Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended |
Dec. 31, 2013 | |
Document Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Trading Symbol | 'PTSX |
Entity Common Stock, Shares Outstanding | 10,536,906 |
Entity Registrant Name | 'Point.360 |
Entity Central Index Key | '0001398797 |
Current Fiscal Year End Date | '--06-30 |
Entity Filer Category | 'Smaller Reporting Company |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $1,256 | $1,696 |
Accounts receivable, net of allowances for doubtful accounts of $327 and $215, respectively | 3,587 | 4,709 |
Inventories, net | 226 | 315 |
Prepaid expenses and other current assets | 446 | 253 |
Prepaid income taxes | 5 | 0 |
Total current assets | 5,520 | 6,973 |
Property and equipment, net | 15,318 | 15,993 |
Other assets, net | 788 | 686 |
Total assets | 21,626 | 23,652 |
Current liabilities: | ' | ' |
Current portion of notes payable | 8,201 | 344 |
Current portion of capital lease obligations | 419 | 146 |
Accounts payable | 1,367 | 1,302 |
Accrued wages and benefits | 1,030 | 1,317 |
Other accrued expenses | 45 | 44 |
Current portion of deferred gain on sale of real estate | 178 | 178 |
Current portion of deferred lease incentive | 209 | 209 |
Other current liabilities | 9 | 13 |
Total current liabilities | 11,458 | 3,553 |
Notes payable, less current portion | 0 | 8,029 |
Capital lease obligations, less current portion | 0 | 238 |
Deferred gain on sale of real estate, less current portion | 1,115 | 1,204 |
Deferred lease incentive, less current portion | 1,304 | 1,409 |
Total long-term liabilities | 2,419 | 10,880 |
Total liabilities | 13,877 | 14,433 |
Commitments and contingencies (Note 4) | 0 | 0 |
Shareholders’ equity: | ' | ' |
Preferred stock - no par value; 5,000,000 shares authorized; none outstanding | 0 | 0 |
Common stock - no par value; 50,000,000 shares authorized; 10,513,166 and 10,536,906 shares issued and outstanding on June 30 and December 31,2013, respectively | 21,715 | 21,695 |
Additional paid-in capital | 10,781 | 10,641 |
Accumulated deficit | -24,747 | -23,117 |
Total shareholders’ equity | 7,749 | 9,219 |
Total liabilities and shareholders’ equity | $21,626 | $23,652 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowances for doubtful accounts | $215 | $327 |
Preferred stock, no par value | $0 | $0 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, outstanding | 0 | 0 |
Common stock, no par value | $0 | $0 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 10,513,166 | 10,536,906 |
Common stock, shares outstanding | 10,513,166 | 10,536,906 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues | $6,286,000 | $7,745,000 | $13,058,000 | $15,406,000 |
Cost of services sold | -4,095,000 | -5,221,000 | -8,834,000 | -10,174,000 |
Gross profit | 2,191,000 | 2,524,000 | 4,224,000 | 5,232,000 |
Selling, general and administrative expense | -2,819,000 | -2,910,000 | -5,864,000 | -5,843,000 |
Operating loss | -628,000 | -386,000 | -1,640,000 | -611,000 |
Interest expense | -71,000 | -80,000 | -145,000 | -248,000 |
Other income | 76,000 | 76,000 | 155,000 | 364,000 |
Loss before income taxes | -623,000 | -390,000 | -1,630,000 | -495,000 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net loss | ($623,000) | ($390,000) | ($1,630,000) | ($495,000) |
Basic: | ' | ' | ' | ' |
Net loss | ($0.06) | ($0.04) | ($0.15) | ($0.05) |
Weighted average number of shares | 10,536,906 | 10,513,166 | 10,528,909 | 10,513,166 |
Diluted: | ' | ' | ' | ' |
Net loss | ($0.06) | ($0.04) | ($0.15) | ($0.05) |
Weighted average number of shares including the dilutive effect of stock options | 10,536,906 | 10,513,166 | 10,528,909 | 10,513,166 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($1,630,000) | ($495,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 993,000 | 1,238,000 |
Amortization of deferred gain on real estate | -89,000 | -89,000 |
Amortization of deferred lease credit | -105,000 | -104,000 |
Provision for (recovery of) doubtful accounts | -112,000 | 14,000 |
Stock compensation expense | 140,000 | 102,000 |
Stock option exercises | 20,000 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Decrease in accounts receivable | 1,234,000 | 933,000 |
(Increase) decrease in inventories | 89,000 | -42,000 |
(Increase) in prepaid expenses and other current assets | -198,000 | -207,000 |
(Increase) in other assets | -102,000 | -12,000 |
Increase in accounts payable | 65,000 | 85,000 |
(Decrease) in accrued wages and benefits | -287,000 | -189,000 |
Increase (decrease) in other accrued expenses | 1,000 | -102,000 |
(Decrease) in other current liabilities | -4,000 | -4,000 |
Net cash provided by operating activities | 15,000 | 1,128,000 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -202,000 | -212,000 |
Net cash used in investing activities | -202,000 | -212,000 |
Cash flows from financing activities: | ' | ' |
Borrowings of notes payable | 0 | 8,602,000 |
Repayment of notes payable | -172,000 | -9,370,000 |
Payment of capital lease obligations | -81,000 | -82,000 |
Net cash used in financing activities | -253,000 | -850,000 |
Net Increase (decrease) in cash and cash equivalents | -440,000 | 66,000 |
Cash and cash equivalents at beginning of period | 1,696,000 | 1,219,000 |
Cash and cash equivalents at end of period | 1,256,000 | 1,285,000 |
Cash payments for income taxes (net of refunds) | 5,000 | 0 |
Cash payments for interest | 146,000 | 291,000 |
Assets acquired under capital lease | $116,000 | $308,000 |
THE_COMPANY
THE COMPANY | 6 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | |||||||||
THE COMPANY | ' | |||||||||
Note 1 – THE COMPANY | ||||||||||
Point.360 (the “Company” or “we”) provides high definition and standard definition digital mastering, data conversion, video and film asset management, distribution and other services to owners, producers and distributors of entertainment and advertising content. The Company provides the services necessary to edit, master, reformat, convert, archive and ultimately distribute its clients’ film and video content, including television programming feature films and movie trailers. The Company’s interconnected facilities provide service coverage to all major U.S. media centers. Clients include major motion picture studios and independent producers. The Company also rents and sells DVDs directly to consumers through its Movie>Q retail stores. | ||||||||||
The Company operates in two business segments from three post production and three Movie>Q locations. Each post production location is electronically tied to the others and serves the same customer base. Depending on the location size, the production equipment consists of tape duplication, editing, encoding, standards conversion, and other machinery. Each location employs personnel with the skills required to efficiently run the equipment and handle customer requirements. While all locations are not exactly the same, an order received at one location may be fulfilled at one or more “sister” facilities to use resources in the most efficient manner. | ||||||||||
Typically, a feature film or television show or related material will be submitted to a facility by a motion picture studio, independent producer, advertising agency, or corporation for processing and distribution. A common sales force markets the Company’s capability for all facilities. Once an order is received, the local customer service representative determines the most cost-effective way to perform the services considering geographical logistics and facility capabilities. | ||||||||||
In fiscal 2010, the Company purchased assets and intellectual property for a research and development project to address the viability of the DVD rental business being abandoned by the closure of Movie Gallery/Hollywood Video and Blockbuster stores. The DVD rental market consists principally of online services (Netflix), vending machines (Redbox) and other video stores. | ||||||||||
As of December 31, 2013, the Company had opened three Movie>Q stores in Southern California employing an automated inventory management (“AIM”) system in a 1,200-1,600 square foot facility. By saving space and personnel costs which caused the big box stores to be uncompetitive with lower priced online and vending machine rental alternatives, Movie>Q can offer up to 10,000 unit selections to a customer at competitive rental rates. Movie>Q provides online reservations, an in-store destination experience, first run movie titles and a large unit selection (as opposed to 400-700 for a Redbox vending machine). | ||||||||||
Based on the success of the stores, the Company may seek to expand the number of Movie>Q stores while further streamlining the design and production of the AIM system. Movie>Q provides the Company with a content distribution capability complimentary to the Company’s post production business. | ||||||||||
The accompanying unaudited Condensed Consolidated Financial Statements include the accounts and transactions of the Company, including those of the Company’s subsidiaries. The statements have been prepared in accordance with accounting principles generally accepted in the United States of America and by the Securities and Exchange Commission’s rules and regulations for reporting interim financial statements and footnotes. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. All intercompany balances and transactions have been eliminated in the Condensed Consolidated Financial Statements. Operating results for the three and six month periods ended December 31, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2014. These financial statements should be read in conjunction with the financial statements and related notes contained in the Company’s Form 10-K for the period ended June 30, 2013. | ||||||||||
Pro Forma Earnings (Loss) Per Share A reconciliation of the denominator of the basic earnings per share (“EPS”) computation to the denominator of the diluted EPS computation is as follows (in thousands): | ||||||||||
Three Months | Three Months | Six Months | Six Months | |||||||
Ended | Ended | Ended | Ended | |||||||
December 31, | December 31, | December 31, | December 31, | |||||||
2012 | 2013 | 2012 | 2013 | |||||||
Pro forma weighted average of number of shares | ||||||||||
Weighted average number of common shares | 10,513 | 10,537 | 10,513 | 10,529 | ||||||
outstanding used in computation of basic EPS | ||||||||||
Dilutive effect of outstanding stock options | - | - | - | - | ||||||
Weighted average number of common and | 10,513 | 10,537 | 10,513 | 10,529 | ||||||
potential Common shares outstanding used in | ||||||||||
computation of Diluted EPS | ||||||||||
Effect of dilutive options excluded in the | - | 1 | - | 120 | ||||||
computation of diluted EPS due to net loss | ||||||||||
The weighted average number of common shares outstanding were the same amount for both basic and diluted income per share in the three month period ended December 31, 2012 and 2013 and the six-month periods ended December 31, 2012 and 2013. The effect of potentially dilutive securities for those periods were excluded from the computation of diluted earnings per share because their effect would be anti-dilutive (i.e., including such securities would result in a higher earnings per share, or lower loss per share, respectively). There were 1,587,294 and 951,335 potentially dilutive shares at December 31, 2012 and 2013, respectively. | ||||||||||
Fair Value Measurements | ||||||||||
The Company follows a framework for consistently measuring fair value under generally accepted accounting principles, and the disclosures of fair value measurements. The framework provides a fair value hierarchy to classify the source of the information. | ||||||||||
The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value and include the following: | ||||||||||
Level 1 – Quoted prices in active markets for identical assets or liabilities. | ||||||||||
Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||
Cash, the only Level 1 input applicable to the Company (there are no Level 2 or 3 inputs), is stated on the Condensed Consolidated Balance Sheets at fair value. | ||||||||||
As of December 31, 2013 the carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other current liabilities approximates fair value due to the short-term nature of such instruments. The carrying value of capital lease obligations, notes payable and other long-term liabilities approximates fair value as the related interest rates approximate rates currently available to the Company. | ||||||||||
Recent Accounting Pronouncements | ||||||||||
Changes to accounting principles are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASU’s) to the FASB’s Accounting Standards Codification. We consider the applicability and impact of all ASU’s. ASU’s not listed below were assessed and determined to be not applicable to our financial position or results of operations. | ||||||||||
In July 2013, the FASB issued Accounting Standards Update (“ASU”) 2013-11, Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, an amendment to FASB ASC Topic 740, Income Taxes, (“FASB ASU 2013-11”). This update clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Retrospective application is permitted. We are currently evaluating the impact, if any, that the adoption of this pronouncement may have on our financial position, results of operations, cash flows, or presentation thereof. | ||||||||||
LONG_TERM_DEBT_AND_NOTES_PAYAB
LONG TERM DEBT AND NOTES PAYABLE | 6 Months Ended | ||
Dec. 31, 2013 | |||
Debt Disclosure [Abstract] | ' | ||
LONG TERM DEBT AND NOTES PAYABLE | ' | ||
NOTE 2 - LONG TERM DEBT AND NOTES PAYABLE | |||
In August and September of 2012 (subsequently modified on December 18, 2013), the Company entered into revolving credit, equipment financing and two mortgage agreements with a bank, as follows: | |||
Revolving Credit Facility. The revolving credit facility provides up to $5 million of credit based on 80% of eligible accounts receivable, as defined. The agreement provides for interest at the lower of (i) Libor plus 2.75% (2.92% as of December 31, 2013) or (ii) the bank’s alternative base rate plus 1.75% (5.00% as of December 31, 2013), plus 0.25% per annum assessed on the unused portion of the credit commitment. The maturity date is August 31, 2014 and is renewable for an additional year on each anniversary date upon mutual agreement of the parties. | |||
Equipment Financing Facility. The equipment financing facility provides up to $1.25 million of financing for the cost of new and already-owned or leased equipment. The agreement provides for interest at the bank’s cost of funds plus 3% (3.89% as of December 31, 2013). The maturity date for each “schedule” of equipment is up to four years from the borrowing date. Amounts may be borrowed under the facility until August 14, 2014. | |||
Hollywood Wayand Vine Street Mortgages. In September 2012, the Company entered into two real estate term loan agreements with respect to its Hollywood Way and Vine Street locations for $5.5 million and $3.1 million, respectively. The loans provide for interest at Libor plus 3% (3.17% as of December 31, 2013). Repayment is based on monthly payments with a 25-year amortization, with all principal due in 10 years. The real estate loans are secured by first trust deeds on the properties. | |||
General Terms. All amounts due under the revolving credit facility, equipment financing facility and term mortgage facilities are secured by all personal property and real estate of the Company. While amounts are outstanding under the credit arrangements, the Company will be subject to financial covenants as follows: | |||
1 | Minimum tangible net worth (TNW) of $8.5 million (the Company’s actual TNW was $7.7 million as of December 31, 2013). | ||
2 | Minimum quarterly EBITDA (as defined) of $750,000, provided that EBITDA may be a minimum of $500,000 in any one quarter within four consecutive quarters (the Company’s EBITDA was $0.0 million for the quarter ended December 31, 2013). | ||
3 | Minimum quarterly fixed charge ratio (as defined) of 1.25 (the Company’s fixed charge ratio was 0.06 for the quarter ended December 31, 2013). | ||
4 | Minimum trailing 12 month (TTM) fixed charge ratio (as defined) of 1.25 measured quarterly (the Company’s TTM fixed charge ratio was 0.32 for the TTM ended December 31, 2013). | ||
All obligations to the bank are cross collateralized. The agreements contain certain other terms and conditions common with such arrangements. | |||
As of December 31, 2013 the Company did not meet the TNW, the minimum quarterly EBITDA, and the minimum quarterly and TTM fixed charge ratio covenants, and obtained a forbearance from the bank. The forbearance acknowledged that a default condition exists, and that availability under the revolving credit and equipment financing facilities will be suspended until the Company demonstrates adequate fixed charge coverage capability and other positive operating developments as determined by the bank. The bank also added an additional financial covenant based on trailing twelve month fixed charge coverage beginning with the quarter ended December 31, 2013 (see 4. above). The bank also limited borrowings under the revolving credit facility to the lesser of (1) 80% of eligible accounts receivable less $600,000 or (2) $1,000,000. Although the bank did not elect to accelerate the Company’s obligations under the agreement, the balance owed for the mortgage debt and capital leases has been classified as a current liability in the balance sheet as of December 31, 2013. | |||
Amounts Borrowed. As of December 31, 2013, the Company had no outstanding borrowings under the revolving credit facility and $0.4 million borrowed under the equipment financing facility. | |||
In connection with the termination of a prior credit agreement, the Company paid a $30,000 break-up fee, which was reflected in other income/expense in the six months ended December 31, 2012. | |||
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 6 Months Ended | ||||
Dec. 31, 2013 | |||||
Property, Plant and Equipment [Abstract] | ' | ||||
PROPERTY AND EQUIPMENT | ' | ||||
NOTE 3- PROPERTY AND EQUIPMENT | |||||
In March 2006, the Company entered into a sale and leaseback transaction with respect to its Media Center real estate. The real estate was sold for approximately $14.0 million resulting in a $1.3 million after tax gain. In accordance with the Accounting Standards Codification (ASC) 840-40, the gain will be amortized over the initial 15-year lease term as reduced rent. Net proceeds at the closing of the sale were used to pay off the mortgage and other outstanding debt. A $250,000 security deposit related to the lease has been recorded as a deposit in “other assets, net” in the Condensed Consolidated Balance Sheets as of June 30, 2013 and December 31, 2013. | |||||
The lease is treated as an operating lease for financial reporting purposes. After the initial lease term, the Company has four five-year options to extend the lease. Minimum annual rent payments for the initial five years of the lease were $1,111,000, increasing annually thereafter based on the Consumer Price Index change from year to year. | |||||
In June 2011, the Company entered into a lease amendment with respect to the Company’s Media Center facility. The amendment provided that the landlord would reimburse the Company up to $2 million for the leasehold improvements to be made by the Company to the premises. The leasehold improvements would be recorded as a fixed asset and amortized over the remaining term of the lease (until March 2021). Pursuant to the lease amendment, the Company’s monthly lease costs increased by approximately $14,000 on July 1, 2011, and by an additional $13,000 to approximately $27,000 on April 1, 2012. The Company incurred $2.1 million of costs for construction, of which $2.0 million was reimbursed by the landlord. A deferred lease incentive has been recorded for the total amount reimbursed by the landlord in accordance with ASC 840-20. The lease incentive is being amortized over the remaining lease term as an offset to rent. | |||||
Property and equipment consist of the following as of December 31, 2013: | |||||
Land | $ | 3,985,000 | |||
Buildings | 9,317,000 | ||||
Machinery and equipment | 38,002,000 | ||||
Leasehold improvements | 9,084,000 | ||||
Computer equipment | 7,937,000 | ||||
Equipment under capital lease | 1,111,000 | ||||
Office equipment, CIP | 607,000 | ||||
Subtotal | 70,043,000 | ||||
Less accumulated depreciation and | -54,725,000 | ||||
amortization | |||||
Property and equipment, net | $ | 15,318,000 | |||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 4- COMMITMENTS AND CONTINGENCIES | |
From time to time, the Company may become a party to legal actions and complaints arising in the ordinary course of business, although it is not currently involved in any such legal proceedings. | |
INCOME_TAXES
INCOME TAXES | 6 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
NOTE 5- INCOME TAXES | |
The Company reviewed its Accounting Standards Codification (“ASC”) 740-10 documentation for the periods through December 31, 2013 to ascertain if any changes should be made with respect to tax positions previously taken. In addition, the Company reviewed its income tax reporting through December 31, 2013. Based on Company’s review of its tax positions as of December 31, 2013, no new uncertain tax positions have been identified; nor has new information become available that would change management’s judgment with respect to tax positions previously taken. | |
As of December 31, 2013, the Company had no net deferred tax assets. No tax benefit was recorded during the three month period ended December 31, 2013 because future realizability of such benefit was not considered to be more likely than not. | |
The ASC prescribes a recognition and measurement of a tax position taken or expected to be taken in a tax return and provides guidance on derecognition of tax benefits, classification on the balance sheet, interest and penalties, accounting in interim periods, disclosure, and transition. | |
The Company files income tax returns in the U.S. federal jurisdiction, and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal state or local income tax examinations by tax authorities for years before 2008. | |
STOCK_OPTION_PLAN_STOCKBASED_C
STOCK OPTION PLAN, STOCK-BASED COMPENSATION | 6 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | |||||||||||||||||
STOCK OPTION PLAN, STOCK-BASED COMPENSATION | ' | |||||||||||||||||
NOTE 6- STOCK OPTION PLAN, STOCK-BASED COMPENSATION | ||||||||||||||||||
In May 2007, the Board of Directors approved the 2007 Equity Incentive Plan (the “2007 Plan”). The 2007 Plan provides for the award of options to purchase up to 2,000,000 shares of common stock, appreciation rights and restricted stock awards. | ||||||||||||||||||
In November 2010, the shareholders approved the 2010 Incentive Plan (the “2010 Plan”). The 2010 Plan provides for the award of options to purchase up to 4,000,000 shares of common stock, appreciation rights and restricted stock and performance awards. | ||||||||||||||||||
Under the 2007 and 2010 Plans, the stock option price per share for options granted is determined by the Board of Directors and is based on the market price of the Company’s common stock on the date of grant, and each option is exercisable within the period and in the increments as determined by the Board, except that no option can be exercised later than ten years from the grant date. The stock options generally vest in one to five years. | ||||||||||||||||||
The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. We also estimate the fair value of the award that is ultimately expected to vest to be recognized as expense over the requisite service periods in the Condensed Consolidated Statements of Operations. | ||||||||||||||||||
We estimate the fair value of share-based payment awards to employees and directors on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s Condensed Consolidated Statements of Operations. Stock-based compensation expense recognized in the Condensed Consolidated Statements of Operations for the three and six month periods ended December 31, 2013 included compensation expense for the share-based payment awards based on the grant date fair value. For stock-based awards issued to employees and directors, stock-based compensation is attributed to expense using the straight-line single option method. As stock-based compensation expense recognized in the Condensed Consolidated Statements of Operations for the periods reported in this Form 10-Q is based on awards expected to vest, forfeitures are also estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. For the period being reported in this Form 10-Q, expected forfeitures are immaterial. The Company will re-assess the impact of forfeitures if actual forfeitures increase in future quarters. Stock-based compensation expense related to employee or director stock options recognized for the three and six month periods ended December 31, 2012 and 2013 was as follows: | ||||||||||||||||||
Three months ended December 31, 2012 | $ | 60,000 | ||||||||||||||||
Three months ended December 31, 2013 | 77,000 | |||||||||||||||||
Six months ended December 31, 2012 | 102,000 | |||||||||||||||||
Six months ended December 31, 2013 | 140,000 | |||||||||||||||||
The Company’s determination of fair value of share-based payment awards to employees and directors on the date of grant uses the Black-Scholes model, which is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include, but are not limited to, the expected stock price volatility over the expected term of the awards, and actual and projected employee stock options exercise behaviors. The Company estimates expected volatility using historical data. The expected term is estimated using the “safe harbor” provisions provided by the SEC. | ||||||||||||||||||
During each of the three and six month periods ended December 31, 2012 and 2013, the Company granted awards of stock options as follows: | ||||||||||||||||||
2007 Plan | 2010 Plan | |||||||||||||||||
Options | Exercise | Options | Exercise | |||||||||||||||
Granted | Price per Share | Granted | Price per Share | |||||||||||||||
Three months ended December 31, 2012 | 30,000 | $ | 0.8 | - | - | |||||||||||||
Three months ended December 31, 2013 | 22,500 | $ | 0.74 | - | - | |||||||||||||
Three months ended December 31, 2013 | 15,000 | $ | 0.64 | - | - | |||||||||||||
Six months ended December 31, 2012 | 30,000 | $ | 0.8 | - | - | |||||||||||||
Six months ended December 31, 2013 | 22,500 | $ | 0.74 | - | - | |||||||||||||
Six months ended December 31, 2013 | 15,000 | $ | 0.64 | - | - | |||||||||||||
The following table summarizes the status of the 2007 and 2010 Plans as of December 31, 2013: | ||||||||||||||||||
2007 Plan | 2010 Plan | Total | ||||||||||||||||
Options originally available | 2,000,000 | 4,000,000 | 6,000,000 | |||||||||||||||
Stock options outstanding | 1,835,110 | 529,500 | 2,364,610 | |||||||||||||||
Options available for grant | 132,725 | 3,466,925 | 3,599,650 | |||||||||||||||
Transactions involving stock options are summarized as follows: | ||||||||||||||||||
Number | Weighted Average | Weighted Average | ||||||||||||||||
of Shares | Exercise Price | Grant Date | ||||||||||||||||
Fair Value | ||||||||||||||||||
Balance at June 30, 2013 | 2,413,525 | $ | 0.95 | $ | 0.53 | |||||||||||||
Granted | - | $ | - | $ | - | |||||||||||||
Exercised | -23,740 | $ | 1 | $ | 0.52 | |||||||||||||
Cancelled | -31,200 | $ | 1.15 | $ | 0.56 | |||||||||||||
Balance at September 30, 2013 | 2,358,585 | $ | 0.95 | $ | 0.53 | |||||||||||||
Granted | 37,500 | $ | 0.7 | $ | 0.57 | |||||||||||||
Exercised | -3,000 | $ | 0.86 | $ | 0.49 | |||||||||||||
Cancelled | -28,475 | $ | 1.25 | $ | 0.56 | |||||||||||||
Balance at December 31, 2013 | 2,364,610 | $ | 0.94 | $ | 0.53 | |||||||||||||
As of December 31, 2013, the total compensation costs related to non-vested awards yet to be expensed was approximately $0.5 million to be amortized over the next four years. | ||||||||||||||||||
The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of December 31, 2013 were as follows: | ||||||||||||||||||
Number of | Weighted Average | Weighted Average | Intrinsic | |||||||||||||||
Shares | Exercise Price ($) | Remaining | Value ($) | |||||||||||||||
Contractual Life | ||||||||||||||||||
(Years) | ||||||||||||||||||
Employees – Outstanding | 2,222,110 | $ | 0.94 | 2.63 | - | |||||||||||||
Employees – Expected to Vest | 1,999,899 | $ | 0.94 | 2.63 | - | |||||||||||||
Employees – Exercisable | 827,585 | $ | 1.08 | 1.33 | - | |||||||||||||
Non-Employees-Outstanding | 142,500 | $ | 0.96 | 2.96 | - | |||||||||||||
Non-Employees- Expected to Vest | 142,500 | $ | 0.96 | 2.96 | - | |||||||||||||
Non-Employees-Exercisable | 123,750 | $ | 0.99 | 2.77 | - | |||||||||||||
The aggregate intrinsic value in the table above is the sum of the amounts by which the quoted market price of the Company’s common stock exceeded the exercise price of the options at December 31, 2013, for those options for which the quoted market price was in excess of the exercise price. | ||||||||||||||||||
Additional information with respect to outstanding options as of December 31, 2013 is as follows: | ||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||
Options Exercise | Number of | Weighted | Weighted | Number of | Weighted | |||||||||||||
Price Range | Shares | Average | Average | Shares | Average | |||||||||||||
Remaining | Exercise Price | Remaining | ||||||||||||||||
Contractual Life | Contractual Life | |||||||||||||||||
$ | 1.29 | 301,450 | 1.1 years | $ | 1.29 | 226,800 | 1.1 years | |||||||||||
$ | 1.27 | 15,000 | 1.7 years | $ | 1.27 | 11,250 | 1.7 years | |||||||||||
$ | 1.2 | 246,675 | 0.1 years | $ | 1.2 | 246,675 | 0.1 years | |||||||||||
$ | 1.15 | 22,500 | 1.9 years | $ | 1.15 | 22,500 | 1.9 years | |||||||||||
$ | 1.07 | 22,500 | 2.9 years | $ | 1.07 | 22,500 | 2.9 years | |||||||||||
$ | 1.05 | 22,500 | 0.9 years | $ | 1.05 | 22,500 | 0.9 years | |||||||||||
$ | 0.95 | 242,800 | 3.2 years | $ | 0.95 | 60,325 | 3.2 years | |||||||||||
$ | 0.86 | 526,185 | 2.1 years | $ | 0.86 | 256,285 | 2.1 years | |||||||||||
$ | 0.81 | 830,000 | 4.1 years | $ | 0.81 | - | 4.1 years | |||||||||||
$ | 0.8 | 22,500 | 3.9 years | $ | 0.8 | 22,500 | 3.9 years | |||||||||||
$ | 0.75 | 75,000 | 2.4 years | $ | 0.75 | 37,500 | 2.4 years | |||||||||||
$ | 0.74 | 22,500 | 4.9 years | $ | 0.74 | 22,500 | 4.9 years | |||||||||||
$ | 0.64 | 15,000 | 4.9 years | $ | 0.64 | - | 4.9 years | |||||||||||
In addition to the above 2007 Plan, the Company issued 10,000 shares of restricted stock during fiscal year ended June 30, 2010 with a weighted average fair value of $0.58 per share. | ||||||||||||||||||
We use the detailed method provided in ASC 718 for calculating the beginning balance of the additional paid-in capital pool (APIC pool) related to the tax effects of employee stock-based compensation, and to determine the subsequent impact on the APIC pool and the Condensed Consolidated Statements of Cash Flows of the tax effects of employee stock-based compensation awards that are outstanding upon adoption of ASC 718. | ||||||||||||||||||
STOCK_RIGHTS_PLAN
STOCK RIGHTS PLAN | 6 Months Ended |
Dec. 31, 2013 | |
Stock Rights Plan [Abstract] | ' |
STOCK RIGHTS PLAN | ' |
NOTE 7- STOCK RIGHTS PLAN | |
In July 2007, the Company implemented a stock rights program. Pursuant to the program, stockholders of record on August 7, 2007, received a dividend of one right to purchase for $10 one one-hundredth of a share of a newly created Series A Junior Participating Preferred Stock. The rights are attached to the Company’s Common Stock and will also become attached to shares issued subsequent to August 7, 2007. The rights will not be traded separately and will not become exercisable until the occurrence of a triggering event, defined as an accumulation by a single person or group of 20% or more of the Company’s Common Stock. The rights will expire on August 6, 2017 and are redeemable at $0.0001 per right. | |
After a triggering event, the rights will detach from the Common Stock. If the Company is then merged into, or is acquired by, another corporation, the Company has the opportunity to either (i) redeem the rights or (ii) permit the rights holder to receive in the merger stock of the Company or the acquiring company equal to two times the exercise price of the right (i.e., $20). In the latter instance, the rights attached to the acquirer’s stock become null and void. The effect of the rights program is to make a potential acquisition of the Company more expensive for the acquirer if, in the opinion of the Company’s Board of Directors, the offer is inadequate. | |
No triggering events occurred in the six months ended December 31, 2013. | |
SHAREHOLDERS_EQUITY
SHAREHOLDER'S EQUITY | 6 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||
SHAREHOLDER'S EQUITY | ' | |||||||||||||
NOTE 8- SHAREHOLDER’S EQUITY | ||||||||||||||
The following table analyzes the components of shareholders’ equity from June 30, 2013 to December 31, 2013 (in thousands): | ||||||||||||||
Common | Paid-in | Accumulated | Shareholders’ | |||||||||||
Stock | Capital | (Deficit) | Equity | |||||||||||
Balance, June 30, 2013 | $ | 21,695 | $ | 10,641 | $ | -23,117 | $ | 9,219 | ||||||
Exercise of stock options | 17 | 17 | ||||||||||||
Stock-based compensation expense | 63 | 63 | ||||||||||||
Net loss | -1,007 | -1,007 | ||||||||||||
Balance, September 30, 2013 | 21,712 | 10,704 | -24,124 | 8,292 | ||||||||||
Stock-based compensation expense | 77 | 77 | ||||||||||||
Exercise of stock options | 3 | 3 | ||||||||||||
Net loss | -623 | -623 | ||||||||||||
Balance, December 31, 2013 | $ | 21,715 | $ | 10,781 | $ | -24,747 | $ | 7,749 | ||||||
STOCK_REPURCHASE_PLAN
STOCK REPURCHASE PLAN | 6 Months Ended |
Dec. 31, 2013 | |
Stock Repurchase Plan [Abstract] | ' |
STOCK REPURCHASE PLAN | ' |
NOTE 9- STOCK REPURCHASE PLAN | |
In February 2008, the Company’s Board of Directors authorized a stock repurchase program. Under the stock repurchase program, the Company may purchase outstanding shares of its common stock on the open market at such times and prices determined in the sole discretion of management. No shares were acquired pursuant to the repurchase program during the three months ended December 31, 2013. | |
SEGMENT_INFORMATION
SEGMENT INFORMATION: | 6 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||
NOTE 10- SEGMENT INFORMATION: | ||||||||||||||
In its operation of the business, management reviews certain financial information, including segmented internal profit and loss statements prepared on a basis consistent with U.S. generally accepted accounting principles. Our two segments are Point.360 and Movie>Q. The two segments discussed in this analysis are presented in the way we internally managed and monitored performance for the three and six month periods ended December 31, 2012 and 2013. Allocations for internal resources were made for the periods. The Movie>Q segment tracks certain assets separately, and all others are recorded in the Point.360 segment for internal reporting presentations. Cash was not segregated between the two segments but retained in the Point.360 segment. | ||||||||||||||
The types of services provided by each segment are summarized below: | ||||||||||||||
Point.360 – The Point.360 segment provides high definition and standard definition digital mastering, data conversion, video and film asset management, distribution and other services to owners, producers and distributors of entertainment and advertising content. Point.360 provides the services necessary to edit, master, reformat, convert, archive and ultimately distribute its clients’ film and video content, including television programming feature films and movie trailers. The segment’s interconnected facilities provide service coverage to all major U.S. media centers. Clients include major motion picture studios and independent producers. | ||||||||||||||
Movie>Q – The Movie>Q segment rents and sells DVDs directly to consumers though its retail stores. The stores employ an automated inventory management (“AIM”) system in a 1,200-1,600 square foot facility. By saving space and personnel costs which caused the big box stores to be uncompetitive with lower priced online and vending machine rental alternatives, Movie>Q can offer up to 10,000 unit selections to a customer at competitive rental rates. Movie>Q provides online reservations, an in-store destination experience, first run movie and game titles and a large unit selection. | ||||||||||||||
Segment revenues, operating loss and total assets were as follows (in thousands): | ||||||||||||||
Revenue | Three Months | Six Months | ||||||||||||
Ended | Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||
Point.360 | $ | 7,619 | $ | 6,160 | $ | 15,163 | $ | 12,822 | ||||||
Movie>Q | 126 | 126 | 243 | 236 | ||||||||||
Consolidated revenue | $ | 7,745 | $ | 6,286 | $ | 15,406 | $ | 13,058 | ||||||
Operating loss | Three Months | Six Months | ||||||||||||
Ended | Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||
Point.360 | $ | -190 | $ | -487 | $ | -228 | $ | -1,355 | ||||||
Movie>Q | -196 | -141 | -384 | -285 | ||||||||||
Operating loss | $ | -386 | $ | -628 | $ | -612 | $ | -1,640 | ||||||
Total Assets | June 30, | December 31, | ||||||||||||
2013 | 2013 | |||||||||||||
Point.360 | $ | 22,588 | $ | 20,661 | ||||||||||
Movie>Q | 1,064 | 965 | ||||||||||||
Consolidated assets | $ | 23,652 | $ | 21,626 | ||||||||||
THE_COMPANY_Tables
THE COMPANY (Tables) | 6 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | |||||||||
Reconciliation of Denominator of Basic Earnings Per Share Computation to Denominator of Diluted Earnings Per Share Computation | ' | |||||||||
Pro Forma Earnings (Loss) Per Share A reconciliation of the denominator of the basic earnings per share (“EPS”) computation to the denominator of the diluted EPS computation is as follows (in thousands): | ||||||||||
Three Months | Three Months | Six Months | Six Months | |||||||
Ended | Ended | Ended | Ended | |||||||
December 31, | December 31, | December 31, | December 31, | |||||||
2012 | 2013 | 2012 | 2013 | |||||||
Pro forma weighted average of number of shares | ||||||||||
Weighted average number of common shares | 10,513 | 10,537 | 10,513 | 10,529 | ||||||
outstanding used in computation of basic EPS | ||||||||||
Dilutive effect of outstanding stock options | - | - | - | - | ||||||
Weighted average number of common and | 10,513 | 10,537 | 10,513 | 10,529 | ||||||
potential Common shares outstanding used in | ||||||||||
computation of Diluted EPS | ||||||||||
Effect of dilutive options excluded in the | - | 1 | - | 120 | ||||||
computation of diluted EPS due to net loss | ||||||||||
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 6 Months Ended | ||||
Dec. 31, 2013 | |||||
Property, Plant and Equipment [Abstract] | ' | ||||
Property and Equipment | ' | ||||
Property and equipment consist of the following as of December 31, 2013: | |||||
Land | $ | 3,985,000 | |||
Buildings | 9,317,000 | ||||
Machinery and equipment | 38,002,000 | ||||
Leasehold improvements | 9,084,000 | ||||
Computer equipment | 7,937,000 | ||||
Equipment under capital lease | 1,111,000 | ||||
Office equipment, CIP | 607,000 | ||||
Subtotal | 70,043,000 | ||||
Less accumulated depreciation and | -54,725,000 | ||||
amortization | |||||
Property and equipment, net | $ | 15,318,000 | |||
STOCK_OPTION_PLAN_STOCKBASED_C1
STOCK OPTION PLAN, STOCK-BASED COMPENSATION (Tables) | 6 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | |||||||||||||||||
Stock-based Compensation Expense Related To Employee or Director Stock Options | ' | |||||||||||||||||
Stock-based compensation expense related to employee or director stock options recognized for the three and six month periods ended December 31, 2012 and 2013 was as follows: | ||||||||||||||||||
Three months ended December 31, 2012 | $ | 60,000 | ||||||||||||||||
Three months ended December 31, 2013 | 77,000 | |||||||||||||||||
Six months ended December 31, 2012 | 102,000 | |||||||||||||||||
Six months ended December 31, 2013 | 140,000 | |||||||||||||||||
Company Granted Awards Of Stock Options | ' | |||||||||||||||||
During each of the three and six month periods ended December 31, 2012 and 2013, the Company granted awards of stock options as follows: | ||||||||||||||||||
2007 Plan | 2010 Plan | |||||||||||||||||
Options | Exercise | Options | Exercise | |||||||||||||||
Granted | Price per Share | Granted | Price per Share | |||||||||||||||
Three months ended December 31, 2012 | 30,000 | $ | 0.8 | - | - | |||||||||||||
Three months ended December 31, 2013 | 22,500 | $ | 0.74 | - | - | |||||||||||||
Three months ended December 31, 2013 | 15,000 | $ | 0.64 | - | - | |||||||||||||
Six months ended December 31, 2012 | 30,000 | $ | 0.8 | - | - | |||||||||||||
Six months ended December 31, 2013 | 22,500 | $ | 0.74 | - | - | |||||||||||||
Six months ended December 31, 2013 | 15,000 | $ | 0.64 | - | - | |||||||||||||
Summary of Status of Stock Plans | ' | |||||||||||||||||
The following table summarizes the status of the 2007 and 2010 Plans as of December 31, 2013: | ||||||||||||||||||
2007 Plan | 2010 Plan | Total | ||||||||||||||||
Options originally available | 2,000,000 | 4,000,000 | 6,000,000 | |||||||||||||||
Stock options outstanding | 1,835,110 | 529,500 | 2,364,610 | |||||||||||||||
Options available for grant | 132,725 | 3,466,925 | 3,599,650 | |||||||||||||||
Summary of Stock Options Transactions | ' | |||||||||||||||||
Transactions involving stock options are summarized as follows: | ||||||||||||||||||
Number | Weighted Average | Weighted Average | ||||||||||||||||
of Shares | Exercise Price | Grant Date | ||||||||||||||||
Fair Value | ||||||||||||||||||
Balance at June 30, 2013 | 2,413,525 | $ | 0.95 | $ | 0.53 | |||||||||||||
Granted | - | $ | - | $ | - | |||||||||||||
Exercised | -23,740 | $ | 1 | $ | 0.52 | |||||||||||||
Cancelled | -31,200 | $ | 1.15 | $ | 0.56 | |||||||||||||
Balance at September 30, 2013 | 2,358,585 | $ | 0.95 | $ | 0.53 | |||||||||||||
Granted | 37,500 | $ | 0.7 | $ | 0.57 | |||||||||||||
Exercised | -3,000 | $ | 0.86 | $ | 0.49 | |||||||||||||
Cancelled | -28,475 | $ | 1.25 | $ | 0.56 | |||||||||||||
Balance at December 31, 2013 | 2,364,610 | $ | 0.94 | $ | 0.53 | |||||||||||||
Weighted Average Exercise Prices for Options Granted and Exercisable and Weighted Average Remaining Contractual Life for Options Outstanding | ' | |||||||||||||||||
The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of December 31, 2013 were as follows: | ||||||||||||||||||
Number of | Weighted Average | Weighted Average | Intrinsic | |||||||||||||||
Shares | Exercise Price ($) | Remaining | Value ($) | |||||||||||||||
Contractual Life | ||||||||||||||||||
(Years) | ||||||||||||||||||
Employees – Outstanding | 2,222,110 | $ | 0.94 | 2.63 | - | |||||||||||||
Employees – Expected to Vest | 1,999,899 | $ | 0.94 | 2.63 | - | |||||||||||||
Employees – Exercisable | 827,585 | $ | 1.08 | 1.33 | - | |||||||||||||
Non-Employees-Outstanding | 142,500 | $ | 0.96 | 2.96 | - | |||||||||||||
Non-Employees- Expected to Vest | 142,500 | $ | 0.96 | 2.96 | - | |||||||||||||
Non-Employees-Exercisable | 123,750 | $ | 0.99 | 2.77 | - | |||||||||||||
Additional Information with Respect to Outstanding Options | ' | |||||||||||||||||
Additional information with respect to outstanding options as of December 31, 2013 is as follows: | ||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||
Options Exercise | Number of | Weighted | Weighted | Number of | Weighted | |||||||||||||
Price Range | Shares | Average | Average | Shares | Average | |||||||||||||
Remaining | Exercise Price | Remaining | ||||||||||||||||
Contractual Life | Contractual Life | |||||||||||||||||
$ | 1.29 | 301,450 | 1.1 years | $ | 1.29 | 226,800 | 1.1 years | |||||||||||
$ | 1.27 | 15,000 | 1.7 years | $ | 1.27 | 11,250 | 1.7 years | |||||||||||
$ | 1.2 | 246,675 | 0.1 years | $ | 1.2 | 246,675 | 0.1 years | |||||||||||
$ | 1.15 | 22,500 | 1.9 years | $ | 1.15 | 22,500 | 1.9 years | |||||||||||
$ | 1.07 | 22,500 | 2.9 years | $ | 1.07 | 22,500 | 2.9 years | |||||||||||
$ | 1.05 | 22,500 | 0.9 years | $ | 1.05 | 22,500 | 0.9 years | |||||||||||
$ | 0.95 | 242,800 | 3.2 years | $ | 0.95 | 60,325 | 3.2 years | |||||||||||
$ | 0.86 | 526,185 | 2.1 years | $ | 0.86 | 256,285 | 2.1 years | |||||||||||
$ | 0.81 | 830,000 | 4.1 years | $ | 0.81 | - | 4.1 years | |||||||||||
$ | 0.8 | 22,500 | 3.9 years | $ | 0.8 | 22,500 | 3.9 years | |||||||||||
$ | 0.75 | 75,000 | 2.4 years | $ | 0.75 | 37,500 | 2.4 years | |||||||||||
$ | 0.74 | 22,500 | 4.9 years | $ | 0.74 | 22,500 | 4.9 years | |||||||||||
$ | 0.64 | 15,000 | 4.9 years | $ | 0.64 | - | 4.9 years | |||||||||||
SHAREHOLDERS_EQUITY_Tables
SHAREHOLDER'S EQUITY (Tables) | 6 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||
Components of shareholders' equity | ' | |||||||||||||
The following table analyzes the components of shareholders’ equity from June 30, 2013 to December 31, 2013 (in thousands): | ||||||||||||||
Common | Paid-in | Accumulated | Shareholders’ | |||||||||||
Stock | Capital | (Deficit) | Equity | |||||||||||
Balance, June 30, 2013 | $ | 21,695 | $ | 10,641 | $ | -23,117 | $ | 9,219 | ||||||
Exercise of stock options | 17 | 17 | ||||||||||||
Stock-based compensation expense | 63 | 63 | ||||||||||||
Net loss | -1,007 | -1,007 | ||||||||||||
Balance, September 30, 2013 | 21,712 | 10,704 | -24,124 | 8,292 | ||||||||||
Stock-based compensation expense | 77 | 77 | ||||||||||||
Exercise of stock options | 3 | 3 | ||||||||||||
Net loss | -623 | -623 | ||||||||||||
Balance, December 31, 2013 | $ | 21,715 | $ | 10,781 | $ | -24,747 | $ | 7,749 | ||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION: (Tables) | 6 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Segment Revenues, Operating Loss and Total Assets | ' | |||||||||||||
Segment revenues, operating loss and total assets were as follows (in thousands): | ||||||||||||||
Revenue | Three Months | Six Months | ||||||||||||
Ended | Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||
Point.360 | $ | 7,619 | $ | 6,160 | $ | 15,163 | $ | 12,822 | ||||||
Movie>Q | 126 | 126 | 243 | 236 | ||||||||||
Consolidated revenue | $ | 7,745 | $ | 6,286 | $ | 15,406 | $ | 13,058 | ||||||
Operating loss | Three Months | Six Months | ||||||||||||
Ended | Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||
Point.360 | $ | -190 | $ | -487 | $ | -228 | $ | -1,355 | ||||||
Movie>Q | -196 | -141 | -384 | -285 | ||||||||||
Operating loss | $ | -386 | $ | -628 | $ | -612 | $ | -1,640 | ||||||
Total Assets | June 30, | December 31, | ||||||||||||
2013 | 2013 | |||||||||||||
Point.360 | $ | 22,588 | $ | 20,661 | ||||||||||
Movie>Q | 1,064 | 965 | ||||||||||||
Consolidated assets | $ | 23,652 | $ | 21,626 | ||||||||||
The_Company_Additional_Informa
The Company - Additional Information (Detail) | 6 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' |
Number of business segments | 2 | ' |
Effect of dilutive options excluded in the computation of diluted EPS due to net loss | 951,335 | 1,587,294 |
Post Production | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' |
Number of business segments | 3 | ' |
Movie Q | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' |
Number of business locations | 3 | ' |
Number of stores opened | 3 | ' |
Movie Q | Minimum | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' |
Store facility area | 1,200 | ' |
Movie Q | Maximum | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' |
Store facility area | 1,600 | ' |
Unit selections offered to a customer | 10,000 | ' |
Reconciliation_of_Denominator_
Reconciliation of Denominator of Basic Earnings Per Share Computation to Denominator of Diluted Earnings Per Share Computation (Detail) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' |
Pro forma weighted average of number of shares Weighted average number of common shares outstanding used in computation of basic EPS | 10,536,906 | 10,513,166 | 10,528,909 | 10,513,166 |
Dilutive effect of outstanding stock options | 0 | 0 | 0 | 0 |
Weighted average number of common and potential Common shares outstanding used in computation of Diluted EPS | 10,536,906 | 10,513,166 | 10,528,909 | 10,513,166 |
Effect of dilutive options excluded in the computation of diluted EPS due to net loss | ' | ' | 951,335 | 1,587,294 |
Stock Options | ' | ' | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' |
Effect of dilutive options excluded in the computation of diluted EPS due to net loss | 1,000 | 0 | 120,000 | 0 |
Recovered_Sheet1
Long Term Debt and Notes Payable - Additional Information (Detail) (USD $) | 6 Months Ended | 6 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Minimum Agreement | Minimum in Any One Quarter Within Four Consecutive Quarters | Real Estate Term Loan One | Real Estate Term Loan Two | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Equipment Financing Facilities | Credit Agreement | Minimum trailing | ||
Libor Rate | Alternative Option For Interest Rate | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement | ' | ' | ' | ' | ' | $5,000,000 | ' | ' | $1,250,000 | ' | ' |
Debt instrument interest rate basis for effective percentage | 'Libor plus 3% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate for effective percentage | 3.17% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instruments, amortization period (in years) | '25 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instruments, principal amount due period (in years) | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit limit, percentage of acceptable accounts receivable | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' |
Credit facility, maturity date | ' | ' | ' | ' | ' | 31-Aug-14 | ' | ' | 14-Aug-14 | ' | ' |
Outstanding borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' |
Interest rate spread | ' | ' | ' | ' | ' | ' | 2.75% | 1.75% | 3.00% | ' | ' |
Credit agreement, interest rate | ' | ' | ' | ' | ' | ' | 2.92% | 5.00% | 3.89% | ' | ' |
Per annum assessed on the unused portion of the credit commitment | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' |
General terms, tangible net worth | 7,700,000 | ' | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
General terms, quarterly EBITDA | 0 | 500,000 | 750,000 | ' | ' | ' | ' | ' | ' | ' | ' |
General terms, quarterly fixed charge ratio | 0.06 | 1.25 | 0.32 | ' | ' | ' | ' | ' | ' | ' | 1.25 |
Break-up fee, in connection with the termination of the Credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' |
Long term construction loan agreements, value | ' | ' | ' | $5,500,000 | $3,100,000 | ' | ' | ' | ' | ' | ' |
Property_And_Equipment_Additio
Property And Equipment - Additional Information (Detail) (Media Center Sale and Leaseback, USD $) | 1 Months Ended | 6 Months Ended | ||
Apr. 01, 2012 | Mar. 31, 2006 | Dec. 31, 2013 | Jun. 30, 2011 | |
Media Center Sale and Leaseback | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Sale and leaseback transaction, real estate sold, amount | ' | $14,000,000 | ' | ' |
Sale and leaseback transaction, real estate sold, after tax gain | ' | 1,300,000 | ' | ' |
Sale and leaseback transaction, lease term | ' | '15 years | ' | ' |
Sale and leaseback transaction, security deposit | ' | 250,000 | ' | ' |
Sale and leaseback transaction, number of options to extend the lease | ' | 4 | ' | ' |
Sale and leaseback transaction, period of options to extend the lease | ' | '5 years | ' | ' |
Sale and leaseback transaction, minimum annual rent payments for the initial five years of the lease | ' | 1,111,000 | ' | ' |
Sale and leaseback transaction, maximum amount to be reimbursed to the Company for the leasehold improvements | ' | ' | ' | 2,000,000 |
Sale and leaseback transaction, lease expiration date | ' | ' | 31-Mar-21 | ' |
Sale and leaseback transaction, amount of monthly lease costs increase | 13,000 | ' | ' | 14,000 |
Sale and leaseback transaction, monthly lease costs | 27,000 | ' | ' | ' |
Sale and leaseback transaction, costs for construction incurred | ' | ' | 2,100,000 | ' |
Sale and leaseback transaction, costs for construction reimbursed by the landlord | ' | ' | $2,000,000 | ' |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Land | $3,985,000 | ' |
Buildings | 9,317,000 | ' |
Machinery and equipment | 38,002,000 | ' |
Leasehold improvements | 9,084,000 | ' |
Computer equipment | 7,937,000 | ' |
Equipment under capital lease | 1,111,000 | ' |
Office equipment, CIP | 607,000 | ' |
Subtotal | 70,043,000 | ' |
Less accumulated depreciation and amortization | -54,725,000 | ' |
Property and equipment, net | $15,318,000 | $15,993,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 6 Months Ended |
Dec. 31, 2013 | |
Income Taxes [Line Items] | ' |
Net deferred tax assets | $0 |
Tax benefit | $0 |
Recovered_Sheet2
Stock Option Plan, Stock-Based Compensation - Additional Information (Detail) (USD $) | 6 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Nov. 30, 2010 | Jun. 30, 2010 | Dec. 31, 2013 | 31-May-07 | Dec. 31, 2013 | Nov. 30, 2010 | Nov. 30, 2010 | Nov. 30, 2010 |
2007 Equity Incentive Plan | 2007 Equity Incentive Plan | 2007 Equity Incentive Plan | 2007 Equity Incentive Plan | 2010 Incentive Plan | 2010 Incentive Plan | 2010 Incentive Plan | 2010 Incentive Plan | ||
Minimum | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options originally available | 6,000,000 | ' | ' | 2,000,000 | 2,000,000 | 4,000,000 | 4,000,000 | ' | ' |
Options expiration period | ' | '10 years | ' | ' | ' | ' | ' | '1 year | '5 years |
Compensation cost related to non-vested awards to be expensed, recognition period | '4 years | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock issued | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' |
Restricted stock issued, weighted average fair value | ' | ' | $0.58 | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Aggregate Fair Value | $0.50 | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized_Stockbased_compensa
Recognized Stock-based compensation (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense related to employee or director stock options recognized | $77,000 | $60,000 | $140,000 | $102,000 |
Company_granted_awards_of_stoc
Company granted awards of stock options (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
2007 Equity Incentive Plan | 2007 Equity Incentive Plan | 2007 Equity Incentive Plan | 2007 Equity Incentive Plan | 2010 Incentive Plan | 2010 Incentive Plan | 2010 Incentive Plan | 2010 Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted | 37,500 | 0 | 15,000 | 22,500 | 30,000 | 22,500 | 30,000 | 0 | 0 | 0 | 0 |
Weighted average Exercise price | $0.70 | $0 | $0.64 | $0.74 | $0.80 | $0.74 | $0.80 | $0 | $0 | $0 | $0 |
Summary_of_Status_of_Stock_Pla
Summary of Status of Stock Plans (Detail) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | 31-May-07 | Dec. 31, 2013 | Nov. 30, 2010 |
2007 Equity Incentive Plan | 2007 Equity Incentive Plan | 2010 Incentive Plan | 2010 Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Options originally available | 6,000,000 | ' | ' | 2,000,000 | 2,000,000 | 4,000,000 | 4,000,000 |
Stock options outstanding | 2,364,610 | 2,358,585 | 2,413,525 | 1,835,110 | ' | 529,500 | ' |
Options available for grant | 3,599,650 | ' | ' | 132,725 | ' | 3,466,925 | ' |
Summary_of_Stock_Options_Trans
Summary of Stock Options Transactions (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | |
Number of Shares | ' | ' | ' |
Beginning Balance | 2,358,585 | 2,413,525 | 2,413,525 |
Granted | 37,500 | 0 | 15,000 |
Exercised | -3,000 | -23,740 | ' |
Cancelled | -28,475 | -31,200 | ' |
Ending Balance | 2,364,610 | 2,358,585 | 2,364,610 |
Weighted Average Exercise Price | ' | ' | ' |
Beginning Balance | $0.95 | $0.95 | $0.95 |
Granted | $0.70 | $0 | $0.64 |
Exercised | $0.86 | $1 | ' |
Cancelled | $1.25 | $1.15 | ' |
Ending Balance | $0.94 | $0.95 | $0.94 |
Weighted Average Grant Date Fair Value | ' | ' | ' |
Beginning Balance | $0.53 | $0.53 | $0.53 |
Granted | $0.57 | $0 | ' |
Exercised | $0.49 | $0.52 | ' |
Cancelled | $0.56 | $0.56 | ' |
Ending Balance | $0.53 | $0.53 | $0.53 |
Weighted_Average_Exercise_Pric
Weighted Average Exercise Prices for Options Granted and Exercisable and Weighted Average Remaining Contractual Life for Options Outstanding (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Employees | Non-Employees | ||||
Number of Shares | ' | ' | ' | ' | ' |
Outstanding | 2,364,610 | 2,358,585 | 2,413,525 | 2,222,110 | 142,500 |
Vested and Expected to Vest | ' | ' | ' | 1,999,899 | 142,500 |
Exercisable | ' | ' | ' | 827,585 | 123,750 |
Weighted Average Exercise Price | ' | ' | ' | ' | ' |
Outstanding | $0.94 | $0.95 | $0.95 | $0.94 | $0.96 |
Vested and Expected to Vest | ' | ' | ' | $0.94 | $0.96 |
Exercisable | ' | ' | ' | $1.08 | $0.99 |
Weighted Average Remaining Contractual Life (Years) | ' | ' | ' | ' | ' |
Outstanding | ' | ' | ' | '2 years 7 months 17 days | '2 years 11 months 16 days |
Vested and Expected to Vest | ' | ' | ' | '2 years 7 months 17 days | '2 years 11 months 16 days |
Exercisable | ' | ' | ' | '1 year 3 months 29 days | '2 years 9 months 7 days |
Intrinsic Value | ' | ' | ' | ' | ' |
Outstanding | ' | ' | ' | $0 | $0 |
Vested and Expected to Vest | ' | ' | ' | 0 | 0 |
Exercisable | ' | ' | ' | $0 | $0 |
Additional_Information_with_Re
Additional Information with Respect to Outstanding Options (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Range One | Range Two | Range Three | Range Four | Range Five | Range Six | Range Seven | Range Eight | Range Nine | Range Ten | Range Eleven | Range Twelve | Range Thirteen | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options Outstanding, Options Exercise Price Range | ' | ' | ' | $1.29 | $1.27 | $1.20 | $1.15 | $1.07 | $1.05 | $0.95 | $0.86 | $0.81 | $0.80 | $0.75 | $0.74 | $0.64 |
Options Outstanding, Number of Shares | 2,364,610 | 2,358,585 | 2,413,525 | 301,450 | 15,000 | 246,675 | 22,500 | 22,500 | 22,500 | 242,800 | 526,185 | 830,000 | 22,500 | 75,000 | 22,500 | 15,000 |
Options Outstanding, Weighted Average Remaining Contractual Life | ' | ' | ' | '1 year 1 month 6 days | '1 year 8 months 12 days | '1 month 6 days | '1 year 10 months 24 days | '2 years 10 months 24 days | '10 months 24 days | '3 years 2 months 12 days | '2 years 1 month 6 days | '4 years 1 month 6 days | '3 years 10 months 24 days | '2 years 4 months 24 days | '4 years 10 months 24 days | '4 years 10 months 24 days |
Options Exercisable, Weighted Average Exercise Price | $0.94 | $0.95 | $0.95 | $1.29 | $1.27 | $1.20 | $1.15 | $1.07 | $1.05 | $0.95 | $0.86 | $0.81 | $0.80 | $0.75 | $0.74 | $0.64 |
Options Exercisable, Number of Shares | ' | ' | ' | 226,800 | 11,250 | 246,675 | 22,500 | 22,500 | 22,500 | 60,325 | 256,285 | 0 | 22,500 | 37,500 | 22,500 | 0 |
Options Exercisable, Weighted Average Remaining Contractual Life | ' | ' | ' | '1 year 1 month 6 days | '1 year 8 months 12 days | '1 month 6 days | '1 year 10 months 24 days | '2 years 10 months 24 days | '10 months 24 days | '3 years 2 months 12 days | '2 years 1 month 6 days | '4 years 1 month 6 days | '3 years 10 months 24 days | '2 years 4 months 24 days | '4 years 10 months 24 days | '4 years 10 months 24 days |
Stock_Rights_Plan_Additional_I
Stock Rights Plan - Additional Information (Detail) | 1 Months Ended |
Jul. 31, 2007 | |
Class of Warrant or Right [Line Items] | ' |
Dividends declared, number of rights received to purchase one one-hundredth of a share of preferred stock | 1 |
Price to purchase one one-hundredth of a share of preferred stock | 10 |
Minimum stock percentage accumulated by a single person or group for the rights to become exercisable | 20.00% |
Rights expiration date | 6-Aug-17 |
Redemption price per right | 0.0001 |
Price to receive in the merger stock of the Company or the acquiring company | 20 |
Components_of_shareholders_equ
Components of shareholders' equity (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Beginning Balance | $8,292,000 | $9,219,000 | ' | $9,219,000 | ' |
Exercise of stock options | 3,000 | 17,000 | ' | ' | ' |
Stock-based compensation expense | 77,000 | 63,000 | ' | ' | ' |
Net loss | -623,000 | -1,007,000 | -390,000 | -1,630,000 | -495,000 |
Ending Balance | 7,749,000 | 8,292,000 | ' | 7,749,000 | ' |
Common Stock | ' | ' | ' | ' | ' |
Beginning Balance | 21,712,000 | 21,695,000 | ' | 21,695,000 | ' |
Exercise of stock options | 3,000 | 17,000 | ' | ' | ' |
Ending Balance | 21,715,000 | 21,712,000 | ' | 21,715,000 | ' |
Paid-in Capital | ' | ' | ' | ' | ' |
Beginning Balance | 10,704,000 | 10,641,000 | ' | 10,641,000 | ' |
Stock-based compensation expense | 77,000 | 63,000 | ' | ' | ' |
Ending Balance | 10,781,000 | 10,704,000 | ' | 10,781,000 | ' |
Accumulated (Deficit) | ' | ' | ' | ' | ' |
Beginning Balance | -24,124,000 | -23,117,000 | ' | -23,117,000 | ' |
Net loss | -623,000 | -1,007,000 | ' | ' | ' |
Ending Balance | ($24,747,000) | ($24,124,000) | ' | ($24,747,000) | ' |
Stock_Repurchase_Plan_Addition
Stock Repurchase Plan - Additional Information (Detail) | 3 Months Ended |
Dec. 31, 2013 | |
Schedule Of Stock Repurchase Plan [Line Items] | ' |
Shares purchased, shares | 0 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 6 Months Ended |
Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ' |
Number of business segments | 2 |
Movie Q | Minimum | ' |
Segment Reporting Information [Line Items] | ' |
Store facility area | 1,200 |
Movie Q | Maximum | ' |
Segment Reporting Information [Line Items] | ' |
Store facility area | 1,600 |
Unit selections offered to a customer | 10,000 |
Segment_Revenues_Operating_Los
Segment Revenues, Operating Loss and Total Assets (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | $6,286,000 | $7,745,000 | $13,058,000 | $15,406,000 | ' |
Operating loss | -628,000 | -386,000 | -1,640,000 | -611,000 | ' |
Total Assets | 21,626,000 | ' | 21,626,000 | ' | 23,652,000 |
Point.360 | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 6,160,000 | 7,619,000 | 12,822,000 | 15,163,000 | ' |
Operating loss | -487,000 | -190,000 | -1,355,000 | -228,000 | ' |
Total Assets | 20,661,000 | ' | 20,661,000 | ' | 22,588,000 |
Movie Q | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 126,000 | 126,000 | 236,000 | 243,000 | ' |
Operating loss | -141,000 | -196,000 | -285,000 | -384,000 | ' |
Total Assets | $965,000 | ' | $965,000 | ' | $1,064,000 |