement of Operations (541 ) — (664 ) — Equity securities with unrealized losses, aggregated by length of time that individual securities have been in a continuous loss position, were as follows (in thousands): June 30, 2018 Less than Twelve Months Twelve Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Equity securities $ 588 $ (405 ) $ 3 $ (147 ) $ 591 $ (552 ) December 31, 2017 Less than Twelve Months Twelve Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Equity securities $ — $ — $ 33 $ (117 ) $ 33 $ (117 ) Equity Securities The Company’s equity securities include 661,076 shares of Cancer Genetics common stock and 77,922 shares of Hooper common stock. During the six months ended June 30, 2017, the Company sold 75,000 shares of Cancer Genetics common stock, which resulted in a realized gain of $0.2 million. As of June 30, 2018, the Cancer Genetics and Hooper equity securities are reflected at fair value of $0.6 million and $3,000 respectively. Debt Securities On July 9, 2013, the Company entered into a note purchase agreement to purchase, at par, $3.0 million of a total of $100.0 million aggregate principal amount of senior secured notes due in November 2026. The agreement allows the first interest payment date to include paid-in-kind notes for any cash shortfall, of which the Company received $0.1 million on November 15, 2013. The notes are secured only by certain royalty and milestone payments associated with the sales of pharmaceutical products. The senior secured notes have been placed on non-accrual status as of June 30, 2016. Total cash collected during the six months ended June 30, 2018 was $39,000, which was credited to the notes’ carrying value. As of June 30, 2018, the notes are reflected at their estimated fair value of $0.6 million.

Revolving Credit Facility

Revolving Credit Facility	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Revolving Credit Facility	Note 5. Revolving Credit Facility On June 29, 2018, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with State Bank and Trust Company as a lender and the administrative agent (“State Bank”) pursuant to which State Bank will provide the Company with up to a $20 million revolving senior secured credit facility, which the Company can draw down and repay until maturity, subject to borrowing base eligibility. The Loan Agreement matures on June 29, 2021. The Loan Agreement accrues interest at the Daily LIBOR Rate, with a floor of 1.00 percent, plus a 3.25 percent margin and principal is repayable in full at maturity. Interest is generally required to be paid monthly in arrears. The Loan Agreement requires the payment of an unused line fee of 0.50 percent, which will be recorded as interest expense. The Company paid $0.5 million in fees at closing, which have been capitalized as deferred financing costs and will be amortized on a straight-line basis over the term of the Loan Agreement. The Loan Agreement has an advance rate against the Company’s finance receivables portfolio, including 85 percent against senior first lien loans, 70 percent against second lien loans and 50 percent against royalty receivables, subject to certain eligibility requirements as defined in the Loan Agreement. The Loan Agreement contains certain affirmative and negative covenants including a minimum asset coverage and minimum interest coverage ratios. As of June 30, 2018, $0.4 millions, was outstanding under the Loan Agreement and $19.6 million was available for borrowing.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
Variable Interest Entities	Note 6. Variable Interest Entities The Company consolidates the activities of VIEs of which it is the primary beneficiary. The primary beneficiary of a VIE is the variable interest holder possessing a controlling financial interest through (i) its power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) its obligation to absorb losses or its right to receive benefits from the VIE that could potentially be significant to the VIE. In order to determine whether the Company owns a variable interest in a VIE, the Company performs qualitative analysis of the entity’s design, organizational structure, primary decision makers and relevant agreements. Consolidated VIE SWK HP Holdings LP (“SWK HP”) was formed in December 2012 to acquire a limited partnership interest in Holmdel Pharmaceuticals LP (“Holmdel”). Holmdel acquired the U.S. marketing authorization rights to a beta blocker pharmaceutical product indicated for the treatment of hypertension for a total purchase price of $13.0 million. The Company, through its wholly owned subsidiary SWK Holdings GP LLC (“SWK Holdings GP”), acquired a direct general partnership interest in SWK HP, which in turn acquired a limited partnership interest in Holmdel. The total investment in SWK HP of $13.0 million included $6.0 million provided by SWK Holdings GP and $7.0 million provided by non-controlling interests. Subject to customary limited partner protections afforded the investors by the terms of the limited partnership agreement, the Company maintained voting and managerial control of SWK HP and therefore included it in its consolidated financial statements. SWK HP had significant influence over the decisions made by Holmdel. SWK HP received quarterly distributions of cash flow generated by InnoPran XL according to a tiered scale that was subject to certain cash on cash returns received by SWK HP. SWK HP achieved the 2x cash on cash return threshold with the November 2016 distribution as such its economic ownership in Holmdel approximated 49 percent. On February 23, 2017, Holmdel sold the U.S. marketing authorization rights to InnoPran XL to ANI Pharmaceuticals, Inc. SWK Holdings GP received net proceeds from the transaction of approximately $8.0 million. The approximate $8.0 million of proceeds includes a 5 percent incentive fee earned from SWK HP, and SWK Holdings GP’s share of the sale proceeds. As part of the transaction, SWK HP and all involved parties executed mutual releases and terminations of all license and supply agreements. SWK Holdings GP received an additional distribution regarding InnoPran XL sales covering the period from January 1, 2017 through the date of sale and has not received any further material distributions. Unconsolidated VIE For the three and six months ended June 30, 2018, the Company did not recognize any income related to this entity accounted for under the equity method, nor did the Company receive any cash distributions. For the three and six months ended June 30, 2017, the Company recognized $0.3 million and $10.5 million, respectively, of equity method gains. For the three and six months ended June 30, 2018, amount of equity method gains attributable to the non-controlling interest in SWK HP were $0.2 million and $5.2 million, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Note 7. Related Party Transactions On September 6, 2013, in connection with entering into a credit facility, the Company issued warrants to an affiliate of a stockholder, Carlson Capital, L.P. (the “Stockholder”), for 100,000 shares of the Company’s common stock at a strike price of $13.88 per share. The warrants have a price anti-dilution mechanism that was triggered by the price that shares were sold by the Company in a rights offering in 2014, and as a result, the strike price of the warrants was reduced to $13.48 per share. Due to certain provisions within the warrant agreement, the warrants meet the definition of a derivative and do not qualify for a scope exception, as it is not considered indexed to the Company’s stock. As such, the warrants are reflected as a warrant liability in the consolidated balance sheets. The Company recorded a nominal gain for the three and six months ended June 30, 2018. The Company determined the fair value using the Black-Scholes option pricing model with the following assumptions: June 30, December 31, Dividend rate — — Risk-free rate 2.5 % 2.0 % Expected life (years) 2.2 2.7 Expected volatility 19.6 % 21.9 % The changes on the value of the warrant liability during the six months ended June 30, 2018 were as follows (in thousands): Fair value – December 31, 2017 $ 91 Issuances — Changes in fair value (55 ) Fair value – June 30, 2018 $ 36

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2018
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Note 8. Stockholders’ Equity Stock Compensation Plans During the six months ended June 30, 2018 and 2017, the Board approved compensation for Board services by granting 10,493 and 11,589 shares, respectively, of common stock as compensation for the non-employee directors. During both the six months ended June 30, 2018 and 2017, the Company recorded approximately $0.1 million in Board compensation expense. The aggregate stock-based compensation expense, including the quarterly Board grants, recognized by the Company for both of the six months ended June 30, 2018 and 2017 was $0.1 million. Non-controlling Interests As discussed in Note 6, SWK HP had a limited partnership interest in Holmdel. There has been no change to the carrying amount of the non-controlling interest since December 31, 2017.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 9. Fair Value Measurements The Company measures and reports certain financial and non-financial assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). GAAP specifies a three-level hierarchy that is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. The following is a description of the three hierarchy levels. Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Active markets are considered to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in inactive markets. Level 3 Unobservable inputs are not corroborated by market data. This category is comprised of financial and non-financial assets and liabilities whose fair value is estimated based on internally developed models or methodologies using significant inputs that are generally less readily observable from objective sources. Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfers occurred. There were no transfers between any levels during the six months ended June 30, 2018. The following information is provided to help readers gain an understanding of the relationship between amounts reported in the accompanying unaudited condensed consolidated financial statements and the related market or fair value. The disclosures include financial instruments and derivative financial instruments, other than investment in affiliates. Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models and significant assumptions utilized. Cash and cash equivalents The carrying amounts reported in the balance sheet for cash and cash equivalents approximate those assets’ fair values. Equity Securities Certain common equity securities are reported at fair value utilizing Level 1 inputs (exchange quoted prices). Finance Receivables The fair values of finance receivables are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the finance receivables. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. These receivables are classified as Level 3. Finance receivables are not measured at fair value on a recurring basis, but estimates of fair value are reflected below. Marketable Investments and Warrants Marketable Investments If active market prices are available, fair value measurement is based on quoted active market prices and, accordingly, these securities would be classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets or broker quotes utilizing observable inputs, and accordingly these securities would be classified as Level 2. If market prices are not available and there are no observable inputs, then fair value would be estimated by using valuation models including discounted cash flow methodologies, commonly used option-pricing models and broker quotes. Such securities would be classified as Level 3, if the valuation models and broker quotes are based on inputs that are unobservable in the market. If fair value is based on broker quotes, the Company checks the validity of received prices based on comparison to prices of other similar assets and market data such as relevant bench mark indices. Available-for-sale securities are measured at fair value on a recurring basis, while securities with no readily available fair market value are not, but estimates of fair value are reflected below. Derivative securities For exchange-traded derivatives, fair value is based on quoted market prices, and accordingly, would be classified as Level 1. For non-exchange traded derivatives, fair value is based on option pricing models and are classified as Level 3. The following table presents financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2018 (in thousands): Quoted Total prices Carrying in active Value in markets for Significant Consolidated identical other Significant Balance assets observable unobservable Sheet or liabilities (Level 1) inputs (Level 2) inputs (Level 3) Financial Assets: Warrant assets $ 1,349 $ — $ — $ 1,349 Marketable investments 1,152 591 — 561 Financial Liabilities: Warrant liability $ 36 $ — $ — $ 36 The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 (in thousands): Quoted Total prices Carrying in active Value in markets for Significant Consolidated identical other Significant Balance assets observable unobservable Sheet or liabilities (Level 1) inputs (Level 2) inputs (Level 3) Financial Assets: Warrant assets $ 987 $ — $ — $ 987 Marketable investments 1,856 1,256 — 600 Financial Liabilities: Warrant liability $ 91 $ — $ — $ 91 The changes on the value of the warrant assets during the six months ended June 30, 2018 were as follows (in thousands): Fair value – December 31, 2017 $ 987 Issued 355 Canceled — Change in fair value 7 Fair value – June 30, 2018 $ 1,349 The Company holds warrants issued to the Company in conjunction with certain term loan investments. These warrants meet the definition of a derivative and are included in the unaudited condensed consolidated balance sheets. The fair values for warrants outstanding, which do not have a readily determinable value, are measured using the Black-Scholes option pricing model. The following ranges of assumptions were used in the models to determine fair value: June 30, 2018 December 31, 2017 Dividend rate range — — Risk-free rate range 2.5% - 2.8 % 2.0% to 2.3% Expected life (years) range 2.1 - 7.0 2.6 to 6.6 Expected volatility range 65.1% - 189.1 % 72.5% to 95.7% The following table presents the financial assets measured at fair value on a nonrecurring basis as of June 30, 2018 and December 31, 2017 (in thousands): Total Quoted prices Significant Significant June 30, 2018 Impaired loans $ 12,269 $ — $ — $ 12,269 December 31, 2017 Impaired loans $ 6,087 $ — $ — $ 6,087 There were no liabilities measured at fair value on a nonrecurring basis as of June 30, 2018 and December 31, 2017. The following information is provided to help readers gain an understanding of the relationship between amounts reported in the accompanying unaudited condensed consolidated financial statements and the related market or fair value. The disclosures include financial instruments and derivative financial instruments, other than investment in unconsolidated entity. As of June 30, 2018 (in thousands): Carry Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 21,281 $ 21,281 $ 21,281 $ — $ — Finance receivables 170,661 170,661 — — 170,661 Marketable investments 1,152 1,152 591 — 561 Warrant assets 1,349 1,349 — — 1,349 Financial Liabilities Warrant liability $ 36 $ 36 $ — $ — $ 36 As of December 31, 2017 (in thousands): Carry Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 30,557 $ 30,557 $ 30,557 $ — $ — Finance receivables 151,995 151,995 — — 151,995 Marketable investments 1,856 1,856 1,256 — 600 Warrant assets 987 987 — — 987 Financial Liabilities Warrant liability $ 91 $ 91 $ — $ — $ 91

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 10. Subsequent Events Epica International, Inc. On July 25, 2018, SWK Funding LLC, a wholly-owned subsidiary of the Company (“SWK Funding”), entered into a credit agreement pursuant to which the Company provided to Epica International, Inc. (“Epica”) a term loan in the maximum principal amount of $14.0 million. The Company funded $12.2 million at closing. The loan matures on July 23, 2023. The loan bears interest at the greater of (a) three-month LIBOR and (b) 2.25 percent, plus a margin of 8.25 percent, payable in cash, quarterly in arrears, beginning on November 15, 2018. In connection with the loan, the Company also received a warrant to purchase shares of Epica common Stock, with the number of shares and strike price to be determined upon a future equity raise. Parnell Pharmaceuticals, Inc. On July 30, 2018, Parnell Pharmaceuticals, Inc. retired its credit facility with SWK Funding. SWK Funding received approximately $16.4 million at pay-off, which included accrued interest and exit fees.

SWK Holdings Corporation and 17

SWK Holdings Corporation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations SWK Holdings Corporation (the “Company”) was incorporated in July 1996 in California and reincorporated in Delaware in September 1999. In July 2012, the Company commenced its strategy of building a specialty finance and asset management business. The Company’s strategy is to be a leading healthcare capital provider by offering sophisticated, customized financing solutions to a broad range of life science companies, institutions and inventors. The Company is primarily focused on monetizing cash flow streams derived from commercial-stage products and related intellectual property through royalty purchases and financings, as well as through the creation of synthetic revenue interests in commercialized products. The Company has been deploying its assets to earn interest, fees, and other income pursuant to this strategy, and the Company continues to identify and review financing and similar opportunities on an ongoing basis. In addition, through the Company’s wholly-owned subsidiary, SWK Advisors LLC, the Company provides non-discretionary investment advisory services to institutional clients in separately managed accounts to similarly invest in life science finance. SWK Advisors LLC is registered as an investment advisor with the Texas State Securities Board. The Company intends to fund transactions through its own working capital, and its revolving credit facility, as well as by building its asset management business by raising additional third-party capital to be invested alongside the Company’s capital. The Company fills a niche that it believes is underserved in the sub-$50 million transaction size. Since many of its competitors that provide longer term, non-traditional debt and/or royalty-related financing options have much greater financial resources than the Company, they tend to not focus on transaction sizes below $50 million as it is generally inefficient for them to do so. In addition, the Company does not believe that a sufficient number of other companies offer similar types of long-term financing options to fill the demand of the sub-$50 million market. As such, the Company believes it faces less competition from such investors in transactions that are less than $50 million. The Company has net operating loss carryforwards (“NOLs”) and believes that the ability to utilize these NOLs is an important and substantial asset. However, at this time, under current law, we do not anticipate that our life science business strategy will generate sufficient income to permit us to utilize all of our NOLs prior to their respective expiration dates. As such, it is possible that we might pursue additional strategies that we believe might result in our ability to utilize more of our NOLs. As of August 10, 2018, the Company and its partners have executed transactions with 30 different parties under its specialty finance strategy, funding an aggregate $445 million in various financial products across the life science sector. The Company’s portfolio includes senior and subordinated debt backed by royalties and synthetic royalties paid by companies in the life science sector, and purchased royalties generated by sales of life science products and related intellectual property. The Company is headquartered in Dallas, Texas.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”). The consolidated financial statements include the accounts of all subsidiaries and affiliates in which the Company holds a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. The Company consolidates a variable interest entity (“VIE”) when it possesses both the power to direct the activities of the VIE that most significantly impact its economic performance and the Company is either obligated to absorb the losses that could potentially be significant to the VIE or the Company holds the right to receive benefits from the VIE that could potentially be significant to the VIE, after elimination of intercompany accounts and transactions. The Company owns interests in various partnerships and limited liability companies, or LLCs. The Company consolidates its investments in these partnerships or LLCs, where the Company, as the general partner or managing member, exercises effective control, even though the Company’s ownership may be less than 50 percent, the related governing agreements provide the Company with broad powers, and the other parties do not participate in the management of the entities and do not effectively have the ability to remove the Company. The Company has reviewed each of the underlying agreements to determine if it has effective control. If circumstances change and it is determined this control does not exist, any such investment would be recorded using the equity method of accounting. Although this would change individual line items within the Company’s consolidated financial statements, it would have no effect on its operations and/or total stockholders’ equity attributable to the Company.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The unaudited condensed consolidated financial statements have been prepared by the Company and reflect all normal, recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the interim financial information. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the year ending December 31, 2018. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted under the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements and notes included herein should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on March 29, 2018.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition, stock-based compensation, impairment of financing receivables and long-lived assets, valuation of warrants, income taxes and contingencies and litigation, among others. Some of these judgments can be subjective and complex, and consequently, actual results may differ from these estimates. The Company’s estimates often are based on complex judgments, probabilities and assumptions that it believes to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by the Company, there may also be other estimates or assumptions that are reasonable. The Company regularly evaluates its estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, the Company’s estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause changes to those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, and economic downturns, can increase the uncertainty already inherent in the Company’s estimates and assumptions. The Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our consolidated financial statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326).” The new standard adds an impairment model, known as the current expected credit loss (“CECL”) model, that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of losses. The ASU describes the impairment allowance as a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. Credit losses relating to available-for-sale debt securities should be measured in a manner similar to current GAAP; however, the amendments in this update require that credit losses be presented as an allowance rather than as a write-down, which will allow an entity the ability to record reversals of credit losses in current period net income. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. An entity will apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). A prospective transition approach is required for debt securities for which an other-than-temporary impairment has been recognized before the effective date. The Company is currently evaluating the new guidance but believes it is likely to incur more upfront provisions on its portfolio under the new CECL model. In July 2017, the FASB issued ASU No. 2017-11, “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); and Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, and (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception.” This guidance addresses the complexity of accounting for certain financial instruments with down round features. Down round features are features of certain equity-linked instruments (or embedded features) that result in the strike price being reduced on the basis of the pricing of future equity offerings. Current accounting guidance creates cost and complexity for entities that issue financial instruments (such as warrants and convertible instruments) with down round features that require fair value measurement of the entire instrument or conversion option. For public business entities, the amendments in Part I of this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the new guidance to determine the impact on its consolidated financial statements upon adoption in fiscal 2019.

Net Income per Share (Tables)

Net Income per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure Net Income Per Share Tables Abstract
Schedule of earnings per share, basic and diluted	The following table shows the computation of basic and diluted income per share for the following periods (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Numerator: Net income attributable to SWK Holdings Corporation stockholders $ 3,668 $ 3,409 $ 7,312 $ 8,645 Denominator: Weighted-average shares outstanding 13,059 13,038 13,056 13,035 Effect of dilutive securities 4 4 4 3 Weighted-average diluted shares 13,063 13,042 13,060 13,038 Basic income per share attributable to SWK Holdings Corporation stockholders $ 0.28 $ 0.26 $ 0.56 $ 0.66 Diluted income per share attributable to SWK Holdings Corporation stockholders $ 0.28 $ 0.26 $ 0.56 $ 0.66

Finance Receivables (Tables)

Finance Receivables (Tables)	6 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
Schedule of carrying value of finance receivables	The carrying value of finance receivables are as follows (in thousands): June 30, December 31, Portfolio 2018 2017 Term loans $ 144,857 $ 118,533 Royalty purchases 28,642 35,121 Total before allowance for credit losses 173,499 153,654 Allowance for credit losses (2,838 ) (1,659 ) Total carrying value $ 170,661 $ 151,995
Schedule of analysis of nonaccrual and performing loans by portfolio segment	The following table presents nonaccrual and performing finance receivables by portfolio segment, net of credit loss allowance (in thousands): June 30, 2018 December 31, 2017 Nonaccrual Performing Total Nonaccrual Performing Total Term loans $ 32,212 $ 112,645 $ 144,857 $ 11,402 $ 107,131 $ 118,533 Royalty purchases, net of credit loss allowance — 25,804 25,804 — 33,462 33,462 Total carrying value $ 32,212 $ 138,449 $ 170,661 $ 11,402 $ 140,593 $ 151,995

Marketable Investments (Tables)

Marketable Investments (Tables)	6 Months Ended
	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Schedule of marketable investments	Investments in marketable securities at June 30, 2018 and December 31, 2017 consist of the following (in thousands): June 30, December 31, 2018 2017 Corporate debt securities $ 561 $ 600 Equity securities 591 1,256 Total $ 1,152 $ 1,856
Schedule of available-for-sale securities reconciliation	The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale debt securities as of June 30, 2018 and December 31, 2017, are as follows (in thousands): June 30, 2018 Amortized Gross Gross Fair Value Corporate debt securities $ 561 $ — $ — $ 561 December 31, 2017 Amortized Gross Gross Fair Value Corporate debt securities $ 600 $ — $ — $ 600
Schedule of Proceeds from sales, gross unrealized gains and gross unrealized losses for available-for-sale securities	The following table presents the proceeds from sales, realized gains and gross unrealized losses for equity securities that were sold during the following periods, as well as changes in fair value of equity securities as prescribed by ASC 321, “Investment - Equity Securities.” ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” was adopted on January 1, 2018, at which time a cumulative effect adjustment of $213,000 was recorded to reclassify the amount of accumulated unrealized gains related to equity securities from accumulated other comprehensive income to retained earnings (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Proceeds from sale of equity securities $ — $ — $ — $ 345 Realized gain on sale of equity securities — — — 243 Unrealized net loss on equity securities reflected in the Consolidated Statement of Operations (541 ) — (664 ) —
Schedule of securities in a continuous unrealized loss position aggregated by investment category and length of time	Equity securities with unrealized losses, aggregated by length of time that individual securities have been in a continuous loss position, were as follows (in thousands): June 30, 2018 Less than Twelve Months Twelve Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Equity securities $ 588 $ (405 ) $ 3 $ (147 ) $ 591 $ (552 ) December 31, 2017 Less than Twelve Months Twelve Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Equity securities $ — $ — $ 33 $ (117 ) $ 33 $ (117 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of assumptions used	The Company determined the fair value using the Black-Scholes option pricing model with the following assumptions: June 30, December 31, Dividend rate — — Risk-free rate 2.5 % 2.0 % Expected life (years) 2.2 2.7 Expected volatility 19.6 % 21.9 %
Schedule of value of the warrant liability	The changes on the value of the warrant liability during the six months ended June 30, 2018 were as follows (in thousands): Fair value – December 31, 2017 $ 91 Issuances — Changes in fair value (55 ) Fair value – June 30, 2018 $ 36

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of fair value assets measured on recurring basis	The following table presents financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2018 (in thousands): Quoted Total prices Carrying in active Value in markets for Significant Consolidated identical other Significant Balance assets observable unobservable Sheet or liabilities (Level 1) inputs (Level 2) inputs (Level 3) Financial Assets: Warrant assets $ 1,349 $ — $ — $ 1,349 Marketable investments 1,152 591 — 561 Financial Liabilities: Warrant liability $ 36 $ — $ — $ 36 The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 (in thousands): Quoted Total prices Carrying in active Value in markets for Significant Consolidated identical other Significant Balance assets observable unobservable Sheet or liabilities (Level 1) inputs (Level 2) inputs (Level 3) Financial Assets: Warrant assets $ 987 $ — $ — $ 987 Marketable investments 1,856 1,256 — 600 Financial Liabilities: Warrant liability $ 91 $ — $ — $ 91
Schedule of fair value assets measured on recurring basis unobservable input reconciliation	The changes on the value of the warrant assets during the six months ended June 30, 2018 were as follows (in thousands): Fair value – December 31, 2017 $ 987 Issued 355 Canceled — Change in fair value 7 Fair value – June 30, 2018 $ 1,349
Schedule of weighted average assumptions	The following ranges of assumptions were used in the models to determine fair value: June 30, 2018 December 31, 2017 Dividend rate range — — Risk-free rate range 2.5% - 2.8 % 2.0% to 2.3% Expected life (years) range 2.1 - 7.0 2.6 to 6.6 Expected volatility range 65.1% - 189.1 % 72.5% to 95.7%
Schedule of fair value assets and liabilities measured on nonrecurring basis	The following table presents the financial assets measured at fair value on a nonrecurring basis as of June 30, 2018 and December 31, 2017 (in thousands): Total Quoted prices Significant Significant June 30, 2018 Impaired loans $ 12,269 $ — $ — $ 12,269 December 31, 2017 Impaired loans $ 6,087 $ — $ — $ 6,087
Schedule of fair value by balance sheet grouping	The disclosures include financial instruments and derivative financial instruments, other than investment in unconsolidated entity. As of June 30, 2018 (in thousands): Carry Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 21,281 $ 21,281 $ 21,281 $ — $ — Finance receivables 170,661 170,661 — — 170,661 Marketable investments 1,152 1,152 591 — 561 Warrant assets 1,349 1,349 — — 1,349 Financial Liabilities Warrant liability $ 36 $ 36 $ — $ — $ 36 As of December 31, 2017 (in thousands): Carry Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 30,557 $ 30,557 $ 30,557 $ — $ — Finance receivables 151,995 151,995 — — 151,995 Marketable investments 1,856 1,856 1,256 — 600 Warrant assets 987 987 — — 987 Financial Liabilities Warrant liability $ 91 $ 91 $ — $ — $ 91

Net Income per Share (Details)

Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator:
Net income (loss) attributable to SWK Holdings Corporation Stockholders	$ 3,668	$ 3,409	$ 7,312	$ 8,645
Denominator:
Weighted-average shares outstanding	13,059,000	13,038,000	13,056,000	13,035,000
Effect of dilutive securities	4,000	4,000	4,000	3,000
Weighted-average diluted shares	13,063,000	13,042,000	13,060,000	13,038,000
Basic income (loss) per share attributable to SWK Holdings Corporation Stockholders	$ 0.28	$ 0.26	$ 0.56	$ 0.66
Diluted income (loss) per share attributable to SWK Holdings Corporation Stockholders	$ 0.28	$ 0.26	$ 0.56	$ 0.66
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares)	272,000	287,000	287,000	343,000

Finance Receivables (Details)

Finance Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Portfolio
Total before allowance for credit losses	$ 173,499	$ 153,654
Allowance for credit losses	(2,838)	(1,659)
Total carrying value	170,661	151,995
Life Science Term Loans [Member]
Portfolio
Total before allowance for credit losses	144,857	118,533
Total carrying value	144,857	118,533
Life Science Royalty Purchases [Member]
Portfolio
Total before allowance for credit losses	28,642	35,121
Total carrying value	$ 25,804	$ 33,462

Finance Receivables (Details 2)

Finance Receivables (Details 2) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Nonaccrual	$ 32,212	$ 11,402
Performing	138,449	140,593
Total	170,661	151,995
Life Science Term Loans [Member]
Nonaccrual	32,212	11,402
Performing	112,645	107,131
Total	144,857	118,533
Life Science Royalty Purchases [Member]
Nonaccrual
Performing	25,804	33,462
Total	$ 25,804	$ 33,462

Finance Receivables (Details Na

Finance Receivables (Details Narrative) - USD ($) $ in Thousands	Jan. 31, 2018	Dec. 02, 2017	Aug. 08, 2017	Jul. 31, 2017	Oct. 10, 2014	Dec. 10, 2013	Feb. 28, 2016	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	May 12, 2017
Face amount								$ 32,200		$ 11,400
Number of shares outstanding								0		0
B&D Dental [Member]
Face amount						$ 6,000				$ 8,100
Credit agreement term						5 years
Arrangement fee						$ 60
Advance loan to collateral									$ 500
Hooper Holmes, Inc. (Hooper)
Face amount											$ 6,500
Additional term loan			$ 200
Debt instrument maturity date	Apr. 30, 2018		Feb. 1, 2018
ABT Molecular Imaging, Inc [Member]
Impairment loss										$ 7,600
ABT Molecular Imaging, Inc [Member] | Second Lien Loan [Member]
Face amount					$ 10,000
Debt instrument maturity date					Oct. 8, 2021
ABT Molecular Imaging, Inc [Member] | First Lien Loan [Member]
Face amount								$ 8,300
Payments to aquire loans receivable							$ 700
Cambia [Member]
Acquisation percentage		25.00%		25.00%
Payments to acquire business gross		$ 4,500		$ 4,000
Allowance for credit loss								$ 1,200

Marketable Investments (Details

Marketable Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Corporate debt securities	$ 561	$ 600
Equity securities	591	1,256
Total	$ 1,152	$ 1,856

Marketable Investments (Detai28

Marketable Investments (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Available for Sale Securities:
Amortized Cost	$ 561		$ 561		$ 600
Gross Unrealized Gains
Gross Unrealized Loss
Fair Value	561		561		600
Proceeds from sale of marketable securities				$ 345
Gain on sale of marketable securities				243
Unrealized net loss on equity securities	(541)		(664)
Corporate Debt Securities [Member]
Available for Sale Securities:
Amortized Cost	561		561		600
Gross Unrealized Gains
Gross Unrealized Loss
Fair Value	$ 561		$ 561		$ 600

Marketable Investments (Detai29

Marketable Investments (Details 3) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Available For Sale Securities
Less than 12 Months, Fair Value	$ 588
Less than 12 Months, Unrealized Losses	(405)
Greater than 12 Months, Fair Value	3	33
Greater than 12 Months, Unrealized Losses	(147)	(117)
Total, Fair Value	591	33
Total, Unrealized Losses	(552)	(117)
Equity Securities [Member]
Available For Sale Securities
Less than 12 Months, Fair Value	588
Less than 12 Months, Unrealized Losses	(405)
Greater than 12 Months, Fair Value	3	33
Greater than 12 Months, Unrealized Losses	(147)	(117)
Total, Fair Value	591	33
Total, Unrealized Losses	$ (552)	$ (117)

Marketable Investments (Detai30

Marketable Investments (Details Narrative) - USD ($) $ in Thousands	Nov. 15, 2013	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Jul. 09, 2013
Number of common shares		13,063,915		13,063,915		13,053,422
Gain on sale of marketable securities					$ 243
Fair Value		561		561		$ 600
Senior notes		$ 561		561		$ 600
Paid-in-kind interest				$ 96	$ 807
Cancer Genetics, Inc [Member]
Number of common shares		661,076		661,076
Number of common shares sold					75,000
Gain on sale of marketable securities					$ 200
Fair Value		$ 1,100		$ 1,100
Hooper Holmes [Member]
Number of common shares		77,922		77,922
Fair Value		$ 41		$ 41
Agreement To Purchase Senior Secured Notes [Member]
Senior notes							$ 3,000
Paid-in-kind interest	$ 100
Tribute [Member] | Agreement To Purchase Senior Secured Notes [Member]
Senior notes							$ 100,000

Revolving Credit Facility (Deta

Revolving Credit Facility (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Disclosure Revolving Credit Facility Details Narrative Abstract
Revolving Credit Facility	$ 370		$ 370
Maximum Revolving Credit Available			20,000
Remaining Revolving Credit			$ 19,600

Variable Interest Entities (Det

Variable Interest Entities (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 31, 2012	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income (loss) from equity method investments			$ 335		$ 10,539
Proceeds from equity method investment, dividends or distributions					17,524
Payments to noncontrolling interests					$ 8,960
Non-controlling Interests in Consolidated Entities [Member]
Investments in advance to affiliates, subsidiaries, associates, and joint ventures	$ 7,000
SWKHP Holdings [Member]
Income (loss) from equity method investments		$ 200		$ 5,200
Holmdel Pharmaceuticals LP [Member]
Payments to acquire intangible assets	13,000
SWKHP Holdings LP [Member]
Investments in advance to affiliates, subsidiaries, associates, and joint ventures	13,000
SWKHP Holdings GP [Member]
Investments in advance to affiliates, subsidiaries, associates, and joint ventures	$ 6,000

Related Party Transactions (Det

Related Party Transactions (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Dividend rate	0.00%	0.00%
Loan Credit Agreement [Member]
Dividend rate	0.00%	0.00%
Risk-free rate	2.50%	2.00%
Expected life (years)	2 years 2 months 12 days	2 years 8 months 12 days
Expected volatility	19.60%	21.90%

Related Party Transactions (D34

Related Party Transactions (Details 2) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Fair value at beginning	$ 91
Fair value at ending	36
Warrant Liability [Member]
Fair value at beginning	91
Issuances
Changes in fair value	(55)
Fair value at ending	$ 36

Related Party Transactions (D35

Related Party Transactions (Details Narartive) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Sep. 06, 2013
Warrants and rights outstanding	$ 36	$ 91
Delayed Draw [Member]
Number of securities called by warrants or rights (in shares)			100,000
Exercise price of warrants or rights (in dollars per Share)			$ 13.88
Reduction in strike price	$ 13.48

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
Compensation for non-employee directors (in shares)	10,493	11,589
Value of compensation for non-employee directors	$ 100	$ 100

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Financial Assets:
Warrant assets	$ 1,349	$ 987
Marketable investments	561	600
Financial Liabilities:
Warrant liability	36	91
Tribute Warrant [Member] | Fair Value, Inputs, Level 1 [Member]
Financial Assets:
Marketable investments	591	1,256
Tribute Warrant [Member] | Fair Value, Inputs, Level 3 [Member]
Financial Assets:
Warrant assets	1,349	987
Marketable investments	561	600
Financial Liabilities:
Warrant liability	36	91
Warrant Liability [Member]
Financial Liabilities:
Warrant liability	36	91
Marketable Securities [Member] | Tribute Warrant [Member]
Financial Assets:
Warrant assets	1,349	987
Marketable investments	1,152	1,856
Financial Liabilities:
Warrant liability	$ 36	$ 91

Fair Value Measurements (Deta38

Fair Value Measurements (Details 2) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Fair value - December 31, 2017	$ 987
Fair value - June 30, 2018	1,349
Tribute Warrant [Member]
Fair value - December 31, 2017	987
Issuances	355
Canceled
Change in fair value	7
Fair value - June 30, 2018	$ 1,349

Fair Value Measurements (Deta39

Fair Value Measurements (Details 3)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Dividend rate range	0.00%	0.00%
Minimum [Member]
Risk-free rate range	2.50%	2.00%
Expected life (years) range	2 years 1 month 6 days	2 years 7 months 6 days
Expected volatility range	65.10%	72.50%
Maximum [Member]
Risk-free rate range	2.80%	2.30%
Expected life (years) range	7 years	6 years 7 months 6 days
Expected volatility range	189.10%	95.70%

Fair Value Measurements (Deta40

Fair Value Measurements (Details 4) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Financial Assets:
Impaired loans	$ 1,349	$ 987
Fair Value, Inputs, Level 3 [Member]
Financial Assets:
Impaired loans	1,349	987
Tribute Warrant [Member]
Financial Assets:
Impaired loans	1,349	987
Tribute Warrant [Member] | Fair Value, Inputs, Level 3 [Member]
Financial Assets:
Impaired loans	12,269	6,087
Marketable Securities [Member] | Tribute Warrant [Member]
Financial Assets:
Impaired loans	$ 12,269	$ 6,087

Fair Value Measurements (Deta41

Fair Value Measurements (Details 5) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Financial Assets
Cash and cash equivalents	$ 21,281	$ 30,557	$ 36,435	$ 32,182
Cash and cash equivalents at fair value	21,281	30,557
Finance receivables	170,661	151,995
Finance receivables at fair value	170,661	151,995
Marketable investments	1,152	1,856
Marketable investments at fair value	1,152	1,856
Warrant assets	1,349	987
Warrant assets at fair value	1,349	987
Financial Liabilities
Warrant liability	36	91
Gross liability at fair value	36	91
Fair Value, Inputs, Level 1 [Member]
Financial Assets
Cash and cash equivalents at fair value	21,281	30,557
Marketable investments at fair value	591	1,256
Fair Value, Inputs, Level 3 [Member]
Financial Assets
Cash and cash equivalents
Finance receivables at fair value	170,661	151,995
Marketable investments at fair value	561	600
Warrant assets at fair value	1,349	987
Financial Liabilities
Gross liability at fair value	$ 36	$ 91

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($) $ in Thousands	Jul. 25, 2018	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Revolving Credit Facility		$ 370		$ 370
Maximum Revolving Credit Available				$ 20,000
Subsequent Event [Member] | Epica International, Inc. [Member]
Revolving Credit Facility	$ 12,200
Maximum Revolving Credit Available	$ 14,000