Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 07, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | HG Holdings, Inc. | |
Entity Central Index Key | 0000797465 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 14,846,839 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash | $ 2,015 | $ 6,057 |
Restricted cash | 232 | 404 |
Interest and dividend receivables | 115 | |
Prepaid expenses and other current assets | 199 | 273 |
Income tax receivable | 735 | 488 |
Total current assets | 3,296 | 7,222 |
Property, plant and equipment, net | 8 | 9 |
Investment in affiliate | 4,603 | |
Subordinated notes receivable | 3,907 | 5,882 |
Loan to affiliate | 2,000 | |
Other assets | 495 | 480 |
Deferred tax assets | 247 | 494 |
Total assets | 14,556 | 14,087 |
LIABILITIES | ||
Accounts payable | 1 | 29 |
Accrued salaries, wages and benefits | 4 | 17 |
Other accrued expenses | 183 | 110 |
Total current liabilities | 188 | 156 |
Other long-term liabilities | 255 | 287 |
Total liabilities | 443 | 443 |
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.02 par value, 35,000,000 and 25,000,000 shares authorized 14,946,839 and 14,712,377 shares issued and outstanding on each respective date | 294 | 294 |
Capital in excess of par value | 17,349 | 17,285 |
Retained deficit | (3,530) | (3,935) |
Total stockholders’ equity | 14,113 | 13,644 |
Total liabilities and stockholders’ equity | $ 14,556 | $ 14,087 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Common stock, par value (in dollars per share) | $ 0.02 | $ 0.02 |
Common stock, shares authorized (in shares) | 35,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 14,946,839 | 14,712,377 |
Common stock, shares outstanding (in shares) | 14,946,839 | 14,712,377 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Expenses | ||||
General and administrative expenses | $ (229) | $ (204) | $ (761) | $ (776) |
Other income/expenses | ||||
Interest income | 252 | 302 | 795 | 618 |
Dividend income | 50 | 107 | ||
Product financing interest income | 125 | 125 | ||
Gain on sale of closely held stock | 120 | |||
Income from Continued Dumping and Subsidy Offset Act | 1,230 | |||
Gain on extinguishment of subordinated note receivable | 448 | 448 | ||
Loss from affiliate | (132) | (273) | ||
Impairment loss | (168) | (897) | (168) | |
Income (loss) from continuing operations before income taxes | (59) | 503 | 321 | 247 |
Income tax benefit | 990 | 84 | 1,202 | |
Income (loss) from continuing operations | (59) | 1,493 | 405 | 1,449 |
Discontinued operations | ||||
Loss from discontinued operations (including loss on sale of assets of $865) | (3,011) | |||
Net income (loss) | $ (59) | $ 1,493 | $ 405 | $ (1,562) |
Basic and diluted income (loss) per share: | ||||
Income (loss) from continuing operations (in dollars per share) | $ 0 | $ 0.10 | $ 0.03 | $ 0.10 |
Loss from discontinued operations (in dollars per share) | (0.21) | |||
Net income (loss) (in dollars per share) | $ 0 | $ 0.10 | $ 0.03 | $ (0.11) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 14,510 | 14,508 | 14,504 | 14,538 |
Diluted (in shares) | 14,510 | 14,551 | 14,934 | 14,581 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Unaudited) (Parentheticals) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Loss on sale of assets | $ 865 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income (loss) | $ (59) | $ 1,493 | $ 405 | $ (1,562) |
Settlement of employee benefit obligations directly related to the disposal transaction | 2,422 | |||
Comprehensive income (loss) | $ (59) | $ 1,493 | $ 405 | $ 860 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Net income from continuing operations | $ 405 | $ 1,449 |
Adjustments to reconcile net income from operations to net cash flows from operating activities: | ||
Depreciation expense | 1 | |
Accretion income on notes receivable | (181) | (223) |
Stock compensation expense | 64 | 36 |
Paid in kind interest on subordinated note receivable | (293) | |
Gain on extinguishment of subordinated note receivable | (448) | |
Gain on sale of closely held stock | (120) | |
Impairment loss on subordinated note receivable | 897 | |
Dividends on HC Realty common stock | 82 | |
Loss from affiliate | 273 | |
Changes in assets and liabilities: | ||
Prepaid expenses and other current assets | (247) | (720) |
Deferred tax assets and other assets | 232 | (509) |
Accounts payable | (28) | 26 |
Other accrued expenses | 60 | 2 |
Other long-term liabilities | (31) | (276) |
Net cash provided by (used in) continuing operations | 1,407 | (956) |
Cash flows from investing activities: | ||
Purchase of property, plant, and equipment | (9) | |
Investment in affiliate | (5,000) | |
New advances on loan receivable to affiliate | (2,000) | |
Principal payments received on subordinated secured notes receivable | 1,259 | |
Proceeds from sale of closely held stock | 120 | |
Net cash used by investing activities | (5,621) | (9) |
Cash flows from financing activities: | ||
Repurchase and retirement of common stock | (133) | |
Stock purchase and retirement for tax withholdings on vesting of restricted award | (30) | |
Net cash used by financing activities | (163) | |
Cash flows from discontinued operations: | ||
Cash used by discontinued operations | (3,501) | |
Cash provided by investing activities | 9,228 | |
Cash provided by financing activities | 1,209 | |
Net cash provided by discontinued operations | 6,936 | |
Net (decrease) increase in cash and restricted cash | (4,214) | 5,808 |
Cash and restricted cash at beginning of period | 6,461 | 631 |
Cash and restricted cash at end of period | 2,247 | 6,439 |
Cash and restricted cash | 6,461 | 631 |
Supplemental Non-Cash Disclosures: | ||
Payments made on line of credit from proceeds of the sale | (1,348) | |
Dividends on investment in affiliate | $ 100 |
Note 1 - Preparation of Interim
Note 1 - Preparation of Interim Unaudited Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. Preparation of Interim Unaudited Consolidated Financial Statements The consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, these statements include all adjustments necessary for a fair presentation of the results of all interim periods reported herein. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures prepared in accordance with generally accepted accounting principles in the United States have been either condensed or omitted pursuant to SEC rules and regulations. However, we believe that the disclosures made are adequate for a fair presentation of results of operations and financial position. Operating results for the interim periods reported herein may not 10 On March 2, 2018, November 20, 2017, January 22, 2017 ( January 1, 2018 March 2, 2018 2015 20, Presentation of Financial Statements – Discontinued Operations no Results of discontinued operations are excluded from the accompanying notes to the consolidated financial statement for all periods presented, unless otherwise noted. On September 6, 2018, 8 September 12, 2018, As a result of both the Asset Sale and the S&L Asset Sale, we have a variable interest in two not two not not On March 19, 2019, 200,000 10.00% $2,000,000 300,000 $3,000,000. 850,000 $8,500,000. not On March 19, 2019, $10,500,000 $2,000,000 not As of September 30, 2019, 17 Recent Accounting Pronouncements In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13” 2016 13 2016 13 December 15, 2019, December 15, 2018. not 2016 13 In February 2016, Leases 842 2016 02” 840, 840 840 January 1, 2019. June 30, 2019, not 2016 02 June 30, 2019 not |
Note 2 - Discontinued Operation
Note 2 - Discontinued Operations | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 2. Discontinued Operations On March 2, 2018, November 20, 2017, January 22, 2017 ( January 1, 2018 March 2, 2018 2015 20, Presentation of Financial Statements – Discontinued Operations Loss from discontinued operations, net of taxes, comprised the following for the three nine September 30, 2019 2018 Three Months Nine Months Ended Ended Sept. 30, Sept. 30, Sept. 30, Sept. 30, 201 9 2018 201 9 2018 Net sales $ - $ - $ - $ 6,787 Cost of sales - - - (6,485 ) Selling, general and administrative expenses - - - (2,438 ) Interest expense, net - - - (10 ) Loss on sale of assets - - - (865 ) Loss from discontinued operations before income taxes - - - (3,011 ) Income tax (benefit) expense - - - - Loss from discontinued operation, net of taxes $ - $ - $ - $ (3,011 ) Included in selling, general and administrative expenses incurred for the nine September 30, 2018 As a result of the Asset Sale, the Company had no March 19, 2019, 12 may may |
Note 3 - Subordinated Notes Rec
Note 3 - Subordinated Notes Receivable | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3 . Subordinated Note s Receivable The Company received a $7.4 first 2018. September 6, 2018, $7.4 $3.3 On February 7, 2019, $3.2 no March 2, 2023, 6%. On February 25, 2019, February 25, 2019 ( March 2, 2018 no 2 3 4 no $48,000 $96,000 three nine September 30, 2019, Despite Buyer paying interest on the Second A&R Note current during both the three June 30, 2019 September 30, 2019, not $897,000 second $1.3 June 30, 2019. August 21, 2019, second not third $1.3 September 30, 2019. The S&L Note had a principal amount of $4.4 March 2, 2023, 10% $87,000 $273,000 three nine September 30, 2019, three nine September 30, 2019, $208,000 $1,011,000 At the assignment date, the Company evaluated the fair value of the S&L Note. The Company recorded accreted interest income on the fair value adjustment of the S&L Note of $37,000 $127,000 three nine September 30, 2019, $2.6 September 30, 2019. |
Note 4 - Loan to Affiliate
Note 4 - Loan to Affiliate | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | 4 . Loan to Affiliate On March 19, 2019, $10,500,000 $2,000,000 The Loan Agreement matures on March 19, 2022. 14% three nine September 30, 2019 $72,000 $152,000, |
Note 5 - Investment in Affiliat
Note 5 - Investment in Affiliate | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 5 . Investment in Affiliate On March 19, 2019, 200,000 10.00% $2,000,000 300,000 $3,000,000. 850,000 $8,500,000. not The Series B Stock is not no The following table summarizes the Company’s investment in HC Realty as of September 30, 2019 December 31, 2018 ( Ownership % Investment in Affiliate Balance Loss recorded in the Consolidated Statements of Operations (b) For the Three Months Ended Sept. 30, For the Nine Months Ended Sept. 30, Sept. 30, 2019 December 31, 2018 Sept. 30, 2019 December 31, 2018 2019 2018 2019 2018 HC Realty Series B Stock (a) 7.9 % 0.0 % $ 2,000 - $ - - $ - - HC Realty common stock 8.5 % 0.0 % 2,603 - (132 ) - (273 ) - Total 16.4 % 0.0 % $ 4,603 - $ (132 ) - $ (273 ) - (a) Represents investments in shares of HC Realty preferred stock with a basis of $2 one $9.10 (b) Loss from these investments is included in “Loss from affiliate” in the consolidated statement of operations. Since HC Realty is a Real Estate Investment Trust and not not The Company’s investment in HC Realty common stock is accounted for under the equity method of accounting. The company determined that accounting for under the equity method was appropriate even though the Company owns less than 20% |
Note 6 - Income Taxes
Note 6 - Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 6 . Income taxes During the nine September 30, 2019, $15,000 $8.5 September 30, 2019. $33.7 September 30, 2019. not three nine September 30, 2019 2018 The Company maintains a valuation allowance against deferred tax assets that currently exceed our deferred tax liabilities. The primary assets covered by this valuation allowance are net operating loss carry-forwards. The valuation allowance was calculated in accordance with the provisions of ASC 740, Income Taxes four no not As of September 30, 2019 December 31, 2018, $247,000 $494,000, The Company’s effective tax rate for the current and prior year three nine 0% |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7 . Stockholders’ Equity Basic earnings per common share are based upon the weighted average shares outstanding. Outstanding stock options and restricted stock are treated as potential common stock for purposes of computing diluted earnings per share. Basic and diluted earnings per share are calculated using the following share data (in thousands): Three Months Nine Months Ended Ended Sept. 30, Sept. 30, Sept. 30, Sept. 30, 201 9 2018 201 9 2018 Weighted average shares outstanding for basic calculation 14,510 14,508 14,504 14,538 Add: Effect of dilutive stock awards - 43 430 43 Weighted average shares outstanding, adjusted for diluted calculation 14,510 14,551 14,934 14,581 For the three September 30, 2019, 460,000 three nine September 30, 2018, not nine September 30, 2019, 430,000 not The Company will repurchase common shares from time to time that are tendered by recipients of restricted stock awards to satisfy tax withholding obligations on vested restricted stock. There were no three In July 2012, $5.0 may three nine September 30, 2019, no three September 30, 2018, not nine September 30, 2018 221,121 $133,000. not A reconciliation of the activity in Stockholders’ Equity accounts for the three nine September 30, 2019 Accumulated Capital in Other Common Excess of Retained Comprehensive Stock Par Value Deficit Loss Balance at January 1, 2019 $ 294 $ 17,285 $ (3,935 ) $ - Net income - - 1,366 - Stock-based compensation expense - 21 - - Balance at March 31, 2019 $ 294 $ 17,306 $ (2,569 ) $ - Net loss - - (902 ) - Stock-based compensation expense - 22 - - Balance at June 30, 2019 $ 294 $ 17,328 $ (3,471 ) $ - Net loss - - (59 ) - Stock-based compensation expense - 21 - - Balance at September 30, 2019 $ 294 $ 17,349 $ (3,530 ) $ - A reconciliation of the activity in Stockholders’ Equity accounts for the three nine September 30, 2018 Accumulated Capital in Other Common Excess of Retained Comprehensive Stock Par Value Deficit Loss Balance at January 1, 2018 $ 298 $ 17,104 $ (2,495 ) $ (2,422 ) Net loss - - (3,367 ) - Settlement of employee benefit obligations directly related to the disposal transaction - - - 2,422 Stock repurchase (3 ) (100 ) - - Stock-based compensation expense - 391 - - Dividends - (139 ) - - Balance at March 31, 2018 $ 295 $ 17,253 $ (5,862 ) $ - Net income - - 313 - Stock repurchase (1 ) (29 ) - - Stock-based compensation expense - 14 - - Balance at June 30, 2018 $ 294 $ 17,241 $ (5,549 ) $ - Net income - - 1,492 - Stock repurchase - - - - Stock-based compensation expense - 22 - - Balance at September 30, 2018 $ 294 $ 17,263 $ (4,057 ) $ - All of the stock compensation expense of $391,000 March 31, 2018 |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 8. Subsequent Events Subsequent to September 30, 2019, February 24, 2020 The Forbearance Agreement became effective on November 1, 2019 ( $220,000 $200,000 30th $150,000 60th $130,000 90th November 1, 2019 During the period the forbearance is in effect, the Borrower has agreed to maintain a minimum collateral value of not $2 not The Company has also agreed to accept the following discounted payments in satisfaction of the Note if the forbearance period has not 90th $2,230,000 90th $2,530,000 The Forbearance Agreement also includes customary representations and warranties of the Borrower Parties and certain releases by the Borrower Parties. As of the date hereof, all amounts outstanding under the Ledgered Asset Based Lending Agreement between Alterna Capital Solutions, LLC (“Alterna”) and the Borrower have been paid in full and the Intercreditor and Debt Subordination Agreement, dated February 25, 2019, no In view of the impairment loss recorded by the Company in the second 2019 not October 31, 2019, $3.1 $1.3 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13” 2016 13 2016 13 December 15, 2019, December 15, 2018. not 2016 13 In February 2016, Leases 842 2016 02” 840, 840 840 January 1, 2019. June 30, 2019, not 2016 02 June 30, 2019 not |
Note 2 - Discontinued Operati_2
Note 2 - Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Nine Months Ended Ended Sept. 30, Sept. 30, Sept. 30, Sept. 30, 201 9 2018 201 9 2018 Net sales $ - $ - $ - $ 6,787 Cost of sales - - - (6,485 ) Selling, general and administrative expenses - - - (2,438 ) Interest expense, net - - - (10 ) Loss on sale of assets - - - (865 ) Loss from discontinued operations before income taxes - - - (3,011 ) Income tax (benefit) expense - - - - Loss from discontinued operation, net of taxes $ - $ - $ - $ (3,011 ) |
Note 5 - Investment in Affili_2
Note 5 - Investment in Affiliate (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Ownership % Investment in Affiliate Balance Loss recorded in the Consolidated Statements of Operations (b) For the Three Months Ended Sept. 30, For the Nine Months Ended Sept. 30, Sept. 30, 2019 December 31, 2018 Sept. 30, 2019 December 31, 2018 2019 2018 2019 2018 HC Realty Series B Stock (a) 7.9 % 0.0 % $ 2,000 - $ - - $ - - HC Realty common stock 8.5 % 0.0 % 2,603 - (132 ) - (273 ) - Total 16.4 % 0.0 % $ 4,603 - $ (132 ) - $ (273 ) - |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Nine Months Ended Ended Sept. 30, Sept. 30, Sept. 30, Sept. 30, 201 9 2018 201 9 2018 Weighted average shares outstanding for basic calculation 14,510 14,508 14,504 14,538 Add: Effect of dilutive stock awards - 43 430 43 Weighted average shares outstanding, adjusted for diluted calculation 14,510 14,551 14,934 14,581 |
Schedule of Stockholders Equity [Table Text Block] | Accumulated Capital in Other Common Excess of Retained Comprehensive Stock Par Value Deficit Loss Balance at January 1, 2019 $ 294 $ 17,285 $ (3,935 ) $ - Net income - - 1,366 - Stock-based compensation expense - 21 - - Balance at March 31, 2019 $ 294 $ 17,306 $ (2,569 ) $ - Net loss - - (902 ) - Stock-based compensation expense - 22 - - Balance at June 30, 2019 $ 294 $ 17,328 $ (3,471 ) $ - Net loss - - (59 ) - Stock-based compensation expense - 21 - - Balance at September 30, 2019 $ 294 $ 17,349 $ (3,530 ) $ - Accumulated Capital in Other Common Excess of Retained Comprehensive Stock Par Value Deficit Loss Balance at January 1, 2018 $ 298 $ 17,104 $ (2,495 ) $ (2,422 ) Net loss - - (3,367 ) - Settlement of employee benefit obligations directly related to the disposal transaction - - - 2,422 Stock repurchase (3 ) (100 ) - - Stock-based compensation expense - 391 - - Dividends - (139 ) - - Balance at March 31, 2018 $ 295 $ 17,253 $ (5,862 ) $ - Net income - - 313 - Stock repurchase (1 ) (29 ) - - Stock-based compensation expense - 14 - - Balance at June 30, 2018 $ 294 $ 17,241 $ (5,549 ) $ - Net income - - 1,492 - Stock repurchase - - - - Stock-based compensation expense - 22 - - Balance at September 30, 2018 $ 294 $ 17,263 $ (4,057 ) $ - |
Note 1 - Preparation of Inter_2
Note 1 - Preparation of Interim Unaudited Consolidated Financial Statements (Details Textual) | Mar. 19, 2019USD ($)shares |
Senior Secured Term Loan [Member] | |
Notes Receivable, Related Parties | $ 2,000,000 |
The Lenders [Member] | Senior Secured Term Loan [Member] | |
Notes Receivable, Related Parties | $ 10,500,000 |
HC Government Realty Trust, Inc [Member] | Series B Cumulative Convertible Preferred Stock [Member] | |
Investment, Shares Purchased During Period | shares | 200,000 |
Preferred Stock, Dividend Rate, Percentage | 10.00% |
Equity Method Investment, Aggregate Cost | $ 2,000,000 |
HC Government Realty Trust, Inc [Member] | Series B Cumulative Convertible Preferred Stock [Member] | Investors Affiliated with the Hale Partnership [Member] | |
Investment, Shares Purchased During Period | shares | 850,000 |
Equity Method Investment, Aggregate Cost | $ 8,500,000 |
HC Government Realty Trust, Inc [Member] | Common Stock of Investee [Member] | |
Investment, Shares Purchased During Period | shares | 300,000 |
Equity Method Investment, Aggregate Cost | $ 3,000,000 |
HC Government Realty Trust, Inc [Member] | Common Stock of Investee [Member] | Investors Affiliated with the Hale Partnership [Member] | |
Investment, Shares Purchased During Period | shares | 850,000 |
Note 2 - Discontinued Operati_3
Note 2 - Discontinued Operations - Gains, Losses and Net Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Loss from discontinued operations before income taxes | $ (3,011) | |||
Loss from discontinued operation, net of taxes | (59) | 1,493 | 405 | (1,562) |
Furniture Business [Member] | ||||
Income tax (benefit) expense | ||||
Loss from discontinued operation, net of taxes | (3,011) | |||
Furniture Business [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||
Net sales | ||||
Cost of sales | ||||
Selling, general and administrative expenses | ||||
Loss on sale of assets | ||||
Loss from discontinued operations before income taxes | ||||
Furniture Business [Member] | Discontinued Operations, Held-for-sale [Member] | ||||
Net sales | 6,787 | |||
Cost of sales | 6,485 | |||
Selling, general and administrative expenses | 2,438 | |||
Interest expense, net | 10 | |||
Loss on sale of assets | (865) | |||
Loss from discontinued operations before income taxes | $ (3,011) |
Note 3 - Subordinated Notes R_2
Note 3 - Subordinated Notes Receivable (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Mar. 31, 2019 | Feb. 07, 2019 | Sep. 06, 2018 | Mar. 31, 2018 | |
Financing Receivable, after Allowance for Credit Loss, Total | $ 7,400,000 | |||||||
Impairment of Notes Receivable | $ 897,000 | |||||||
Proceeds from Collection of Notes Receivable | 1,259,000 | |||||||
Accretion (Amortization) of Discounts and Premiums, Investments | 181,000 | $ 223,000 | ||||||
A&R Note [Member] | ||||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 3,300,000 | |||||||
Second A&R Note [Member] | ||||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 1,300,000 | $ 1,300,000 | 1,300,000 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 3,200,000 | |||||||
Notes Receivable, Interest Rate | 6.00% | |||||||
Proceeds from Interest Received | 48,000 | 96,000 | ||||||
Impairment of Notes Receivable | $ 897,000 | |||||||
S&L Note [Member] | ||||||||
Financing Receivable, after Allowance for Credit Loss, Total | 2,600,000 | 2,600,000 | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 4,400,000 | |||||||
Notes Receivable, Interest Rate | 10.00% | |||||||
Proceeds from Interest Received | 87,000 | 273,000 | ||||||
Proceeds from Collection of Notes Receivable | 208,000 | 1,011,000 | ||||||
Accretion (Amortization) of Discounts and Premiums, Investments | $ 37,000 | $ 127,000 |
Note 4 - Loan to Affiliate (Det
Note 4 - Loan to Affiliate (Details Textual) - Senior Secured Term Loan [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Mar. 19, 2019 | |
Notes Receivable, Related Parties | $ 2,000,000 | ||
Notes Receivable, Interest Rate | 14.00% | 14.00% | |
Interest Income, Related Party | $ 72,000 | $ 152,000 | |
The Lenders [Member] | |||
Notes Receivable, Related Parties | $ 10,500,000 |
Note 5 - Investment in Affili_3
Note 5 - Investment in Affiliate (Details Textual) - HC Government Realty Trust, Inc [Member] - USD ($) | Mar. 19, 2019 | Sep. 30, 2019 |
Series B Cumulative Convertible Preferred Stock [Member] | ||
Investment, Shares Purchased During Period | 200,000 | |
Preferred Stock, Dividend Rate, Percentage | 10.00% | |
Equity Method Investment, Aggregate Cost | $ 2,000,000 | |
Convertible Preferred Stock of Investee, Shares Issued Upon Conversion | 1 | |
Convertible Preferred Stock, Maximum Conversion Price | $ 9.10 | |
Series B Cumulative Convertible Preferred Stock [Member] | Investors Affiliated with the Hale Partnership [Member] | ||
Investment, Shares Purchased During Period | 850,000 | |
Equity Method Investment, Aggregate Cost | $ 8,500,000 | |
Common Stock of Investee [Member] | ||
Investment, Shares Purchased During Period | 300,000 | |
Equity Method Investment, Aggregate Cost | $ 3,000,000 | |
Common Stock of Investee [Member] | Investors Affiliated with the Hale Partnership [Member] | ||
Investment, Shares Purchased During Period | 850,000 |
Note 5 - Investment in Affili_4
Note 5 - Investment in Affiliate - Equity Method Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Investment in affiliate, balance | $ 4,603 | $ 4,603 | |||||
Loss recorded in the Consolidated Statements of Operations | $ (132) | $ (273) | |||||
HC Government Realty Trust, Inc [Member] | |||||||
Ownership percentage | 16.40% | 16.40% | 0.00% | ||||
Investment in affiliate, balance | $ 4,603 | $ 4,603 | |||||
Loss recorded in the Consolidated Statements of Operations | [1] | $ (132) | $ (273) | ||||
HC Government Realty Trust, Inc [Member] | Series B Cumulative Convertible Preferred Stock [Member] | |||||||
Ownership percentage | [2] | 7.90% | 7.90% | 0.00% | |||
Investment in affiliate, balance | [2] | $ 2,000 | $ 2,000 | ||||
Loss recorded in the Consolidated Statements of Operations | [1],[2] | ||||||
HC Government Realty Trust, Inc [Member] | Common Stock of Investee [Member] | |||||||
Ownership percentage | 8.50% | 8.50% | 0.00% | ||||
Investment in affiliate, balance | $ 2,603 | $ 2,603 | |||||
Loss recorded in the Consolidated Statements of Operations | [1] | $ (132) | $ (273) | ||||
[1] | Loss from these investments is included in "Loss from affiliate" in the consolidated statement of operations. Since HC Realty is a Real Estate Investment Trust and not a taxable entity, the loss is not reported net of taxes. | ||||||
[2] | Represents investments in shares of HC Realty preferred stock with a basis of $2 million. Each share of preferred stock can be converted into one share of HC Realty common stock at a conversion price equal to the lesser of $9.10 per share or the fair market value per share of HC Realty common stock, subject to adjustment upon the occurrence of certain events. |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (15,000) | ||||
Deferred Tax Assets, Valuation Allowance, Total | $ 8,500,000 | 8,500,000 | |||
Operating Loss Carryforwards, Total | 33,700,000 | 33,700,000 | |||
Income Taxes Paid, Net, Total | 0 | $ 0 | 0 | $ 0 | |
Deferred Tax Assets, Net of Valuation Allowance, Total | $ 247,000 | $ 247,000 | $ 494,000 | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 0.00% | 0.00% |
Note 7 - Stockholders' Equity_2
Note 7 - Stockholders' Equity (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Jul. 31, 2012 | |
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total | 43,000 | 430,000 | 43,000 | ||||
Discontinued Operation, Share-based Compensation | $ 391,000 | ||||||
Privately Negotiated Transaction [Member] | Common Stock [Member] | |||||||
Stock Repurchased During Period, Shares | 0 | 0 | 221,121 | ||||
Stock Repurchase Program, Authorized Amount | $ 5,000,000 | ||||||
Stock Repurchased During Period, Value | $ 133,000 | ||||||
Share-based Payment Arrangement, Option [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 460,000 | 430,000 | |||||
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total | 0 | 0 | |||||
Restricted Stock [Member] | |||||||
Stock Repurchased During Period, Shares | 0 |
Note 7 - Stockholders' Equity -
Note 7 - Stockholders' Equity - Basic and Diluted Earnings Per Share Calculation (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Weighted average shares outstanding for basic calculation (in shares) | 14,510 | 14,508 | 14,504 | 14,538 |
Add: Effect of dilutive stock awards (in shares) | 43 | 430 | 43 | |
Weighted average shares outstanding, adjusted for diluted calculation (in shares) | 14,510 | 14,551 | 14,934 | 14,581 |
Note 7 - Stockholders' Equity_3
Note 7 - Stockholders' Equity - Reconciliation of Activity in Stockholders' Equity Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Balance | $ 13,644 | $ 13,644 | ||||||
Net income (loss) | $ (59) | $ 1,493 | 405 | $ (1,562) | ||||
Settlement of employee benefit obligations directly related to the disposal transaction | 2,422 | |||||||
Balance | 14,113 | 14,113 | ||||||
Common Stock [Member] | ||||||||
Balance | 294 | $ 294 | 294 | 294 | $ 295 | $ 298 | 294 | 298 |
Net income (loss) | ||||||||
Stock-based compensation expense | ||||||||
Settlement of employee benefit obligations directly related to the disposal transaction | ||||||||
Stock repurchase | (1) | (3) | ||||||
Dividends | ||||||||
Balance | 294 | 294 | 294 | 294 | 294 | 295 | 294 | 294 |
Additional Paid-in Capital [Member] | ||||||||
Balance | 17,328 | 17,306 | 17,285 | 17,241 | 17,253 | 17,104 | 17,285 | 17,104 |
Net income (loss) | ||||||||
Stock-based compensation expense | 21 | 22 | 21 | 22 | 14 | 391 | ||
Settlement of employee benefit obligations directly related to the disposal transaction | ||||||||
Stock repurchase | (29) | (100) | ||||||
Dividends | (139) | |||||||
Balance | 17,349 | 17,328 | 17,306 | 17,263 | 17,241 | 17,253 | 17,349 | 17,263 |
Retained Earnings [Member] | ||||||||
Balance | (3,471) | (2,569) | (3,935) | (5,549) | (5,862) | (2,495) | (3,935) | (2,495) |
Net income (loss) | (59) | (902) | 1,366 | 1,492 | 313 | (3,367) | ||
Stock-based compensation expense | ||||||||
Settlement of employee benefit obligations directly related to the disposal transaction | ||||||||
Stock repurchase | ||||||||
Dividends | ||||||||
Balance | (3,530) | (3,471) | (2,569) | (4,057) | (5,549) | (5,862) | (3,530) | (4,057) |
AOCI Attributable to Parent [Member] | ||||||||
Balance | (2,422) | (2,422) | ||||||
Net income (loss) | ||||||||
Stock-based compensation expense | ||||||||
Settlement of employee benefit obligations directly related to the disposal transaction | 2,422 | |||||||
Stock repurchase | ||||||||
Dividends | ||||||||
Balance |
Note 8 - Subsequent Events (Det
Note 8 - Subsequent Events (Details Textual) - USD ($) | Nov. 01, 2019 | Jan. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2019 | Oct. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Feb. 07, 2019 | Mar. 31, 2018 |
Financing Receivable, after Allowance for Credit Loss, Total | $ 7,400,000 | ||||||||
Second A&R Note [Member] | |||||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 3,200,000 | ||||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 1,300,000 | $ 1,300,000 | |||||||
Loan Parties [Member] | Second A&R Note [Member] | Forecast [Member] | |||||||||
Proceeds from Collection of Finance Receivables | $ 130,000 | $ 150,000 | $ 200,000 | ||||||
Subsequent Event [Member] | Loan Parties [Member] | Second A&R Note [Member] | |||||||||
Proceeds from Collection of Finance Receivables | $ 220,000 | ||||||||
Forbearance Period, Minimum Collateral Value | 2,000,000 | ||||||||
Forbearance Discontinued Payment, Amount Less the Sum of All Forbearance Period Payments and Payments Made, One | 2,230,000 | ||||||||
Forbearance Discontinued Payment, Amount Less the Sum of All Forbearance Period Payments and Payments Made, Two | $ 2,530,000 | ||||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 3,100,000 | ||||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 1,300,000 |
Uncategorized Items - stly-2019
Label | Element | Value |
us-gaap_RestrictedCash | us-gaap_RestrictedCash | $ 232,000 |
us-gaap_RestrictedCash | us-gaap_RestrictedCash | $ 402,000 |