Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 21, 2014 | Jun. 28, 2013 |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'Great American Group, Inc. | ' | ' |
Entity Central Index Key | '0001464790 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Trading Symbol | 'GAMR | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 30,002,975 | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1.80 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $18,867 | $18,721 |
Restricted cash | 325 | 7,923 |
Accounts receivable, net | 8,858 | 16,591 |
Lease finance receivable | 8,099 | 0 |
Advances against customer contracts | 1,058 | 2,441 |
Inventory | 0 | 2,216 |
Goods held for sale or auction | 13,964 | 10,196 |
Note receivable related party - current portion | 703 | 611 |
Deferred income taxes | 3,870 | 4,114 |
Prepaid expenses and other current assets | 948 | 1,145 |
Total current assets | 56,692 | 63,958 |
Note receivable related party - net of current portion | 497 | 0 |
Property and equipment, net | 1,090 | 970 |
Goodwill | 5,688 | 5,688 |
Other intangible assets, net | 140 | 140 |
Deferred income taxes | 8,739 | 9,484 |
Other assets | 831 | 343 |
Total assets | 73,677 | 80,583 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 11,578 | 16,886 |
Due to related parties | 45 | 0 |
Auction and liquidation proceeds payable | 0 | 864 |
Mandatorily redeemable noncontrolling interests | 2,823 | 2,856 |
Asset based credit facility | 5,710 | 0 |
Revolving credit facility | 333 | 2,304 |
Current portion of long-term debt | 1,724 | 1,724 |
Notes payable | 6,856 | 9,628 |
Current portion of capital lease obligation | 0 | 13 |
Total current liabilities | 29,069 | 34,275 |
Long-term debt, net of current portion | 48,759 | 50,483 |
Total liabilities | 77,828 | 84,758 |
Commitments and contingencies | ' | ' |
Great American Group, Inc. stockholders' equity (deficit): | ' | ' |
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $0.0001 par value; 135,000,000 shares authorized; 30,002,975 issued and outstanding as of December 31, 2013 and 2012, respectively | 4 | 4 |
Additional paid-in capital | 3,082 | 3,082 |
Retained earnings (deficit) | -6,611 | -7,669 |
Accumulated other comprehensive income (loss) | -638 | -520 |
Total Great American Group, Inc. stockholders' equity (deficit) | -4,163 | -5,103 |
Noncontrolling interests | 12 | 928 |
Total equity (deficit) | -4,151 | -4,175 |
Total liabilities and equity (deficit) | $73,677 | $80,583 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 135,000,000 | 135,000,000 |
Common stock, issued | 30,002,975 | 30,002,975 |
Common stock, outstanding | 30,002,975 | 30,002,975 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Services and fees | $59,967 | $65,624 | $60,627 |
Sale of goods | 16,165 | 18,312 | 2,899 |
Total revenues | 76,132 | 83,936 | 63,526 |
Operating expenses: | ' | ' | ' |
Direct cost of services | 24,146 | 23,911 | 19,749 |
Cost of goods sold | 11,506 | 12,750 | 3,391 |
Selling, general and administrative | 36,382 | 39,834 | 32,946 |
Total operating expenses | 72,034 | 76,495 | 56,086 |
Operating income | 4,098 | 7,441 | 7,440 |
Other income (expense): | ' | ' | ' |
Interest income | 26 | 201 | 476 |
Loss from equity investment in Great American Real Estate, LLC | -21 | -120 | -369 |
Loss from equity investment in Shoon Trading Limited | -156 | 0 | 0 |
Gain from bargain purchase | 0 | 1,366 | 0 |
Interest expense | -2,667 | -2,612 | -4,885 |
Income before provision for income taxes | 1,280 | 6,276 | 2,662 |
Provision for income taxes | -704 | -1,936 | -2,060 |
Net income | 576 | 4,340 | 602 |
Net income (loss) attributable to noncontrolling interests | -482 | 819 | 0 |
Net income attributable to Great American Group, Inc. | $1,058 | $3,521 | $602 |
Basic earnings per share (in dollars per share) | $0.04 | $0.12 | $0.02 |
Diluted earnings per share (in dollars per share) | $0.04 | $0.12 | $0.02 |
Weighted average basic shares outstanding (in shares) | 28,682,975 | 28,682,975 | 28,539,651 |
Weighted average diluted shares outstanding (in shares) | 29,907,402 | 29,614,252 | 29,408,466 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPHREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $576 | $4,340 | $602 |
Other comprehensive income: | ' | ' | ' |
Change in cumulative translation adjustment | -118 | -273 | -254 |
Other comprehensive loss, net of tax | -118 | -273 | -254 |
Total comprehensive income | 458 | 4,067 | 348 |
Comprehensive income (loss) attributable to noncontrolling interests | -482 | 819 | 0 |
Comprehensive income attributable to Great American Group, Inc. | $940 | $3,248 | $348 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
In Thousands | |||||||
Balance at Dec. 31, 2010 | ($8,903) | $0 | $4 | $2,878 | ($11,792) | $7 | $0 |
Balance (in shares) at Dec. 31, 2010 | ' | 0 | 30,559,036 | ' | ' | ' | ' |
Net income | 602 | 0 | 0 | 0 | 602 | 0 | 0 |
Foreign currency translation adjustment | -254 | 0 | 0 | 0 | 0 | -254 | 0 |
Vesting of restricted stock, net of shares withheld for employee taxes | -132 | 0 | 0 | -132 | 0 | 0 | 0 |
Vesting of restricted stock, net of shares withheld for employee taxes (in shares) | ' | 0 | 442,573 | ' | ' | ' | ' |
Share based compensation | 431 | 0 | 0 | 431 | 0 | 0 | 0 |
Balance at Dec. 31, 2011 | -8,256 | 0 | 4 | 3,177 | -11,190 | -247 | 0 |
Balance (in shares) at Dec. 31, 2011 | ' | 0 | 31,001,609 | ' | ' | ' | ' |
Net income | 4,340 | 0 | 0 | 0 | 3,521 | 0 | 819 |
Foreign currency translation adjustment | -273 | 0 | 0 | 0 | 0 | -273 | 0 |
Formation of noncontrolling interests | 78 | 0 | 0 | 0 | 0 | 0 | 78 |
Cancellation of founders contingent shares held in escrow | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cancellation of founders contingent shares held in escrow (in shares) | ' | 0 | -1,000,000 | ' | ' | ' | ' |
Purchase of noncontrolling interest in subsidiary | -95 | 0 | 0 | -95 | 0 | 0 | 0 |
Changes in noncontrolling interests | 31 | 0 | 0 | 0 | 0 | 0 | 31 |
Adjustments for restricted stock awards | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Adjustments for restricted stock awards (in shares) | ' | 0 | 1,366 | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | -4,175 | 0 | 4 | 3,082 | -7,669 | -520 | 928 |
Balance (in shares) at Dec. 31, 2012 | ' | 0 | 30,002,975 | ' | ' | ' | ' |
Net income | 576 | 0 | 0 | 0 | 1,058 | 0 | -482 |
Change in noncontrolling interest from deconsolidation of Shoon Trading Limited | -434 | 0 | 0 | 0 | 0 | 0 | -434 |
Foreign currency translation adjustment | -118 | 0 | 0 | 0 | 0 | -118 | 0 |
Balance at Dec. 31, 2013 | ($4,151) | $0 | $4 | $3,082 | ($6,611) | ($638) | $12 |
Balance (in shares) at Dec. 31, 2013 | ' | 0 | 30,002,975 | ' | ' | ' | ' |
CONSOLDIATED_STATEMENTS_OF_CAS
CONSOLDIATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $576 | $4,340 | $602 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation and amortization | 1,863 | 835 | 981 |
Provision for doubtful accounts | -12 | 108 | 424 |
Impairment of goods held for sale or auction | 428 | 194 | 159 |
Share-based payments | 0 | 0 | 431 |
Effect of foreign currency on operations | 226 | -98 | -14 |
Noncash interest expense | 0 | 0 | 1,083 |
Amortization of discount on note payable | 0 | 0 | 609 |
Loss from equity investment in Great American Real Estate, LLC and Shoon Trading Limited | 177 | 120 | 369 |
Gain from bargain purchase | 0 | -1,366 | 0 |
Loss on disposal of assets | 0 | 3 | 4 |
Deferred income taxes | 989 | 1,366 | 1,871 |
Change in fair value of mandatorily redeemable noncontrolling interests | 0 | 0 | -83 |
Income allocated to mandatorily redeemable noncontrolling interests | 1,897 | 1,928 | 3,934 |
Change in operating assets and liabilities: | ' | ' | ' |
Accounts receivable and advances against customer contracts | 5,145 | -6,172 | -7,032 |
Lease finance receivable | -8,099 | 0 | 0 |
Income taxes receivable | 0 | 0 | 0 |
Inventory | 455 | 1,618 | 0 |
Goods held for sale or auction | -1,625 | 2,361 | 224 |
Loan receivable | 156 | 8,519 | -8,306 |
Prepaid expenses and other assets | 167 | -33 | 1,093 |
Accounts payable and accrued expenses | -3,971 | 1,641 | 3,300 |
Auction and liquidation proceeds payable | -864 | 846 | -1,694 |
Net cash (used in) provided by operating activities | -2,492 | 16,210 | -2,045 |
Cash flows from investing activities: | ' | ' | ' |
Acquisition of business | 0 | -1,246 | 0 |
Deconsolidation of Shoon Trading Limited | -1,564 | 0 | 0 |
Purchase of noncontrolling interest in subsidiary | 0 | -95 | 0 |
Purchases of property and equipment | -1,142 | -634 | -264 |
Proceeds from sale of property and equipment | 0 | 21 | 0 |
Decrease in notes receivable - related party | 611 | 3,233 | 2,706 |
Equity investment in Great American Real Estate, LLC | -21 | -120 | -1,202 |
Decrease (increase) in restricted cash | 7,598 | -7,923 | 0 |
Net cash provided by (used in) investing activities | 5,482 | -6,764 | 1,240 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from (repayments of) revolving line of credit | -1,971 | 362 | 1,942 |
Proceeds from asset based credit facility | 5,710 | 0 | 0 |
Proceeds from note payable | 0 | 0 | 7,000 |
Payment of financing costs | -375 | 0 | 0 |
Repayment of notes payable and capital lease obligations | -2,785 | -2,138 | -7,786 |
Repayments of long-term debt | -1,724 | -1,724 | -1,724 |
Payment of employment taxes on vesting of restricted stock | 0 | 0 | -132 |
Proceeds from formation of noncontrolling interests | 0 | 78 | 0 |
Distributions to noncontrolling interests | -1,930 | -2,466 | -3,301 |
Net cash (used in) provided by financing activities | -3,075 | -5,888 | -4,001 |
Effect of foreign currency on cash | 231 | 129 | -240 |
Net increase (decrease) in cash and cash equivalents | 146 | 3,687 | -5,046 |
Cash and cash equivalents, beginning of year | 18,721 | 15,034 | 20,080 |
Cash and cash equivalents, end of year | 18,867 | 18,721 | 15,034 |
Supplemental disclosures: | ' | ' | ' |
Interest paid | 2,680 | 2,616 | 2,424 |
Income taxes paid | 175 | 278 | 11 |
Supplemental disclosure of noncash investing and financing activities: | ' | ' | ' |
Accrued interest added to Note payable principal balance | $0 | $0 | $1,762 |
ORGANIZATION_BUSINESS_OPERATIO
ORGANIZATION, BUSINESS OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of Operations [Text Block] | ' |
NOTE 1—ORGANIZATION, BUSINESS OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES | |
Organization and Nature of Operations | |
Great American Group, Inc. (the “Company”) provides asset disposition, valuation and appraisal, capital advisory, and real estate consulting services to a wide range of retail, wholesale and industrial clients, as well as lenders, capital providers, private equity investors and professional services firms throughout the United States, Canada, and the United Kingdom. The Company operates in two operating segments: auction and liquidation services (“Auction and Liquidation”) and valuation and appraisal services (“Valuation and Appraisal”). In the Auction and Liquidation segment, the Company provides auction and liquidation services to help clients dispose of assets, capital advisory and real estate services. Such assets include multi-location retail inventory, wholesale inventory, trade fixtures, machinery and equipment, intellectual property and real property. In the Valuation and Appraisal segment, the Company provides valuation and appraisal services to clients with independent appraisals in connection with asset based loans, acquisitions, divestitures and other business needs. The Company previously had a third segment relating to UK retail stores (“UK Retail Stores”). The UK Retail Stores segment included the operation of ten retail shoe stores in the United Kingdom as a result of the acquisition of Shoon Trading Limited (“Shoon”) on May 4, 2012. In August 2013, the Shoon shareholder agreement was also amended and restated to eliminate the Company’s super majority voting rights which enabled the Company to control the board of directors of Shoon, as more fully described in Note 18. As a result of this amendment, the Company no longer controlled the board of directors of Shoon, no longer operated in the UK Retail Stores segment, and Shoon’s operating results are not consolidated for any periods after July 31, 2013. In January 2014, Shoon was sold to a third party, and the Company no longer has a financial interest in the operations of Shoon. | |
The Company was incorporated in Delaware on May 7, 2009 as a wholly-owned subsidiary of Alternative Asset Management Acquisition Corp. (“AAMAC”). The Company was formed as a “shell company” for the purpose of acquiring Great American Group, LLC (“GAG, LLC”), a California limited liability company. On July 31, 2009, the members of GAG, LLC (the “Great American Members”) contributed all of their membership interests of GAG, LLC to the Company (the “Contribution”) in exchange for 10,560,000 shares of common stock of the Company and a subordinated unsecured promissory note in an initial principal amount of $60,000 issued in favor of the Great American Members and the phantom equityholders of GAG, LLC (the “Phantom Equityholders”, and together with the Great American Members, the “Contribution Consideration Recipients”) (see Note 9). Concurrently with the Contribution, AAMAC merged with and into AAMAC Merger Sub, Inc. (“Merger Sub”), a subsidiary of the Company (the “Merger” and, together with the Contribution, the “Acquisition”). As a result of the Acquisition, GAG, LLC and AAMAC became wholly-owned subsidiaries of the Company. The Acquisition has been accounted for as a reverse merger accompanied by a recapitalization of the Company. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Significant Accounting Policies [Text Block] | ' | |||||||||||||
NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||
(a) Principles of Consolidation and Basis of Presentation | ||||||||||||||
The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries: AAMAC, GAG LLC, Great American Group Advisory & Valuation Services, LLC (“GAAV”), Great American Group Machinery & Equipment, LLC (“GAME”), Great American Group Real Estate, LLC, Great American Venture, LLC, Great American Group Energy Equipment, LLC (GAGEE”), Great American Group Intellectual Property Advisors, LLC, GA Capital, LLC, GA Asset Advisors Limited, GAC Strategic Advisors, LLC, and Great American Group WF, LLC. The consolidated financial statements also include the accounts of Great American Global Partners, LLC which is controlled by the Company as a result of its ownership of a 50% member interest, appointment of two of the three executive officers and significant influence over the funding of operations. All intercompany accounts and transactions have been eliminated upon consolidation. | ||||||||||||||
The accounting guidance requires an enterprise to perform an analysis to determine whether the enterprise’s variable interest or interests give it a controlling financial interest in a variable interest entity; to require ongoing reassessments of whether an enterprise is the primary beneficiary of a VIE; to eliminate the solely quantitative approach previously required for determining the primary beneficiary of a VIE; to add an additional reconsideration event for determining whether an entity is a VIE when any changes in facts and circumstances occur such that holders of the equity investment at risk, as a group, lose the power from voting rights or similar rights of those investments to direct the activities of the entity that most significantly impact the entity’s economic performance; and to require enhanced disclosures that will provide users of financial statements with more transparent information about an enterprise’s involvement in a VIE. As more fully described in Note 17, the Company determined that its’ equity investment and subordinated financing arrangements with Great American Real Estate, LLC (“GARE”), a joint venture 50% owned by the Company and Kelly Capital, LLC, changes the status of GARE to a VIE that does not require consolidation in the Company’s consolidated financial statements. The adoption of these changes had no material impact on the Company’s consolidated financial statements. | ||||||||||||||
(b) Use of Estimates | ||||||||||||||
The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expense during the reporting period. Estimates are used when accounting for certain items such as reserves for slow moving goods held for sale or auction, the fair value of mandatorily redeemable noncontrolling interests and accounting for income tax valuation allowances. Estimates are based on historical experience, where applicable, and assumptions that management believes are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ. | ||||||||||||||
(c) Revenue Recognition | ||||||||||||||
Revenues are recognized in accordance with the accounting guidance when persuasive evidence of an arrangement exists, the related services have been provided, the fee is fixed or determinable, and collection is reasonably assured. | ||||||||||||||
Revenues in the Valuation and Appraisal segment are primarily comprised of fees for valuation and appraisal services. Revenues are recognized upon the delivery of the completed services to the related customers and collection of the fee is reasonably assured. Revenues in the Valuation and Appraisal segment also include contractual reimbursable costs which totaled $2,811, $2,704 and $2,419 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
Revenues in the Auction and Liquidation segment are comprised of (i) commissions and fees earned on the sale of goods at auctions and liquidations; (ii) revenues from auction and liquidation services contracts where the Company guarantees a minimum recovery value for goods being sold at auction or liquidation; (iii) revenue from the sale of goods that are purchased by the Company for sale at auction or liquidation sales events; (iv) fees earned from real estate services and the origination of loans; (v) revenues from financing activities is recorded over the lives of related loans receivable using the interest method; and (vi) revenues from contractual reimbursable expenses incurred in connection with auction and liquidation contracts. | ||||||||||||||
Commission and fees earned on the sale of goods at auction and liquidation sales are recognized when evidence of an arrangement exists, the sales price has been determined, title has passed to the buyer and the buyer has assumed the risks of ownership, and collection is reasonably assured. The commission and fees earned for these services are included in revenues in the accompanying consolidated statements of operations. Under these types of arrangements, revenues also include contractual reimbursable costs which totaled $5,620, $5,295 and $3,791 for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||
Revenues earned from auction and liquidation services contracts where the Company guarantees a minimum recovery value for goods being sold at auction or liquidation are recognized based on proceeds received. The Company records proceeds received from these types of engagements first as a reduction of contractual reimbursable expenses, second as a recovery of its guarantee and thereafter as revenue, subject to such revenue meeting the criteria of having been fixed or determinable. Contractual reimbursable expenses and amounts advanced to customers for minimum guarantees are initially recorded as advances against customer contracts in the accompanying consolidated balance sheets. If, during the auction or liquidation sale, the Company determines that the proceeds from the sale will not meet the minimum guaranteed recovery value as defined in the auction or liquidation services contract, the Company accrues a loss on the contract in the period that the loss becomes known. | ||||||||||||||
The Company also evaluates revenue from auction and liquidation contracts in accordance with the accounting guidance to determine whether to report auction and liquidation segment revenue on a gross or net basis. The Company has determined that it acts as an agent in a substantial majority of its auction and liquidation services contracts and therefore reports the auction and liquidation revenues on a net basis. | ||||||||||||||
Revenues from the sale of goods are recorded gross and are recognized in the period in which the sale of goods held for sale or auction are completed, title to the property passes to the purchaser and the Company has fulfilled its obligations with respect to the transaction. These revenues are primarily the result of the Company acquiring title to merchandise with the intent of selling the items at auction or for augmenting liquidation sales. | ||||||||||||||
Revenues from sales-type leases are recorded as an asset at lease inception. The asset is recorded at the aggregate future minimum lease payments, estimated residual value of the leased equipment, and deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. During the year ended December 31, 2013, the terms of the lease agreement for four oil rigs that was included in leased equipment at December 31, 2012 was amended to, among other things, eliminate the right of the lessor to return the oil rigs to the Company. This amendment changed the classification of the lease from an operating lease to a sales-type lease and resulted in the Company recording revenues from the sale of the oil rigs of $9,280 and cost of goods sold of $7,447 during the year ended December 31, 2013. | ||||||||||||||
Fees earned from real estate services and the origination of loans where the Company provides capital advisory services are recognized in the period earned, if the fee is fixed and determinable and collection is reasonably assured. | ||||||||||||||
Revenues from the sale of goods in our UK retail stores segment are recognized as revenue upon the sale of product to retail customers through July 31, 2013. Our net sales represent gross sales invoiced to customers, less certain related charges for discounts, returns, and other promotional allowances and are recorded net of sales or value added tax. Allowances provided for these items are presented in the consolidated financial statements primarily as reductions to sales and cost of sales. | ||||||||||||||
In the normal course of business, the Company will enter into collaborative arrangements with other merchandise liquidators to collaboratively execute auction and liquidation contracts. The Company’s collaborative arrangements specifically include contractual agreements with other liquidation agents in which the Company and such other liquidation agents actively participate in the performance of the liquidation services and are exposed to the risks and rewards of the liquidation engagement. The Company’s participation in collaborative arrangements including its rights and obligations under each collaborative arrangement can vary. Revenues from collaborative arrangements are recorded net based on the proceeds received from the liquidation engagement. Amounts paid to participants in the collaborative arrangements are reported separately as direct costs of revenues. Revenue from collaborative arrangements in which the Company is not the majority participant is recorded net based on the Company’s share of proceeds received. There were revenues of $8,094, $4,238 and $11,739 and direct cost of services of $1,073, $3,331 and $1,301 subject to collaborative arrangements during the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
(e) Direct Cost of Services | ||||||||||||||
Direct cost of services relate to service and fee revenues. The costs consist of employee compensation and related payroll benefits, travel expenses, the cost of consultants assigned to revenue-generating activities and direct expenses billable to clients in the Valuation and Appraisal segment. Direct costs of services include participation in profits under collaborative arrangements in which the Company is a majority participant. Direct costs of services also include the cost of consultants and other direct expenses related to auction and liquidation contracts pursuant to commission and fee based arrangements in the Auction and Liquidation segment. Direct cost of services does not include an allocation of the Company’s overhead costs. | ||||||||||||||
(f) Concentration of Risk | ||||||||||||||
Revenues from one liquidation service contract to a retailer and the sale of four oil rigs to one customer represented 10.7% and 12.2% of total revenues during the year ended December 31, 2013. Revenues from one liquidation service contract to a retailer represented 14.4% of total revenues during the year ended December 31, 2012. Revenues from liquidation service contracts and financing activities to two retailers represented 15.2% and 11.7% of total revenues during the year ended December 31, 2011. Revenues in the Valuation and Appraisal segment and the Auction and Liquidation segment are primarily generated in the United States and Europe. | ||||||||||||||
The Company’s activities in the Auction and Liquidation segment are executed frequently with, and on behalf of, distressed customers and secured creditors. Concentrations of credit risk can be affected by changes in economic, industry, or geographical factors. The Company seeks to control its credit risk and potential risk concentration through risk management activities that limit the Company’s exposure to losses on any one specific liquidation services contract or concentration within any one specific industry. To mitigate the exposure to losses on any one specific liquidation services contract, the Company sometimes conducts operations with third parties through collaborative arrangements. | ||||||||||||||
The Company maintains cash in various federally insured banking institutions. The account balances at each institution periodically exceed the Federal Deposit Insurance Corporation’s (“FDIC”) insurance coverage, and as a result, there is a concentration of credit risk related to amounts in excess of FDIC insurance coverage. The Company has not experienced any losses in such accounts. The Company also has substantial cash balances from proceeds received from auctions and liquidation engagements that are distributed to parties in accordance with the collaborative arrangements. | ||||||||||||||
(g) Advertising Expense | ||||||||||||||
The Company expenses advertising costs, which consist primarily of costs for printed materials, as incurred. Advertising costs totaled $446, $698 and $465 for the years ended December 31, 2013, 2012, and 2011, respectively. Advertising expense is included as a component of selling, general and administrative expenses in the accompanying consolidated statement of operations. | ||||||||||||||
(h) Share-Based Compensation | ||||||||||||||
The Company’s share based payment awards principally consist of grants of restricted stock and restricted stock units. Share based payment awards also includes grants of membership interests in the Company’s majority owned subsidiaries. The grants of membership interests consist of percentage interests in the Company’s majority owned subsidiaries as determined at the date of grant. In accordance with the applicable accounting guidance, share based payment awards are classified as either equity or liabilities. For equity-classified awards, the Company measures compensation cost for the grant of membership interests at fair value on the date of grant and recognizes compensation expense in the consolidated statement of operations over the requisite service or performance period the award is expected to vest. The fair value of the liability-classified award will be subsequently remeasured at each reporting date through the settlement date. Change in fair value during the requisite service period will be recognized as compensation cost over that period. | ||||||||||||||
(i) Income Taxes | ||||||||||||||
The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax liabilities and assets are determined based on the difference between the financial statement basis and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company estimates the degree to which tax assets and credit carryforwards will result in a benefit based on expected profitability by tax jurisdiction. A valuation allowance for such tax assets and loss carryforwards is provided when it is determined to be more likely than not that the benefit of such deferred tax asset will not be realized in future periods. Tax benefits of operating loss carryforwards are evaluated on an ongoing basis, including a review of historical and projected future operating results, the eligible carryforward period, and other circumstances. If it becomes more likely than not that a tax asset will be used, the related valuation allowance on such assets would be reduced. | ||||||||||||||
(j) Cash and Cash Equivalents | ||||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | ||||||||||||||
(k) Restricted Cash | ||||||||||||||
The Company maintains deposits in accounts under the control of a financial institution as collateral for letters of credit relating to liquidation engagements in connection with the $100,000 credit facility described in Note 8(a) and the $6,856 note payable described in Note 10. As of December 31, 2013 and 2012, restricted cash included $165 of cash collateral for electronic payment processing in the United Kingdom and $6,667 of cash collateral for the letters of credit. As of December 31, 2013 and 2012, restricted cash also included $160 and $1,256 of cash collected from the leasing transactions related to four oil rigs that collateralize the related note payable, which had an outstanding principal amount of $6,856 as of December 31, 2013. | ||||||||||||||
(l) Accounts Receivable | ||||||||||||||
Accounts receivable represents amounts due from the Company’s auction and liquidation and valuation and appraisal customers. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management utilizes a specific customer identification methodology. Management also considers historical losses adjusted for current market conditions and the customers’ financial condition and the current receivables aging and current payment patterns. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance sheet credit exposure related to its customers. The Company’s bad debt expense (recoveries of bad debt) totaled $18, $108 and $424 for the years ended December 31, 2013, 2012 and 2011, respectively. These amounts are included as a component of selling, general and administrative expenses in the accompanying consolidated statement of operations. | ||||||||||||||
(m) Advances Against Customer Contracts | ||||||||||||||
Advances against customer contracts represent advances of contractually reimbursable expenses incurred prior to, and during the term of the auction and liquidation services contract. These advances are charged to expense in the period that revenue is recognized under the contract. | ||||||||||||||
(n) Inventory | ||||||||||||||
Merchandise inventories at December 31, 2012 relate to the operations of Shoon and are stated at the lower of average cost or market. The Company identifies potentially excess and slow-moving inventories and shrinkage by evaluating turn rates, inventory levels, historical results of inventory counts and other factors at its retail and warehouse locations. At December 31, 2012, the Company had a lower of cost or market reserves for excess and slow-moving inventories and shrinkage of $26. | ||||||||||||||
(o) Goods Held for Sale or Auction | ||||||||||||||
Goods held for sale or auction are stated at the lower of cost, determined by the specific-identification method, or market. | ||||||||||||||
(p) Lease Finance Receivable | ||||||||||||||
Lease finance receivables consist of the Company’s net investment in sales-type leases for four oil rigs as of December 31, 2013. As of December 31, 2013, the remaining gross lease payments in accordance with the purchase lease of $8,609 are payable through December 15, 2014. The gross lease payments include a bargain purchase option in the amount of $4,242 that is payable on December 15, 2014. The Company is currently in negotiations with the lessee to modify the terms of the lease. The lease finance receivable is comprised of the following: | ||||||||||||||
December 31, | ||||||||||||||
2013 | ||||||||||||||
Minimum lease payment receivable | $ | 4,367 | ||||||||||||
Lease purchase option | 4,242 | |||||||||||||
Unearned income | -510 | |||||||||||||
Total lease finance receivable | $ | 8,099 | ||||||||||||
(q) Loan Receivable | ||||||||||||||
During the year ended December 31, 2012, the Company collected the loan receivable that had a remaining balance of $8,306 at December 31, 2011. The loan receivable was acquired in 2011 from an investment bank at a discount from face value and provided financing to a retail company with operations in the United Kingdom. Interest income is recognized using the interest method and the discount is amortized to income over the stated term of the loan receivable. Financing revenues earned from the loan receivable totaled $5,030 and $1,471 during the years ended December 31, 2012 and 2011, respectively. Financing revenues included interest income of $641, amortization of discount on the loan receivable of $4,077 and loan monitoring fees of $312 during the year ended December 31, 2012 and interest income of $883 and amortization of discount on the loan receivable of $588 during the year ended December 31, 2011. These revenues from financing activities in included in revenues from services and fees in the auction and liquidation segment in the consolidated statements of operations. | ||||||||||||||
(r) Property and Equipment | ||||||||||||||
Property and equipment are stated at cost. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets. Property and equipment held under capital leases are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Property and equipment under capital leases were stated at the present value of minimum lease payments. | ||||||||||||||
(s) Goodwill and Other Intangible Assets | ||||||||||||||
The Company accounts for goodwill and intangible assets in accordance with the accounting guidance which requires that goodwill and other intangibles with indefinite lives be tested for impairment annually or on an interim basis if events or circumstances indicate that the fair value of an asset has decreased below its carrying value. | ||||||||||||||
Goodwill includes (i) the excess of the purchase price over the fair value of net assets acquired in a business combination described in Note 6 and (ii) an increase for the subsequent acquisition of noncontrolling interests during the year ended December 31, 2007 (also see Note 6). The Accounting Standards Codification (“Codification”) requires that goodwill be tested for impairment at the reporting unit level (operating segment or one level below an operating segment). Application of the goodwill impairment test requires judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value. The Company operates two reporting units, which are the same as its reporting segments described in Note 19. Significant judgment is required to estimate the fair value of reporting units which includes estimating future cash flows, determining appropriate discount rates and other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value and/or goodwill impairment. | ||||||||||||||
When testing goodwill for impairment, the Company may assess qualitative factors for some or all of our reporting units to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this qualitative assessment for some or all of our reporting units and perform a detailed quantitative test of impairment (step 1). If the Company performs the detailed quantitative impairment test and the carrying amount of the reporting unit exceeds its fair value, the Company would perform an analysis (step 2) to measure such impairment. In 2013, the Company first performed a qualitative assessment to identify and evaluate events and circumstances to conclude whether it is more likely than not that the fair value of the Company’s reporting units are less than its carrying amounts. Based on the Company’s qualitative assessments, the Company concluded that a positive assertion can be made from the qualitative assessment that it is more likely than not that the fair value of the reporting units exceeded their carrying values and no impairments were identified. | ||||||||||||||
In accordance with the Codification, the Company reviews the carrying value of its amortizable intangibles and other long-lived assets for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets is measured by comparing the carrying amount of the asset or asset group to the undiscounted cash flows that the asset or asset group is expected to generate. If the undiscounted cash flows of such assets are less than the carrying amount, the impairment to be recognized is measured by the amount by which the carrying amount of the asset or asset group, if any, exceeds its fair market value. No impairment was deemed to exist as of December 31, 2013. | ||||||||||||||
(t) Fair Value Measurements | ||||||||||||||
The Company records mandatorily redeemable noncontrolling interests that were issued after November 5, 2003 at fair value (see Note 14(b)) with fair value determined in accordance with the Codification. The following table below presents information about the Company’s mandatorily redeemable noncontrolling interests that are measured at fair value on a recurring basis as of December 31, 2013 and 2012 which are categorized using the three levels of fair value hierarchy. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) for identical instruments that are highly liquid, observable and actively traded in over-the-counter markets. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable and can be corroborated by market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | ||||||||||||||
The following tables present information on the liabilities measured and recorded at fair value on a recurring basis as of December 31, 2013 and 2012. | ||||||||||||||
Financial Assets Measured at Fair Value on a | ||||||||||||||
Recurring Basis at December 31, 2013, Using | ||||||||||||||
Quoted prices in | Other | Significant | ||||||||||||
Fair Value at | active markets for | observable | unobservable | |||||||||||
December 31, | identical assets | inputs | inputs | |||||||||||
2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Mandatorily redeemable noncontrolling interests issued after November 5, 2003 | $ | 2,273 | $ | - | $ | - | $ | 2,273 | ||||||
Total liabilities measured at fair value | $ | 2,273 | $ | - | $ | - | $ | 2,273 | ||||||
Financial Assets Measured at Fair Value on a | ||||||||||||||
Recurring Basis at December 31, 2012, Using | ||||||||||||||
Quoted prices in | Other | Significant | ||||||||||||
Fair Value at | active markets for | observable | unobservable | |||||||||||
December 31, | identical assets | inputs | inputs | |||||||||||
2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Mandatorily redeemable noncontrolling interests issued after November 5, 2003 | $ | 2,246 | $ | - | $ | - | $ | 2,246 | ||||||
Total liabilities measured at fair value | $ | 2,246 | $ | - | $ | - | $ | 2,246 | ||||||
The Company determined the fair value of mandatorily redeemable noncontrolling interests described above based on the issuance of similar interests for cash, references to industry comparables, and relied, in part, on information obtained from appraisal reports and internal valuation models. The change in liabilities measured and recorded at fair value is comprised of an increase of $27 and a decrease of $636 in earnings attributable to the noncontrolling interest during the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||
The carrying amounts reported in the consolidated financial statements for cash, restricted cash, accounts receivable, accounts payable and accrued expenses and other current liabilities approximate fair value based on the short-term maturity of these instruments. The carrying amounts of the notes payable (including credit lines used to finance liquidation engagements), long-term debt and capital lease obligations approximate fair value because the contractual interest rates or effective yields of such instruments are consistent with current market rates of interest for instruments of comparable credit risk. The adoption of the new accounting guidance for fair value measurements did not have a material impact on the Company’s consolidated financial statements. | ||||||||||||||
(u) Foreign Currency Translation | ||||||||||||||
The Company transacts business in various foreign currencies. In countries where the functional currency of the underlying operations has been determined to be the local country's currency, revenues and expenses of operations outside the United States are translated into United States dollars using average exchange rates while assets and liabilities of operations outside the United States are translated into United States dollars using year-end exchange rates. The effects of foreign currency translation adjustments are included in stockholders' equity as a component of accumulated other comprehensive income in the accompanying consolidated balance sheets. Transaction gains were $257 and $892 during the years ended December 31, 2013 and 2012, respectively, and transaction losses were $218 during the year ended December 31, 2011. These amounts are included in selling, general and administrative expenses in our consolidated statements of operations. | ||||||||||||||
(v) Recent Accounting Pronouncements | ||||||||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Other Comprehensive Income”. ASU 2013-02 finalized the reporting for reclassifications out of accumulated other comprehensive income, which was previously deferred, as discussed below. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, they do require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. An entity is also required to present on the face of the financials where net income is reported or in the footnotes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. Other amounts need only be cross-referenced to other disclosures required that provide additional detail of these amounts. The amendments in this update are effective for reporting periods beginning after December 15, 2012. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. | ||||||||||||||
The FASB has issued ASU No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force”. The amendments in this ASU state 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, except as follows. To the extent 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 to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, 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. The amendments in the ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. | ||||||||||||||
ACCOUNTS_RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Receivables [Abstract] | ' | ||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||||
NOTE 3— ACCOUNTS RECEIVABLE | |||||||||||
The components of accounts receivable net include the following: | |||||||||||
December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
Accounts receivable | $ | 8,402 | $ | 16,350 | |||||||
Unbilled receivables | 731 | 612 | |||||||||
Total accounts receivable | 9,133 | 16,962 | |||||||||
Allowance for doubtful accounts | -275 | -371 | |||||||||
Accounts receivable, net | $ | 8,858 | $ | 16,591 | |||||||
Additions and changes to the allowance for doubtful accounts consist of the following: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Balance, beginning of year | $ | 371 | $ | 424 | $ | 15 | |||||
Add: Additions to reserve | 18 | 108 | 424 | ||||||||
Less: Write-offs | -84 | -12 | -15 | ||||||||
Less: Recoveries | -30 | -149 | - | ||||||||
Balance, end of year | $ | 275 | $ | 371 | $ | 424 | |||||
Unbilled receivables represent the amount of contractual reimbursable costs and fees for services performed in connection with fee and service based auction and liquidation contracts. | |||||||||||
GAAV is a party to a factoring agreement, dated as of May 22, 2007 (the “Factoring Agreement”) with FCC LLC, d/b/a First Capital Western Region, LLC (the “Factor”). The Factoring Agreement provided for an initial term of two years and annual one-year automatic extensions unless GAAV provides written notice of termination to the Factor. The Factor, at its discretion, purchased on a nonrecourse basis, all of the GAAV’s customer receivables. The Factor was responsible for servicing the receivables. The terms of the Factoring Agreement allowed for the Factor to pay 90% of the net receivable invoice amount upon request by GAAV and retain the remaining 10% in a reserve. The Factor, at its discretion, could offset the reserve for amounts not collected or outstanding at the end of the term of the Factoring Agreement. The Factor charged a factoring commission equal to 0.25% of the gross invoice amount of each account purchased, or five dollars per invoice, whichever is greater, with a minimum commission of $24 per year. The Factor also charged interest at prime plus 1% with a floor of 8% on the net uncollected outstanding balance of the receivables purchased. Effective December 1, 2009, the interest charged by the Factor was reduced to London Interbank Offered Rate (“LIBOR”) plus 4.5% on the net uncollected outstanding balance of the receivables purchased. One of the members of the GAAV personally guaranteed up to a maximum of $500 plus interest and certain fees for accounts receivables sold pursuant to the Factoring Agreement. On May 20, 2011, the Factoring Agreement was terminated and replaced with an accounts receivable revolving line of credit described in Note 8. | |||||||||||
The sale of receivables were accounted for in accordance with the accounting guidance for transfers and servicing of financial assets and extinguishments of liabilities. In accordance with the Codification, receivables were considered sold when they were transferred beyond the reach of the Company and its creditors, the purchaser had the right to pledge or exchange the receivables, and the Company had surrendered control over the transferred receivables. Accounts receivable sold to the Factor were $5,147 during the year ended December 31, 2011. Factoring commissions and other fees based on advances were $38 for the year ended December 31, 2011. Factoring commissions and other fees are included in selling, general and administrative expenses in the accompanying consolidated statements of operations. | |||||||||||
At December 31, 2013 and 2012, accounts receivable in the amount of $1,284 and $2,947, respectively, were collateralized by the new accounts receivable revolving line of credit more fully described in Note 8. | |||||||||||
GOODS_HELD_FOR_SALE_OR_AUCTION
GOODS HELD FOR SALE OR AUCTION | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
NOTE 4— GOODS HELD FOR SALE OR AUCTION | ||||||||
Goods held for sale or auction consists of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Machinery and equipment | $ | 13,464 | $ | 257 | ||||
Leased equipment | - | 9,219 | ||||||
Aircraft parts and other | 500 | 720 | ||||||
Total | $ | 13,964 | $ | 10,196 | ||||
Goods held for sale or auction includes machinery and equipment, leased equipment and aircraft parts and other. At December 31, 2013, machinery and equipment consists of $10,756 of machinery and equipment and oil rigs with a carrying value of $2,708. The leased equipment at December 31, 2012 consists of oil rigs with a carrying value of $9,219, net of accumulated depreciation of $162. In July 2013, the terms of the lease of four oil rigs that were included in leased equipment at December 31, 2012 were amended to eliminate the right of the lessor to return the oil rigs to the Company, see Note 2(p). This amendment caused a change in the classification of the lease from an operating lease to a sales-type lease and resulted in the Company recording revenues from the sale of the oil rigs of $9,280 and cost of goods sold of $7,447 during the third quarter of 2013. Aircraft parts and other is primarily comprised of aircraft parts with a carrying value of $500 and $720 which includes a lower of cost or market adjustment of $897 and $714 as of December 31, 2013 and 2012, respectively. The total amount recorded by the Company for a lower-of-cost or market adjustment for goods held for sale or auction was $405, $194 and $159 during the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
The leased equipment at December 31, 2012 consisted of oil rigs that are depreciated over a period of 15 years which approximates their useful life. The Company has recorded deferred revenue of $1,076 at December 31, 2012, which represents non-refundable rent and deposits collected that may be applied to the purchase option at the end of the lease terms in accordance with the lease agreements for the oil rigs. The deferred revenue of $1,076 at December 31, 2012 was recorded as revenue from the sale of the four oil rigs in July 2013 as described above. Depreciation expense on the leased equipment was $1,252 and $209 during the years ended December 31, 2013 and 2012, respectively. | ||||||||
The leased equipment with a carrying value of $2,708 as of December 31, 2013 serves as collateral for the related note payable, which had an outstanding principal amount of $6,856 as of December 31, 2013, as more fully described in Note 10. | ||||||||
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||||
NOTE 5— PROPERTY AND EQUIPMENT | ||||||||||
Property and equipment consists of the following: | ||||||||||
Estimated | December 31, | |||||||||
Useful Lives | 2013 | 2012 | ||||||||
Leasehold improvements | Shorter of lease or estimated useful life | $ | 296 | $ | 282 | |||||
Machinery, equipment and computer software | 3 years | 2,179 | 2,047 | |||||||
Furniture and fixtures | 5 years | 1,176 | 974 | |||||||
Capital lease equipment | 3 to 5 years | 388 | 388 | |||||||
Total | 4,039 | 3,691 | ||||||||
Less: Accumulated depreciation and amortization | -2,949 | -2,721 | ||||||||
$ | 1,090 | $ | 970 | |||||||
Depreciations and amortization expense was $611, $626 and $713 during the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Goodwill and Intangible Assets Disclosure [Text Block] | ' |
NOTE 6— GOODWILL AND OTHER INTANGIBLE ASSETS | |
Goodwill is comprised of $1,975 in the Auction and Liquidation segment and $3,713 in the Valuation and Appraisal segment. Goodwill of $1,975 in the Auction and Liquidation and $2,353 in the Valuation and Appraisal segment is the result of the acquisition of Garcel, Inc. on July 1, 2005. The remaining goodwill of $1,360 in the Valuation and Appraisal segment is the result of the allocation of purchase price in excess of the book value of the noncontrolling interests that were purchased from a member of GAAV during the year ended December 31, 2007. There have been no changes to the carrying amount of goodwill since December 31, 2007. | |
Other intangible assets with finite lives includes customer relationships which are being amortized over their estimated useful lives of 6 years. Other intangible assets include customer relationships of $970 and accumulated amortization of $970 and trademarks of $140 which have been identified as an indefinite lived intangible asset that is not being amortized at December 31, 2013 and 2012. Amortization expense for the year ended December 31, 2011 was $81. | |
LEASING_ARRANGEMENTS
LEASING ARRANGEMENTS | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Leases [Abstract] | ' | |||||||
Leases of Lessor Disclosure [Text Block] | ' | |||||||
NOTE 7— LEASING ARRANGEMENTS | ||||||||
The gross carrying amount of machinery and equipment and related accumulated amortization recorded under capital leases and included in property and equipment were as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Machinery and equipment | $ | 388 | $ | 388 | ||||
Less: Accumulated depreciation and amortization | -388 | -378 | ||||||
$ | - | $ | 10 | |||||
Amortization expense for the assets under capital leases was $10, $23 and $106 for the years ended December 31, 2013, 2012, and 2011, respectively, and is included in selling, general and administrative expenses in the accompanying consolidated statement of operations. | ||||||||
The Company has several noncancellable operating leases that expire at various dates through 2019. Future minimum lease payments under noncancellable operating leases (with initial or remaining lease terms in excess of one year) and future minimum capital lease payments as of December 31, 2013 are: | ||||||||
Operating | ||||||||
Leases | ||||||||
Year Ending December 31: | ||||||||
2014 | $ | 1,590 | ||||||
2015 | 1,548 | |||||||
2016 | 1,481 | |||||||
2017 | 1,483 | |||||||
2018 | 1,320 | |||||||
Thereafter | 440 | |||||||
Total minimum lease payments | $ | 7,862 | ||||||
Rent expense under all operating leases was $1,717, $1,641 and $1,635 for the years ended December 31, 2013, 2012, and 2011, respectively. Rent expense is included in selling, general and administrative expenses in the accompanying consolidated statement of operations. | ||||||||
CREDIT_FACILITIES
CREDIT FACILITIES | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Line Of Credit Facilities [Text Block] | ' |
NOTE 8— CREDIT FACILITIES | |
Credit facilities consist of the following arrangements: | |
(a) $100,000 Asset Based Credit Facility | |
On July 15, 2013, the Company entered into a Second Amended and Restated Credit Agreement (“Credit Agreement”) with Wells Fargo Bank, National Association that amended and restated that certain First Amended and Restated Credit Agreement dated as of December 31, 2010. The maximum revolving loan amount under the asset based credit facility remains at $100,000, less the aggregate principal amount borrowed under the UK Credit Agreement (if in effect), and the maturity date has been extended from July 16, 2013 to July 15, 2018. The asset based credit facility can be used for borrowings and letter of credit obligations up to the aggregate amount of $100,000, less the aggregate principal amount borrowed under the UK Credit Agreement (if in effect). The interest rate for each revolving credit advance under the Credit Agreement is, subject to certain terms and conditions, equal to the LIBOR plus a margin of 2.25% to 3.25% (3.165% at December 31, 2013) depending on the type of advance and the percentage such advance represents of the related transaction for which such advance is provided. The restated Credit Agreement removed the Company’s United Kingdom subsidiary as a party to such agreement and the concept of borrowings thereunder for certain transactions in the United Kingdom. On March 19, 2014, the Company entered into a separate credit agreement (a “UK Credit Agreement”) with an affiliate of Wells Fargo Bank, National Association which provides for the financing of transactions in the United Kingdom. The facility allows the Company to borrow up to £50,000. Any borrowings on the UK Credit Agreement reduce the availability on the asset based $100,000 credit facility. The UK Credit Agreement is cross collateralized and integrated in certain respects with the Credit Agreement. Cash advances and the issuance of letters of credit under the $100,000 credit facility are made at the lender’s discretion. The letters of credit issued under this facility are furnished by the lender to third parties for the principal purpose of securing minimum guarantees under liquidation services contracts more fully described in Note 2(c). All outstanding loans, letters of credit, and interest are due on the expiration date which is generally within 180 days of funding. The credit facility is secured by the proceeds received for services rendered in connection with liquidation service contracts pursuant to which any outstanding loan or letters of credit are issued and the assets that are sold at liquidation related to such contract. The credit facility also provides for success fees in the amount of 5% to 20% of the net profits, if any, earned on the liquidation engagements funded under the Credit Agreement as set forth therein. Interest expense totaled $532 (including success fees of $292), $357 and $1,755 (including success fees of $1,286) for the years ended December 31, 2013, 2012 and 2011, respectively. The Company had no outstanding letter of credit and the outstanding borrowings under this credit facility was $5,710 at December 31, 2013. | |
The Credit Agreement governing the credit facility contains certain covenants, including covenants that limit or restrict the Company’s ability to incur liens, incur indebtedness, make investments, dispose of assets, make certain restricted payments, merge or consolidate and enter into certain transactions with affiliates. Upon the occurrence of an event of default under the Credit Agreement, the lender may cease making loans, terminate the Credit Agreement and declare all amounts outstanding under the Credit Agreement to be immediately due and payable. The Credit Agreement specifies a number of events of default (some of which are subject to applicable grace or cure periods), including, among other things, nonpayment defaults, covenant defaults, cross-defaults to other material indebtedness, bankruptcy and insolvency defaults, and material judgment defaults. | |
On May 17, 2011, GAAV entered into a Loan and Security Agreement (Accounts Receivable Line of Credit) (the “Line of Credit”) with BFI Business Finance (“BFI”). The Line of Credit is collateralized by the accounts receivable of GAAV and allows for borrowings in the amount of 85% of the net face amount of prime accounts, as defined in the Line of Credit, with maximum borrowings not to exceed $2,000. The interest rate under the Line of Credit is the prime rate plus 2% (6% at December 31, 2012), payable monthly in arrears. The Line of Credit was amended effective February 3, 2012 and the maximum borrowings allowed was increased from $2,000 to $3,000. The maturity date of the Line of Credit is February 3, 2015 and the maturity date may be extended for successive periods equal to one year, unless GAAV gives BFI written notice of its intent to terminate the Line of Credit at least thirty days prior to the maturity date of the Line of Credit. BFI has the right to terminate the Line of Credit at its sole discretion upon giving sixty days’ prior written notice to GAAV. In connection with the Line of Credit, GAG, LLC entered into a limited continuing guaranty of GAAV’s obligations under the Line of Credit. Proceeds from the Line of Credit were used to pay off GAAV’s borrowings under the Factoring Agreement as more fully described in Note 5. Interest expense totaled $90, $112 and $77 for the years ended December 31, 2013, 2012 and 2011, respectively. | |
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt [Text Block] | ' | |||||||
NOTE 9— LONG-TERM DEBT | ||||||||
Long-term debt consists of the following arrangements: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
$60,000 notes payable to each of the Great American Members and the Phantom Equityholders of GAG, LLC issued in connection with the Acquisition dated July 31, 2009 | $ | 50,483 | $ | 52,207 | ||||
Total long-term debt | 50,483 | 52,207 | ||||||
Less: Current portion of long-term debt | 1,724 | 1,724 | ||||||
Long-term debt, net of current portion | $ | 48,759 | $ | 50,483 | ||||
(a) $60,000 Notes Payable | ||||||||
On July 31, 2009, the Great American Members contributed all of their membership interests of GAG, LLC to the Company in exchange for 10,560,000 shares of common stock of the Company and a subordinated unsecured promissory note in an initial principal amount of $60,000 issued in favor of the Great American Members and the Phantom Equityholders. In connection with the closing of the Acquisition, an initial principal payment of $4,383 was made, thereby reducing the principal amount of the note to $55,617. On August 28, 2009, the note was replaced with separate subordinated unsecured promissory notes (collectively, the “Notes”) issued in favor of each of the Great American Members and Phantom Equityholders. Prior to the Amendments described below, all Notes were payable in five equal annual principal payments in the aggregate amount of $11,123 due on the anniversary date of the Notes beginning on July 31, 2010 through July 31, 2014 with interest payable quarterly in arrears beginning October 31, 2009 at 12% per annum. On May 4, 2010, the Company entered into individual amendments (each, an Amendment and collectively, the “Amendments”) to an aggregate of $52,419 of the $55,617 principal amount outstanding of the subordinated unsecured promissory notes, which reduced the interest rate on the amended notes from 12.0% per annum to 3.75% per annum. The interest rate reduction was effective retroactive to February 1, 2010. In addition, the maturity date for $46,996 of the $55,617 principal amount outstanding of the subordinated, unsecured promissory notes was extended to July 31, 2018, subject to annual prepayments based upon the Company’s cash flow subject to certain limitations, as provided in the amendment to the notes payable, including, without limitation, the Company’s maintenance of a minimum adjusted cash balance of $20,000. Each prepayment, if any, is due within 30 days of the filing of the Company’s Annual Report on Form 10-K, beginning with the Form 10-K for the fiscal year ending December 31, 2010. There were no prepayments due on the notes payable under this prepayment provision on April 30, 2013, 2012 and 2011. The remaining notes with $8,621 principal amount outstanding continue to be payable in five equal annual principal payments as described above. | ||||||||
Effective July 31, 2011, the Company entered into individual amendments that increased the principal amount of the promissory notes with Andy Gumaer and Harvey Yellen, the two former Great American Members, both of whom are executive officers and directors of the Company, by an aggregate amount of $1,762 of accrued interest that was originally due on July 31, 2011. The addition to the principal amount will accrue interest at the note rate of 3.75% and continue to be subject to annual prepayments based upon the Company’s cash flow and the maintenance of a minimum adjusted cash balance as provided in the notes prior to the capitalization of the accrued interest. As a result, the principal balance of the promissory notes to the two former Great American Members increased from an aggregate amount of $46,996 to $48,759. | ||||||||
As of December 31, 2013, the aggregate principal amount of $48,759 in promissory notes outstanding to the Great American Members accrues interest at the note rate of 3.75% and has a maturity date of July 31, 2018 (subject to annual principal payments based upon our cash flow, with certain limitations). As of December 31, 2013, there is an aggregate principal amount of $1,724 of promissory notes outstanding to the Phantom Equityholders. Of this amount, $1,084 of the promissory notes has an interest rate of 3.75% and $640 has an interest rate of 12.0%. On January 31, 2014, the Company paid in full the $640 of principal balance for the promissory notes to the Phantom Equityholders that had the 12.0% interest rate. | ||||||||
Interest expense was $2,014, $2,132 and $2,221 for the years ended December 31, 2013, 2012 and 2011, respectively. In accordance with the Amendments to the notes payable, the current portion of the amended notes payable in the amount of $1,724 and the long-term portion of the amended notes payable in the amount of $48,759 have been recorded in the accompanying consolidated balance sheet as of December 31, 2013. Accrued interest payable was $325 and $344 on the notes payable as of December 31, 2013 and 2012, respectively. | ||||||||
NOTES_PAYABLE
NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Notes Payable Disclosure [Text Block] | ' |
NOTE 10— NOTES PAYABLE | |
On May 29, 2008, GAGEE entered into a credit agreement with Garrison Special Opportunities Fund LP, Gage Investment Group LLC (collectively, the “Lenders”) to finance the purchase of certain machinery and equipment to be sold at auction or liquidation. The principal amount of the loan was $12,000 and borrowings bore interest at a rate of 20% per annum. The loan is collateralized by the machinery and equipment which were purchased with the proceeds from the loan. GAGEE was required to make principal and interest payments from proceeds from the sale of the machinery and equipment. GAGEE is a special purpose entity created to purchase the machinery and equipment, whose assets consist only of the machinery and equipment in question and whose liabilities are limited to the Lenders’ note and certain operational expenses related to this transaction. GAG, LLC guaranteed GAGEE’s liabilities to the Lenders up to a maximum of $1,200. The original maturity date of the loan was May 29, 2009; however, GAGEE exercised its right to extend the maturity date for 120 days until September 26, 2009. On September 26, 2009, the note payable became due and payable. | |
On October 8, 2009, GAGEE and GAG, LLC entered into a Forbearance Agreement effective as of September 27, 2009 (the “Forbearance Agreement”) with the Lenders and Garrison Loan Agency Services LLC (“Administrative Agent”), relating to the credit agreement, by and among GAGEE, as borrower, GAG, LLC, as guarantor, the Lenders and the Administrative Agent. Pursuant to the terms of the Forbearance Agreement, the Lenders agreed to forbear from exercising any of the remedies available to them under the credit agreement and the related security agreement until November 17, 2009, unless a forbearance default occurs, as specified in the Forbearance Agreement. Also, pursuant to the terms of the Forbearance Agreement, GAGEE agreed to hold an auction of the assets collateralizing GAGEE obligations under the credit agreement on or before November 3, 2009 and to use the sale proceeds to repay its obligations under the credit agreement. In connection with the execution of the Forbearance Agreement, GAG, LLC made a payment of $1,200 on October 9, 2009, in full satisfaction of its guaranty under the credit agreement which reduced the principal amount of borrowings and interest due under the credit agreement. Pursuant to the Forbearance Agreement, the Company held an auction of the assets collateralizing GAGEE’s obligation on November 3, 2009. The sale of the assets at auction was subject to meeting the reserve prices and approval by the Lenders, and the auction did not result in the sale of any of the assets. | |
On December 31, 2009, GAGEE entered into an amendment to credit agreement (the “First Amendment To Credit Agreement”) dated as of December 18, 2009 with Garrison Special Opportunities Fund LP and the Administrative Agent, whereby the Lender agreed to forebear from exercising any of the remedies available to them under the Forbearance Agreement and the related Security Agreement and to extend the maturity date of the Forbearance Agreement until November 18, 2010, unless a forbearance default occurs, as specified in the Credit Agreement. Pursuant to the terms of the First Amendment To Credit Agreement and Second Amendment To Credit Agreement, the interest rate was reduced from 20% to 0% and the Lender agreed to reimburse GAGEE for certain expenses from proceeds of the sale assets that collateralize the Credit Agreement. The Forbearance Agreement expired on November 18, 2010. GAGEE entered into a second amendment to the credit agreement on May 9, 2011, which extended the maturity date of the note payable to November 19, 2011 with an interest rate of 0% through maturity (the “Second Amendment to the Credit Agreement”). The Second Amendment to the Credit Agreement also provided for the lender to reimburse GAGEE for certain expenses from proceeds of the sale or lease of the assets that collateralize the note payable. As a result of the delay in entering into the Second Amendment to the Credit Agreement, interest in the amount of $309 was accrued from the date of the expiration of the First Amendment to the Credit Agreement on November 18, 2010 to December 31, 2010 at an interest rate of 22% (the default rate). This accrued interest of $309 was reversed in the first quarter of 2011, as the Second Amendment to the Credit Agreement provides for 0% interest for that period, and reflected in the consolidated statement of operations as a reduction of interest expense. GAGEE entered into a third amendment to the Credit Agreement on March 19, 2012, which extended the maturity date of the note payable to December 31, 2012 with an interest rate of 0% through maturity. GAGEE entered into a fourth amendment to the Credit Agreement effective December 31, 2012 which extended the maturity date of the note payable to December 31, 2013 and the interest rate remained at 0% through maturity. GAGEE entered into a fifth amendment to the Credit Agreement effective December 31, 2013 which extended the maturity date of the note payable to June 30, 2015 and the interest rate remained at 0% through maturity. The third, fourth and fifth Amendments to the Credit Agreement provide for the lender to reimburse GAGEE for certain expenses from proceeds of the sale or lease of the assets that collateralize the note payable. GAGEE has no assets other than those collateralizing the loan which is comprised of a lease finance receivable of $8,099 and machinery and equipment with a carrying value of $2,708 that is included in goods held for sale or auction in the accompanying balance at December 31, 2013. GAG, LLC has satisfied its obligation to pay the $1,200 guarantee and the credit agreement does not provide for other recourse against GAG, LLC. At December 31, 2013 and 2012, the note payable balance was $6,856 and $9,513, respectively. | |
On July 21, 2011, GAG, LLC entered into a loan agreement with Dialectic Capital Partners, LP, Dialectic Offshore Ltd., Dialectic Antithesis Partners, LP and Dialectic Antithesis Offshore Fund, Ltd. (collectively, the “Dialectic Lenders”) and Dialectic Capital Management, LLC as collateral agent. The loan agreement provided for a loan of $7,000 to GAG, LLC pursuant to a promissory note (the “Dialectic Note”) with a stated principal amount of $7,609 (the “Maturity Value”) and maturity date of July 31, 2013. No interest is due or payable on the Dialectic Note until after November 1, 2011, at which time the Dialectic Note would begin to accrue interest at a rate of 14%, payable quarterly on the last day of January, April, July and October. The Dialectic Note was prepaid in full with no penalty on October 27, 2011. The loan was used to fund a portion of GAG, LLC’s obligations in connection with its participation in a liquidation transaction. The loan agreement also provided for profit participation payments to the Dialectic Lenders up to a maximum of 5% of the Maturity Value. Interest expense totaled $989 (including interest of $380 for profit participation payments) for the year ended December 31, 2011. | |
On August 22, 2011, the Company borrowed $259 from a finance company to finance insurance premiums. Interest on the loan was 6.49% and the loan required monthly installments of $30 until maturity on May 1, 2012. Interest expense totaled $3 for the year ended December 31, 2011 and the loan balance and accrued interest was paid in full October 2011. | |
On July 31, 2012, the Company borrowed $227 from a finance company to finance insurance premiums. Interest on the loan was 6.6% and the loan required monthly installments of $23 until maturity on May 30, 2013. Interest expense totaled $6 and $5 for the year ended December 31, 2013 and 2012, respectively. The outstanding balance on the note payable of $115 at December 31, 2012 was repaid in June 2013. | |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
NOTE 11— COMMITMENTS AND CONTINGENCIES | |
(a) Letters of Credit | |
There were no letters of credit outstanding at December 31, 2013 and there were letters of credit outstanding in the amount of $6,667 related to one retail liquidation engagement at December 31, 2012. | |
(b) Legal Matters | |
In 2013, the Company was served with a lawsuit that seeks to assert claims of breach of contract and other matters with damages in an amount up to $2,850. The Company is vigorously defending this lawsuit. This lawsuit is in the initial stages, the financial impact to the Company, if any, cannot be estimated. | |
The Company is subject to certain legal and other claims that arise in the ordinary course of its business. The Company does not believe that the results of these claims are likely to have a material effect on its consolidated financial position or results of operations. | |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||
NOTE 12— INCOME TAXES | |||||||||||
The Company’s provision (benefit) for income taxes consists of the following for the year ended December 31, 2013, 2012 and 2011: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Current: | |||||||||||
Federal | $ | - | $ | 204 | $ | 10 | |||||
State | 2 | 24 | 179 | ||||||||
Foreign | -287 | 342 | - | ||||||||
Total current provision | -285 | 570 | 189 | ||||||||
Deferred: | |||||||||||
Federal | 791 | 1,419 | 1,660 | ||||||||
State | 198 | 289 | 211 | ||||||||
Foreign | - | -342 | - | ||||||||
Total deferred | 989 | 1,366 | 1,871 | ||||||||
Total provision for income taxes | $ | 704 | $ | 1,936 | $ | 2,060 | |||||
A reconciliation of the federal statutory rate of 34% to the effective tax rate for income (loss) from continuing operations before income taxes is as follows for the year ended December 31, 2013, 2012 and 2011: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Provision for income taxes at federal statutory rate | 34 | % | 34 | % | 34 | % | |||||
State income taxes, net of federal benefit | 8.7 | 3.3 | 4.9 | ||||||||
Foreign tax on gain on bargain purchase | - | -7.4 | - | ||||||||
Tax differental on vesting of restricted stock | - | - | 37.2 | ||||||||
Foreign tax differential | 9 | - | - | ||||||||
Other | 3.3 | 0.9 | 1.3 | ||||||||
Effective income tax rate | 55 | % | 30.8 | % | 77.4 | % | |||||
Deferred income tax assets (liabilities) consisted of the following as of December 31, 2013 and 2012: | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
Deferred tax assets: | |||||||||||
Allowance for doubtful accounts | $ | 128 | $ | 141 | |||||||
Goods held for sale or auction | 530 | 1,160 | |||||||||
Deductible goodwill | 520 | 553 | |||||||||
Accrued liabilities and other | 1,128 | 2,897 | |||||||||
Deferred revenue | - | 409 | |||||||||
Mandatorily redeemable noncontrolling interests | 671 | 736 | |||||||||
Note payable to Phantom Equityholders | 376 | 1,311 | |||||||||
Foreign tax and other tax credit carryforwards | 591 | 618 | |||||||||
Net operating loss carryforward | 8,665 | 5,773 | |||||||||
Total gross deferred tax assets | $ | 12,609 | $ | 13,598 | |||||||
The Company's income before income taxes of $1,280 for the year ended December 31, 2013 includes a United States component of $2,541 and a foreign component comprised of a loss before income taxes of $1,261. As of December 31, 2013, the Company had federal net operating loss carryforwards of $20,558, state net operating loss carryforwards of $21,617, and foreign tax credit carryforwards of $342. The Company’s federal net operating loss carryforwards will expire in the tax year ending December 31, 2029, the state net operating loss carryforwards will expire in 2031, and the foreign tax credit carryforwards will expire in 2022. | |||||||||||
The Company establishes a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Tax benefits of operating loss and tax credit carryforwards are evaluated on an ongoing basis, including a review of historical and projected future operating results, the eligible carryforward period, and other circumstances. As of December 31, 2013, the Company believes that it is more-likely-than-not that future taxable earnings will be sufficient to realize its deferred tax assets and has not provided an allowance. | |||||||||||
On January 1, 2009, the Company adopted the accounting guidance for accounting for uncertainty in income taxes. This accounting guidance addresses the determination of how tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under the accounting guidance, the Company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company did not recognize any additional liabilities for uncertain tax positions as a result of the implementation of this accounting guidance. | |||||||||||
The Company’s uncertain tax positions are related to tax years that remain subject to examination by the relevant taxing authorities. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the calendar year ended December 31, 2010 to 2013. The Company and its subsidiaries’ state tax returns are also open to audit under similar statutes of limitations for the same tax years. The Company accrues interest on unrecognized tax benefits as a component of income tax expense. Penalties, if incurred, would be recognized as a component of income tax expense. The Company had no such accrued interest or penalties included in the accrued liabilities associated with unrecognized tax benefits as of the date of adoption. | |||||||||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||
NOTE 13— EARNINGS PER SHARE | |||||||||||
Basic earnings per share is calculated by dividing net income by the weighted-average number of shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding, after giving effect to all dilutive potential common shares outstanding during the period. Basic common shares outstanding exclude 1,320,000 common shares that are held in escrow and subject to forfeiture and 1,000,000 common shares issued to the AAMAC founders that were forfeited during 2012 as a result of the failure to achieve certain performance targets specified in the Acquisition Agreement. The 1,320,000 common shares issued to the former Great American members are subject to forfeiture upon the final settlement of claims for goods held for sale in connection with the Acquisition. Dilutive common shares outstanding includes contingently issuable shares that are currently in escrow and subject to release if the conditions for the final settlement of claims for goods held for sale in connection with the Acquisition was satisfied at the end of the respective periods. | |||||||||||
Basic and diluted earnings from continuing operations were calculated as follows (in thousands, except per share amounts): | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Income from operations | $ | 1,058 | $ | 3,521 | $ | 602 | |||||
Weighted average shares outstanding: | |||||||||||
Basic | 28,682,975 | 28,682,975 | 28,539,651 | ||||||||
Effect of dilutive potential common shares: | |||||||||||
Contingently issuable shares | 1,224,427 | 931,277 | 868,815 | ||||||||
Diluted | 29,907,402 | 29,614,252 | 29,408,466 | ||||||||
Basic earnings per share | $ | 0.04 | $ | 0.12 | $ | 0.02 | |||||
Diluted earnings per share | $ | 0.04 | $ | 0.12 | $ | 0.02 | |||||
LIMITED_LIABILITY_COMPANY_SUBS
LIMITED LIABILITY COMPANY SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2013 | |
Limited Liability Company Disclosure Of Subsidiary [Abstract] | ' |
Disclosure Of Subsidiary Of Limited Liability Company Or Limited Partnership Description [Text Block] | ' |
NOTE 14— LIMITED LIABILITY COMPANY SUBSIDIARIES | |
(a) Operating Agreements of Limited Liability Company Subsidiaries | |
The Company has subsidiaries that are organized as limited liability companies, each of which has its own separate operating agreement. These operating agreements generally have the same material terms. Each of these subsidiaries is managed by an individual manager who is a member or employee of the subsidiary, although the manager may not take certain actions unless the majority member of the subsidiary (GAG, LLC) consents to the action. These actions include, among others, the dissolution of the subsidiary, the disposition of all or a substantial part of the subsidiary’s assets not in the ordinary course of business, filing for bankruptcy, and the purchase by the subsidiary of one of the members’ ownership interest upon the occurrence of certain events. Certain of the members with a minority ownership interest in the subsidiaries are entitled to receive guaranteed payments in the form of compensation or draws, in addition to distributions of available cash from time to time. Distributions of available cash are generally made to each of the members in accordance with their respective ownership interests in the subsidiary after repayment of any loans made by any members to such subsidiary, and allocations of profits and losses of the subsidiary are generally made to members in accordance with their respective ownership interests in the subsidiary. The operating agreements also place restrictions on the transfer of the members’ ownership interests in the subsidiaries and provide the Company or the other members with certain rights of first refusal and drag along and tag along rights in the event of any proposed sales of the members’ ownership interests. | |
A member of the subsidiary who materially breaches the operating agreement of the subsidiary, which breach has a direct, substantial and adverse effect on the subsidiary and the other members, or who is convicted of a felony (or a lesser crime of moral turpitude) involving his management of or involvement in the affairs of the subsidiary, or a material act of dishonesty of the member involving his management of or involvement in the affairs of the subsidiary, shall forfeit his entire ownership interest in the subsidiary. | |
(b) Repurchase Obligations of Membership Interests of Limited Liability Company Subsidiaries | |
The operating agreements of the Company’s limited liability company subsidiaries require the Company to repurchase the entire ownership interest of each the members upon the death of a member, disability of a member as defined in the operating agreement, or upon declaration by a court of law that a member is mentally unsound or incompetent. Upon the occurrence of one of these events, the Company is required to repurchase the member’s ownership interest in an amount equal to the fair market value of the member’s noncontrolling interest in the subsidiary. | |
The Company evaluated the classification of all of its limited liability company members’ ownership interests in accordance with the accounting guidance for financial instruments with characteristics of liabilities and equity. This guidance generally provides for the classification of members’ ownership interests that are subject to mandatory redemption obligations to be classified outside of equity. In accordance with this guidance, all members with a minority ownership interest in these subsidiaries are classified as liabilities and included in mandatorily redeemable noncontrolling interests in the accompanying consolidated balance sheet. Members of these subsidiaries with a minority ownership interest issued before November 5, 2003 are stated on a historical cost basis and members of the Company’s subsidiaries with a minority ownership interests issued on or after November 5, 2003 are stated at fair value at each balance sheet date. The Company deems such repurchase obligations, which are payable to members who are also employees of these subsidiaries, to be a compensatory benefit. Accordingly, the changes in the historical cost basis and the changes in the fair value of the respective members’ ownership interests (noncontrolling interests) are recorded as a component of selling, general and administrative expenses in the accompanying consolidated statements of operations. The noncontrolling interests share of net income was $1,897, $1,928 and $3,934 for the years ended December 31, 2013, 2012 and 2011, respectively. The decrease in fair value of the mandatorily redeemable noncontrolling interests of $83 for the year ended December 31, 2011 was recorded as a reduction of selling, general and administrative expenses in the accompanying consolidated statements of operations. There was no change in the fair value of the mandatorily redeemable noncontrolling interests during the years ended December 31, 2013 and 2012. | |
SHARE_BASED_PAYMENTS
SHARE BASED PAYMENTS | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Text Block] | ' | |||||||
NOTE 15— SHARE BASED PAYMENTS | ||||||||
(a) Restricted Stock Awards | ||||||||
In connection with the Acquisition, the Company granted 1,440,000 shares of non-vested common stock to the Phantom Equityholders. These shares are issuable in accordance with the following vesting schedule: 50% on January 31, 2010, 25% on July 31, 2010 and the remaining 25% on January 31, 2011. Share based compensation for the non-vested stock awards of $296 for the year ended December 31, 2011 and is included in selling, general and administrative expense in the accompanying consolidated statement of operations. The corresponding income tax benefit recognized in the consolidated statement of operations was $115 for the year ended December 31, 2011. Of the 1,440,000 shares of common stock that vested in accordance with the vesting schedule, 241,298 shares of common stock of the Company were issued to the Phantom Equityholders and 226,702 shares were forfeited by the Phantom Equityholders to pay for employment withholding taxes during the year ended December 31, 2011. | ||||||||
There were no restricted stock awards and no unrecognized share based compensation expense related to non-vested restricted shares as of and during the years ended December 31, 2013 and 2012. The Company’s non-vested stock activity for the year ended December 31, 2011 is summarized in the following table: | ||||||||
Weighted | ||||||||
Average Fair | ||||||||
Value | ||||||||
Shares | Per Share | |||||||
Non-vested at December 31, 2010 | 360,000 | $ | 4.93 | |||||
Granted | - | - | ||||||
Vested | -360,000 | 4.93 | ||||||
Foreited/Cancelled | - | - | ||||||
Non-vested at December 31, 2011 | - | $ | - | |||||
(b) Restricted Stock Unit Activity | ||||||||
On July 15, 2010, each of the non-employee directors then serving on the Company’s board of directors were awarded 40,000 restricted stock units with a grant date fair value of $1.25 in connection with their annual grant. Such restricted stock units are subject to a one-year vesting period that commenced on July 15, 2010. The total number of restricted stock units granted in 2010 was 200,000 for a total value of $250. The restricted stock units granted in 2010 were 100% vested on July 14, 2011. Share based compensation for the restricted stock units was $135 for the year ended December 31, 2011 and is included in selling, general and administrative expense in the accompanying consolidated statement of operations. At December 31, 2013 and 2012, there were no restricted stock unit awards and no unrecognized share based compensation expense related to non-vested restricted stock unit awards as of and during the years ended December 31, 2013 and 2012. | ||||||||
(c) Great American Group, Inc. Amended and Restated 2009 Stock Incentive Plan | ||||||||
In connection with the consummation of the Acquisition, the Company assumed the AAMAC 2009 Stock Incentive Plan which was approved by the AAMAC stockholders on July 31, 2009 (as assumed, the “Incentive Plan”). In accordance with Section 13(a) of the Incentive Plan, in connection with the Company’s assumption of the Incentive Plan, the Company’s board of directors adjusted the maximum number of shares that may be delivered under the Incentive Plan to 15,644,000 to account for the two-for-one exchange ratio of Company common stock for AAMAC common stock in the Acquisition. On August 19, 2009, the Company’s board of directors approved an amendment and restatement of the Incentive Plan which adjusted the number of shares of stock the Company reserved for issuance thereunder to 7,822,000. As of December 31, 2013, there were no shares issued under the Incentive Plan. | ||||||||
EMPLOYEE_COMPENSATION_ARRANGEM
EMPLOYEE COMPENSATION ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2013 | |
Employee Compensation Arrangement [Abstract] | ' |
Disclosure Of Deferred Compensation Arrangement [Text Block] | ' |
NOTE 16— EMPLOYEE COMPENSATION ARRANGEMENTS | |
(a) Employee Benefit Plan | |
The Company maintains a qualified defined contribution 401(k) plan, which covers substantially all of its U.S. employees. Under the plan, participants are entitled to make pre-tax contributions up to the annual maximums established by the Internal Revenue Service. The plan document permits annual discretionary contributions from the Company. No employer contributions were made in any of the periods presented. | |
(b) Employment Agreements | |
In connection with the consummation of the Acquisition, the Company entered into separate employment agreements with the Chief Executive Officer, the Vice Chairman and President, the former Chief Financial Officer, and the Executive Vice President of Retail Services. The employment agreements have no defined term of employment and either party to each employment agreement may terminate the employment relationship at any time. Each employment agreement provides for a base salary and annual bonuses set by the Compensation Committee of the Company’s board of directors, an annual increase in base salaries of no less than 5% and a monthly automobile allowance. Each employment agreement provides for the payment of severance ranging from 12 to 24 months following the date of termination, as defined therein. The employment agreement with the Company’s former Chief Financial Officer was terminated in April 2013 in connection with the cessation of such individual’s employment with the Company. | |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
NOTE 17— RELATED PARTY TRANSACTIONS | |
On January 4, 2010, the Company loaned $2,706 to GAHA Fund I, a wholly-owned subsidiary of GARE. GAHA Fund I was created to purchase land and a commercial building that was subsequently sold by GAHA Fund I in January 2011. The note receivable was collateralized by the land and commercial building which was purchased with the proceeds from the loan. The note receivable bore interest at a rate of 10% per annum. The principal balance on the note and all unpaid interest was paid by GAHA Fund I in January 2011. Interest income was $69 and $268 for the year ended December 31, 2011, and is included in interest income in the accompanying consolidated statement of operations. | |
On July 8, 2010, the Company loaned $3,224 to GARE for the purposes of investing in GAHA Fund II, LLC, a newly formed joint venture which is 50% owned by GARE. GAHA Fund II, LLC is a special purpose entity created to purchase non-performing distressed real estate loans at a discount to par from a financial institution and market the loans and real estate to third parties. The note receivable bears interest at a rate of 15% per annum and all unpaid principal and interest was originally due on July 8, 2011. In July 2011, the first amendment to the note receivable extended the maturity date of the loan and the interest rate was reduced to 8% per annum. On December 29, 2011, the second amendment to the note receivable increased the outstanding balance by $620 to $3,844 as additional funds were loaned to GARE and the maturity date of the note receivable was extended to July 31, 2012. On February 20, 2013, the third amendment to the note receivable extended the maturity date to December 31, 2013. The note receivable in the amount of $611 was included in note-receivable – related party as of December 31, 2012. The Company received principal payments of $3,164 from GARE during the year ended December 31, 2012 and recorded an impairment charge of $69 to write down the note receivable at December 31, 2012. The operations of GARE ceased upon the repayment of the note receivable in August 2013. There was no interest income earned on the note receivable during the year ended December 31, 2013. Interest income was $196 and $371 for the years ended December 31, 2012 and 2011, respectively, and is included in interest income in the accompanying consolidated statements of operations. | |
In accordance with the accounting guidance for consolidation of variable interest entities, the Company has determined that the subordinated financing arrangements in the form of notes receivable described above with GARE changes the status of each of the entities to VIE. The Company, in determining whether or not it is the primary beneficiary of GARE, considered the disproportionate capital contributions that were made by the Company, the voting interests of the members of GARE and each member’s ability to direct the activities of GARE. The Company determined it is not the primary beneficiary of the VIE since decisions to direct the operations of GARE are done jointly by the members of GARE and the Company does not have a disproportionate voting interest which allows it to exercise any rights or powers that would enable the Company to direct the activities of GARE that most significantly impact GARE’s economic performance. The accompanying consolidated financial statements do not consolidate GARE. The loss from GARE is accounted for under the equity method of accounting and is included in other income (loss) in the amount of $21, $120 and $369 in the consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011, respectively. | |
In August 2011, the Company paid a loan origination fee of $140 (2% of the $7,000 Dialectic Note as more fully described in Note 10) to B. Riley & Co., an investment bank. A member of the Company’s board of directors is the controlling shareholder, president and chief executive officer of B. Riley & Co. | |
At December 31, 2013, amounts due to related party of $45 represents amounts due to CA Global Partners, LLC (“CA Global”). CA Global is one of the members of Great American Global Partners, LLC (“GA Global Ptrs”) which started operations in the first quarter of 2013. The amount payable at December 31, 2013 is comprised of expenses that were paid on behalf of the Company by CA Global in connection with certain auctions of wholesale and industrial machinery and equipment that they were managing on behalf of GA Global Ptrs. | |
At December 31, 2013, note receivable – related party is comprised of two loans to Shoon with an aggregate outstanding receivable balance of $1,200. The Company owned 44.4% of the common stock of Shoon. The original loan in the amount of $1,300 was made to Shoon on May 4, 2012 and had a remaining principal balance of $353 at December 31, 2013. The loan had a maturity date of May 3, 2014 with interest payable monthly at LIBOR plus 6.0%. On August 2, 2013, an additional loan in the amount of $847 (net of $40 discount) was extended to Shoon with a maturity date of August 3, 2015. Interest is payable monthly at 6.5%. Both of the loans were collateralized by the inventory of Shoon. The loan receivables at December 31, 2013 is included in the Company’s consolidated balance sheet in note receivable related party – current portion in the amount of $703 and in note receivable related party - net of current portion in the amount of $497. In January 2014, Shoon was sold to a third party and the two loans in the amount of $1,200 outstanding at December 31, 2013 were repaid to the Company as more fully described in Note 18. | |
BUSINESS_ACQUISITION
BUSINESS ACQUISITION | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Business Combination Disclosure [Text Block] | ' | |||||||
NOTE 18— BUSINESS ACQUISITION | ||||||||
On May 4, 2012, the Company invested $65 for a 44.4% interest in the common stock of Shoon. Shoon purchased the rights to operate the former Shoon internet business and retail stores that were in administration in the United Kingdom. As part of the investment, the Company also loaned Shoon approximately $1,300 that is collateralized by retail inventory. The loan bore interest at an annual rate of LIBOR plus 6.0% payable monthly and had a maturity date of May 3, 2014. In accordance with the Shoon shareholder agreement, the Company had the right to appoint a Chairman of Shoon. Together with the Company’s 44.4% investment in the common stock of Shoon and control of the majority of the board of directors, the Company had a controlling interest in Shoon. On August 2, 2013, an additional loan in the amount of $847 (net of $40 discount) was extended to Shoon with a maturity date of August 3, 2015. This increased the outstanding principal from both loans to $1,371. Interest on the new loan was payable monthly at 6.5%. Both of the loans are collateralized by the inventory of Shoon. The remaining balance of the loans receivable at December 31, 2013 is included in the Company’s consolidated balance sheet in note receivable related party – current portion in the amount of $703 and in note receivable related party - net of current portion in the amount of $497. In connection with the new loan in August 2013, the Shoon shareholder agreement was amended and restated to eliminate the Company’s super majority voting rights which enable the Company to control the board of directors of Shoon. As a result of this amendment, the Company no longer controls Shoon and the operating results of Shoon are not consolidated for any periods after July 31, 2013. As such, the Company has consolidated the operations of Shoon and included the results of operations of Shoon from May 4, 2012, the date of investment, through July 31, 2013 in the Company’s consolidated statements of operations. In January 2014, Shoon was sold to a third party and the two loans in the amount of $1,200 outstanding at December 31, 2013 were repaid to the Company. As a result of the sale of Shoon, the Company recorded an impairment charge as of December 31, 2013 of $111 to write-down the investment in Shoon to its estimated net realizable value. | ||||||||
In accordance with the accounting guidance for consolidation of variable interest entities, the Company has determined that the additional financing arrangement in the form of the new note receivable with Shoon and the elimination of the Company’s super majority voting rights in August 2013, as discussed above, changes the status of Shoon to a VIE. The Company, in determining whether or not it is the primary beneficiary of Shoon, considered the voting interests of the shareholder’s of Shoon and the shareholder’s ability to direct the activities of Shoon. The Company determined it is not the primary beneficiary of the VIE since the Company does not have the ability to exercise any rights or powers to direct the activities of Shoon that most significantly impact Shoon’s economic performance. Accordingly, Shoon’s operating results are not consolidated for any periods after July 31, 2013. As of December 31, 2013, the carrying amount and maximum exposure to loss due to the Company’s involvement with Shoon is the combined balance of both loans in the amount of $1,200 and $22 equity investment in Shoon. The Company’s loss under the equity method of accounting for Shoon was $156 for the five months ended December 31, 2013. | ||||||||
The summarized financial information below includes amounts related to Shoon, the Company’s less-than-majority-owned subsidiary, for periods after July 31, 2013. | ||||||||
Five Months Ended | ||||||||
December 31, 2013 | ||||||||
Total revenues | $ | 6,294 | ||||||
Cost of goods sold | 3,375 | |||||||
Loss before income taxes | -160 | |||||||
Income tax benefit | 58 | |||||||
Net loss | $ | -102 | ||||||
GAG, Inc equity share of net loss | $ | -45 | ||||||
As of | ||||||||
December 31, 2013 | ||||||||
Current assets | $ | 3,865 | ||||||
Non-current asstes | 397 | |||||||
Total assets | 4,262 | |||||||
Current liabilities | 3,338 | |||||||
Non-current liabilities | 497 | |||||||
Net assets | $ | 427 | ||||||
The Company determined the fair value of assets acquired exceeded consideration paid by approximately $1,366 which was recorded as a bargain purchase gain during the three months ended June 30, 2012. The gain on bargain purchase is included as a separate component of other income (expense) in the Company’s consolidated statements of operations. | ||||||||
The following details the estimated fair value of the net assets acquired and the excess of such net assets over the purchase price upon acquisition: | ||||||||
Fixed assets | $ | 78 | ||||||
Retail inventory | 3,752 | |||||||
Accounts payable and accrued liabilities | -810 | |||||||
Deferred tax liability | -408 | |||||||
Fair value of net assets acquired | 2,612 | |||||||
Total cash consideration | -1,246 | |||||||
Gain on bargain purchase | $ | 1,366 | ||||||
The following financial statement amounts and balances of Shoon were included in the accompanying consolidated financial statements in the UK retail stores segment as of December 31, 2012 and for the period from May 4, 2012, the date of investment, through December 31, 2012 and for the period from January 1, 2013 through July 31, 2013: | ||||||||
As of | ||||||||
December 31, 2012 | ||||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 1,128 | ||||||
Inventory | 2,216 | |||||||
Property and equipment, net | 146 | |||||||
Other assets | 328 | |||||||
Total assets | $ | 3,818 | ||||||
Liabilities and equity: | ||||||||
Accounts payable and accrued liabilities | $ | 1,291 | ||||||
Current portion long-term debt | 646 | |||||||
Total current liabilities | 1,937 | |||||||
Long-term debt, net of current portion | 323 | |||||||
Total liabilities and equity | 2,260 | |||||||
Equity | 1,558 | |||||||
Total liabilities and equity | $ | 3,818 | ||||||
Period From | Period From | |||||||
January 1, 2013 to | May 4, 2012 to | |||||||
July 31, 2013 | December 31, 2012 | |||||||
Revenues: | ||||||||
Revenues - Sale of goods | $ | 6,202 | $ | 10,206 | ||||
Cost of goods sold | -3,566 | -5,475 | ||||||
Selling, general and administrative expenses | -3,818 | -4,480 | ||||||
Operating income (loss) | -1,182 | 251 | ||||||
Other expenses | -94 | -251 | ||||||
Gain on bargain purchase | - | 1,366 | ||||||
Income (loss) before benefit (provision) for income taxes | -1,276 | 1,366 | ||||||
Benefit (provision) for income taxes | 319 | -1 | ||||||
Net income (loss) | -957 | 1,365 | ||||||
Net income (loss) attributable to noncontrolling interest | -532 | 819 | ||||||
Net income (loss) attributable to Great American Group, Inc. | $ | -425 | $ | 546 | ||||
The disclosure of pro forma financial information for the years ended December 31, 2012 and 2011 has not been provided given the impracticality of obtaining the information since the former owners of Shoon were operating in administration in the United Kingdom. | ||||||||
BUSINESS_SEGMENTS
BUSINESS SEGMENTS | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Segment Reporting [Abstract] | ' | ||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||
NOTE 19— BUSINESS SEGMENTS | |||||||||||
The Company’s operating segments reflect the manner in which the business is managed and how the Company allocates resources and assesses performance internally. The Company’s chief operating decision maker is a committee comprised of the Chief Executive Officer and President, and Chief Financial Officer. The Company has several operating subsidiaries through which it delivers specific services. The Company provides auction, liquidation, capital advisory, financing, real estate, and other services to stressed or distressed companies in a variety of diverse industries that have included apparel, furniture, jewelry, real estate, and industrial machinery. The Company also provides appraisal and valuation services for retail and manufacturing companies. In addition, as a result of the acquisition of Shoon on May 4, 2012, the Company operated ten retail stores in the United Kingdom. The Company’s business was previously classified by management into three reportable segments: Auction and Liquidation, Valuation and Appraisal, and UK Retail Stores. These reportable segments are three distinct businesses, each with a different customer base, marketing strategy and management structure. In August 2013, the Shoon shareholder agreement was amended and restated to eliminate the Company’s super majority voting rights which enabled the Company to control the board of directors of Shoon as more fully described in Note 18. As a result of this amendment, the Company no longer controls Shoon and the operating results of Shoon are not consolidated for any periods after July 31, 2013. As such, the Company no longer operates in the UK Retail Stores segment. In January 2014, Shoon was sold to a third party, and the Company no longer has a financial interest in the operations of Shoon. The Valuation and Appraisal reportable segment is an aggregation of the Company’s valuation and appraisal operating segments, which are primarily organized based on the nature of services and legal structure. | |||||||||||
Additionally, the Valuation and Appraisal operating segments are aggregated into one reportable segment as they have similar economic characteristics and are expected to have similar long-term financial performance. | |||||||||||
The following is a summary of certain financial data for each of the Company’s reportable segments: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Auction and Liquidation reportable segment: | |||||||||||
Revenues - Services and fees | $ | 32,409 | $ | 40,132 | $ | 37,830 | |||||
Revenues - Sale of goods | 9,963 | 8,106 | 2,899 | ||||||||
Total revenues | 42,372 | 48,238 | 40,729 | ||||||||
Direct cost of services | -11,120 | -12,327 | -10,097 | ||||||||
Cost of goods sold | -7,940 | -7,275 | -3,391 | ||||||||
Selling, general, and administrative expenses | -11,889 | -17,064 | -13,353 | ||||||||
Depreciation and amortization | -176 | -193 | -175 | ||||||||
Segment income | 11,247 | 11,379 | 13,713 | ||||||||
Valuation and Appraisal reportable segment: | |||||||||||
Revenues - Services and fees | 27,558 | 25,492 | 22,797 | ||||||||
Direct cost of services | -13,026 | -11,584 | -9,652 | ||||||||
Selling, general, and administrative expenses | -8,718 | -6,974 | -7,161 | ||||||||
Depreciation and amortization | -143 | -121 | -158 | ||||||||
Segment income | 5,671 | 6,813 | 5,826 | ||||||||
UK Retail Stores reportable segment: | |||||||||||
Revenues - Sale of goods | 6,202 | 10,206 | - | ||||||||
Cost of goods sold | -3,566 | -5,475 | - | ||||||||
Selling, general, and administrative expenses | -3,773 | -4,462 | - | ||||||||
Depreciation and amortization | -45 | -18 | - | ||||||||
Segment income | -1,182 | 251 | - | ||||||||
Consolidated operating income from reportable segments | 15,736 | 18,443 | 19,539 | ||||||||
Corporate and other expenses | -11,638 | -11,002 | -12,099 | ||||||||
Interest income | 26 | 201 | 476 | ||||||||
Loss from equity investment in Great American | |||||||||||
Real Estate, LLC and Shoon Trading Limited | -177 | -120 | -369 | ||||||||
Gain from bargain purchase | - | 1,366 | - | ||||||||
Interest expense | -2,667 | -2,612 | -4,885 | ||||||||
Income before provision for income taxes | 1,280 | 6,276 | 2,662 | ||||||||
Provision for income taxes | -704 | -1,936 | -2,060 | ||||||||
Net income | 576 | 4,340 | 602 | ||||||||
Net income (loss) attributable to noncontrolling interests | -482 | 819 | - | ||||||||
Net income attributable to Great American Group, Inc. | $ | 1,058 | $ | 3,521 | $ | 602 | |||||
Capital expenditures: | |||||||||||
Auction and Liquidation segment | $ | 423 | $ | 394 | $ | 188 | |||||
Valuation and Appraisal segment | 418 | 134 | 76 | ||||||||
UK Retail Stores segment | 319 | 106 | - | ||||||||
Total | $ | 1,160 | $ | 634 | $ | 264 | |||||
As of December 31, | |||||||||||
2013 | 2012 | ||||||||||
Total assets: | |||||||||||
Auction and Liquidation segment | $ | 65,066 | $ | 66,600 | |||||||
Valuation and Appraisal segment | 8,611 | 10,165 | |||||||||
UK Retail Stores segment | - | 3,818 | |||||||||
Total | $ | 73,677 | $ | 80,583 | |||||||
The following table presents revenues by geographical area: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Revenues: | |||||||||||
Revenues - Services and fees: | |||||||||||
United States | $ | 50,624 | $ | 42,564 | $ | 49,298 | |||||
Europe | 9,343 | 23,060 | 11,329 | ||||||||
Total Revenues - Services and fees | $ | 59,967 | $ | 65,624 | $ | 60,627 | |||||
Revenues - Sale of goods | |||||||||||
United States | $ | 9,532 | $ | 7,842 | $ | 2,650 | |||||
Europe | 6,633 | 10,470 | 249 | ||||||||
Total Revenues - Sale of goods | $ | 16,165 | $ | 18,312 | $ | 2,899 | |||||
Total Revenues: | |||||||||||
United States | $ | 60,156 | $ | 50,406 | $ | 51,948 | |||||
Europe | 15,976 | 33,530 | 11,578 | ||||||||
Total Revenues - Services and fees | $ | 76,132 | $ | 83,936 | $ | 63,526 | |||||
The following table presents long-lived assets and identifiable assets by geographical area: | |||||||||||
As of | As of | ||||||||||
December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
Long-lived Assets - Property and Equipment, net: | |||||||||||
United States | $ | 990 | $ | 689 | |||||||
Europe | 100 | 281 | |||||||||
Total Long-lived Assets | $ | 1,090 | $ | 970 | |||||||
Identifiable Assets: | |||||||||||
United States | $ | 68,405 | $ | 62,223 | |||||||
Europe | 5,272 | 18,360 | |||||||||
Total Long-lived Assets | $ | 73,677 | $ | 80,583 | |||||||
SELECTED_QUARTERLY_FINANCIAL_D
SELECTED QUARTERLY FINANCIAL DATA | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||
NOTE 20— SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||
Quarter Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||
Total revenues | $ | 20,954 | $ | 15,239 | $ | 21,751 | $ | 18,188 | ||||||
Operating income (loss) | $ | 2,345 | $ | -1,935 | $ | 782 | $ | 2,906 | ||||||
Income (loss) before income taxes | $ | 1,713 | $ | -2,582 | $ | 103 | $ | 2,046 | ||||||
(Provision) benefit for income taxes | $ | -778 | $ | 987 | $ | 133 | $ | -1,046 | ||||||
Net income (loss) | $ | 935 | $ | -1,595 | $ | 236 | $ | 1,000 | ||||||
Net income (loss) attributable to | ||||||||||||||
Great American Group, Inc. | $ | 1,289 | $ | -1,531 | $ | 366 | $ | 934 | ||||||
Earnings (loss) per share: | ||||||||||||||
Basic | $ | 0.04 | $ | -0.05 | $ | 0.01 | $ | 0.03 | ||||||
Diluted | $ | 0.04 | $ | -0.05 | $ | 0.01 | $ | 0.03 | ||||||
Weighted average shares outstanding: | ||||||||||||||
Basic | 28,682,975 | 28,682,975 | 28,682,975 | 28,682,975 | ||||||||||
Diluted | 29,656,430 | 28,682,975 | 29,891,401 | 29,907,402 | ||||||||||
Quarter Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||
Total revenues | $ | 19,320 | $ | 19,651 | $ | 14,235 | $ | 30,730 | ||||||
Operating income (loss) | $ | 2,400 | $ | 764 | $ | -659 | $ | 4,936 | ||||||
Income (loss) before income taxes | $ | 1,772 | $ | 1,521 | $ | -1,142 | $ | 4,125 | ||||||
(Provision) benefit for income taxes | $ | -705 | $ | -57 | $ | 375 | $ | -1,549 | ||||||
Net income (loss) | $ | 1,067 | $ | 1,464 | $ | -767 | $ | 2,576 | ||||||
Net income (loss) attributable to | ||||||||||||||
Great American Group, Inc. | $ | 1,067 | $ | 619 | $ | -547 | $ | 2,382 | ||||||
Earnings (loss) per share: | ||||||||||||||
Basic | $ | 0.04 | $ | 0.02 | $ | -0.02 | $ | 0.08 | ||||||
Diluted | $ | 0.04 | $ | 0.02 | $ | -0.02 | $ | 0.08 | ||||||
Weighted average shares outstanding: | ||||||||||||||
Basic | 28,682,975 | 28,682,975 | 28,682,975 | 28,682,975 | ||||||||||
Diluted | 29,534,610 | 29,599,424 | 28,682,975 | 29,614,252 | ||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Consolidation, Policy [Policy Text Block] | ' | |||||||||||||
(a) Principles of Consolidation and Basis of Presentation | ||||||||||||||
The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries: AAMAC, GAG LLC, Great American Group Advisory & Valuation Services, LLC (“GAAV”), Great American Group Machinery & Equipment, LLC (“GAME”), Great American Group Real Estate, LLC, Great American Venture, LLC, Great American Group Energy Equipment, LLC (GAGEE”), Great American Group Intellectual Property Advisors, LLC, GA Capital, LLC, GA Asset Advisors Limited, GAC Strategic Advisors, LLC, and Great American Group WF, LLC. The consolidated financial statements also include the accounts of Great American Global Partners, LLC which is controlled by the Company as a result of its ownership of a 50% member interest, appointment of two of the three executive officers and significant influence over the funding of operations. All intercompany accounts and transactions have been eliminated upon consolidation. | ||||||||||||||
The accounting guidance requires an enterprise to perform an analysis to determine whether the enterprise’s variable interest or interests give it a controlling financial interest in a variable interest entity; to require ongoing reassessments of whether an enterprise is the primary beneficiary of a VIE; to eliminate the solely quantitative approach previously required for determining the primary beneficiary of a VIE; to add an additional reconsideration event for determining whether an entity is a VIE when any changes in facts and circumstances occur such that holders of the equity investment at risk, as a group, lose the power from voting rights or similar rights of those investments to direct the activities of the entity that most significantly impact the entity’s economic performance; and to require enhanced disclosures that will provide users of financial statements with more transparent information about an enterprise’s involvement in a VIE. As more fully described in Note 17, the Company determined that its’ equity investment and subordinated financing arrangements with Great American Real Estate, LLC (“GARE”), a joint venture 50% owned by the Company and Kelly Capital, LLC, changes the status of GARE to a VIE that does not require consolidation in the Company’s consolidated financial statements. The adoption of these changes had no material impact on the Company’s consolidated financial statements. | ||||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||||||||
(b) Use of Estimates | ||||||||||||||
The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expense during the reporting period. Estimates are used when accounting for certain items such as reserves for slow moving goods held for sale or auction, the fair value of mandatorily redeemable noncontrolling interests and accounting for income tax valuation allowances. Estimates are based on historical experience, where applicable, and assumptions that management believes are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ. | ||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | |||||||||||||
(c) Revenue Recognition | ||||||||||||||
Revenues are recognized in accordance with the accounting guidance when persuasive evidence of an arrangement exists, the related services have been provided, the fee is fixed or determinable, and collection is reasonably assured. | ||||||||||||||
Revenues in the Valuation and Appraisal segment are primarily comprised of fees for valuation and appraisal services. Revenues are recognized upon the delivery of the completed services to the related customers and collection of the fee is reasonably assured. Revenues in the Valuation and Appraisal segment also include contractual reimbursable costs which totaled $2,811, $2,704 and $2,419 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
Revenues in the Auction and Liquidation segment are comprised of (i) commissions and fees earned on the sale of goods at auctions and liquidations; (ii) revenues from auction and liquidation services contracts where the Company guarantees a minimum recovery value for goods being sold at auction or liquidation; (iii) revenue from the sale of goods that are purchased by the Company for sale at auction or liquidation sales events; (iv) fees earned from real estate services and the origination of loans; (v) revenues from financing activities is recorded over the lives of related loans receivable using the interest method; and (vi) revenues from contractual reimbursable expenses incurred in connection with auction and liquidation contracts. | ||||||||||||||
Commission and fees earned on the sale of goods at auction and liquidation sales are recognized when evidence of an arrangement exists, the sales price has been determined, title has passed to the buyer and the buyer has assumed the risks of ownership, and collection is reasonably assured. The commission and fees earned for these services are included in revenues in the accompanying consolidated statements of operations. Under these types of arrangements, revenues also include contractual reimbursable costs which totaled $5,620, $5,295 and $3,791 for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||
Revenues earned from auction and liquidation services contracts where the Company guarantees a minimum recovery value for goods being sold at auction or liquidation are recognized based on proceeds received. The Company records proceeds received from these types of engagements first as a reduction of contractual reimbursable expenses, second as a recovery of its guarantee and thereafter as revenue, subject to such revenue meeting the criteria of having been fixed or determinable. Contractual reimbursable expenses and amounts advanced to customers for minimum guarantees are initially recorded as advances against customer contracts in the accompanying consolidated balance sheets. If, during the auction or liquidation sale, the Company determines that the proceeds from the sale will not meet the minimum guaranteed recovery value as defined in the auction or liquidation services contract, the Company accrues a loss on the contract in the period that the loss becomes known. | ||||||||||||||
The Company also evaluates revenue from auction and liquidation contracts in accordance with the accounting guidance to determine whether to report auction and liquidation segment revenue on a gross or net basis. The Company has determined that it acts as an agent in a substantial majority of its auction and liquidation services contracts and therefore reports the auction and liquidation revenues on a net basis. | ||||||||||||||
Revenues from the sale of goods are recorded gross and are recognized in the period in which the sale of goods held for sale or auction are completed, title to the property passes to the purchaser and the Company has fulfilled its obligations with respect to the transaction. These revenues are primarily the result of the Company acquiring title to merchandise with the intent of selling the items at auction or for augmenting liquidation sales. | ||||||||||||||
Revenues from sales-type leases are recorded as an asset at lease inception. The asset is recorded at the aggregate future minimum lease payments, estimated residual value of the leased equipment, and deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. During the year ended December 31, 2013, the terms of the lease agreement for four oil rigs that was included in leased equipment at December 31, 2012 was amended to, among other things, eliminate the right of the lessor to return the oil rigs to the Company. This amendment changed the classification of the lease from an operating lease to a sales-type lease and resulted in the Company recording revenues from the sale of the oil rigs of $9,280 and cost of goods sold of $7,447 during the year ended December 31, 2013. | ||||||||||||||
Fees earned from real estate services and the origination of loans where the Company provides capital advisory services are recognized in the period earned, if the fee is fixed and determinable and collection is reasonably assured. | ||||||||||||||
Revenues from the sale of goods in our UK retail stores segment are recognized as revenue upon the sale of product to retail customers through July 31, 2013. Our net sales represent gross sales invoiced to customers, less certain related charges for discounts, returns, and other promotional allowances and are recorded net of sales or value added tax. Allowances provided for these items are presented in the consolidated financial statements primarily as reductions to sales and cost of sales. | ||||||||||||||
In the normal course of business, the Company will enter into collaborative arrangements with other merchandise liquidators to collaboratively execute auction and liquidation contracts. The Company’s collaborative arrangements specifically include contractual agreements with other liquidation agents in which the Company and such other liquidation agents actively participate in the performance of the liquidation services and are exposed to the risks and rewards of the liquidation engagement. The Company’s participation in collaborative arrangements including its rights and obligations under each collaborative arrangement can vary. Revenues from collaborative arrangements are recorded net based on the proceeds received from the liquidation engagement. Amounts paid to participants in the collaborative arrangements are reported separately as direct costs of revenues. Revenue from collaborative arrangements in which the Company is not the majority participant is recorded net based on the Company’s share of proceeds received. There were revenues of $8,094, $4,238 and $11,739 and direct cost of services of $1,073, $3,331 and $1,301 subject to collaborative arrangements during the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
Cost of Sales, Policy [Policy Text Block] | ' | |||||||||||||
(e) Direct Cost of Services | ||||||||||||||
Direct cost of services relate to service and fee revenues. The costs consist of employee compensation and related payroll benefits, travel expenses, the cost of consultants assigned to revenue-generating activities and direct expenses billable to clients in the Valuation and Appraisal segment. Direct costs of services include participation in profits under collaborative arrangements in which the Company is a majority participant. Direct costs of services also include the cost of consultants and other direct expenses related to auction and liquidation contracts pursuant to commission and fee based arrangements in the Auction and Liquidation segment. Direct cost of services does not include an allocation of the Company’s overhead costs. | ||||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | |||||||||||||
(f) Concentration of Risk | ||||||||||||||
Revenues from one liquidation service contract to a retailer and the sale of four oil rigs to one customer represented 10.7% and 12.2% of total revenues during the year ended December 31, 2013. Revenues from one liquidation service contract to a retailer represented 14.4% of total revenues during the year ended December 31, 2012. Revenues from liquidation service contracts and financing activities to two retailers represented 15.2% and 11.7% of total revenues during the year ended December 31, 2011. Revenues in the Valuation and Appraisal segment and the Auction and Liquidation segment are primarily generated in the United States and Europe. | ||||||||||||||
The Company’s activities in the Auction and Liquidation segment are executed frequently with, and on behalf of, distressed customers and secured creditors. Concentrations of credit risk can be affected by changes in economic, industry, or geographical factors. The Company seeks to control its credit risk and potential risk concentration through risk management activities that limit the Company’s exposure to losses on any one specific liquidation services contract or concentration within any one specific industry. To mitigate the exposure to losses on any one specific liquidation services contract, the Company sometimes conducts operations with third parties through collaborative arrangements. | ||||||||||||||
The Company maintains cash in various federally insured banking institutions. The account balances at each institution periodically exceed the Federal Deposit Insurance Corporation’s (“FDIC”) insurance coverage, and as a result, there is a concentration of credit risk related to amounts in excess of FDIC insurance coverage. The Company has not experienced any losses in such accounts. The Company also has substantial cash balances from proceeds received from auctions and liquidation engagements that are distributed to parties in accordance with the collaborative arrangements. | ||||||||||||||
Advertising Costs, Policy [Policy Text Block] | ' | |||||||||||||
(g) Advertising Expense | ||||||||||||||
The Company expenses advertising costs, which consist primarily of costs for printed materials, as incurred. Advertising costs totaled $446, $698 and $465 for the years ended December 31, 2013, 2012, and 2011, respectively. Advertising expense is included as a component of selling, general and administrative expenses in the accompanying consolidated statement of operations. | ||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |||||||||||||
(h) Share-Based Compensation | ||||||||||||||
The Company’s share based payment awards principally consist of grants of restricted stock and restricted stock units. Share based payment awards also includes grants of membership interests in the Company’s majority owned subsidiaries. The grants of membership interests consist of percentage interests in the Company’s majority owned subsidiaries as determined at the date of grant. In accordance with the applicable accounting guidance, share based payment awards are classified as either equity or liabilities. For equity-classified awards, the Company measures compensation cost for the grant of membership interests at fair value on the date of grant and recognizes compensation expense in the consolidated statement of operations over the requisite service or performance period the award is expected to vest. The fair value of the liability-classified award will be subsequently remeasured at each reporting date through the settlement date. Change in fair value during the requisite service period will be recognized as compensation cost over that period. | ||||||||||||||
Income Tax, Policy [Policy Text Block] | ' | |||||||||||||
(i) Income Taxes | ||||||||||||||
The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax liabilities and assets are determined based on the difference between the financial statement basis and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company estimates the degree to which tax assets and credit carryforwards will result in a benefit based on expected profitability by tax jurisdiction. A valuation allowance for such tax assets and loss carryforwards is provided when it is determined to be more likely than not that the benefit of such deferred tax asset will not be realized in future periods. Tax benefits of operating loss carryforwards are evaluated on an ongoing basis, including a review of historical and projected future operating results, the eligible carryforward period, and other circumstances. If it becomes more likely than not that a tax asset will be used, the related valuation allowance on such assets would be reduced. | ||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||||||||
(j) Cash and Cash Equivalents | ||||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | ||||||||||||||
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||||||||
(k) Restricted Cash | ||||||||||||||
The Company maintains deposits in accounts under the control of a financial institution as collateral for letters of credit relating to liquidation engagements in connection with the $100,000 credit facility described in Note 8(a) and the $6,856 note payable described in Note 10. As of December 31, 2013 and 2012, restricted cash included $165 of cash collateral for electronic payment processing in the United Kingdom and $6,667 of cash collateral for the letters of credit. As of December 31, 2013 and 2012, restricted cash also included $160 and $1,256 of cash collected from the leasing transactions related to four oil rigs that collateralize the related note payable, which had an outstanding principal amount of $6,856 as of December 31, 2013. | ||||||||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | |||||||||||||
(l) Accounts Receivable | ||||||||||||||
Accounts receivable represents amounts due from the Company’s auction and liquidation and valuation and appraisal customers. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management utilizes a specific customer identification methodology. Management also considers historical losses adjusted for current market conditions and the customers’ financial condition and the current receivables aging and current payment patterns. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance sheet credit exposure related to its customers. The Company’s bad debt expense (recoveries of bad debt) totaled $18, $108 and $424 for the years ended December 31, 2013, 2012 and 2011, respectively. These amounts are included as a component of selling, general and administrative expenses in the accompanying consolidated statement of operations. | ||||||||||||||
Advances Against Customer Contracts Policy [Policy Text Block] | ' | |||||||||||||
(m) Advances Against Customer Contracts | ||||||||||||||
Advances against customer contracts represent advances of contractually reimbursable expenses incurred prior to, and during the term of the auction and liquidation services contract. These advances are charged to expense in the period that revenue is recognized under the contract. | ||||||||||||||
Inventory, Policy [Policy Text Block] | ' | |||||||||||||
(n) Inventory | ||||||||||||||
Merchandise inventories at December 31, 2012 relate to the operations of Shoon and are stated at the lower of average cost or market. The Company identifies potentially excess and slow-moving inventories and shrinkage by evaluating turn rates, inventory levels, historical results of inventory counts and other factors at its retail and warehouse locations. At December 31, 2012, the Company had a lower of cost or market reserves for excess and slow-moving inventories and shrinkage of $26. | ||||||||||||||
Goods Held For Sale Or Auction Policy [Policy Text Block] | ' | |||||||||||||
(o) Goods Held for Sale or Auction | ||||||||||||||
Goods held for sale or auction are stated at the lower of cost, determined by the specific-identification method, or market. | ||||||||||||||
Loans and Leases Receivable, Lease Financing, Policy [Policy Text Block] | ' | |||||||||||||
(p) Lease Finance Receivable | ||||||||||||||
Lease finance receivables consist of the Company’s net investment in sales-type leases for four oil rigs as of December 31, 2013. As of December 31, 2013, the remaining gross lease payments in accordance with the purchase lease of $8,609 are payable through December 15, 2014. The gross lease payments include a bargain purchase option in the amount of $4,242 that is payable on December 15, 2014. The Company is currently in negotiations with the lessee to modify the terms of the lease. The lease finance receivable is comprised of the following: | ||||||||||||||
December 31, | ||||||||||||||
2013 | ||||||||||||||
Minimum lease payment receivable | $ | 4,367 | ||||||||||||
Lease purchase option | 4,242 | |||||||||||||
Unearned income | -510 | |||||||||||||
Total lease finance receivable | $ | 8,099 | ||||||||||||
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | ' | |||||||||||||
(q) Loan Receivable | ||||||||||||||
During the year ended December 31, 2012, the Company collected the loan receivable that had a remaining balance of $8,306 at December 31, 2011. The loan receivable was acquired in 2011 from an investment bank at a discount from face value and provided financing to a retail company with operations in the United Kingdom. Interest income is recognized using the interest method and the discount is amortized to income over the stated term of the loan receivable. Financing revenues earned from the loan receivable totaled $5,030 and $1,471 during the years ended December 31, 2012 and 2011, respectively. Financing revenues included interest income of $641, amortization of discount on the loan receivable of $4,077 and loan monitoring fees of $312 during the year ended December 31, 2012 and interest income of $883 and amortization of discount on the loan receivable of $588 during the year ended December 31, 2011. These revenues from financing activities in included in revenues from services and fees in the auction and liquidation segment in the consolidated statements of operations. | ||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |||||||||||||
(r) Property and Equipment | ||||||||||||||
Property and equipment are stated at cost. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets. Property and equipment held under capital leases are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Property and equipment under capital leases were stated at the present value of minimum lease payments. | ||||||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | |||||||||||||
(s) Goodwill and Other Intangible Assets | ||||||||||||||
The Company accounts for goodwill and intangible assets in accordance with the accounting guidance which requires that goodwill and other intangibles with indefinite lives be tested for impairment annually or on an interim basis if events or circumstances indicate that the fair value of an asset has decreased below its carrying value. | ||||||||||||||
Goodwill includes (i) the excess of the purchase price over the fair value of net assets acquired in a business combination described in Note 6 and (ii) an increase for the subsequent acquisition of noncontrolling interests during the year ended December 31, 2007 (also see Note 6). The Accounting Standards Codification (“Codification”) requires that goodwill be tested for impairment at the reporting unit level (operating segment or one level below an operating segment). Application of the goodwill impairment test requires judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value. The Company operates two reporting units, which are the same as its reporting segments described in Note 19. Significant judgment is required to estimate the fair value of reporting units which includes estimating future cash flows, determining appropriate discount rates and other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value and/or goodwill impairment. | ||||||||||||||
When testing goodwill for impairment, the Company may assess qualitative factors for some or all of our reporting units to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this qualitative assessment for some or all of our reporting units and perform a detailed quantitative test of impairment (step 1). If the Company performs the detailed quantitative impairment test and the carrying amount of the reporting unit exceeds its fair value, the Company would perform an analysis (step 2) to measure such impairment. In 2013, the Company first performed a qualitative assessment to identify and evaluate events and circumstances to conclude whether it is more likely than not that the fair value of the Company’s reporting units are less than its carrying amounts. Based on the Company’s qualitative assessments, the Company concluded that a positive assertion can be made from the qualitative assessment that it is more likely than not that the fair value of the reporting units exceeded their carrying values and no impairments were identified. | ||||||||||||||
In accordance with the Codification, the Company reviews the carrying value of its amortizable intangibles and other long-lived assets for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets is measured by comparing the carrying amount of the asset or asset group to the undiscounted cash flows that the asset or asset group is expected to generate. If the undiscounted cash flows of such assets are less than the carrying amount, the impairment to be recognized is measured by the amount by which the carrying amount of the asset or asset group, if any, exceeds its fair market value. No impairment was deemed to exist as of December 31, 2013. | ||||||||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | |||||||||||||
(t) Fair Value Measurements | ||||||||||||||
The Company records mandatorily redeemable noncontrolling interests that were issued after November 5, 2003 at fair value (see Note 14(b)) with fair value determined in accordance with the Codification. The following table below presents information about the Company’s mandatorily redeemable noncontrolling interests that are measured at fair value on a recurring basis as of December 31, 2013 and 2012 which are categorized using the three levels of fair value hierarchy. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) for identical instruments that are highly liquid, observable and actively traded in over-the-counter markets. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable and can be corroborated by market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | ||||||||||||||
The following tables present information on the liabilities measured and recorded at fair value on a recurring basis as of December 31, 2013 and 2012. | ||||||||||||||
Financial Assets Measured at Fair Value on a | ||||||||||||||
Recurring Basis at December 31, 2013, Using | ||||||||||||||
Quoted prices in | Other | Significant | ||||||||||||
Fair Value at | active markets for | observable | unobservable | |||||||||||
December 31, | identical assets | inputs | inputs | |||||||||||
2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Mandatorily redeemable noncontrolling interests issued after November 5, 2003 | $ | 2,273 | $ | - | $ | - | $ | 2,273 | ||||||
Total liabilities measured at fair value | $ | 2,273 | $ | - | $ | - | $ | 2,273 | ||||||
Financial Assets Measured at Fair Value on a | ||||||||||||||
Recurring Basis at December 31, 2012, Using | ||||||||||||||
Quoted prices in | Other | Significant | ||||||||||||
Fair Value at | active markets for | observable | unobservable | |||||||||||
December 31, | identical assets | inputs | inputs | |||||||||||
2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Mandatorily redeemable noncontrolling interests issued after November 5, 2003 | $ | 2,246 | $ | - | $ | - | $ | 2,246 | ||||||
Total liabilities measured at fair value | $ | 2,246 | $ | - | $ | - | $ | 2,246 | ||||||
The Company determined the fair value of mandatorily redeemable noncontrolling interests described above based on the issuance of similar interests for cash, references to industry comparables, and relied, in part, on information obtained from appraisal reports and internal valuation models. The change in liabilities measured and recorded at fair value is comprised of an increase of $27 and a decrease of $636 in earnings attributable to the noncontrolling interest during the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||
The carrying amounts reported in the consolidated financial statements for cash, restricted cash, accounts receivable, accounts payable and accrued expenses and other current liabilities approximate fair value based on the short-term maturity of these instruments. The carrying amounts of the notes payable (including credit lines used to finance liquidation engagements), long-term debt and capital lease obligations approximate fair value because the contractual interest rates or effective yields of such instruments are consistent with current market rates of interest for instruments of comparable credit risk. The adoption of the new accounting guidance for fair value measurements did not have a material impact on the Company’s consolidated financial statements. | ||||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | |||||||||||||
(u) Foreign Currency Translation | ||||||||||||||
The Company transacts business in various foreign currencies. In countries where the functional currency of the underlying operations has been determined to be the local country's currency, revenues and expenses of operations outside the United States are translated into United States dollars using average exchange rates while assets and liabilities of operations outside the United States are translated into United States dollars using year-end exchange rates. The effects of foreign currency translation adjustments are included in stockholders' equity as a component of accumulated other comprehensive income in the accompanying consolidated balance sheets. Transaction gains were $257 and $892 during the years ended December 31, 2013 and 2012, respectively, and transaction losses were $218 during the year ended December 31, 2011. These amounts are included in selling, general and administrative expenses in our consolidated statements of operations. | ||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||||||||||||
(v) Recent Accounting Pronouncements | ||||||||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Other Comprehensive Income”. ASU 2013-02 finalized the reporting for reclassifications out of accumulated other comprehensive income, which was previously deferred, as discussed below. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, they do require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. An entity is also required to present on the face of the financials where net income is reported or in the footnotes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. Other amounts need only be cross-referenced to other disclosures required that provide additional detail of these amounts. The amendments in this update are effective for reporting periods beginning after December 15, 2012. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. | ||||||||||||||
The FASB has issued ASU No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force”. The amendments in this ASU state 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, except as follows. To the extent 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 to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, 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. The amendments in the ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. | ||||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Schedule of Collaborative Arrangements and Non-collaborative Arrangement Transactions [Table Text Block] | ' | |||||||||||||
The lease finance receivable is comprised of the following: | ||||||||||||||
December 31, | ||||||||||||||
2013 | ||||||||||||||
Minimum lease payment receivable | $ | 4,367 | ||||||||||||
Lease purchase option | 4,242 | |||||||||||||
Unearned income | -510 | |||||||||||||
Total lease finance receivable | $ | 8,099 | ||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||
The following tables present information on the liabilities measured and recorded at fair value on a recurring basis as of December 31, 2013 and 2012. | ||||||||||||||
Financial Assets Measured at Fair Value on a | ||||||||||||||
Recurring Basis at December 31, 2013, Using | ||||||||||||||
Quoted prices in | Other | Significant | ||||||||||||
Fair Value at | active markets for | observable | unobservable | |||||||||||
December 31, | identical assets | inputs | inputs | |||||||||||
2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Mandatorily redeemable noncontrolling interests issued after November 5, 2003 | $ | 2,273 | $ | - | $ | - | $ | 2,273 | ||||||
Total liabilities measured at fair value | $ | 2,273 | $ | - | $ | - | $ | 2,273 | ||||||
Financial Assets Measured at Fair Value on a | ||||||||||||||
Recurring Basis at December 31, 2012, Using | ||||||||||||||
Quoted prices in | Other | Significant | ||||||||||||
Fair Value at | active markets for | observable | unobservable | |||||||||||
December 31, | identical assets | inputs | inputs | |||||||||||
2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Mandatorily redeemable noncontrolling interests issued after November 5, 2003 | $ | 2,246 | $ | - | $ | - | $ | 2,246 | ||||||
Total liabilities measured at fair value | $ | 2,246 | $ | - | $ | - | $ | 2,246 | ||||||
ACCOUNTS_RECEIVABLE_Tables
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Receivables [Abstract] | ' | ||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||||
The components of accounts receivable net include the following: | |||||||||||
December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
Accounts receivable | $ | 8,402 | $ | 16,350 | |||||||
Unbilled receivables | 731 | 612 | |||||||||
Total accounts receivable | 9,133 | 16,962 | |||||||||
Allowance for doubtful accounts | -275 | -371 | |||||||||
Accounts receivable, net | $ | 8,858 | $ | 16,591 | |||||||
Schedule of Allowance for Doubtful Accounts Receivable [Table Text Block] | ' | ||||||||||
Additions and changes to the allowance for doubtful accounts consist of the following: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Balance, beginning of year | $ | 371 | $ | 424 | $ | 15 | |||||
Add: Additions to reserve | 18 | 108 | 424 | ||||||||
Less: Write-offs | -84 | -12 | -15 | ||||||||
Less: Recoveries | -30 | -149 | - | ||||||||
Balance, end of year | $ | 275 | $ | 371 | $ | 424 | |||||
GOODS_HELD_FOR_SALE_OR_AUCTION1
GOODS HELD FOR SALE OR AUCTION (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | ' | |||||||
Goods held for sale or auction consists of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Machinery and equipment | $ | 13,464 | $ | 257 | ||||
Leased equipment | - | 9,219 | ||||||
Aircraft parts and other | 500 | 720 | ||||||
Total | $ | 13,964 | $ | 10,196 | ||||
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||||
Property and equipment consists of the following: | ||||||||||
Estimated | December 31, | |||||||||
Useful Lives | 2013 | 2012 | ||||||||
Leasehold improvements | Shorter of lease or estimated useful life | $ | 296 | $ | 282 | |||||
Machinery, equipment and computer software | 3 years | 2,179 | 2,047 | |||||||
Furniture and fixtures | 5 years | 1,176 | 974 | |||||||
Capital lease equipment | 3 to 5 years | 388 | 388 | |||||||
Total | 4,039 | 3,691 | ||||||||
Less: Accumulated depreciation and amortization | -2,949 | -2,721 | ||||||||
$ | 1,090 | $ | 970 | |||||||
Depreciations and amortization expense was $611, $626 and $713 during the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||
LEASING_ARRANGEMENTS_Tables
LEASING ARRANGEMENTS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Leases [Abstract] | ' | |||||||
Schedule Of Property Subject To Capital Lease [Table Text Block] | ' | |||||||
The gross carrying amount of machinery and equipment and related accumulated amortization recorded under capital leases and included in property and equipment were as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Machinery and equipment | $ | 388 | $ | 388 | ||||
Less: Accumulated depreciation and amortization | -388 | -378 | ||||||
$ | - | $ | 10 | |||||
Schedule Of Future Minimum Lease Payments For Leases [Table Text Block] | ' | |||||||
Future minimum lease payments under noncancellable operating leases (with initial or remaining lease terms in excess of one year) and future minimum capital lease payments as of December 31, 2013 are: | ||||||||
Operating | ||||||||
Leases | ||||||||
Year Ending December 31: | ||||||||
2014 | $ | 1,590 | ||||||
2015 | 1,548 | |||||||
2016 | 1,481 | |||||||
2017 | 1,483 | |||||||
2018 | 1,320 | |||||||
Thereafter | 440 | |||||||
Total minimum lease payments | $ | 7,862 | ||||||
Rent expense under all operating leases was $1,717, $1,641 and $1,635 for the years ended December 31, 2013, 2012, and 2011, respectively. Rent expense is included in selling, general and administrative expenses in the accompanying consolidated statement of operations. | ||||||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule Of Long Term Debt [Table Text Block] | ' | |||||||
Long-term debt consists of the following arrangements: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
$60,000 notes payable to each of the Great American Members and the Phantom Equityholders of GAG, LLC issued in connection with the Acquisition dated July 31, 2009 | $ | 50,483 | $ | 52,207 | ||||
Total long-term debt | 50,483 | 52,207 | ||||||
Less: Current portion of long-term debt | 1,724 | 1,724 | ||||||
Long-term debt, net of current portion | $ | 48,759 | $ | 50,483 | ||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||
The Company’s provision (benefit) for income taxes consists of the following for the year ended December 31, 2013, 2012 and 2011: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Current: | |||||||||||
Federal | $ | - | $ | 204 | $ | 10 | |||||
State | 2 | 24 | 179 | ||||||||
Foreign | -287 | 342 | - | ||||||||
Total current provision | -285 | 570 | 189 | ||||||||
Deferred: | |||||||||||
Federal | 791 | 1,419 | 1,660 | ||||||||
State | 198 | 289 | 211 | ||||||||
Foreign | - | -342 | - | ||||||||
Total deferred | 989 | 1,366 | 1,871 | ||||||||
Total provision for income taxes | $ | 704 | $ | 1,936 | $ | 2,060 | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||
A reconciliation of the federal statutory rate of 34% to the effective tax rate for income (loss) from continuing operations before income taxes is as follows for the year ended December 31, 2013, 2012 and 2011: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Provision for income taxes at federal statutory rate | 34 | % | 34 | % | 34 | % | |||||
State income taxes, net of federal benefit | 8.7 | 3.3 | 4.9 | ||||||||
Foreign tax on gain on bargain purchase | - | -7.4 | - | ||||||||
Tax differental on vesting of restricted stock | - | - | 37.2 | ||||||||
Foreign tax differential | 9 | - | - | ||||||||
Other | 3.3 | 0.9 | 1.3 | ||||||||
Effective income tax rate | 55 | % | 30.8 | % | 77.4 | % | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||
Deferred income tax assets (liabilities) consisted of the following as of December 31, 2013 and 2012: | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
Deferred tax assets: | |||||||||||
Allowance for doubtful accounts | $ | 128 | $ | 141 | |||||||
Goods held for sale or auction | 530 | 1,160 | |||||||||
Deductible goodwill | 520 | 553 | |||||||||
Accrued liabilities and other | 1,128 | 2,897 | |||||||||
Deferred revenue | - | 409 | |||||||||
Mandatorily redeemable noncontrolling interests | 671 | 736 | |||||||||
Note payable to Phantom Equityholders | 376 | 1,311 | |||||||||
Foreign tax and other tax credit carryforwards | 591 | 618 | |||||||||
Net operating loss carryforward | 8,665 | 5,773 | |||||||||
Total gross deferred tax assets | $ | 12,609 | $ | 13,598 | |||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||
Basic and diluted earnings from continuing operations were calculated as follows (in thousands, except per share amounts): | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Income from operations | $ | 1,058 | $ | 3,521 | $ | 602 | |||||
Weighted average shares outstanding: | |||||||||||
Basic | 28,682,975 | 28,682,975 | 28,539,651 | ||||||||
Effect of dilutive potential common shares: | |||||||||||
Contingently issuable shares | 1,224,427 | 931,277 | 868,815 | ||||||||
Diluted | 29,907,402 | 29,614,252 | 29,408,466 | ||||||||
Basic earnings per share | $ | 0.04 | $ | 0.12 | $ | 0.02 | |||||
Diluted earnings per share | $ | 0.04 | $ | 0.12 | $ | 0.02 | |||||
SHARE_BASED_PAYMENTS_Tables
SHARE BASED PAYMENTS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | ' | |||||||
The Company’s non-vested stock activity for the year ended December 31, 2011 is summarized in the following table: | ||||||||
Weighted | ||||||||
Average Fair | ||||||||
Value | ||||||||
Shares | Per Share | |||||||
Non-vested at December 31, 2010 | 360,000 | $ | 4.93 | |||||
Granted | - | - | ||||||
Vested | -360,000 | 4.93 | ||||||
Foreited/Cancelled | - | - | ||||||
Non-vested at December 31, 2011 | - | $ | - | |||||
BUSINESS_ACQUISITION_Tables
BUSINESS ACQUISITION (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Schedule of Fair Value of Assets Acquired And Revenues Generated by Variable Interest Entities [Table Text Block] | ' | |||||||
The summarized financial information below includes amounts related to Shoon, the Company’s less-than-majority-owned subsidiary, for periods after July 31, 2013. | ||||||||
Five Months Ended | ||||||||
December 31, 2013 | ||||||||
Total revenues | $ | 6,294 | ||||||
Cost of goods sold | 3,375 | |||||||
Loss before income taxes | -160 | |||||||
Income tax benefit | 58 | |||||||
Net loss | $ | -102 | ||||||
GAG, Inc equity share of net loss | $ | -45 | ||||||
As of | ||||||||
December 31, 2013 | ||||||||
Current assets | $ | 3,865 | ||||||
Non-current asstes | 397 | |||||||
Total assets | 4,262 | |||||||
Current liabilities | 3,338 | |||||||
Non-current liabilities | 497 | |||||||
Net assets | $ | 427 | ||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||||||
The following details the estimated fair value of the net assets acquired and the excess of such net assets over the purchase price upon acquisition: | ||||||||
Fixed assets | $ | 78 | ||||||
Retail inventory | 3,752 | |||||||
Accounts payable and accrued liabilities | -810 | |||||||
Deferred tax liability | -408 | |||||||
Fair value of net assets acquired | 2,612 | |||||||
Total cash consideration | -1,246 | |||||||
Gain on bargain purchase | $ | 1,366 | ||||||
Schedule of Variable Interest Entities [Table Text Block] | ' | |||||||
The following financial statement amounts and balances of Shoon were included in the accompanying consolidated financial statements in the UK retail stores segment as of December 31, 2012 and for the period from May 4, 2012, the date of investment, through December 31, 2012 and for the period from January 1, 2013 through July 31, 2013: | ||||||||
As of | ||||||||
December 31, 2012 | ||||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 1,128 | ||||||
Inventory | 2,216 | |||||||
Property and equipment, net | 146 | |||||||
Other assets | 328 | |||||||
Total assets | $ | 3,818 | ||||||
Liabilities and equity: | ||||||||
Accounts payable and accrued liabilities | $ | 1,291 | ||||||
Current portion long-term debt | 646 | |||||||
Total current liabilities | 1,937 | |||||||
Long-term debt, net of current portion | 323 | |||||||
Total liabilities and equity | 2,260 | |||||||
Equity | 1,558 | |||||||
Total liabilities and equity | $ | 3,818 | ||||||
Period From | Period From | |||||||
January 1, 2013 to | May 4, 2012 to | |||||||
July 31, 2013 | December 31, 2012 | |||||||
Revenues: | ||||||||
Revenues - Sale of goods | $ | 6,202 | $ | 10,206 | ||||
Cost of goods sold | -3,566 | -5,475 | ||||||
Selling, general and administrative expenses | -3,818 | -4,480 | ||||||
Operating income (loss) | -1,182 | 251 | ||||||
Other expenses | -94 | -251 | ||||||
Gain on bargain purchase | - | 1,366 | ||||||
Income (loss) before benefit (provision) for income taxes | -1,276 | 1,366 | ||||||
Benefit (provision) for income taxes | 319 | -1 | ||||||
Net income (loss) | -957 | 1,365 | ||||||
Net income (loss) attributable to noncontrolling interest | -532 | 819 | ||||||
Net income (loss) attributable to Great American Group, Inc. | $ | -425 | $ | 546 | ||||
BUSINESS_SEGMENTS_Tables
BUSINESS SEGMENTS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Segment Reporting [Abstract] | ' | ||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||
The following is a summary of certain financial data for each of the Company’s reportable segments: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Auction and Liquidation reportable segment: | |||||||||||
Revenues - Services and fees | $ | 32,409 | $ | 40,132 | $ | 37,830 | |||||
Revenues - Sale of goods | 9,963 | 8,106 | 2,899 | ||||||||
Total revenues | 42,372 | 48,238 | 40,729 | ||||||||
Direct cost of services | -11,120 | -12,327 | -10,097 | ||||||||
Cost of goods sold | -7,940 | -7,275 | -3,391 | ||||||||
Selling, general, and administrative expenses | -11,889 | -17,064 | -13,353 | ||||||||
Depreciation and amortization | -176 | -193 | -175 | ||||||||
Segment income | 11,247 | 11,379 | 13,713 | ||||||||
Valuation and Appraisal reportable segment: | |||||||||||
Revenues - Services and fees | 27,558 | 25,492 | 22,797 | ||||||||
Direct cost of services | -13,026 | -11,584 | -9,652 | ||||||||
Selling, general, and administrative expenses | -8,718 | -6,974 | -7,161 | ||||||||
Depreciation and amortization | -143 | -121 | -158 | ||||||||
Segment income | 5,671 | 6,813 | 5,826 | ||||||||
UK Retail Stores reportable segment: | |||||||||||
Revenues - Sale of goods | 6,202 | 10,206 | - | ||||||||
Cost of goods sold | -3,566 | -5,475 | - | ||||||||
Selling, general, and administrative expenses | -3,773 | -4,462 | - | ||||||||
Depreciation and amortization | -45 | -18 | - | ||||||||
Segment income | -1,182 | 251 | - | ||||||||
Consolidated operating income from reportable segments | 15,736 | 18,443 | 19,539 | ||||||||
Corporate and other expenses | -11,638 | -11,002 | -12,099 | ||||||||
Interest income | 26 | 201 | 476 | ||||||||
Loss from equity investment in Great American | |||||||||||
Real Estate, LLC and Shoon Trading Limited | -177 | -120 | -369 | ||||||||
Gain from bargain purchase | - | 1,366 | - | ||||||||
Interest expense | -2,667 | -2,612 | -4,885 | ||||||||
Income before provision for income taxes | 1,280 | 6,276 | 2,662 | ||||||||
Provision for income taxes | -704 | -1,936 | -2,060 | ||||||||
Net income | 576 | 4,340 | 602 | ||||||||
Net income (loss) attributable to noncontrolling interests | -482 | 819 | - | ||||||||
Net income attributable to Great American Group, Inc. | $ | 1,058 | $ | 3,521 | $ | 602 | |||||
Capital expenditures: | |||||||||||
Auction and Liquidation segment | $ | 423 | $ | 394 | $ | 188 | |||||
Valuation and Appraisal segment | 418 | 134 | 76 | ||||||||
UK Retail Stores segment | 319 | 106 | - | ||||||||
Total | $ | 1,160 | $ | 634 | $ | 264 | |||||
As of December 31, | |||||||||||
2013 | 2012 | ||||||||||
Total assets: | |||||||||||
Auction and Liquidation segment | $ | 65,066 | $ | 66,600 | |||||||
Valuation and Appraisal segment | 8,611 | 10,165 | |||||||||
UK Retail Stores segment | - | 3,818 | |||||||||
Total | $ | 73,677 | $ | 80,583 | |||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | ||||||||||
The following table presents revenues by geographical area: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Revenues: | |||||||||||
Revenues - Services and fees: | |||||||||||
United States | $ | 50,624 | $ | 42,564 | $ | 49,298 | |||||
Europe | 9,343 | 23,060 | 11,329 | ||||||||
Total Revenues - Services and fees | $ | 59,967 | $ | 65,624 | $ | 60,627 | |||||
Revenues - Sale of goods | |||||||||||
United States | $ | 9,532 | $ | 7,842 | $ | 2,650 | |||||
Europe | 6,633 | 10,470 | 249 | ||||||||
Total Revenues - Sale of goods | $ | 16,165 | $ | 18,312 | $ | 2,899 | |||||
Total Revenues: | |||||||||||
United States | $ | 60,156 | $ | 50,406 | $ | 51,948 | |||||
Europe | 15,976 | 33,530 | 11,578 | ||||||||
Total Revenues - Services and fees | $ | 76,132 | $ | 83,936 | $ | 63,526 | |||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | ' | ||||||||||
The following table presents long-lived assets and identifiable assets by geographical area: | |||||||||||
As of | As of | ||||||||||
December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
Long-lived Assets - Property and Equipment, net: | |||||||||||
United States | $ | 990 | $ | 689 | |||||||
Europe | 100 | 281 | |||||||||
Total Long-lived Assets | $ | 1,090 | $ | 970 | |||||||
Identifiable Assets: | |||||||||||
United States | $ | 68,405 | $ | 62,223 | |||||||
Europe | 5,272 | 18,360 | |||||||||
Total Long-lived Assets | $ | 73,677 | $ | 80,583 | |||||||
SELECTED_QUARTERLY_FINANCIAL_D1
SELECTED QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||
Quarter Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||
Total revenues | $ | 20,954 | $ | 15,239 | $ | 21,751 | $ | 18,188 | ||||||
Operating income (loss) | $ | 2,345 | $ | -1,935 | $ | 782 | $ | 2,906 | ||||||
Income (loss) before income taxes | $ | 1,713 | $ | -2,582 | $ | 103 | $ | 2,046 | ||||||
(Provision) benefit for income taxes | $ | -778 | $ | 987 | $ | 133 | $ | -1,046 | ||||||
Net income (loss) | $ | 935 | $ | -1,595 | $ | 236 | $ | 1,000 | ||||||
Net income (loss) attributable to | ||||||||||||||
Great American Group, Inc. | $ | 1,289 | $ | -1,531 | $ | 366 | $ | 934 | ||||||
Earnings (loss) per share: | ||||||||||||||
Basic | $ | 0.04 | $ | -0.05 | $ | 0.01 | $ | 0.03 | ||||||
Diluted | $ | 0.04 | $ | -0.05 | $ | 0.01 | $ | 0.03 | ||||||
Weighted average shares outstanding: | ||||||||||||||
Basic | 28,682,975 | 28,682,975 | 28,682,975 | 28,682,975 | ||||||||||
Diluted | 29,656,430 | 28,682,975 | 29,891,401 | 29,907,402 | ||||||||||
Quarter Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||
Total revenues | $ | 19,320 | $ | 19,651 | $ | 14,235 | $ | 30,730 | ||||||
Operating income (loss) | $ | 2,400 | $ | 764 | $ | -659 | $ | 4,936 | ||||||
Income (loss) before income taxes | $ | 1,772 | $ | 1,521 | $ | -1,142 | $ | 4,125 | ||||||
(Provision) benefit for income taxes | $ | -705 | $ | -57 | $ | 375 | $ | -1,549 | ||||||
Net income (loss) | $ | 1,067 | $ | 1,464 | $ | -767 | $ | 2,576 | ||||||
Net income (loss) attributable to | ||||||||||||||
Great American Group, Inc. | $ | 1,067 | $ | 619 | $ | -547 | $ | 2,382 | ||||||
Earnings (loss) per share: | ||||||||||||||
Basic | $ | 0.04 | $ | 0.02 | $ | -0.02 | $ | 0.08 | ||||||
Diluted | $ | 0.04 | $ | 0.02 | $ | -0.02 | $ | 0.08 | ||||||
Weighted average shares outstanding: | ||||||||||||||
Basic | 28,682,975 | 28,682,975 | 28,682,975 | 28,682,975 | ||||||||||
Diluted | 29,534,610 | 29,599,424 | 28,682,975 | 29,614,252 | ||||||||||
ORGANIZATION_BUSINESS_OPERATIO1
ORGANIZATION, BUSINESS OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 4-May-10 | Jul. 31, 2009 | Jul. 31, 2009 |
In Thousands, except Share data, unless otherwise specified | Subordinated Unsecured Promissory Notes Payable [Member] | Subordinated Unsecured Promissory Notes Payable [Member] | Great American Members [Member] |
Organization, Business Operations And Significant Accounting Policies [Line Items] | ' | ' | ' |
Business Acquisition, Equity Interest Issued Or Issuable, Number Of Shares | ' | ' | 10,560,000 |
Debt Instrument, Face Amount | $52,419 | $60,000 | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Minimum lease payment receivable | $4,367 |
Lease purchase option | 4,242 |
Unearned income | -510 |
Total lease finance receivable | $8,099 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mandatorily redeemable noncontrolling interests issued after November 5, 2003 | $2,273 | $2,246 |
Total liabilities measured at fair value | 2,273 | 2,246 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mandatorily redeemable noncontrolling interests issued after November 5, 2003 | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mandatorily redeemable noncontrolling interests issued after November 5, 2003 | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mandatorily redeemable noncontrolling interests issued after November 5, 2003 | 2,273 | 2,246 |
Total liabilities measured at fair value | $2,273 | $2,246 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | $6,856 | ' | ' | ' | $9,513 | ' | ' | ' | $6,856 | $9,513 | ' |
Cost Of Reimbursable Expense | ' | ' | ' | ' | ' | ' | ' | ' | 5,620 | 5,295 | 3,791 |
Advertising Expense | ' | ' | ' | ' | ' | ' | ' | ' | 446 | 698 | 465 |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | ' | ' | ' | ' | ' | ' | ' | ' | 18 | 108 | 424 |
Financing Receivable, Recorded Investment, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,306 |
Financial Services Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,030 | 1,471 |
Interest Income, Operating | ' | ' | ' | ' | ' | ' | ' | ' | ' | 641 | 883 |
Investment Income, Amortization of Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,077 | 588 |
Foreign Currency Transaction Gain (Loss), before Tax | ' | ' | ' | ' | ' | ' | ' | ' | 257 | 892 | 218 |
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' |
Inventory Valuation Reserves | ' | ' | ' | ' | 26 | ' | ' | ' | ' | 26 | ' |
Loan Monitoring Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | 312 | ' |
Cost of Goods Sold, Total | ' | ' | ' | ' | ' | ' | ' | ' | 11,506 | 12,750 | 3,391 |
Revenues, Total | 18,188 | 21,751 | 15,239 | 20,954 | 30,730 | 14,235 | 19,651 | 19,320 | 76,132 | 83,936 | 63,526 |
Minimum Lease Payments, Sale Leaseback Transactions, Total | 8,609 | ' | ' | ' | ' | ' | ' | ' | 8,609 | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 27 | 636 | ' |
Oil Rigs [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Collected From Leasing | ' | ' | ' | ' | 1,256 | ' | ' | ' | ' | 1,256 | ' |
Oil and Gas Revenue, Total | ' | 9,280 | ' | ' | ' | ' | ' | ' | 9,280 | ' | ' |
Cost of Goods Sold, Total | ' | 7,447 | ' | ' | ' | ' | ' | ' | 7,447 | ' | ' |
Restricted Cash and Cash Equivalents | 160 | ' | ' | ' | ' | ' | ' | ' | 160 | ' | ' |
Letter Of Credit [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Collected From Leasing | ' | ' | ' | ' | 6,667 | ' | ' | ' | ' | 6,667 | ' |
Restricted Cash and Cash Equivalents | 165 | ' | ' | ' | ' | ' | ' | ' | 165 | ' | ' |
Great American Real Estate Llc [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Great American Members [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Liquidation Service Contract [Member] | Sales Revenue, Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 10.70% | 14.40% | 15.20% |
Customer Concentration Risk [Member] | Sales Revenue, Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 12.20% | ' | ' |
Financing Activities [Member] | Sales Revenue, Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.70% |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost Of Reimbursable Expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,811 | 2,704 | 2,419 |
Collaborative Arrangement [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues, Total | ' | ' | ' | ' | ' | ' | ' | ' | 8,094 | 4,238 | 11,739 |
Cost of Revenue, Total | ' | ' | ' | ' | ' | ' | ' | ' | $1,073 | $3,331 | $1,301 |
ACCOUNTS_RECEIVABLE_Details
ACCOUNTS RECEIVABLE (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable | $8,402 | $16,350 |
Unbilled receivables | 731 | 612 |
Total accounts receivable | 9,133 | 16,962 |
Allowance for doubtful accounts | -275 | -371 |
Accounts receivable, net | $8,858 | $16,591 |
ACCOUNTS_RECEIVABLE_Details_1
ACCOUNTS RECEIVABLE (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Balance, beginning of year | $371 | $424 | $15 |
Add: Additions to reserve | -12 | 108 | 424 |
Less: Write-offs | -84 | -12 | -15 |
Less: Recoveries | -30 | -149 | 0 |
Balance, end of year | $275 | $371 | $424 |
ACCOUNTS_RECEIVABLE_Details_Te
ACCOUNTS RECEIVABLE (Details Textual) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-07 | Dec. 31, 2011 | 31-May-07 |
Factoring Agreement [Member] | Factoring Agreement [Member] | Great American Group Advisory and Valuation Services Llc [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Third Party Transaction Rate | ' | ' | ' | 90.00% | ' | 10.00% |
Minimum Commission Rate | ' | ' | ' | 0.25% | ' | ' |
Minimum Commision | ' | ' | ' | $24 | ' | ' |
Third Party Transaction Description | ' | ' | ' | 'interest at prime plus 1% with a floor of 8% | ' | ' |
Description Of Variable Rate Basis Of Third Party | ' | ' | ' | 'London Interbank Offered Rate (LIBOR) plus 4.5% | ' | ' |
Maximum Guaranteed Description Of Third Party | ' | ' | ' | ' | ' | 'guaranteed up to a maximum of $500 plus interest |
Trade Receivables Held-For-Sale, Amount | ' | ' | 5,147 | ' | ' | ' |
Fees and Commissions, Other | ' | ' | ' | ' | 38 | ' |
Repayments Of Accounts Receivable Securitization | $1,284 | $2,947 | ' | ' | ' | ' |
GOODS_HELD_FOR_SALE_OR_AUCTION2
GOODS HELD FOR SALE OR AUCTION (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Machinery and equipment | $13,464 | $257 |
Leased equipment | 0 | 9,219 |
Aircraft parts and other | 500 | 720 |
Total | $13,964 | $10,196 |
GOODS_HELD_FOR_SALE_OR_AUCTION3
GOODS HELD FOR SALE OR AUCTION (Details Textual) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Oil Rigs [Member] | Oil Rigs [Member] | Oil Rigs [Member] | Machinery and Equipment [Member] | Assets Held under Capital Leases [Member] | Assets Held under Capital Leases [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets Held-For-Sale, Property, Plant and Equipment | $13,464 | $257 | ' | ' | ' | $2,708 | $10,756 | ' | ' |
Assets Held-For-Sale, Capital Leased Assets, Net | 0 | 9,219 | ' | ' | ' | 9,219 | ' | ' | ' |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | ' | 162 | ' | ' | ' | ' | ' | ' | ' |
Assets Held For Sale Market Adjustment | 897 | 714 | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | '15 years | ' | ' | ' |
Assets Held-For-Sale, Other, Noncurrent | 500 | 720 | ' | ' | ' | ' | ' | ' | ' |
Assets Held For Sale Market Adjustment Amount Recognized | 405 | 194 | 159 | ' | ' | ' | ' | ' | ' |
Deferred Revenue | ' | 1,076 | ' | ' | ' | ' | ' | ' | ' |
Oil and Gas Revenue, Total | ' | ' | ' | 9,280 | 9,280 | ' | ' | ' | ' |
Cost of Goods Sold, Total | 11,506 | 12,750 | 3,391 | 7,447 | 7,447 | ' | ' | ' | ' |
Notes Payable, Current, Total | 6,856 | 9,628 | ' | ' | ' | ' | ' | ' | ' |
Depreciation, Total | ' | ' | ' | ' | ' | ' | ' | $1,252 | $209 |
PROPERTY_AND_EQUIPMENT_Details
PROPERTY AND EQUIPMENT (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $4,039 | $3,691 |
Less: Accumulated depreciation and amortization | -2,949 | -2,721 |
Property, Plant and Equipment, Net | 1,090 | 970 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 296 | 282 |
Estimated Useful Lives | 'Shorter of lease or estimated useful life | ' |
Machinery Equipment and Computer Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 2,179 | 2,047 |
Estimated Useful Lives | '3 years | ' |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 1,176 | 974 |
Estimated Useful Lives | '3 years | ' |
Capital Lease Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $388 | $388 |
Capital Lease Equipment [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '5 years | ' |
Capital Lease Equipment [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '3 years | ' |
PROPERTY_AND_EQUIPMENT_Details1
PROPERTY AND EQUIPMENT (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation, Depletion and Amortization, Total | $611 | $626 | $713 |
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2005 | Dec. 31, 2013 | Jul. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2012 |
Gaav [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Auction and Liquidation Reportable Segment [Member] | Auction and Liquidation Reportable Segment [Member] | Valuation and Appraisal Reportable Segment [Member] | Valuation and Appraisal Reportable Segment [Member] | Trademarks [Member] | Trademarks [Member] | ||||
Maximum [Member] | Garcel Inc [Member] | Garcel Inc [Member] | |||||||||||
Intangible Assets and Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | $5,688 | $5,688 | $1,360 | ' | ' | ' | $1,975 | $1,975 | $3,713 | $2,353 | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' |
Amortization Of Intangible Assets | 81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | ' | ' | ' | ' | 970 | 970 | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | ' | ' | ' | ' | 970 | 970 | ' | ' | ' | ' | ' | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $140 | $140 |
LEASING_ARRANGEMENTS_Details
LEASING ARRANGEMENTS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Leasing Arrangements [Line Items] | ' | ' |
Machinery and equipment | $388 | $388 |
Less: Accumulated depreciation and amortization | -388 | -378 |
Machinery and Equipment Net | $0 | $10 |
LEASING_ARRANGEMENTS_Details1
LEASING ARRANGEMENTS (Details1) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases Year Ending December 31: | ' |
2014 | $1,590 |
2015 | 1,548 |
2016 | 1,481 |
2017 | 1,483 |
2018 | 1,320 |
Thereafter | 440 |
Total minimum lease payments | $7,862 |
LEASING_ARRANGEMENTS_Details_T
LEASING ARRANGEMENTS (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leasing Arrangements [Line Items] | ' | ' | ' |
Capital Leases, Income Statement, Amortization Expense | $10 | $23 | $106 |
Operating Leases, Rent Expense, Net | $1,717 | $1,641 | $1,635 |
CREDIT_FACILITIES_Details_Text
CREDIT FACILITIES (Details Textual) | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
USD ($) | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | Accounts Receivable Line Of Credit [Member] | Accounts Receivable Line Of Credit [Member] | Accounts Receivable Line Of Credit [Member] | Line Of Credit [Member] | Line Of Credit [Member] | Line Of Credit [Member] | UK Credit Agreement [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | ||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $100,000 | ' | ' | ' | ' | ' | ' | $2,000 | $100,000 | ' | ' | £ 50,000 |
Line of Credit Facility, Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | 15-Jul-18 | ' | ' | ' |
Line of Credit Facility, Interest Rate Description | 'The interest rate for each revolving credit advance under the Credit Agreement is, subject to certain terms and conditions, equal to the LIBOR plus a margin of 2.25% to 3.25% (3.165% at December 31, 2013) depending on the type of advance and the percentage such advance represents of the related transaction for which such advance is provided | ' | ' | ' | ' | 'prime rate plus 2% (6% at December 31, 2012), payable monthly in arrears | ' | ' | ' | ' | ' | ' |
Interest Expense, Total | 2,667 | 2,612 | 4,885 | ' | ' | 90 | 112 | 77 | 532 | 357 | 1,755 | ' |
Line of Credit Facility, Borrowing Capacity, Description | ' | ' | ' | ' | ' | 'The Line of Credit is collateralized by the accounts receivable of GAAV and allows for borrowings in the amount of 85% of the net face amount of prime accounts, as defined in the Line of Credit, with maximum borrowings not to exceed $2,000 | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Borrowing Capacity Percentage | ' | ' | ' | 5.00% | 20.00% | ' | ' | 85.00% | ' | ' | ' | ' |
Amortization of Deferred Loan Origination Fees, Net | ' | ' | ' | ' | ' | ' | ' | ' | 292 | 1,286 | 1,286 | ' |
Asset based credit facility | 5,710 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Maximum Borrowing Capacity Before Amended | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Maximum Borrowing Capacity Amended | ' | ' | ' | ' | ' | $3,000 | ' | ' | ' | ' | ' | ' |
Line Of Credit Maturity Date Amended | ' | ' | ' | ' | ' | 3-Feb-15 | ' | ' | ' | ' | ' | ' |
LONGTERM_DEBT_Details
LONG-TERM DEBT (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
$60,000 notes payable to each of the Great American Members and the Phantom Equityholders of GAG, LLC issued in connection with the Acquisition dated July 31, 2009 | $50,483 | $52,207 |
Total long-term debt | 50,483 | 52,207 |
Less: Current portion of long-term debt | 1,724 | 1,724 |
Long-term debt, net of current portion | $48,759 | $50,483 |
LONGTERM_DEBT_Details_Textual
LONG-TERM DEBT (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2009 | Jul. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | 4-May-10 | Jul. 31, 2009 |
Phantom Equityholders [Member] | Phantom Equityholders [Member] | Phantom Equityholders [Member] | Phantom Equityholders [Member] | Great American Members [Member] | Related Party Notes Payable [Member] | Related Party Notes Payable [Member] | Subordinated Unsecured Promissory Notes Payable [Member] | Subordinated Unsecured Promissory Notes Payable [Member] | Subordinated Unsecured Promissory Notes Payable [Member] | Subordinated Unsecured Promissory Notes Payable [Member] | Subordinated Unsecured Promissory Notes Payable [Member] | Subordinated Unsecured Promissory Notes Payable [Member] | ||||
Promissory Notes One [Member] | Promissory Notes Two [Member] | Subsequent Event [Member] | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Issuance Date | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jul-09 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,000 | ' | ' | ' | ' | $52,419 | $60,000 |
Debt Instrument, Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | 4,383 | ' | 8,621 | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | 1,724 | ' | ' | ' | 48,759 | 55,617 | ' | 48,759 | ' | 46,996 | 46,996 | ' | 55,617 |
Debt Instrument, Frequency of Periodic Payment | ' | ' | ' | ' | ' | ' | ' | 'annual principal payments | 'five equal annual principal payments | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Date of First Required Payment | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jul-10 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate Terms | ' | ' | ' | ' | ' | ' | ' | ' | 'quarterly in arrears beginning October 31, 2009 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | 3.75% | 12.00% | ' | ' |
Debt Instrument Interest Rate Decrease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | 31-Jul-18 | 31-Jul-14 | ' | ' | ' | ' | 31-Jul-18 | ' | ' |
Debt Instrument Minimum Covenant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' |
Interest Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,762 | ' | ' | ' |
Debt Instrument, Annual Principal Payment | ' | ' | ' | ' | ' | ' | ' | ' | 11,123 | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Current Maturities, Total | 1,724 | 1,724 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Debt | ' | ' | ' | ' | ' | ' | 640 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense, Total | 2,667 | 2,612 | 4,885 | ' | ' | ' | ' | ' | ' | ' | 2,014 | 2,132 | 2,221 | ' | ' | ' |
Long-term Debt, Excluding Current Maturities, Total | 48,759 | 50,483 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Payable, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325 | 344 | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | 3.75% | 12.00% | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense, Debt | ' | ' | ' | $1,084 | $640 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued Or Issuable, Number Of Shares | ' | ' | ' | ' | ' | ' | ' | ' | 10,560,000 | ' | ' | ' | ' | ' | ' | ' |
NOTES_PAYABLE_Details_Textual
NOTES PAYABLE (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | 29-May-08 | Dec. 31, 2013 | Dec. 31, 2011 | Oct. 09, 2009 | Dec. 31, 2009 | Dec. 31, 2011 | Jul. 21, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2012 | Aug. 22, 2011 |
Machinery and Equipment [Member] | Notes Payable [Member] | Notes Payable [Member] | Notes Payable [Member] | Forbearance Agreement [Member] | Amended Credit Agreement [Member] | Dialectic Note [Member] | Dialectic Note [Member] | Second Amendment Credit Agreement [Member] | Second Amendment Credit Agreement [Member] | Third Amendment Credit Agreement [Member] | Finance Insurance Premiums [Member] | Finance Insurance Premiums [Member] | Finance Insurance Premiums [Member] | Finance Insurance Premiums [Member] | Finance Insurance Premiums [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | $12,000 | ' | ' | ' | ' | ' | $7,609 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | 20.00% | ' | ' | ' | 20.00% | 14.00% | ' | 0.00% | ' | ' | ' | 6.60% | 6.49% | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | ' | ' | ' | ' | 1,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | 29-May-09 | ' | ' | ' | ' | 31-Jul-13 | ' | ' | ' | ' | ' | 30-May-13 | 1-May-12 | ' | ' |
Debt Instrument Maturity Date Amended | ' | ' | ' | ' | 26-Sep-09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments Under Guarantee Obligations | 1,200 | ' | ' | ' | ' | ' | ' | 1,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Interest Rate Stated Percentage Amended | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | 0.00% | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' |
Debt Default Long Term Debt Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22.00% | ' | ' | ' | ' | ' | ' |
Interest Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 309 | ' | ' | ' | ' | ' | ' |
Oil Rigs Net Carrying Value | ' | ' | ' | 2,708 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Profit Participation Payments Maximum Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000 | ' | ' | ' | ' | ' | ' | ' | 227 | 259 |
Interest Expense, Total | 2,667 | 2,612 | 4,885 | ' | ' | ' | ' | ' | ' | 989 | ' | ' | ' | ' | 6 | 5 | 3 | ' | ' |
Payments for Participation Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 380 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reversal Of Accrued Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 309 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23 | 30 | ' | ' |
Notes Payable, Total | 6,856 | 9,513 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115 | ' | ' | ' |
Loans and Leases Receivable, Net Amount, Total | $8,099 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments And Contingencies [Line Items] | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | $6,667 |
Loss Contingency, Damages Sought, Value | $2,850 | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $204 | $10 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 24 | 179 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | -287 | 342 | 0 |
Total current provision | ' | ' | ' | ' | ' | ' | ' | ' | -285 | 570 | 189 |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 791 | 1,419 | 1,660 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 198 | 289 | 211 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -342 | 0 |
Total deferred | ' | ' | ' | ' | ' | ' | ' | ' | 989 | 1,366 | 1,871 |
Total provision for income taxes | ($1,046) | $133 | $987 | ($778) | ($1,549) | $375 | ($57) | ($705) | $704 | $1,936 | $2,060 |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Provision for income taxes at federal statutory rate | 34.00% | 34.00% | 34.00% |
State income taxes, net of federal benefit | 8.70% | 3.30% | 4.90% |
Foreign tax on gain on bargain purchase | 0.00% | -7.40% | 0.00% |
Tax differental on vesting of restricted stock | 0.00% | 0.00% | 37.20% |
Foreign tax differential | 9.00% | 0.00% | 0.00% |
Other | 3.30% | 0.90% | 1.30% |
Effective income tax rate | 55.00% | 30.80% | 77.40% |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowance for doubtful accounts | $128 | $141 |
Goods held for sale or auction | 530 | 1,160 |
Deductible goodwill | 520 | 553 |
Accrued liabilities and other | 1,128 | 2,897 |
Deferred revenue | 0 | 409 |
Mandatorily redeemable noncontrolling interests | 671 | 736 |
Note payable to Phantom Equityholders | 376 | 1,311 |
Foreign tax and other tax credit carryforwards | 591 | 618 |
Net operating loss carryforward | 8,665 | 5,773 |
Total gross deferred tax assets | $12,609 | $13,598 |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest, Total | $1,280 | $6,276 | $2,662 |
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 2,541 | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 1,261 | ' | ' |
Domestic Tax Authority [Member] | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 20,558 | ' | ' |
Operating Loss Carryforwards Expiration Dates | 'will expire in the tax year ending December 31, 2029 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 21,617 | ' | ' |
Operating Loss Carryforwards Expiration Dates | 'will expire in 2031 | ' | ' |
Foreign Tax Authority [Member] | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Tax Credit Carryforward, Amount | $342 | ' | ' |
Tax Credit Carryforward Expiration Date | '2022 | ' | ' |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from operations | $2,046 | $103 | ($2,582) | $1,713 | $4,125 | ($1,142) | $1,521 | $1,772 | $1,058 | $3,521 | $602 |
Weighted average shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in shares) | 28,682,975 | 28,682,975 | 28,682,975 | 28,682,975 | 28,682,975 | 28,682,975 | 28,682,975 | 28,682,975 | 28,682,975 | 28,682,975 | 28,539,651 |
Effect of dilutive potential common shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingently issuable shares | ' | ' | ' | ' | ' | ' | ' | ' | 1,224,427 | 931,277 | 868,815 |
Diluted (in shares) | 29,907,402 | 29,891,401 | 28,682,975 | 29,656,430 | 29,614,252 | 28,682,975 | 29,599,424 | 29,534,610 | 29,907,402 | 29,614,252 | 29,408,466 |
Basic earnings per share (in dollars per share) | $0.03 | $0.01 | ($0.05) | $0.04 | $0.08 | ($0.02) | $0.02 | $0.04 | $0.04 | $0.12 | $0.02 |
Diluted earnings per share (in dollars per share) | $0.03 | $0.01 | ($0.05) | $0.04 | $0.08 | ($0.02) | $0.02 | $0.04 | $0.04 | $0.12 | $0.02 |
EARNINGS_PER_SHARE_Details_Tex
EARNINGS PER SHARE (Details Textual) | 12 Months Ended |
Dec. 31, 2013 | |
Escrow Subject To Cancellation Adjusted EBITDA [Member] | ' |
Earnings Per Share, Basic and Diluted [Line Items] | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share, Amount | 1,000,000 |
Escrow Subject To Cancellation Escrow Claims [Member] | ' |
Earnings Per Share, Basic and Diluted [Line Items] | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share, Amount | 1,320,000 |
LIMITED_LIABILITY_COMPANY_SUBS1
LIMITED LIABILITY COMPANY SUBSIDIARIES (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Limited Liability Company Subsidiaries [Line Items] | ' | ' | ' |
Decrease In Fair Value Of Ownership Interest | ' | ' | $83 |
Other Operating Activities Cash Flow Statement | $1,897 | $1,928 | $3,934 |
SHARE_BASED_PAYMENTS_Details
SHARE BASED PAYMENTS (Details) (USD $) | 12 Months Ended |
Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Non-vested Shares, Outstanding | 360,000 |
Non-vested Shares, Granted | 0 |
Non-vested Shares, Vested | -360,000 |
Non-vested Shares, Forfieted/Cancelled | 0 |
Non-vested Shares, Outstanding | 0 |
Non-vested Shares, Weighted Average Fair Value Per Share, Outstanding | $4.93 |
Non-vested Shares, Weighted Average Fair Value Per Share, Granted | $0 |
Non-vested Shares, Weighted Average Fair Value Per Share, Vested | $4.93 |
Non-vested Shares, Weighted Average Fair Value Per Share, Foefieted/Cancelled | $0 |
Non-vested Shares, Weighted Average Fair Value Per Share, Outstanding | $0 |
SHARE_BASED_PAYMENTS_Details_T
SHARE BASED PAYMENTS (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 19, 2009 | Jul. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Jul. 30, 2010 | Dec. 31, 2011 |
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Common Stock [Member] | ||||||
Phantom Equityholders [Member] | Phantom Equityholders [Member] | Board Of Directors Chairman [Member] | Restricted Stock [Member] | ||||||||
Phantom Equityholders [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Total | $0 | $0 | $431 | ' | ' | ' | $296 | $135 | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Vested Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Shares, Granted | ' | ' | 0 | ' | ' | 1,440,000 | ' | ' | 200,000 | 40,000 | 241,298 |
Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period Description | ' | ' | ' | ' | ' | '50% on January 31, 2010, 25% on July 31, 2010 and the remaining 25% on January 31, 2011. | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | ' | ' | ' | ' | ' | ' | $115 | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Forfeited In Period | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 226,702 |
Weighted Average Fair Value Per Share, Granted | ' | ' | $0 | ' | ' | ' | ' | ' | ' | $1.25 | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award Equity Instruments Other Than Options Value Grants In Period | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Number Of Shares Authorized | ' | ' | ' | ' | 15,644,000 | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved For Future Issuance | ' | ' | ' | 7,822,000 | ' | ' | ' | ' | ' | ' | ' |
EMPLOYEE_COMPENSATION_ARRANGEM1
EMPLOYEE COMPENSATION ARRANGEMENTS (Details Textual) | 12 Months Ended |
Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ' |
Employment Agreement Terms | 'Each employment agreement provides for a base salary and annual bonuses set by the Compensation Committee of the Company’s board of directors, an annual increase in base salaries of no less than 5% and a monthly automobile allowance. Each employment agreement provides for the payment of severance ranging from 12 to 24 months following the date of termination, as defined therein. |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 |
Shoon Trading Limited [Member] | Shoon Trading Limited [Member] | Shoon Trading Limited [Member] | Dialectic Note [Member] | B Riley and Co [Member] | GAHA Fund [Member] | GAHA Fund [Member] | Gare [Member] | Gare [Member] | Gare [Member] | CA Global Partners, LLC [Member] | ||||
Subsequent Event [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | 3-May-14 | ' | ' | 31-Jul-13 | ' | ' | ' | ' | ' | ' | ' |
Origination of Notes Receivable from Related Parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,706 | ' | $620 | $3,224 | ' |
Notes Receivable Interest Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | 8.00% | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | 44.40% | 44.40% | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Notes Receivable Interest Effective Percentage Amended | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' |
Notes Receivable Related Parties Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8-Jul-11 | ' | ' |
Investment Income, Interest | 26 | 201 | 476 | ' | ' | ' | ' | ' | 69 | 268 | 196 | 371 | ' | ' |
Gain (Loss) on Investments, Total | 21 | 120 | 369 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Processing Fee | ' | ' | ' | ' | ' | ' | ' | 140 | ' | ' | ' | ' | ' | ' |
Notes Payable, Related Parties, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 611 | 3,844 | ' | ' |
Proceeds from Sale and Collection of Notes Receivable, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,164 | ' | ' | ' |
Asset Impairment Charges, Total | 428 | 194 | 159 | 111 | ' | ' | ' | ' | ' | ' | 69 | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | 7,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Loan Processing Fee | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' |
Due from Related Parties, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45 |
Accounts and Notes Receivable, Net, Total | ' | ' | ' | 1,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Loans Receivable | ' | ' | ' | 1,300 | 1,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Effective Date of Acquisition | ' | ' | ' | 4-May-12 | 4-May-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Remaining Principal Outstanding | ' | ' | ' | 353 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Debt | ' | ' | ' | 847 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount On Additional Loans Borrowings | ' | ' | ' | 40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extended Debt Instrument Maturity Date | ' | ' | ' | 3-Aug-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 6.50% | ' | ' | 14.00% | ' | ' | ' | ' | ' | ' | ' |
Notes Receivable Related Parties Current | 703 | 611 | ' | 703 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Receivable, Related Parties, Noncurrent | 497 | 0 | ' | 497 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Receivable, Description of Variable Rate Basis | ' | ' | ' | 'LIBOR plus 6.0% | 'LIBOR plus 6.0% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Debt | ' | ' | ' | ' | ' | $1,200 | ' | ' | ' | ' | ' | ' | ' | ' |
BUSINESS_ACQUISITION_Details
BUSINESS ACQUISITION (Details) (Shoon Trading Limited [Member], USD $) | 5 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Shoon Trading Limited [Member] | ' |
Business Acquisition [Line Items] | ' |
Total revenues | $6,294 |
Cost of goods sold | 3,375 |
Loss before income taxes | -160 |
Income tax benefit | 58 |
Net loss | -102 |
GAG, Inc equity share of net loss | -45 |
Current assets | 3,865 |
Non-current asstes | 397 |
Total assets | 4,262 |
Current liabilities | 3,338 |
Non-current liabilities | 497 |
Net assets | $427 |
BUSINESS_ACQUISITION_Details_1
BUSINESS ACQUISITION (Details 1) (USD $) | 12 Months Ended | 7 Months Ended | 8 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Shoon Trading Limited [Member] | Shoon Trading Limited [Member] | Shoon Trading Limited [Member] | ||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' |
Fixed assets | ' | ' | ' | ' | $78 | $78 |
Retail inventory | ' | ' | ' | ' | 3,752 | 3,752 |
Accounts payable and accrued liabilities | ' | ' | ' | ' | -810 | -810 |
Deferred tax liability | ' | ' | ' | ' | -408 | -408 |
Fair value of net assets acquired | ' | ' | ' | ' | 2,612 | 2,612 |
Total cash consideration | ' | ' | ' | ' | ' | -1,246 |
Gain from bargain purchase | $0 | $1,366 | $0 | $0 | $1,366 | $1,366 |
BUSINESS_ACQUISITION_Details_2
BUSINESS ACQUISITION (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | 7 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jul. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Shoon Trading Limited [Member] | Shoon Trading Limited [Member] | Shoon Trading Limited [Member] | |||||||||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $18,867 | ' | ' | ' | $18,721 | ' | ' | ' | $18,867 | $18,721 | $15,034 | $20,080 | ' | $1,128 | $1,128 |
Inventory | 0 | ' | ' | ' | 2,216 | ' | ' | ' | 0 | 2,216 | ' | ' | ' | 2,216 | 2,216 |
Property and equipment, net | 1,090 | ' | ' | ' | 970 | ' | ' | ' | 1,090 | 970 | ' | ' | ' | 146 | 146 |
Other assets | 831 | ' | ' | ' | 343 | ' | ' | ' | 831 | 343 | ' | ' | ' | 328 | 328 |
Total assets | 73,677 | ' | ' | ' | 80,583 | ' | ' | ' | 73,677 | 80,583 | ' | ' | ' | 3,818 | 3,818 |
Liabilities and equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 11,578 | ' | ' | ' | 16,886 | ' | ' | ' | 11,578 | 16,886 | ' | ' | ' | 1,291 | 1,291 |
Current portion long-term debt | 1,724 | ' | ' | ' | 1,724 | ' | ' | ' | 1,724 | 1,724 | ' | ' | ' | 646 | 646 |
Total current liabilities | 29,069 | ' | ' | ' | 34,275 | ' | ' | ' | 29,069 | 34,275 | ' | ' | ' | 1,937 | 1,937 |
Long-term debt, net of current portion | 48,759 | ' | ' | ' | 50,483 | ' | ' | ' | 48,759 | 50,483 | ' | ' | ' | 323 | 323 |
Total liabilities and equity | 77,828 | ' | ' | ' | 84,758 | ' | ' | ' | 77,828 | 84,758 | ' | ' | ' | 2,260 | 2,260 |
Equity | -4,151 | ' | ' | ' | -4,175 | ' | ' | ' | -4,151 | -4,175 | -8,256 | -8,903 | ' | 1,558 | 1,558 |
Total liabilities and equity | 73,677 | ' | ' | ' | 80,583 | ' | ' | ' | 73,677 | 80,583 | ' | ' | ' | 3,818 | 3,818 |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues - Sale of goods | ' | ' | ' | ' | ' | ' | ' | ' | 16,165 | 18,312 | 2,899 | ' | 6,202 | 10,206 | ' |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | -11,506 | -12,750 | -3,391 | ' | -3,566 | -5,475 | ' |
Selling, general, and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -36,382 | -39,834 | -32,946 | ' | -3,818 | -4,480 | ' |
Operating income (loss) | 2,906 | 782 | -1,935 | 2,345 | 4,936 | -659 | 764 | 2,400 | 4,098 | 7,441 | 7,440 | ' | -1,182 | 251 | ' |
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -94 | -251 | ' |
Gain on bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,366 | 0 | ' | 0 | 1,366 | 1,366 |
Income (loss) before benefit (provision) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,280 | 6,276 | 2,662 | ' | -1,276 | 1,366 | ' |
Benefit (provision) for income taxes | -1,046 | 133 | 987 | -778 | -1,549 | 375 | -57 | -705 | 704 | 1,936 | 2,060 | ' | 319 | -1 | ' |
Net income (loss) | 1,000 | 236 | -1,595 | 935 | 2,576 | -767 | 1,464 | 1,067 | 576 | 4,340 | 602 | ' | -957 | 1,365 | ' |
Net income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -482 | 819 | 0 | ' | -532 | 819 | ' |
Net income (loss) attributable to Great American Group, Inc. | $934 | $366 | ($1,531) | $1,289 | $2,382 | ($547) | $619 | $1,067 | $1,058 | $3,521 | $602 | ' | ($425) | $546 | ' |
BUSINESS_ACQUISITION_Details_T
BUSINESS ACQUISITION (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 |
Combined Loan [Member] | Shoon Trading Limited [Member] | Shoon Trading Limited [Member] | Shoon Trading Limited [Member] | ||||
Subsequent Event [Member] | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Effective Date Of Acquisition | ' | ' | ' | ' | 4-May-12 | 4-May-12 | ' |
Business Combination, Consideration Transferred, Total | ' | ' | ' | ' | ' | $65 | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | 44.40% | 44.40% | ' |
Loans Receivable Maturity Date | ' | ' | ' | ' | ' | 3-May-14 | ' |
Payments To Acquire Loans Receivable | ' | ' | ' | ' | 1,300 | 1,300 | ' |
Loans Receivable, Description Of Variable Rate Basis | ' | ' | ' | ' | 'LIBOR plus 6.0% | 'LIBOR plus 6.0% | ' |
Loss from equity investment in Shoon Trading Limited | -156 | 0 | 0 | ' | 156 | ' | ' |
Notes Receivable Related Parties Current | 703 | 611 | ' | ' | 703 | ' | ' |
Notes Receivable, Related Parties, Noncurrent | 497 | 0 | ' | ' | 497 | ' | ' |
Proceeds from Issuance of Debt | ' | ' | ' | ' | 847 | ' | ' |
Discount On Additional Loans Borrowings | ' | ' | ' | ' | 40 | ' | ' |
Extended Debt Instrument Maturity Date | ' | ' | ' | ' | 3-Aug-15 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | 6.50% | ' | ' |
Long-term Debt, Gross | ' | ' | ' | 1,371 | 1,200 | ' | ' |
Repayments of Debt | ' | ' | ' | ' | ' | ' | 1,200 |
Asset Impairment Charges, Total | 428 | 194 | 159 | ' | 111 | ' | ' |
Equity Method Investments | ' | ' | ' | ' | $22 | ' | ' |
BUSINESS_SEGMENTS_Details
BUSINESS SEGMENTS (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues - Services and fees | ' | ' | ' | ' | ' | ' | ' | ' | $59,967 | $65,624 | $60,627 |
Revenues - Sale of goods | ' | ' | ' | ' | ' | ' | ' | ' | 16,165 | 18,312 | 2,899 |
Total Revenues | 18,188 | 21,751 | 15,239 | 20,954 | 30,730 | 14,235 | 19,651 | 19,320 | 76,132 | 83,936 | 63,526 |
Direct cost of services | ' | ' | ' | ' | ' | ' | ' | ' | -24,146 | -23,911 | -19,749 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | -11,506 | -12,750 | -3,391 |
Selling, general, and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -36,382 | -39,834 | -32,946 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | -611 | -626 | -713 |
Segment income | 2,906 | 782 | -1,935 | 2,345 | 4,936 | -659 | 764 | 2,400 | 4,098 | 7,441 | 7,440 |
Corporate and other expenses | ' | ' | ' | ' | ' | ' | ' | ' | -11,638 | -11,002 | -12,099 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 26 | 201 | 476 |
Loss from equity investment in Great American Real Estate, LLC and Shoon Trading Limited | ' | ' | ' | ' | ' | ' | ' | ' | -21 | -120 | -369 |
Gain from bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,366 | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -2,667 | -2,612 | -4,885 |
Income (loss) before (provision) benefit for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,280 | 6,276 | 2,662 |
Provision for income taxes | 1,046 | -133 | -987 | 778 | 1,549 | -375 | 57 | 705 | -704 | -1,936 | -2,060 |
Net income | 1,000 | 236 | -1,595 | 935 | 2,576 | -767 | 1,464 | 1,067 | 576 | 4,340 | 602 |
Net income (loss) attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -482 | 819 | 0 |
Net income (loss) attributable to Great American Group, Inc. | 934 | 366 | -1,531 | 1,289 | 2,382 | -547 | 619 | 1,067 | 1,058 | 3,521 | 602 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,160 | 634 | 264 |
Total assets | 73,677 | ' | ' | ' | 80,583 | ' | ' | ' | 73,677 | 80,583 | ' |
Auction and Liquidation Reportable Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues - Services and fees | ' | ' | ' | ' | ' | ' | ' | ' | 32,409 | 40,132 | 37,830 |
Revenues - Sale of goods | ' | ' | ' | ' | ' | ' | ' | ' | 9,963 | 8,106 | 2,899 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 42,372 | 48,238 | 40,729 |
Direct cost of services | ' | ' | ' | ' | ' | ' | ' | ' | -11,120 | -12,327 | -10,097 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | -7,940 | -7,275 | -3,391 |
Selling, general, and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -11,889 | -17,064 | -13,353 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | -176 | -193 | -175 |
Segment income | ' | ' | ' | ' | ' | ' | ' | ' | 11,247 | 11,379 | 13,713 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 423 | 394 | 188 |
Total assets | 65,066 | ' | ' | ' | 66,600 | ' | ' | ' | 65,066 | 66,600 | ' |
Valuation and Appraisal Reportable Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues - Services and fees | ' | ' | ' | ' | ' | ' | ' | ' | 27,558 | 25,492 | 22,797 |
Direct cost of services | ' | ' | ' | ' | ' | ' | ' | ' | -13,026 | -11,584 | -9,652 |
Selling, general, and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -8,718 | -6,974 | -7,161 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | -143 | -121 | -158 |
Segment income | ' | ' | ' | ' | ' | ' | ' | ' | 5,671 | 6,813 | 5,826 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 418 | 134 | 76 |
Total assets | 8,611 | ' | ' | ' | 10,165 | ' | ' | ' | 8,611 | 10,165 | ' |
Uk Retail Stores Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues - Sale of goods | ' | ' | ' | ' | ' | ' | ' | ' | 6,202 | 10,206 | 0 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | -3,566 | -5,475 | 0 |
Selling, general, and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -3,773 | -4,462 | 0 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | -45 | -18 | 0 |
Segment income | ' | ' | ' | ' | ' | ' | ' | ' | -1,182 | 251 | 0 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 319 | 106 | 0 |
Total assets | 0 | ' | ' | ' | 3,818 | ' | ' | ' | 0 | 3,818 | ' |
Reportable Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment income | ' | ' | ' | ' | ' | ' | ' | ' | $15,736 | $18,443 | $19,539 |
BUSINESS_SEGMENTS_Details_1
BUSINESS SEGMENTS (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues - Services and fees | ' | ' | ' | ' | ' | ' | ' | ' | $59,967 | $65,624 | $60,627 |
Total Revenues - Sale of goods | ' | ' | ' | ' | ' | ' | ' | ' | 16,165 | 18,312 | 2,899 |
Total Revenues | 18,188 | 21,751 | 15,239 | 20,954 | 30,730 | 14,235 | 19,651 | 19,320 | 76,132 | 83,936 | 63,526 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues - Services and fees | ' | ' | ' | ' | ' | ' | ' | ' | 50,624 | 42,564 | 49,298 |
Total Revenues - Sale of goods | ' | ' | ' | ' | ' | ' | ' | ' | 9,532 | 7,842 | 2,650 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 60,156 | 50,406 | 51,948 |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues - Services and fees | ' | ' | ' | ' | ' | ' | ' | ' | 9,343 | 23,060 | 11,329 |
Total Revenues - Sale of goods | ' | ' | ' | ' | ' | ' | ' | ' | 6,633 | 10,470 | 249 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $15,976 | $33,530 | $11,578 |
BUSINESS_SEGMENTS_Details_2
BUSINESS SEGMENTS (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total Long-lived Assets - Property and Equipment, net | $1,090 | $970 |
Total Identifiable Assets | 73,677 | 80,583 |
United States [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Long-lived Assets - Property and Equipment, net | 990 | 689 |
Total Identifiable Assets | 68,405 | 62,223 |
Europe [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Long-lived Assets - Property and Equipment, net | 100 | 281 |
Total Identifiable Assets | $5,272 | $18,360 |
SELECTED_QUARTERLY_FINANCIAL_D2
SELECTED QUARTERLY FINANCIAL DATA (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $18,188 | $21,751 | $15,239 | $20,954 | $30,730 | $14,235 | $19,651 | $19,320 | $76,132 | $83,936 | $63,526 |
Operating income (loss) | 2,906 | 782 | -1,935 | 2,345 | 4,936 | -659 | 764 | 2,400 | 4,098 | 7,441 | 7,440 |
Income (loss) before income taxes | 2,046 | 103 | -2,582 | 1,713 | 4,125 | -1,142 | 1,521 | 1,772 | 1,058 | 3,521 | 602 |
(Provision) benefit for income taxes | -1,046 | 133 | 987 | -778 | -1,549 | 375 | -57 | -705 | 704 | 1,936 | 2,060 |
Net income (loss) | 1,000 | 236 | -1,595 | 935 | 2,576 | -767 | 1,464 | 1,067 | 576 | 4,340 | 602 |
Net income (loss) attributable to Great American Group, Inc. | $934 | $366 | ($1,531) | $1,289 | $2,382 | ($547) | $619 | $1,067 | $1,058 | $3,521 | $602 |
Earnings (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.03 | $0.01 | ($0.05) | $0.04 | $0.08 | ($0.02) | $0.02 | $0.04 | $0.04 | $0.12 | $0.02 |
Diluted (in dollars per share) | $0.03 | $0.01 | ($0.05) | $0.04 | $0.08 | ($0.02) | $0.02 | $0.04 | $0.04 | $0.12 | $0.02 |
Weighted average shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in shares) | 28,682,975 | 28,682,975 | 28,682,975 | 28,682,975 | 28,682,975 | 28,682,975 | 28,682,975 | 28,682,975 | 28,682,975 | 28,682,975 | 28,539,651 |
Diluted (in shares) | 29,907,402 | 29,891,401 | 28,682,975 | 29,656,430 | 29,614,252 | 28,682,975 | 29,599,424 | 29,534,610 | 29,907,402 | 29,614,252 | 29,408,466 |