Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 07, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SWWI | |
Entity Registrant Name | SIMON WORLDWIDE INC | |
Entity Central Index Key | 864,264 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 74,501,559 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 492 | $ 1,042 |
Restricted cash | 36 | 36 |
Related-party receivables | 18 | 12 |
Prepaid expenses and other current assets | 53 | 31 |
Total current assets | 599 | 1,121 |
Other assets | 207 | 223 |
Total non-current assets | 207 | 223 |
Total assets | 806 | 1,344 |
Current liabilities: | ||
Accounts payable | 46 | 103 |
Accrued expenses and other current liabilities | 50 | 64 |
Total current liabilities | 96 | 167 |
Stockholders' equity: | ||
Common stock, $.01 par value; 100,000,000 shares authorized; 74,501,559 shares outstanding net of 4,002,070 treasury shares at par value at June 30, 2015 and December 31, 2014 | 745 | 745 |
Additional paid-in capital | 156,064 | 156,064 |
Accumulated Deficit | (156,099) | (155,623) |
Accumulated other comprehensive income | (9) | |
Total stockholders' equity | 710 | 1,177 |
Total liabilities and stockholders' equity | $ 806 | $ 1,344 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 74,501,559 | 74,501,559 |
Common stock, treasury shares | 4,002,070 | 4,002,070 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
General and administrative expenses | 239 | 267 | 569 | 559 |
Operating loss | (239) | (267) | (569) | (559) |
Other income | 53 | 74 | 105 | 147 |
Equity in losses of Three Lions Entertainment, LLC | (841) | (1,679) | ||
Loss before income taxes | (186) | (1,034) | (464) | (2,091) |
Income tax provision | (6) | (3) | (12) | (8) |
Net loss | $ (192) | $ (1,037) | $ (476) | $ (2,099) |
Net loss per share - basic and diluted: | ||||
Loss per common share | $ 0 | $ (0.01) | $ 0 | $ (0.03) |
Weighted average shares outstanding | 74,501,559 | 74,501,559 | 74,501,559 | 74,501,559 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net loss | $ (192) | $ (1,037) | $ (476) | $ (2,099) |
Other comprehensive gain (loss): | ||||
Unrealized gain (loss) on investments net of tax benefit of $6, $1, $6, and $3, respectively | 8 | (1) | 9 | (4) |
Other comprehensive gain (loss) | 8 | (1) | 9 | (4) |
Comprehensive loss | $ (184) | $ (1,038) | $ (467) | $ (2,103) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Unrealized gain (loss) on investments, tax benefit | $ 6 | $ 1 | $ 6 | $ 3 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (476) | $ (2,099) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Equity in loss of Three Lions Entertainment, LLC | 1,679 | |
Deferred income taxes | 6 | 3 |
Increase (decrease) in cash from changes in working capital items: | ||
Prepaid expenses and other current assets | (9) | 59 |
Accounts payable | (57) | (14) |
Accrued expenses and other current liabilities | (14) | (5) |
Net cash used in operating activities | (550) | (377) |
Net cash provided by investing activities | 0 | 0 |
Net cash provided by financing activities | 0 | 0 |
Net decrease in cash and cash equivalents | (550) | (377) |
Cash and cash equivalents, beginning of period | 1,042 | 1,643 |
Cash and cash equivalents, end of period | 492 | 1,266 |
Supplemental disclosure of cash flow information: | ||
Income taxes | $ 1 | $ 3 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by Simon Worldwide, Inc. (the “Company” or “Simon”) pursuant to the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes in accordance with accounting principles generally accepted in the United States of America for complete financial statements and should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (“2014 10-K”). Certain prior period amounts were reclassified to conform to current period presentation. The Company consolidates all entities that it controls by ownership of a majority voting interest as well any variable interest entities (“VIEs”) for which the Company was the primary beneficiary. The Company eliminates from its financial results all intercompany transactions, including the intercompany transactions with any consolidated VIEs. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting only of those considered necessary for fair presentation of the Company’s financial position, results of operations, and cash flows at the dates and for the periods presented. Prior to August 2001, the Company was a multi-national, full service promotional marketing company. In August 2001, McDonald’s Corporation (“McDonald’s”), the Company’s principal customer, terminated its 25-year relationship with the Company as a result of the embezzlement by a former Company employee of winning game pieces from McDonald’s promotional games administered by the Company. Other customers also terminated their relationships with the Company, resulting in the Company no longer having a business. By April 2002, the Company had effectively eliminated a majority of its ongoing promotions business operations and was in the process of disposing of its assets and settling its liabilities related to the promotions business and defending and pursuing litigation with respect thereto. As a result of these efforts, the Company has been able to resolve a significant number of outstanding liabilities that existed in August 2001 or arose subsequent to that date. The Company is managed by the Chief Executive Officer, Greg Mays, and Chief Financial Officer, Anthony Espiritu, together with an acting general counsel. The Board of Directors has considered various alternative courses of action for the Company, including possibly acquiring or combining with one or more operating businesses. The Board of Directors has reviewed and analyzed a number of proposed transactions. On March 22, 2013, the Company announced in a current report on Form 8-K that it, together with Richard Beckman, Joel Katz and OA3, LLC (“OA3”), had entered into the limited liability company agreement (the “LLC Agreement”) of Three Lions Entertainment, LLC (“Three Lions”) on March 18, 2013. Three Lions business consisted of originating, producing, and monetizing annual television programming for broadcast on network television with a particular emphasis on branded entertainment and special events. Branded entertainment is an entertainment-based vehicle that is funded by advertisers and is complementary to a brands marketing strategy. Pursuant to the LLC Agreement, the Company contributed $3.15 million to Three Lions in exchange for membership units representing 60% of the economic returns of Three Lions, including certain preferences with respect to common holders on operating returns and on a liquidation or sale of Three Lions. In respect of such previously issued membership units, the Company made a second capital contribution to Three Lions in the amount of $1.85 million on April 26, 2013, and a third and final capital contribution to Three Lions in the amount of $3.5 million on October 2, 2013. As a result of these transactions, the Company’s business substantially consisted of acting as the majority equityholder of, and holding a membership interest in, Three Lions. The business and operations of Three Lions were managed and directed by a five person Executive Board, three of whom the Company had the power to designate. The Executive Board governed under majority vote, subject to certain major decisions that required the unanimous approval of either the members of Three Lions or its Executive Board (“Special Approval”). The Company was party to a Pledge Agreement, dated May 7, 2014, with SunTrust Bank (“SunTrust”) wherein the Company pledged all of its equity interests in Three Lions (and all proceeds of such interests) to SunTrust as security for Three Lions’ obligations under a revolving credit facility that Three Lions obtained from SunTrust. The Company’s pledge of its equity interests in Three Lions terminated only upon the payment in full and termination of Three Lions’ obligations under the revolving credit facility. Three Lions paid in full the revolving credit facility on December 18, 2014. Due to a confluence of a number of adverse factors, but in particular, a ratings performance well below expectations on Three Lion’s initial Fashion Rocks TM With no revenues from operations, the Company closely monitors and controls its expenditures within a reasonably predictable range. Cash used by operating activities was $.6 million and $.4 million for the six months ended June 30, 2015 and 2014, respectively. The Company incurred losses within its operations in 2014 and continues to incur losses in 2015 for the general and administrative expenses incurred to manage the affairs of the Company. By utilizing cash available at June 30, 2015 to maintain its scaled back operations, and a short-term funding commitment from the Company’s largest shareholder, management believes it has sufficient capital resources and liquidity to operate the Company through at least December 31, 2015. The operating results for the six months ended June 30, 2015, are not necessarily indicative of the results to be expected for the full year. |
Variable Interest Entity ("VIE"
Variable Interest Entity ("VIE") | 6 Months Ended |
Jun. 30, 2015 | |
Variable Interest Entity ("VIE") | 2. Variable Interest Entity (“VIE”) CONSOLIDATION OF VARIABLE INTEREST ENTITIES Under certain criteria as provided for in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 810, “Consolidation,” the Company may consolidate a partially-owned affiliate. To determine whether to consolidate a partially-owned affiliate, the Company first determines if the entity is a variable interest entity (VIE). An entity is considered to be a VIE if it has one of the following characteristics: 1) the entity is thinly capitalized; 2) residual equity holders do not control the entity; 3) equity holders are shielded from economic losses or do not participate fully in the entity’s residual economics; or 4) the entity was established with non-substantive voting. If the entity meets one of these characteristics, the Company then determines if it is the primary beneficiary of the VIE. The party with the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and the potential to absorb benefits or losses that could be significant to the VIE is considered the primary beneficiary and consolidates the VIE. Three Lions met the definition of a variable interest entity as the total equity investment at risk in Three Lions was not sufficient to permit Three Lions to finance its activities without further subordinated financial support by any parties, including the equity holders. Management determined at the date of the Company’s third contribution that the entity was a variable interest entity primarily based on the equity investment at risk in Three Lions totaling $9.0 million, which consisted of three contributions by the Company of $3.1 million on March 18, 2013, $1.9 million on April 26, 2013, and $3.5 million on October 2, 2013, and founder contributions of $.5 million, compared to capital in excess of that amount deemed necessary to develop and produce content, market and air the first revenue-generating event on September 9, 2014. The Company’s contributions total $8.5 million and the founders’ contributions total $.5 million. As the Company did not have sufficient cash on hand to make its third contribution, the Company raised capital through an offering of its common stock to its shareholders. The Company’s equity interest in Three Lions represented a variable interest in a VIE. Due to certain requirements under the LLC Agreement of Three Lions, the Company, through its voting rights associated with its LLC units, did not have the sole power to direct the activities of Three Lions that most significantly impacted Three Lion’s economic performance and the obligation to absorb losses of Three Lions that could potentially be significant to Three Lions or the right to receive benefits from Three Lions that could potentially be significant to Three Lions. Specifically, the Company shared power with the founders who controlled the common units of Three Lions to approve budgets and business plans and make key business decisions all of which required unanimous consent from all the executive board members. As a result, the Company was not the primary beneficiary of Three Lions and thus did not consolidate it. However, the Company had significant influence over Three Lions and therefore, accounted for its ownership interest in Three Lions under the equity method of accounting. Through December 31, 2014, the Company’s total contributions of $8.5 million were reduced by Simon’s absorption of its share of Three Lions’ operating losses from the period March 18, 2013, through December 31, 2014, which reduced the carrying value of its Three Lions investment to $0. Also, the Company was required to issue a cash collateralized bank letter of credit on April 12, 2013 in the amount of $.2 million with an expiration date of April 15, 2015, to guarantee payments on an office lease obtained by Three Lions. In connection with the liquidation of Three Lions, the Company lost its cash collateralized bank letter of credit and, accordingly, it has recorded loss of $.2 million for the year ended December 31, 2014. The Company’s investment, and guarantee, related to Three Lions totaled $8.7 million and represented the Company’s maximum exposures to loss. Due to a confluence of a number of adverse factors, but in particular, a ratings performance well below expectations on Three Lion’s initial Fashion Rocks TM |
Long-term Investment
Long-term Investment | 6 Months Ended |
Jun. 30, 2015 | |
Long-term Investment | 3. Long-term Investment The Company holds an investment in an available-for-sale equity security with a fair value of approximately $19,000 and $15,000 at June 30, 2015, and December 31, 2014, respectively, which is included in other assets in the accompanying consolidated balance sheets. The cost basis in this available-for-sale security was approximately $19,000 at June 30, 2015, and December 31, 2014. Total unrealized (losses) gains in accumulated other comprehensive income totaled $0 and $(4,000) at June 30, 2015, and December 31, 2014. This investment is recorded at fair value using quoted prices in active markets for identical assets or liabilities (Level 1). |
Loss Per Share Disclosure
Loss Per Share Disclosure | 6 Months Ended |
Jun. 30, 2015 | |
Loss Per Share Disclosure | 4. Loss Per Share Disclosure The Company calculates its earnings per share in accordance with ASC 260-10, “Earnings Per Share.” There were 74,501,559 weighted average shares outstanding for the three and six months ended June 30, 2015 and 2014. There were no dilutive shares outstanding during any of the periods. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes | 5. Income Taxes The Company had a provision for income taxes for the six months ended June 30, 2015 and 2014 that consisted of the following (in thousands): Six Months Ended June 30, 2015 2014 Current: Federal $ — $ — State 6.4 5.3 Total 6.4 5.3 Deferred: Federal 4.7 2.1 State 0.8 0.4 Total 5.5 2.5 Total: Federal 4.7 2.1 State 7.2 5.7 Total $ 11.9 $ 7.8 The Company’s provision for income taxes for the six months ended June 30, 2015, included adjustments to reverse federal and state deferred taxes relating to a prior period totaling approximately $4,700 and $800, respectively. The Company does not consider these adjustments to be material. The Company annually evaluates the positive and negative evidence bearing upon the realizability of its deferred tax assets. The Company, however, has considered results of current operations and concluded that it is more likely than not that the deferred tax assets will not be realizable. As a result, the Company has determined that a valuation allowance of $44.7 million and $38.2 million is required at June 30, 2015, and December 31, 2014, respectively. The tax effects of temporary differences that gave rise to deferred tax assets at June 30, 2015, and December 31, 2014, were as follows (in thousands): June 30, December 31, 2015 2014 Deferred tax assets: Net operating losses $ 52,320 $ 42,579 Capital losses 361 361 Accrued expenses 22 18 Total deferred tax assets 52,703 42,958 Valuation allowance (44,654 ) (38,166 ) 8,049 4,792 Deferred tax liabilities: State deferreds (8,070 ) (4,814 ) Other investment 21 22 Total deferred tax liabilities (8,049 ) (4,792 ) Net deferred taxes $ — $ — As of June 30, 2015, the Company had federal NOLs totaling approximately $84.3 million and post-apportionment state NOLs totaling approximately $154.5 million. The New York State post-apportionment NOLs included above total $122.7 million. The federal NOLs carry forward for 20 years and begin to expire in 2021 through 2036. The state post-apportioned NOLs are from various states and begin to expire in 2015 through 2036. The Company also has pre-apportionment NOLs from New York City totaling $112.6 million as of June 30, 2015. Since the Company has no revenue-generating operations in New York City and none are expected in the future, management has determined that none of the NOLs should be recognized. If the Company were to commence operations in New York City in future years, the realizability of the NOLs and related deferred tax assets will be assessed at such time. The NOLs from New York City carry forward for 20 years and begin to expire in 2021 through 2036. The federal and state NOLs may be subject to certain limitations under Section 382 of the Internal Revenue Code, which could significantly restrict the Company’s ability to use the NOLs to offset taxable income in subsequent years. The Company completed a review of any potential limitation on the use of its net operating losses under Section 382 on August 9, 2008, and an update to this review on June 7, 2013. Based on such reviews, the Company does not believe Section 382 of the Internal Revenue Code will adversely impact its ability to use its current net operating losses to offset future taxable income, if any. The following is a reconciliation of the statutory federal income tax rate to the actual effective income tax rate: June 30, 2015 2014 Federal tax (benefit) rate 34.0 % 34.0 % Increase (decrease) in taxes resulting from: State income taxes 5.8 5.8 Change in valuation allowance (38.1 ) (34.6 ) Permanent differences (1.7 ) (5.3 ) Minimum tax (2.6 ) (0.2 ) (2.6 )% (0.3 )% |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Related-Party Transactions | 6. Related-Party Transactions The Company earned $0 and $37,500 during the three and six months ended June 30, 2015, respectively, and $37,500 and $75,000 during the three and six months ended June 30, 2014, respectively, from Three Lions, a VIE of the Company, related to accounting services. There was approximately $17,000 for amounts earned from Three Lions in accounts receivable at December 31, 2014. Since, on January 30, 2015, Three Lions was dissolved with the filing of its Certificate of Cancellation with the state of Delaware, there was no amount in accounts receivable from Three Lions at June 30, 2015. The Company also earned $36,000 and $72,000 during the three and six months ended June 30, 2015, respectively, and during the three and six months ended June 30, 2014, respectively, from Wild Oats Marketing, LLC, a company controlled by the Company’s largest shareholder, related to accounting and administrative services. Of these amounts, $12,000 was in accounts receivable at June 30, 2015 and December 31, 2014. Beginning in January 2015, the Company began providing accounting services to VodkaCo, LLC, (“VodkaCo) another company controlled by the Company’s largest shareholder. The Company earned approximately $18,000 and $34,000 from this arrangement during the three and six months ended June 30, 2015, respectively. At June 30, 2015, the Company had $6,000 in accounts receivable from VodkaCo. Although the Company’s board members received no compensation for their services during the three and six months ended June 30, 2015 and during the three and six months ended June 30, 2014, the Company had a payable accrued totaling approximately $15,000 at June 30, 2015, and December 31, 2014, due to its board members for services rendered prior to the Company’s decision in August 2012 to suspend their compensation arrangements. |
Variable Interest Entity ("VI14
Variable Interest Entity ("VIE") (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Consolidation of Variable Interest Entities | CONSOLIDATION OF VARIABLE INTEREST ENTITIES Under certain criteria as provided for in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 810, “Consolidation,” the Company may consolidate a partially-owned affiliate. To determine whether to consolidate a partially-owned affiliate, the Company first determines if the entity is a variable interest entity (VIE). An entity is considered to be a VIE if it has one of the following characteristics: 1) the entity is thinly capitalized; 2) residual equity holders do not control the entity; 3) equity holders are shielded from economic losses or do not participate fully in the entity’s residual economics; or 4) the entity was established with non-substantive voting. If the entity meets one of these characteristics, the Company then determines if it is the primary beneficiary of the VIE. The party with the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and the potential to absorb benefits or losses that could be significant to the VIE is considered the primary beneficiary and consolidates the VIE. |
Earnings Per Share | The Company calculates its earnings per share in accordance with ASC 260-10, “Earnings Per Share |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Provision for Income Taxes | The Company had a provision for income taxes for the six months ended June 30, 2015 and 2014 that consisted of the following (in thousands): Six Months Ended June 30, 2015 2014 Current: Federal $ — $ — State 6.4 5.3 Total 6.4 5.3 Deferred: Federal 4.7 2.1 State 0.8 0.4 Total 5.5 2.5 Total: Federal 4.7 2.1 State 7.2 5.7 Total $ 11.9 $ 7.8 |
Net Deferred Tax Assets | The tax effects of temporary differences that gave rise to deferred tax assets at June 30, 2015, and December 31, 2014, were as follows (in thousands): June 30, December 31, 2015 2014 Deferred tax assets: Net operating losses $ 52,320 $ 42,579 Capital losses 361 361 Accrued expenses 22 18 Total deferred tax assets 52,703 42,958 Valuation allowance (44,654 ) (38,166 ) 8,049 4,792 Deferred tax liabilities: State deferreds (8,070 ) (4,814 ) Other investment 21 22 Total deferred tax liabilities (8,049 ) (4,792 ) Net deferred taxes $ — $ — |
Reconciliation of Statutory Federal Income Tax Rate to Actual Effective Tax Rate | The following is a reconciliation of the statutory federal income tax rate to the actual effective income tax rate: June 30, 2015 2014 Federal tax (benefit) rate 34.0 % 34.0 % Increase (decrease) in taxes resulting from: State income taxes 5.8 5.8 Change in valuation allowance (38.1 ) (34.6 ) Permanent differences (1.7 ) (5.3 ) Minimum tax (2.6 ) (0.2 ) (2.6 )% (0.3 )% |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | ||||||
Aug. 31, 2001 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Oct. 02, 2013 | Apr. 26, 2013 | Mar. 22, 2013 | Mar. 18, 2013 | |
Organization and Nature of Operations [Line Items] | ||||||||
Capital contribution made by company | $ 8,500,000 | $ 3,500,000 | $ 1,850,000 | $ 3,150,000 | ||||
Interest in economic returns | 60.00% | |||||||
Revenue from operations | $ 0 | |||||||
Net cash used in operating activities | $ (550,000) | $ (377,000) | ||||||
Minimum date to operate company on basis of sufficient capital resources and liquidity | Dec. 31, 2015 | |||||||
McDonald's Corporation | ||||||||
Organization and Nature of Operations [Line Items] | ||||||||
Terminated relationship period with customers | 25 years |
Variable Interest Entity ("VI17
Variable Interest Entity ("VIE") - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Dec. 31, 2014 | Oct. 02, 2013 | Apr. 26, 2013 | Apr. 12, 2013 | Mar. 18, 2013 | |
Variable Interest Entity [Line Items] | ||||||
Equity investment at risk | $ 9,000,000 | $ 3,500,000 | $ 1,900,000 | $ 3,100,000 | ||
Capital contribution made by non controlling interest | 500,000 | |||||
Maximum capital contributions amount by company | 8,500,000 | |||||
Maximum capital contributions amount by minority interest | $ 500,000 | |||||
Capital contribution made by company | $ 8,500,000 | $ 3,500,000 | $ 1,850,000 | $ 3,150,000 | ||
Carrying value of investment | 0 | |||||
Investment | $ 8,700,000 | |||||
Cash collateral letter of credit issued | $ 200,000 | |||||
Letter of credit expiration date | Apr. 15, 2015 | |||||
Financial Standby Letter of Credit | ||||||
Variable Interest Entity [Line Items] | ||||||
Expected contingent loss | $ 200,000 |
Long-Term Investment - Addition
Long-Term Investment - Additional Information (Detail) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Investment [Line Items] | ||
Investment in available-for-sale equity security | $ 19,000 | $ 15,000 |
Cost basis in our available-for-sale security | 19,000 | 19,000 |
Unrealized (losses) gains in accumulated other comprehensive income | $ 0 | $ (4,000) |
Loss Per Share Disclosure - Add
Loss Per Share Disclosure - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Computation of Earnings Per Share [Line Items] | ||||
Weighted average shares outstanding | 74,501,559 | 74,501,559 | 74,501,559 | 74,501,559 |
Dilutive shares outstanding | 0 | 0 | 0 | 0 |
Provision for Income Taxes (Det
Provision for Income Taxes (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Current: | ||||
Federal | $ 0 | $ 0 | ||
State | 6,400 | 5,300 | ||
Total | 6,400 | 5,300 | ||
Deferred: | ||||
Federal | 4,700 | 2,100 | ||
State | 800 | 400 | ||
Total | 6,000 | 3,000 | ||
Total: | ||||
Federal | 4,700 | 2,100 | ||
State | 7,200 | 5,700 | ||
Total | $ 6,000 | $ 3,000 | $ 12,000 | $ 8,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Schedule Of Income Taxes [Line Items] | |||
Federal | $ 4,700 | $ 2,100 | |
State | 800 | $ 400 | |
Valuation allowance | 44,654,000 | $ 38,166,000 | |
Federal net operating loss carry forwards | 84,300,000 | ||
State and local net operating loss | 154,500,000 | ||
Deferred tax assets tax credit carry forwards | $ 112,600,000 | ||
New York | |||
Schedule Of Income Taxes [Line Items] | |||
Deferred tax assets net operating loss carry forwards, expiration period | 20 years | ||
Federal | |||
Schedule Of Income Taxes [Line Items] | |||
Deferred tax assets net operating loss carry forwards, expiration period | 20 years | ||
Federal | Minimum | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating loss carryforward, expiration year | 2,021 | ||
Federal | Maximum | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating loss carryforward, expiration year | 2,036 | ||
Post-apportionment state | Minimum | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating loss carryforward, expiration year | 2,015 | ||
Post-apportionment state | Maximum | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating loss carryforward, expiration year | 2,036 | ||
Post-apportionment state | New York | |||
Schedule Of Income Taxes [Line Items] | |||
State and local net operating loss | $ 122,700,000 | ||
Pre-apportionment state | New York | Minimum | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating loss carryforward, expiration year | 2,021 | ||
Pre-apportionment state | New York | Maximum | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating loss carryforward, expiration year | 2,036 |
Net Deferred Tax Assets (Detail
Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Net operating losses | $ 52,320 | $ 42,579 |
Capital losses | 361 | 361 |
Deferred compensation | 22 | 18 |
Total deferred tax assets | 52,703 | 42,958 |
Valuation allowance | (44,654) | (38,166) |
Deferred tax assets, net | 8,049 | 4,792 |
Deferred tax liabilities: | ||
State deferreds | (8,070) | (4,814) |
Other investment | 21 | 22 |
Total deferred tax liabilities | (8,049) | (4,792) |
Net deferred taxes | $ 0 | $ 0 |
Reconciliation of Statutory Fed
Reconciliation of Statutory Federal Income Tax Rate to Actual Effective Tax Rate (Detail) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Federal income tax rate to the actual effective income tax rate for continuing operations | ||
Federal tax (benefit) rate | 34.00% | 34.00% |
Increase (decrease) in taxes resulting from: | ||
State income taxes | 5.80% | 5.80% |
Change in valuation allowance | (38.10%) | (34.60%) |
Permanent differences | (1.70%) | (5.30%) |
Minimum tax | (2.60%) | (0.20%) |
Effective income tax rate, continuing operations | (2.60%) | (0.30%) |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Three Lions Entertainment, LLC | |||||
Related Party Transaction [Line Items] | |||||
Related party earnings | $ 0 | $ 37,500 | $ 37,500 | $ 75,000 | $ 17,000 |
Related party receivables | 0 | 0 | |||
Wild Oats Marketing, LLC | |||||
Related Party Transaction [Line Items] | |||||
Related party earnings | 36,000 | 36,000 | 72,000 | 72,000 | |
Related party receivables | 12,000 | 12,000 | 12,000 | ||
VodkaCo, LLC | |||||
Related Party Transaction [Line Items] | |||||
Related party earnings | 18,000 | 34,000 | |||
Related party receivables | 6,000 | 6,000 | |||
Compensation for services rendered | Board Members | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties | 0 | $ 0 | 0 | $ 0 | |
Payable accrued for services rendered | Board Members | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties | $ 15,000 | $ 15,000 | $ 15,000 |