Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 01, 2015 | Mar. 31, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | RCI HOSPITALITY HOLDINGS, INC. | ||
Entity Central Index Key | 935,419 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 92,038,213 | ||
Trading Symbol | RICK | ||
Entity Common Stock, Shares Outstanding | 10,192,935 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 8,020 | $ 9,964 |
Accounts receivable: | ||
Trade, net | 1,578 | 1,060 |
Other, net | 576 | 685 |
Marketable securities | 614 | 596 |
Inventories | 2,368 | 1,879 |
Deferred tax asset | 3,442 | 5,378 |
Prepaid expenses and other current assets | 4,010 | 3,789 |
Total current assets | 20,608 | 23,351 |
Property and equipment, net | 134,150 | 113,962 |
Other assets: | ||
Goodwill | 52,641 | 43,374 |
Indefinite lived intangibles, net | 55,828 | 53,968 |
Definite lived intangibles, net | 5,169 | 675 |
Other | 2,416 | 3,812 |
Total other assets | 116,054 | 101,829 |
Total assets | 270,812 | 239,142 |
Current liabilities: | ||
Accounts payable | 2,164 | 2,198 |
Accrued liabilities | 9,626 | 9,195 |
Texas patron tax liability | 1,364 | 15,486 |
Current portion of long-term debt | 9,700 | 12,315 |
Total current liabilities | 22,854 | 39,194 |
Deferred tax liability | 31,529 | 27,688 |
Other long-term liabilities | 2,723 | 924 |
Long-term debt | 85,220 | 58,037 |
Total liabilities | $ 142,326 | $ 125,843 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $.10 par, 1,000 shares authorized; none issued and outstanding | $ 0 | $ 0 |
Common stock, $.01 par, 20,000 shares authorized; 10,285 and 10,067 shares issued and outstanding, respectively | 103 | 101 |
Additional paid-in capital | 69,729 | 66,727 |
Accumulated other comprehensive income | 109 | 91 |
Retained earnings | 52,682 | 43,370 |
Total RCIHH stockholders' equity | 122,623 | 110,289 |
Noncontrolling interests | 5,863 | 3,010 |
Total stockholders' equity | 128,486 | 113,299 |
Total liabilities and stockholders’ equity | $ 270,812 | $ 239,142 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares shares in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000 | 20,000 |
Common stock, shares issued | 10,285 | 10,067 |
Common stock, shares outstanding | 10,285 | 10,067 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenues: | |||
Sales of alcoholic beverages | $ 60,782 | $ 51,763 | $ 43,189 |
Sales of food and merchandise | 20,241 | 15,847 | 12,249 |
Service revenues | 55,751 | 54,666 | 49,974 |
Other | 7,893 | 6,898 | 6,796 |
Total revenues | 144,667 | 129,174 | 112,208 |
Operating expenses: | |||
Cost of goods sold | 20,317 | 16,426 | 14,152 |
Salaries and wages | 32,559 | 28,183 | 25,145 |
Stock-based compensation | 480 | 282 | 847 |
Other general and administrative: | |||
Taxes and permits | 21,942 | 20,056 | 17,613 |
Charge card fees | 2,176 | 1,790 | 1,482 |
Rent | 4,526 | 4,804 | 3,642 |
Legal and professional | 4,581 | 3,416 | 2,599 |
Advertising and marketing | 5,610 | 5,578 | 4,611 |
Depreciation and amortization | 6,894 | 6,316 | 5,337 |
Insurance | 3,364 | 3,994 | 2,208 |
Utilities | 2,999 | 2,684 | 2,241 |
Loss on sale of property and other | 808 | 279 | 18 |
Impairment of assets | 1,705 | 2,294 | 0 |
Settlement of lawsuits and other one-time costs | 11,684 | 3,696 | 707 |
Gain on settlement of patron tax | (8,167) | 0 | 0 |
Other | 12,311 | 10,501 | 9,723 |
Total operating expenses | 123,789 | 110,299 | 90,325 |
Income from operations | 20,878 | 18,875 | 21,883 |
Other income (expense): | |||
Interest income | 15 | 148 | 10 |
Interest expense | (6,679) | (7,357) | (6,538) |
Interest expense - loan origination costs | (290) | (395) | (539) |
Gain from acquisition of controlling interest in subsidiary | 229 | 0 | 0 |
Gain on contractual debt reduction | 0 | 5,642 | 0 |
Income before income taxes | 14,153 | 16,913 | 14,816 |
Income taxes | 5,164 | 5,916 | 5,414 |
Net income | 8,989 | 10,997 | 9,402 |
Net (income) loss attributable to noncontrolling interests | 323 | 243 | (211) |
Net income attributable to RCI Hospitality Holdings, Inc. | $ 9,312 | $ 11,240 | $ 9,191 |
Basic earnings per share attributable to RCIHH shareholders: | |||
Net income (in dollars per share) | $ 0.90 | $ 1.15 | $ 0.97 |
Diluted earnings per share attributable to RCIHH shareholders: | |||
Net income (in dollars per share) | $ 0.90 | $ 1.13 | $ 0.96 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 10,359 | 9,816 | 9,518 |
Diluted (in shares) | 10,406 | 10,637 | 9,615 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Net income | $ 8,989 | $ 10,997 | $ 9,402 |
Other comprehensive income: | |||
Unrealized holding gain (loss) on securities available for sale | 18 | 41 | (9) |
Comprehensive income | 9,007 | 11,038 | 9,393 |
Less net (income) loss attributable to noncontrolling interests | 323 | 243 | (211) |
Comprehensive income to common stockholders | $ 9,330 | $ 11,281 | $ 9,182 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Treasury Stock [Member] |
Balance at Sep. 30, 2012 | $ 87,645 | $ 96 | $ 61,212 | $ 59 | $ 22,939 | $ 3,339 | $ 0 |
Balance (in shares) at Sep. 30, 2012 | 9,584 | 0 | |||||
Change in temporary equity | 73 | $ 0 | 73 | 0 | 0 | 0 | $ 0 |
Change in temporary equity (in shares) | 0 | 0 | |||||
Purchase of treasury shares | (1,623) | $ 0 | 0 | 0 | 0 | 0 | $ (1,623) |
Purchase of treasury shares (in shares) | 0 | 192 | |||||
Cancelled treasury shares | 0 | $ (2) | (1,621) | 0 | 0 | 0 | $ 1,623 |
Cancelled treasury shares (in shares) | (180) | (192) | |||||
Stock-based compensation | $ 847 | $ 0 | 847 | 0 | 0 | 0 | $ 0 |
Stock options exercised (in shares) | 0 | ||||||
Common stock issued for acquisition | $ 863 | $ 1 | 862 | 0 | 0 | 0 | $ 0 |
Common stock issued for acquisition (in shares) | 100 | 0 | |||||
Beneficial debt conversion feature | 33 | $ 0 | 33 | 0 | 0 | 0 | $ 0 |
Issuance of warrants | 100 | 0 | 100 | 0 | 0 | 0 | 0 |
Payments to noncontrolling interests | (216) | 0 | 0 | 0 | 0 | (216) | 0 |
Change in marketable securities | (9) | 0 | 0 | (9) | 0 | 0 | 0 |
Net income (loss) | 9,402 | 0 | 0 | 0 | 9,191 | 211 | 0 |
Balance at Sep. 30, 2013 | 97,115 | $ 95 | 61,506 | 50 | 32,130 | 3,334 | $ 0 |
Balance (in shares) at Sep. 30, 2013 | 9,504 | 0 | |||||
Purchase of treasury shares | (1,150) | $ 0 | 0 | 0 | 0 | 0 | $ (1,150) |
Purchase of treasury shares (in shares) | 0 | 101 | |||||
Cancelled treasury shares | 0 | $ (1) | (1,149) | 0 | 0 | 0 | $ 1,150 |
Cancelled treasury shares (in shares) | (101) | (101) | |||||
Stock options exercised | $ 3,126 | $ 4 | 3,122 | 0 | 0 | 0 | $ 0 |
Stock options exercised (in shares) | 370 | 370 | 0 | ||||
Beneficial debt conversion feature | $ 0 | ||||||
Common stock issued for debt and interest | 2,969 | $ 3 | 2,966 | 0 | 0 | 0 | $ 0 |
Common stock issued for debt and interest (in shares) | 294 | 0 | |||||
Stock-based compensation and issuance of warrants for services | 282 | $ 0 | 282 | 0 | 0 | 0 | $ 0 |
Payments to noncontrolling interests | (216) | 0 | 0 | 0 | 0 | (216) | 0 |
Noncontrolling interests at acquisition of business | 135 | 0 | 0 | 0 | 0 | 135 | 0 |
Change in marketable securities | 41 | 0 | 0 | 41 | 0 | 0 | 0 |
Net income (loss) | 10,997 | 0 | 0 | 0 | 11,240 | (243) | 0 |
Balance at Sep. 30, 2014 | 113,299 | $ 101 | 66,727 | 91 | 43,370 | 3,010 | $ 0 |
Balance (in shares) at Sep. 30, 2014 | 10,067 | 0 | |||||
Purchase of treasury shares | (2,296) | $ 0 | 0 | 0 | 0 | 0 | $ (2,296) |
Purchase of treasury shares (in shares) | 0 | 225 | |||||
Cancelled treasury shares | 0 | $ (2) | (2,294) | 0 | 0 | 0 | $ 2,296 |
Cancelled treasury shares (in shares) | (225) | (225) | |||||
Stock-based compensation | 480 | $ 0 | 480 | 0 | 0 | 0 | $ 0 |
Stock options exercised | $ 87 | $ 0 | 87 | 0 | 0 | 0 | $ 0 |
Stock options exercised (in shares) | 10 | 10 | 0 | ||||
Common stock issued for acquisition | $ 2,375 | $ 2 | 2,373 | 0 | 0 | 0 | $ 0 |
Common stock issued for acquisition (in shares) | 200 | 0 | |||||
Beneficial debt conversion feature | 0 | ||||||
Common stock issued for debt and interest | 2,358 | $ 2 | 2,356 | 0 | 0 | 0 | $ 0 |
Common stock issued for debt and interest (in shares) | 233 | 0 | |||||
Payments to noncontrolling interests | (216) | $ 0 | 0 | 0 | 0 | (216) | $ 0 |
Noncontrolling interests at acquisition of business | 3,392 | 0 | 0 | 0 | 0 | 3,392 | 0 |
Change in marketable securities | 18 | 0 | 0 | 18 | 0 | 0 | 0 |
Net income (loss) | 8,989 | 0 | 0 | 0 | 9,312 | (323) | 0 |
Balance at Sep. 30, 2015 | $ 128,486 | $ 103 | $ 69,729 | $ 109 | $ 52,682 | $ 5,863 | $ 0 |
Balance (in shares) at Sep. 30, 2015 | 10,285 | 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 8,989 | $ 10,997 | $ 9,402 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 6,894 | 6,316 | 5,337 |
Deferred taxes | 3,935 | 937 | 261 |
Loss on sale of property and other | 808 | 279 | 18 |
Gain on contractual debt reduction | 0 | (5,642) | 0 |
Impairment of assets | 1,705 | 2,294 | 0 |
Amortization of note discount and beneficial conversion | 36 | 87 | 158 |
Gain from acquisition of controlling interest in subsidiary | (229) | 0 | 0 |
Gain on settlement of patron tax | (8,167) | 0 | 0 |
Deferred rents | (38) | (15) | 106 |
Stock compensation expense | 480 | 282 | 847 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (339) | (36) | 331 |
Inventories | 54 | (407) | (195) |
Prepaid expenses and other assets | 852 | (2,256) | (1,945) |
Accounts payable and accrued liabilities | 1,384 | 7,599 | 4,040 |
Net cash provided by operating activities | 16,364 | 20,435 | 18,360 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sale of property | 0 | 438 | 140 |
Purchase of investments | 0 | 0 | (600) |
Proceeds from sale marketable securities | 0 | 0 | 500 |
Acquisition of development rights in New York building | 0 | (5,325) | 0 |
Additions to property and equipment | (19,259) | (16,034) | (9,675) |
Acquisition of businesses, net of cash acquired | (2,328) | (500) | (1,790) |
Net cash used in investing activities | (21,587) | (21,421) | (11,425) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from long-term debt | 18,283 | 7,025 | 9,498 |
Purchase of put options and payments on derivative instrument | 0 | 0 | (138) |
Exercise of stock options | 87 | 3,126 | 0 |
Payments on long-term debt | (12,579) | (8,473) | (9,341) |
Purchase of treasury stock | (2,296) | (1,150) | (1,623) |
Distribution to noncontrolling interests | (216) | (216) | (216) |
Cash provided by (used in) financing activities of continuing operations | 3,279 | 312 | (1,820) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (1,944) | (674) | 5,115 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 9,964 | 10,638 | 5,523 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 8,020 | 9,964 | 10,638 |
CASH PAID DURING PERIOD FOR: | |||
Interest | 6,540 | 7,315 | 6,559 |
Income taxes | $ 3,776 | $ 3,953 | $ 4,933 |
CONSOLIDATED STATEMENTS OF CAS8
CONSOLIDATED STATEMENTS OF CASH FLOWS NON-CASH TRANSACTIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Issue of shares of common stock for debt and interest Number of shares | 233 | 294 | 0 |
Issue of shares of common stock for debt and interest Value of shares | $ 2,358 | $ 2,969 | $ 0 |
Issue of detachable warrants in conjunction with debt (classified as discount on debt with offset to additional paid-in capital) Value of warrants | 0 | 0 | 100 |
Debt incurred in connection with seller in connection with acquisition of businesses and property and equipment | 3,379 | 4,879 | 14,880 |
Reduction of debt in sale of aircraft and property | 0 | 3,128 | 0 |
Accrued liabilities due settled with debt | 7,234 | 0 | 0 |
Unrealized gain (loss) on marketable securities | 18 | 41 | (9) |
Beneficial debt conversion feature on convertible debt | $ 0 | $ 0 | $ 33 |
Issue of shares of common stock for acquiring a business Number of shares | 200 | 0 | 100 |
Issue of shares of common stock for acquiring a business Value of shares | $ 2,375 | $ 0 | $ 863 |
Nature of Business
Nature of Business | 12 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | A. Nature of Business RCI Hospitality Holdings, Inc. (the “Company”) is a Texas corporation incorporated in 1994. Through its subsidiaries, the Company currently owns and operates establishments that offer live adult entertainment, restaurant, and/or bar operations. These establishments are located in Houston, Austin, San Antonio, Dallas, Fort Worth, Odessa, Lubbock, Longview, Tye, Edinburg, El Paso, Harlingen, Lubbock and Beaumont Texas, as well as Minneapolis, Minnesota, Philadelphia, Pennsylvania, Charlotte, North Carolina, New York, New York, Miami Gardens, Florida, Phoenix, Arizona, Sulphur, Louisiana and Indianapolis, Indiana. The Company also owns and operates a media division. The Company’s corporate offices are located in Houston, Texas. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | B. Summary of Significant Accounting Policies The accounts are maintained and the consolidated financial statements have been prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The consolidated financial statements include the accounts of the Company and its subsidiaries in which a controlling interest is owned. Significant intercompany accounts and transactions have been eliminated in consolidation The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain reported amounts in the consolidated financial statements and accompanying notes. Estimates and assumptions are based on historical experience, forecasted future events and various other assumptions that we believe to be reasonable under the circumstances. Estimates and assumptions may vary under different assumptions or conditions. We evaluate our estimates and assumptions on an ongoing basis. We believe the accounting policies below are critical in the portrayal of our financial condition and results of operations. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains deposits in several financial institutions, which may at times exceed amounts covered by insurance provided by the U.S. Federal Deposit Insurance Corporation ("FDIC"). The Company has not experienced any losses related to amounts in excess of FDIC limits. Trade accounts receivable for the nightclub operation is primarily comprised of credit card charges, which are generally converted to cash in two to five days after a purchase is made. The media division’s accounts receivable is primarily comprised of receivables for advertising sales and Expo registration. The Company’s accounts receivable, other is comprised of employee advances and other miscellaneous receivables. The long-term portion of notes receivable are included in other assets in the accompanying consolidated balance sheets. The Company recognizes interest income on notes receivable based on the terms of the agreement and based upon management’s evaluation that the notes receivable and interest income will be collected. The Company recognizes allowances for doubtful accounts or notes when, based on management judgment, circumstances indicate that accounts or notes receivable will not be collected. Inventories include alcoholic beverages, energy drinks, food, and Company merchandise. Inventories are carried at the lower of cost (on a first-in, first-out (“FIFO”) basis), or market. Property and equipment are stated at cost. Provisions for depreciation and amortization are made using straight-line rates over the estimated useful lives of the related assets and the shorter of useful lives or terms of the applicable leases for leasehold improvements. Buildings have estimated useful lives ranging from 29 40 40 Goodwill and intangible assets with indefinite lives are not amortized, but reviewed on an annual basis for impairment. Definite lived intangible assets are amortized on a straight-line basis over their estimated lives. Fully amortized assets are written-off against accumulated amortization. In accordance with US GAAP, long-lived assets, such as property, plant, and equipment, and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposal group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. Goodwill and intangible assets that have indefinite useful lives are tested annually for impairment, and are tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the asset’s fair value. For goodwill, the impairment determination is made at the reporting unit level. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill. The Company’s annual evaluation for goodwill and indefinite-lived intangible assets was performed as of September 30, 2015. The Company recognized intangible asset impairments in the year ended September 30, 2015 and 2014 related to specific reporting units. See Note O, Impairment of Assets. The Company did not recognize impairment for the year ended September 30, 2013. All of the Company’s goodwill and intangible assets relate to the nightclubs, except for $ 567 9.8 The Company calculates the fair value of its assets and liabilities which qualify as financial instruments and includes this additional information in the notes to consolidated financial statements when the fair value is different than the carrying value of these financial instruments. The estimated fair value of accounts receivable, accounts payable and accrued liabilities approximate their carrying amounts due to the relatively short maturity of these instruments. The carrying value of notes receivable and short and long-term debt also approximates fair value since these instruments bear market rates of interest. None of these instruments are held for trading purposes. The Company reports comprehensive income (loss) in accordance with the provisions of FASB ASC 220, Reporting Comprehensive Income Comprehensive income is the total of (1) net income plus (2) all other changes in net assets arising from non-owner sources, which are referred to as items of other comprehensive income. An analysis of changes in components of accumulated other comprehensive income is presented in the statement of comprehensive income. The Company recognizes revenue from the sale of alcoholic beverages, food and merchandise, other revenues and services at the point-of-sale upon receipt of cash, check, or credit card charge. Revenues from the sale of magazines and advertising content are recognized when the issue is published and shipped. Revenues and external expenses related to the Company’s annual Expo convention are recognized upon the completion of the convention. The Company recognizes sales and liquor taxes paid as revenues and an equal amount in taxes and permits expense in accordance with FASB ASC 605, Revenue Recognition 11.3 10.3 8.5 Advertising and marketing expenses are primarily comprised of costs related to public advertisements and giveaways, which are used for promotional purposes. Advertising and marketing expenses are expensed as incurred and are included in operating expenses in the accompanying consolidated statements of Income. Deferred income taxes are determined using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized. US GAAP creates a single model to address accounting for uncertainty in tax positions by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. There are no unrecognized tax benefits to disclose in the notes to the consolidated financial statements. Investments in companies in which the company has a 20 50 Investments in Companies in which the Company owns less than a 20% interest are accounted for at cost and reviewed for any impairment. The 40 40 50 600,000 50 12 600,000 15 51 Basic earnings per share includes no dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of the Company. Potential common stock shares consist of shares that may arise from outstanding dilutive common stock options and warrants (the number of which is computed using the “treasury stock method”) and from outstanding convertible debentures (the number of which is computed using the “if converted method”). Diluted earnings per share (“EPS”) considers the potential dilution that could occur if the Company’s outstanding common stock options, warrants and convertible debentures were converted into common stock that then shared in the Company’s earnings (loss) (as adjusted for interest expense, that would no longer occur if the debentures were converted). (in thousands, except per share data) FOR THE YEAR ENDED SEPTEMBER 30, 2015 2014 2013 Basic earnings per share: Net income attributable to RCIHH shareholders $ 9,312 $ 11,240 $ 9,191 Average number of common shares outstanding 10,359 9,816 9,518 Basic earnings (loss) per share $ 0.90 $ 1.15 $ 0.97 Diluted earnings per share: Net income attributable to RCIHH shareholders $ 9,312 $ 11,240 $ 9,191 Adjustment to net earnings from assumed conversion of debentures (1) 29 821 57 Adjusted net income attributable to RCIHH shareholders 9,341 12,061 9,248 Average number of common shares outstanding: Common shares outstanding 10,359 9,816 9,518 Potential dilutive shares resulting from exercise of warrants and options (2) - 9 4 Potential dilutive shares resulting from conversion of debentures (1) 47 812 93 Total average number of common shares outstanding used for dilution 10,406 10,637 9,615 Diluted earnings (loss) per share: Net income (loss) attributable to Rick's shareholders $ 0.90 $ 1.13 $ 0.96 *EPS may not foot due to rounding. Additional shares for options, warrants and debentures amounting to 353,400 234,189 821,440 (1) Represents interest expense on dilutive convertible securities that would not occur if they were assumed converted. (2) All outstanding warrants and options were considered for the EPS computation. Convertible debentures (principal and accrued interest) outstanding at September 30, 2015, 2014 and 2013 totaling $ 4,554,703 9,276,733 7,789,818 10.00 12.50 483,953 9,276,733 1,455,075 At September 30, 2015, the Company has no stock options outstanding. The Company recognizes all employee stock-based compensation as a cost in the consolidated financial statements. Equity-classified awards are measured at the grant date fair value of the award. The Company estimates grant date fair value using the Black-Scholes option-pricing model. The critical estimates are volatility, expected life and risk-free rate. The compensation cost recognized for the year ended September 30, 2015, 2014 and 2013 was zero, $ 159,370 847,183 10,000 369,665 Fair Value Accounting The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels. US GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: ⋅ Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. ⋅ Level 2 – Include other inputs that are directly or indirectly observable in the marketplace. ⋅ Level 3 – Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. We classify our marketable securities as available-for-sale, which are reported at fair value. Unrealized holding gains and losses, net of the related income tax effect, if any, on available-for-sale securities are excluded from income and are reported as accumulated other comprehensive income in stockholders’ equity. Realized gains and losses from securities classified as available for-sale are included in comprehensive income. We measure the fair value of our marketable securities based on quoted prices for identical securities in active markets, or Level 1 inputs. Gross (in thousands) Cost Unrealized Fair Available for Sale Basis Gains Value Tax-Advantaged Bond Fund $ 505 $ 109 $ 614 In accordance with US GAAP, we review our marketable securities to determine whether a decline in fair value of a security below the cost basis is other than temporary. Should the decline be considered other than temporary, we write down the cost basis of the security and include the loss in current earnings as opposed to an unrealized holding loss. No losses for other than temporary impairments in our marketable securities portfolio were recognized during the year ended September 30, 2015. (in thousands) Carrying September 30, 2015 Amount Level 1 Level 2 Level 3 Marketable securities $ 614 $ 614 $ - $ - (in thousands) Carrying September 30, 2014 Amount Level 1 Level 2 Level 3 Marketable securities $ 596 $ 596 $ - $ - Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to tangible fixed assets, goodwill and othe intangible assets, which are remeasured when the derived fair value is below carrying value in the Consolidated Balance Sheets. For these assets, the Company does not periodically adjust carrying value to fair value except in the event of impairment. If it is determined that impairment has occurred, the carrying value of the asset is reduced to fair value and the difference is recorded within income before interest, othe income (expense) and income taxes in the consolidated statement of income. Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets for Significant Other Unobservable (in thousands) September 30 Identical Asset Observable Inputs Inputs Description 2015 (Level 1) (Level 2) (Level 3) Goodwill $ 52,641 $ - $ - $ 52,641 Property and equipment, net 134,150 - - 134,150 Indefinite lived intangibles 55,828 - - 55,828 Definite lived intangibles, net 5,169 - - 5,169 Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets for Significant Other Unobservable (in thousands) September 30 Identical Asset Observable Inputs Inputs Description 2014 (Level 1) (Level 2) (Level 3) Goodwill $ 43,374 $ - $ - $ 43,374 Property and equipment, net 113,962 - - 113,962 Indefinite lived intangibles 53,968 - - 53,968 Definite lived intangibles, net 675 - - 675 Total Gains (Losses) (in thousands) Years Ended September 30, Description 2015 2014 2013 Goodwill $ - $ (613) $ - Property and equipment, net - - - Indefinite lived intangibles - - - Definite lived intangibles, net (1,654) (1,263) - Impact of Recently Issued Accounting Standards In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which it will adopt the standard in fiscal year 2018. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40) In June 2014, the FASB issued ASU No. 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force) In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs Interest - Imputation of Interest In January 2015, the FASB issued ASU No. 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. In February 2015, the FASB issued ASU No. 2015-02, which amends FASB ASU Topic 810, Consolidations In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes |
Reclassifications
Reclassifications | 12 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications [Text Block] | C. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation |
Property and Equipment
Property and Equipment | 12 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | D. Property and Equipment (in thousands, except per share data) September 30, 2015 2014 Buildings and land $ 108,967 $ 87,818 Leasehold improvements 28,273 25,428 Furniture 7,596 7,277 Equipment 26,239 24,113 Total property and equipment 171,075 144,636 Less accumulated depreciation (36,925) (30,674) Property and equipment, net $ 134,150 $ 113,962 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | E. Goodwill and Intangible Assets (in thousands) September 30, 2015 2014 Indefinite useful lives: Goodwill $ 52,641 $ 43,374 Licenses 55,828 53,968 Amortization Period Definite useful lives: Distribution agreement 10 years 2,688 - Trademarks 10 years 1,791 - Discounted leases 18 & 6 years 148 158 Unamortized non-compete agreements 5 years 542 517 5,169 675 Total goodwill and intangible assets $ 113,638 $ 98,017 (in thousands) 2015 2014 Definite- Definite- Lived Lived Intangibles Licenses Goodwill Intangibles Licenses Goodwill Beginning balance $ 675 $ 53,968 $ 43,374 $ 1,065 $ 54,966 $ 43,987 Intangibles acquired 5,231 3,565 9,267 - 265 - Impairment - (1,654) - - (1,263) (613) Amortization and other (737) (51) - (390) - - Ending balance $ 5,169 $ 55,828 $ 52,641 $ 675 $ 53,968 $ 43,374 Future amortization expense related to definite lived intangible assets subject to amortization at September 30, 2015 is (in thousands): 2016 - $ 724 659 568 555 543 2,120 Indefinite lived intangible assets consist of sexually oriented business licenses, which were obtained as part of the acquisitions. These licenses are the result of zoning ordinances, thus are valid indefinitely, subject to filing annual renewal applications, which are done at minimal costs to the Company. The discounted cash flow method of income approach was used in calculating the value of these licenses in a business combination. The Company impaired two reporting units during the year ended September 30, 2015 in the aggregate amount of $ 1,705 1,263 613 O, Impairment of Assets |
Long-term Debt
Long-term Debt | 12 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | F. Long-term Debt September 30, (in thousands) 2015 2014 Notes payable at 10-11%, mature August 2022 and December 2024 * $ 2,938 $ 2,193 Notes payable at 9.6%, mature December 2014 * - 2,140 Note payable at 7%, matures December 2019 * 169 201 Note payable at 7.25%, matures May 2016 * 218 564 Notes payable at 14%, mature September 30, 2020, collateralized by stocks of ** - 1,910 Note payable at the greater of 2% above prime or 7.5%, (7.5% at * 2,891 3,021 Note payable at the greater of 2% above prime or 7.5%, (7.5% at * 3,482 3,633 Note payable at 8%, matures January 2022 * 2,292 2,605 Notes payable at 5.5%, matures January 2023 1,315 1,388 Notes payable at 5.5%, matures January 2023 and January 2022 * 5,698 6,013 Note payable refinanced at 6.25%, matures July 2018 * 1,328 1,423 Note payable at 6.3%, matures June 2030, collateralized by aircraft 440 457 Notes payable at 4.75%-7.25% * - 492 10% convertible debentures matures August 2016 1,000 2,647 Note payable at 9.5%, matures August 2024 ** 12,607 14,093 Notes payable at 9.5%, mature September 2024 * 7,601 8,762 6% convertible debentures, mature March 2023 ** 482 1,328 Notes payable at 13%, matures October 2016 and 2017 ** 4,000 4,000 Notes payable at 5-7%, mature from 2018 to 2028 * 2,043 2,730 Note payable at 11%, matures June 2018 * 2,500 2,500 Convertible note payable from a related party at 10%, matures October, 2017 750 750 9% convertible debentures matures October 2016 2,270 4,001 7.45% note payable collateralized by aircraft, matures 2019 3,265 3,501 Notes payable to a lender at 12%, mature December 2017 and September 2018 4,000 - Non interest-bearing debt to State of Texas, matures May 2022, interest imputed at 9.6% 6,988 - Note payable to a bank at 6.5%, matures January 2020 * 4,748 - Note payable to an individual at 6%, matures January 2019 * 1,189 - Notes payable to a bank at 5.5%, matures May 2020 * 5,656 - Note payable to an individual at 6%, matures May 2020 * 1,714 - Note payable to a bank at 5.3%, matures December 2024 * 1,901 - Note payable to a bank at 5.45%, matures July 2020 * 11,273 - Other notes 162 - Total debt 94,920 70,352 Less current portion 9,700 12,315 Total long-term debt $ 85,220 $ 58,037 * Collateralized by real estate ** Collateralized by stock in subsidiary (in thousands) 2015 2014 Secured by real estate $ 57,641 $ 36,277 Secured by stock in subsidiary 17,089 21,331 Secured by other assets 3,705 3,958 Unsecured 16,485 8,786 $ 94,920 $ 70,352 On April 29, 2009, the Company entered into a modification to two secured promissory notes whereby the due date for the $ 5 million of principal due and payable by the Company under each note was extended by two years from November 2010 to November 2012. All other terms and conditions of the promissory notes remain the same. The Company paid a total of $150,000 to the holders of the notes as consideration for their agreement to extend the notes for two years through November 2012. The $150,000 paid will be amortized as an adjustment of interest expense over the remaining life of the notes. On September 30, 2010, the two secured promissory notes were modified again. Under the modified terms the promissory notes become 10 year amortized facilities that provides for equal monthly payments of $77,633 each and will be fully paid on September 30, 2020, rather than a balloon payment for the entire amount that would have been due on November 30, 2012. Interest on the modified note remains at 14 percent. The Company paid each holder $50,000 as consideration for entering into the extension. The $100,000 paid will be amortized as an adjustment of interest expense over the remaining life of the notes. These notes have been paid in 2015. As part of the acquisition of the Platinum Club II in Dallas, the Company acquired the Real Property from Wire Way, LLC, a Texas limited liability company (“Wire Way”). Pursuant to a Real Estate Purchase and Sale Agreement (the “Real Estate Agreement”) dated May 10, 2008, the Company paid total consideration of $ 6 million, which was paid $1.6 million in cash and $ 4.4 million through the issuance of a promissory note (the “Promissory Note”). The Promissory Note bears interest at a varying rate at the greater of (i) two percent (2%) above the Prime Rate or (ii) seven and one-half percent (7.5%), which is guaranteed by the Company and by Eric Langan, the Company’s Chief Executive Officer, individually . The note is payable in monthly installments of $ 34,999 until June 2017. In connection with the acquisition of Joy Club of Austin (now Rick’s Cabaret) in December 2009, the Company assumed and entered into certain notes payable aggregating $2.5 million. These notes bear interest at rates ranging from 4.75% to 7.25% and are payable in monthly installments aggregating $42,461, including interest. The notes mature in December 2014 and September 2019. These notes have been paid in 2015. In April 2010, the Company acquired the real estate for the club in Austin, Texas formerly known as Rick’s Cabaret. In connection with the purchase, the Company executed a note to the seller amounting to $ 2.2 million. The note was collateralized by the real estate and was payable in monthly installments through April 2025 of $19,774, including principal and interest at the prime rate plus 4.5% with a minimum rate of 7%. The Company refinanced this debt in 2013 with a note of $1.5 million, payable in monthly installments of $15,090 through July 2018, including principal and interest at 6.25%. In June 2010, the Company borrowed $518,192 from a lender. The funds were used to purchase an aircraft. The debt bears interest at 6.30% with monthly principal and interest payments of $3,803 beginning July 2010. The note matures in June 2030. On June 25, 2010, the Company completed the sale of an aggregate of approximately $ 9.2 million in 10% Convertible Debentures (the “2010 Debentures”) to certain accredited investors (the “2010 Holders”). The 2010 Debentures bore interest at the rate of 10% per annum and matured and were paid on June 25, 2013. The 2010 Debenture were payable with one initial payment of interest only due December 26, 2010, and, thereafter in ten equal quarterly principal payments of $920,000 plus accrued interest thereon. At the option of the 2010 Holders, the principal amount of the 2010 Debentures and the accrued but unpaid interest thereon could be converted into shares of the Company’s common stock at $10.25 per share. The 2010 Debentures were redeemable by the Company at any time if the closing price of its common stock for 20 consecutive trading days is at least $13.47 per share. Considering the cost of the associated warrants and issue costs explained below, the effective interest rate on the 2010 Debentures was 13.1%. In connection with the sale of the 2010 Debentures in June 2010, the Company also issued an aggregate of 179,513 warrants (the “Warrants”) to the 2010 Holders, on a pro-rata basis. The Company issued each Holder a number of Warrants equal to 20% of the number of shares of common stock into which each Holder’s 2010 Debenture is convertible. The Warrants had an exercise price of $10.25 and expired on June 25, 2013. The Warrants provided that the Company had the right to require exercise of the Warrants if the closing price of the Company’s common stock for 20 consecutive trading days was at least $14.35. The conversion price for the 2010 Debentures was determined by negotiation with the creditors. The $ 10.25 conversion price was in excess of the market price at date of issuance of $ 8.73. The beneficial conversion was calculated by comparing the “effective conversion price” of the debenture to the actual stock price at the transaction date. The “effective conversion price” was calculated by dividing the fair value of the debt, after deducting the fair value of the debt discount due to the issuance of warrants with the debt in the amount of $462,724, by the convertible shares. The resulting $9.74 was above the stock price at the transaction date; therefore, there was no beneficial conversion feature. Volatility 68 % Expected life 1.5 years Expected dividend yield - Risk free rate 1.18 % The cost of the warrants has been recognized as a discount on the related debt and was amortized to interest expense over the life of the debt. The proceeds from the sale of the 2010 Debentures and Warrants in June 2010 were intended to be utilized to make future acquisitions, and could be utilized for working capital and general corporate purposes. An adviser to the Company received compensation in the amount of $460,000, which was capitalized as loan origination cost and was amortized over the life of the debt, in connection with advising the Company regarding the June 2010 sale of the 2010 Debentures and Warrants. In August 2011, the Company borrowed $750,000 from an employee. The note bears interest at the rate of 10% per annum and matured on August 1, 2014. The note was payable with one initial payment of interest only due January 1, 2012, and, thereafter in ten interest-only quarterly payments. The principal was payable on August 1, 2014. The note was extended in 2014 under the same terms until maturity in October 2017. At the option of the holder, the principal amount of the note and the accrued but unpaid interest thereon may be converted into shares of the Company’s common stock at $ 10.00 per share. The note is redeemable by the Company after six months at any time if the closing price of its common stock for 20 consecutive trading days is at least $13.00 per share. On December 2, 2011, RCI Holdings entered into a Real Estate Sales Agreement with Bryan S. Foster, providing for RCI Holdings to purchase from Mr. Foster the real properties located at 12325 Calloway Cemetery Road, Fort Worth, Texas and 2151 Manana Drive, Dallas, Texas, for the aggregate purchase price of $5,500,000, including $ 2,000,000 cash and $ 3,500,000 in the form of an 8 % promissory note that is payable over 10 years at $ 42,465 per month including interest. The Fort Worth property represents the land for Cabaret East, one of our clubs, and the Dallas property represents the land at another gentlemen’s club. This transaction closed on January 13, 2012. In connection with the acquisition of Silver City in January 2012, the Company executed notes to the seller in the amount of $ 1.5 million. The notes are payable over eleven years at $12,256 per month including interest and have an adjustable interest rate of 5.5%. The rate adjusts to prime plus 2.5% in the 61 st month, not to exceed 9%. In the same transaction, the Company also acquired the related real estate and executed notes to the seller for $ 6.5 million. The notes are also payable over eleven years at $53,110 per month including interest and have the same adjustable interest rate of 5.5%. In February 2012, the Company borrowed $ 2.7 million from a lender. The funds were used to purchase an aircraft. The debt bore interest at 8.15 % with monthly principal and interest payments of $ 26,386 beginning March 2012. The aircraft was sold and the debt retired in July 2014. As consideration for the purchase of the Foster Clubs, a subsidiary paid to the sellers at closing $ 3,500,000 cash and $ 22,000,000 pursuant to a secured promissory note (the “Club Note”). The Club Note bears interest at the rate of 9.5% per annum, is payable in 144 equal monthly installments of $ 256,602 per month and is secured by the assets purchased from the Companies. In connection with the acquisition of the Foster Clubs, as explained above, the Company’s wholly owned subsidiary, Jaguars Holdings, Inc. (“JHI”), entered into a Commercial Contract (the “Real Estate Agreement”), which agreement provided for JHI to purchase the real estate where the Foster Clubs are located. The transactions contemplated by the Real Estate Agreement closed on October 16, 2012. The purchase price of the real estate was $ 10.1 million (discounted to $9.6 million as explained below) and was paid with $350,000 in cash, $9.1 million in mortgage notes, and an agreement to make a one-time payment of $650,000 in twelve years that bears no interest. The note bears interest at the rate of 9.5 %, is payable in 143 equal monthly installments and is secured by the real estate properties. The Company has recorded a debt discount of $431,252 related to the one-time payment of $650,000. The Club Note from the Jaguars acquisition also provides that in the event any regulatory or administrative authority seeks to enforce or attempts to collect any tax or obligation or liability that may be due pursuant to the Texas Patron Tax (sometimes referred to as the “Pole Tax”) or related legislation, then the then outstanding principal amount of the Club Note, as of the date the tax is enforced, will immediately be reduced by an amount calculated by multiplying 1,200,000 by the dollar amount of the per-person tax implemented (the “Reduction Amount”). The Reduction Amount cannot exceed $6,000,000. By way of example, if exactly two years after closing, a $2.00 per person tax is implemented and enforced, the Reduction Amount would be $ 2,400,000 and the then principal amount of the Club Note would be reduced $2,400,000. The Texas Patron Tax is currently enacted to be $5 per person which equates to a $6,000,000 Reduction Amount. The State of Texas has demanded payment (see Note J) and this provision was invoked in July 2014 and the Company recorded a gain of $6 million, less related debt discount. The Company acquired a second adult business in midtown Manhattan in March 2013. The Company paid $3 million for the business, with $1.5 million paid in cash and the remaining $1.5 million in six percent promissory notes convertible into shares of RCIHH common stock at a conversion price of $ 10.25. The notes were payable over ten years at $16,653 per month, including principal and interest and had a 6% interest rate. One of the noteholders with a note aggregating approximately $790,000 converted his note into shares of common stock during 2015. On January 24, 2013, we sold to an investor (i) a 10% Convertible Debenture with a principal amount of $3,000,000 (the “Debenture”), under the terms and conditions set forth in the Debenture, and (ii) a warrant to purchase a total of 60,000 shares of our common stock (the “Warrant”), under the terms and conditions set forth in the Warrant. The Debenture has a term of two years, is convertible into shares of our common stock at a conversion price of $10.00 per share (subject to adjustment), and has an annual interest rate of 10%, with one initial payment of interest only due July 24, 2013, and thereafter, the principal amount is payable in six equal quarterly principal payments of $500,000 plus accrued and unpaid interest. Six months after the issue date of the Debenture, we have the right to redeem the Debenture if our common stock has a closing price of $13.00 (subject to adjustment) for 20 consecutive trading days. The Warrant has an exercise price of $10.00 per share (subject to adjustment) and expires on January 24, 2015. In the event there is an effective registration statement registering the shares of common stock underlying the Warrant, we have the right to require exercise of the Warrant if our common stock has a closing price of $13.00 (subject to adjustment) for 20 consecutive trading days. We sold the Debenture and Warrant to the investor in a private transaction and received consideration of $3,000,000. Brean Capital, LLC acted as exclusive placement agent for the transaction and received a placement fee of 6% of the gross proceeds raised. Fair Value Measurements Volatility 35 % Expected life 1.0 year Expected dividend yield - Risk free rate 0.23 % The cost of the warrants has been recognized as a discount on the related debt and will be amortized to interest expense over the life of the debt. The proceeds from the sale of the Debenture and Warrants in January 2013 are intended to be utilized to make future acquisitions, and may be utilized for working capital and general corporate purposes. An adviser to the Company received compensation in the amount of $165,000, which was capitalized as loan origination cost and will be amortized over the life of the debt, in connection with advising the Company regarding the debt. In March 2013 the Company borrowed $1,500,000 from an individual. The note is collateralized by a second lien on the Company’s Miami nightclub, bears interest at 13% and interest only is payable monthly until the principal matures in October 2017. During the year ended September 30, 2013, the Company acquired four parcels of real estate at a cost aggregating $3,230,000 and incurred debt aggregating $2,600,000 in connection therewith. The notes bear interest at rates ranging from 5 - 7% and are payable $25,660 monthly, including principal and interest. The notes mature from 2018 to 2028. On August 24, 2013, we sold to an investor (i) a 10 % Convertible Debenture with a principal amount of $2,500,000 (the “Debenture”), under the terms and conditions set forth in the Debenture, and (ii) a warrant to purchase a total of 48,780 shares of our common stock (the “Warrant”), under the terms and conditions set forth in the Warrant. The Debenture has a term of two years, is convertible into shares of our common stock at a conversion price of $10.25 per share (subject to adjustment), and has an annual interest rate of 10%, with one initial payment of interest only due February 28, 2014, and thereafter, the principal amount is payable in six equal quarterly principal payments of $250,000 plus accrued and unpaid interest. Six months after the issue date of the Debenture, we have the right to redeem the Debenture if our common stock has a closing price of $13.33 (subject to adjustment) for 20 consecutive trading days. The Warrant has an exercise price of $10.25 per share (subject to adjustment) and expires on August 28, 2016. In the event there is an effective registration statement registering the shares of common stock underlying the Warrant, we have the right to require exercise of the Warrant if our common stock has a closing price of $13.33 (subject to adjustment) for 20 consecutive trading days. We sold the Debenture and Warrant to the investor in a private transaction and received consideration of $2,500,000. Volatility 26 % Expected life 1.5 years Expected dividend yield - Risk free rate 0.38 % The cost of the warrants has been recognized as a discount on the related debt and will be amortized to interest expense over the life of the debt. The Debenture also had a beneficial conversion feature, valued at $32,467, which has been recognized as a discount on the related debt and will be amortized to interest expense over the life of the debt. The proceeds from the sale of the Debenture and Warrants in August 2013 are intended to be utilized to make future acquisitions, and may be utilized for working capital and general corporate purposes. An adviser to the Company received compensation in the amount of $150,000, which was capitalized as loan origination cost and will be amortized to interest expense over the life of the debt, in connection with advising the Company regarding the debt. On October 15, 2013, the Company sold to certain investors (i) 9% Convertible Debentures with an aggregate principal amount of $4,525,000 (the “Debentures”), under the terms and conditions set forth in the Debentures, and (ii) warrants to purchase a total of 72,400 shares of the Company’s common stock (the “Warrants”), under the terms and conditions set forth in the Warrants. Each of the Debentures has a term of three years, is convertible into shares of our common stock at a conversion price of $ 12.50 per share (subject to adjustment), and has an annual interest rate of 9%, with one initial payment of interest only due April 15, 2014. Thereafter, the principal amount is payable in 10 equal quarterly principal payments, which amounts to a total of $452,500, plus accrued and unpaid interest. Six months after the issue date of the Debentures, we have the right to redeem the Debentures if the Company’s common stock has a closing price of $16.25 (subject to adjustment) for 20 consecutive trading days. The Warrants have an exercise price of $12.50 per share (subject to adjustment) and expire on October 15, 2016. In the event there is an effective registration statement registering the shares of common stock underlying the Warrants, we have the right to require exercise of the Warrants if our common stock has a closing price of $16.25 (subject to adjustment) for 20 consecutive trading days. The Company sold the Debentures and Warrants to the investors in a private transaction and received consideration of $4,525,000. An adviser to the Company received compensation in the amount of $271,500 in connection with advising the Company regarding the sale of the Debentures and Warrants. Volatility 28 % Expected life 1.5 years Expected dividend yield - Risk free rate 0.33 % The cost of the warrants has been recognized as a discount on the related debt and will be amortized to interest expense over the life of the debt. In December 2013, the Company borrowed $3.6 million from a lender. The funds were used to purchase an aircraft. The debt bears interest at 7.45% with monthly principal and interest payments of $40,653 beginning March 2012. The note matures in January 2019. In December 2014, the Company refinanced certain real estate debt amounting to $2.1 million with new bank debt of $2.0 million. The new debt is payable $13,270 per month, including interest at 5.25% and matures in ten years. In December 2014, the Company borrowed $1.0 million from an individual. The note is collateralized by certain real estate, is payable $13,215 per month, including interest at 10% and matures in ten years. In December 2014, the Company borrowed $2.0 million from a lender. The 12% note is collateralized by a certain subsidiary’s stock and is payable interest only until it matures in three years. On January 13, 2015 a Company subsidiary purchased Down in Texas Saloon gentlemen’s club in an Austin, Texas suburb. As part of the transaction, another subsidiary also purchased the club’s real estate. Total consideration of $6.8 million consisted of $3.5 million for the club business and $3.3 million for its 3.5 acres of real estate. Payment was in the form of $1 million in cash and $1.4 million in seller financing at 6% annual interest, with the balance provided by commercial bank financing in the form of a note at a variable interest rate equal to the prime rate plus 2%, but in no event less than 6.5%. Payments on these notes aggregate $68,829 per month. On May 4, 2015 a Company subsidiary purchased The Seville gentlemen’s club in Minneapolis Minnesota. As part of the transaction, another subsidiary also purchased the club’s real estate. Total consideration of $8.5 million consisted of $4.5 million for the assets of the club business and $4.0 million for the real estate. Payment was made through bank financing of $5.7 million at 5.5% interest, seller financing of $1.8 million at 6% and cash of $1.1 million. There are certain financial covenants the Company with which the Company must be in compliance related to this financing. The Company is in compliance with such covenants as of September 30, 2015. There are certain financial covenants with which the Company must be in compliance related to this financing. The Company is in compliance with such covenants as of September 30, 2015. Payments on these notes aggregate $65,355 per month. On July 30, 2015, a subsidiary of the Company acquired the building in which the Company’s Miami Gardens, Florida nightclub operates. The cost was $15,300,000 and was purchased with an $11,325,000 note, payable in monthly installments of approximately $78,000, including interest at 5.45% and matures in five years and the balance with cash. The building has several other third-party tenants in addition to the Company’s nightclub. The Company has reached a settlement with the State of Texas over payment of the state’s Patron Tax on adult club customers. To resolve the issue of taxes owed, the Company agreed to pay $10.0 million in equal monthly installments of $119,000, without interest, over the next 84 months for all but two nonsettled locations. Going forward, the Company agreed to remit the Patron Tax on a monthly basis, based on the current rate of $5 per customer. For accounting purposes, the Company has discounted the $10.0 million at an imputed interest rate of 9.6%, establishing a net present value for the settlement of $7.2 million. This is included as long-term debt in the consolidated balance sheets. 2016 $ 9,700 2017 17,057 2018 16,051 2019 9,737 2020 17,129 Thereafter 25,246 Total maturities of long-term debt, net of debt discount $ 94,920 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | G. Income Taxes (in thousands) 2015 2014 2013 Current $ 1,229 $ 4,979 $ 5,153 Deferred 3,935 937 261 Total income tax expense $ 5,164 $ 5,916 $ 5,414 34 (in thousands) 2015 2014 2013 Computed expected tax expense $ 4,812 $ 5,750 $ 5,037 State income taxes, net of federal benefit 221 242 146 Stock-based compensation and other permanent differences 131 (76) 231 Total income tax expense $ 5,164 $ 5,916 $ 5,414 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. (in thousands) 2015 2014 Deferred tax assets (liabilities): Definite and indefinite lived intangibles $ (21,359) $ (16,447) Property and equipment (10,302) (9,141) Patron tax 2,712 5,209 Other 862 (1,931) Net deferred tax liabilities $ (28,087) $ (22,310) 2015 2014 Current assets $ 3,442 $ 5,378 Long-term liabilities (31,529) (27,688) Net deferred tax liabilities $ (28,087) $ (22,310) Included in the Company’s deferred tax liabilities at September 30, 2015 is approximately $ 16.4 The Company may recognize the tax benefit from uncertain tax positions only if it is at least 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 should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon settlement with the taxing authorities. We recognize accrued interest related to unrecognized tax benefits as a component of interest expense. We recognize penalties related to unrecognized tax benefits as a component of miscellaneous income (expense) in accordance with regulatory requirements. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the years ended September 30, 2015, 2014 and 2013, the Company recognized no interest and penalties for unrecognized tax benefits. The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various states. The years ended September 30, 2014 and 2013 remain open to tax examination. The Company’s income tax returns for the years ended September 30, 2012 and 2011 were examined by the internal revenue service with no changes. |
Put Options and Temporary Equit
Put Options and Temporary Equity | 12 Months Ended |
Sep. 30, 2015 | |
Put Options And Temporary Equity [Abstract] | |
Put Options And Temporary Equity [Text Block] | H. Put Options and Temporary Equity We finished liquidating the put options during the quarter ended March 31, 2013 and we have no more obligations under the put options. |
Stock Options
Stock Options | 12 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | I. Stock Options In 1995, the Company adopted the 1995 Stock Option Plan (the “1995 Plan”) for employees and directors. In August 1999, the Company adopted the 1999 Stock Option Plan (the “1999 Plan”) and in 2010, the Company’s Board of Directors approved the 2010 Stock Option Plan (the “2010 Plan”) (collectively, “the Plans”). The 2010 Plan was approved by the shareholders of the Company at the 2011 Annual Meeting of Stockholders. At the 2012 Annual Meeting of Stockholders, shareholders approved amending the 2010 Plan to increase the maximum aggregate number of shares of common stock that may be optioned and sold from 500,000 800,000 Weighted Average Aggregate Weighted Remaining Intrinsic Average Contractual Value at Exercise Term September (in thousands, except exercise prices and contractual terms) Options Price (Years) 30, 2015 Outstanding at September 30, 2012 785 8.36 Granted 10 8.70 Expired or cancelled (30) 7.15 Exercised - - Outstanding at September 30, 2013 765 $ 8.41 Granted - Expired or cancelled (385) 8.35 Exercised (370) 8.40 Outstanding at September 30, 2014 10 $ 8.70 Granted - - Expired or cancelled - - Exercised (10) 8.70 Outstanding at September 30, 2015 - $ - - $ - Exercisable at September 30, 2015 - $ - - $ - On June 27, 2012, the Company issued 100,000 8.78 160,488 Volatility 37 % Expected life 1.5 years Expected dividend yield - Risk free rate 0.31 % On July 2, 2012, the Company issued 655,000 442,500 8.35 966,493 Volatility 37 % Expected life 1.5 years Expected dividend yield - Risk free rate 0.30 % In June 2013, the Company issued 10,000 8.70 11,670 Volatility 27 % Expected life 1.5 years Expected dividend yield - Risk free rate 0.27 % The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options. The expected life of awards granted represents the period of time that they are expected to be outstanding. The Company determined the initial expected life based on a simplified method, giving consideration to the contractual terms, vesting schedules and pre-vesting and post-vesting forfeitures. The Company has utilized the simplified method in accordance with US GAAP for the following reasons. Earlier in the Company’s existence, longer-term options (generally 5 1 3 2 During the years ended September 30, 2015, 2014 and 2013, the Company recorded none, $ 159,370 847,183 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | J. Commitments and Contingencies Leases The Company leases certain equipment and facilities under operating leases, of which rent expense was approximately $ 4.5 4.8 3.6 (in thousands) 2016 $ 3,019 2017 2,765 2018 2,373 2019 1,130 2020 1,143 Thereafter 10,711 Total future minimum lease obligations $ 21,141 Legal Matters Texas Patron Tax The Company has reached a settlement with the State of Texas over payment of the state’s Patron Tax on adult club customers. To resolve the issue of taxes owed, the Company agreed to pay $ 10.0 119,000 5 9.6 7.2 8.2 New York Settlement On April 1, 2015, we and our subsidiaries, RCI Entertainment (New York), Inc. and Peregrine Enterprises, Inc., entered into an agreement to settle in full a New York based federal wage and hour class and collective action filed in the United States District Court for the Southern District of New York. Trial was scheduled to begin April 27, 2015. On September 22, 2015, the Court granted final approval of the settlement. Under the terms of the agreement, Peregrine Enterprises, Inc. was to make up to $ 15 1,833,333 Filed in 2009, the case claimed Rick’s Cabaret New York misclassified entertainers as independent contractors. Plaintiffs sought minimum wage for the hours they danced and return of certain fees. RCI Entertainment (New York), Inc. and Peregrine Enterprises, Inc. maintained the dancers were properly classified, and alternatively, amounts earned were well in excess of the minimum wage and should satisfy any obligations. In accordance with GAAP, the Company expensed $ 11.1 as settlement of lawsuits and other one-time costs in the consolidated statement of income 4.2 2.4 1.8 Indemnity Insurance Corporation As previously reported, the Company and its subsidiaries were insured under a liability policy issued by Indemnity Insurance Corporation, RRG (“IIC”) through October 25, 2013. The Company and its subsidiaries changed insurance companies on that date. On November 7, 2013, the Court of Chancery of the State of Delaware entered a Rehabilitation and Injunction Order (“Rehabilitation Order”), which declared IIC impaired, insolvent and in an unsafe condition and placed IIC under the supervision of the Insurance Commissioner of the State of Delaware (“Commissioner”) in her capacity as receiver (“Receiver”). The Rehabilitation Order empowered the Commissioner to rehabilitate IIC through a variety of means, including gathering assets and marshaling those assets as necessary. Further, the order stayed or abated pending lawsuits involving IIC as the insurer until May 6, 2014. Since the expiration of the order the lawsuits have resumed. We are funding 100 Settlement of lawsuits and other one-time costs for the year ended September 30, 2014 include a $ 2 This amount is unpaid and is accrued as of September 30, 2015 and 2014. General The Company is involved in various suits and claims arising in the normal course of business. The ultimate outcome of these items will not have a material adverse effect on the Company’s consolidated statements of income or financial position. The Company has been sued by a landlord in the 33rd Judicial District Court of Harris County, Texas for a Houston Bombshells which was under renovation in 2015. The plaintiff alleges RCI Hospitality Holdings, Inc.’s subsidiary, BMB Dining Services (Willowbrook), Inc., breached a lease agreement by constructing an outdoor patio, which allegedly interfered with the common areas of the shopping center, and by failing to provide Plaintiff with proposed plans before beginning construction. Plaintiff also asserts RCI Hospitality Holdings, Inc. is liable as guarantor of the lease. The lease was for a Bombshells restaurant to be opened in the Willowbrook Shopping Center in Houston, Texas. Both RCI Hospitality Holdings, Inc. and BMB Dining Services (Willowbrook), Inc. have denied liability and assert that Plaintiff has failed to mitigate its claimed damages. Further, BMB Dining Services (Willowbrook), Inc. asserts that Plaintiff affirmatively represented that the patio could be constructed under the lease and has filed counter claims and third-party claims against Plaintiff, Plaintiff’s manager, and Plaintiff’s broker asserting that they committed fraud and that the landlord breached the applicable agreements. It is unknown at this time whether the resolution of this uncertainty will have a material effect on the Company’s financial condition. Settlements of lawsuits for the years ended September 30, 2015, 2014, and 2013 total $ 11.5 3.7 707,000 |
Common Stock
Common Stock | 12 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Common Stock [Text Block] | K. Common Stock During the year ended September 30, 2013, the following common stock transactions occurred: · The Company acquired 192,455 1.6 · In connection with the acquisition of a business, the Company issued 100,000 863,000 During the year ended September 30, 2014, the following common stock transactions occurred: · The Company acquired 101,330 1.2 · The Company issued 295,061 common shares for the conversion of debt and interest in the aggregate amount of $2,968,750. · Options exercised during the year amounted to 369,665 3,125,403 During the year ended September 30, 2015, the following common stock transactions occurred: · The Company acquired 225,280 2.3 · The Company issued 232,506 common shares for the conversion of debt and interest in the aggregate amount of $ 2.4 · The Company issued 200,000 2.4 ⋅ Options exercised during the year amounted to 10,000 86,900 |
Employee Retirement Plan
Employee Retirement Plan | 12 Months Ended |
Sep. 30, 2015 | |
Employee Retirement Plan [Abstract] | |
Employee Retirement Plan [Text Block] | L. Employee Retirement Plan The Company sponsors a Simple IRA plan (the “Plan”), which covers all of the Company’s corporate employees. The Plan allows the corporate employees to contribute up to the maximum amount allowed by law, with the Company making a matching contribution of 3 94,000 83,000 64,000 |
Acquisitions
Acquisitions | 12 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | M. Acquisitions 2013 Acquisitions and Openings In connection with the acquisition of the Foster Clubs in September 2012, the Company’s wholly owned subsidiary, Jaguars Holdings, Inc. (“JHI”), entered into a Commercial Contract (the “Real Estate Agreement”), which agreement provided for JHI to purchase the real estate where the Foster Clubs are located. The transactions contemplated by the Real Estate Agreement closed on October 16, 2012. The purchase price of the real estate was $ 10.1 9.6 350,000 9.1 650,000 9.5 431,252 Buildings and land $ 10,066 Goodwill (431) Net assets $ 9,635 On March 4, 2013, the Company completed the acquisition of a second adult business in midtown Manhattan. The Company opened a new gentlemen's club at the 61 West 37th Street location, just east of Sixth Avenue. The Company paid $ 3 1.5 1.5 10.25 16,653 120 13.47 One of the noteholders with a note aggregating approximately $ 790,000 (in thousands) Noncompete $ 150 Goodwill 997 SOB licenses 2,850 Deferred taxes (997) Net assets $ 3,000 The Company incurred approximately $ 34,000 Goodwill in the acquisition represents the offset to the deferred tax liability recorded as a result of the difference in the basis of the net assets for tax and financial purposes. The goodwill is not deductible for income tax purposes. The results of operations of this company are included in the Company’s consolidated results of operations since March 5, 2013. This acquisition was made to further the Company’s growth objective of acquiring nightclubs that will quickly contribute to the Company’s earnings per share. Proforma results of operations have not been provided, as the amounts were not deemed material to the consolidated financial statements. On May 29, 2013, our wholly owned subsidiary, RCI Entertainment (Delamo), Inc., completed the acquisition of the remaining 50 % of 1957 Delamo, LLC, which owns a new adult cabaret in Los Angeles County, California. We issued 100,000 863,000 600,000 50 Furniture and equipment $ 200 SOB licenses 1,263 Net assets $ 1,463 The Company incurred approximately $ 7,000 The results of operations of this company are included in the Company’s consolidated results of operations since May 30, 2013. This acquisition was made to further the Company’s growth objective of acquiring nightclubs that will quickly contribute to the Company’s earnings per share. Proforma results of operations have not been provided, as the amounts were not deemed material to the consolidated financial statements. In June 2013, the Company’s subsidiary, RCI Dining Services (Beaumont), Inc. acquired, for $ 300,000 245,000 2014 Acquisitions and Openings In October 2013, the Company purchased 49 percent of a corporation that operates the Dallas club “PT’s Platinum” and also acquired the building and personal property. Total cost of the transaction was $ 500,000 Buildings and land $ 350 Property and equipment 20 SOB license 265 Minority interest (135) Net assets $ 500 A subsidiary of the Company closed a transaction involving the air rights above the Company’s 33rd Street club in Manhattan in October 2013. The subsidiary entered into a contract to buy the land and building for $ 10 13,000,000 5,200,000 23 which has not closed 100,000 180,000 2015 Acquisitions and Openings On October 30, 2014, a 51 200,000 200,000 3.6 50,000 (in thousands) Inventory and accounts receivable $ 500 Equipment, furniture and fixtures 356 Definite-lived intangibles 4,931 Goodwill 5,326 Accounts payable (1,482) Notes payable (963) Deferred tax liability (1,726) Noncontrolling interest (3,392) Net assets $ 3,550 In accordance with US GAAP, the 229,000 15 (750,000) investment Goodwill from this transaction is deductible for tax purposes. On January 13, 2015 a Company subsidiary purchased Down in Texas Saloon gentlemen’s club in an Austin, Texas suburb. As part of the transaction, another subsidiary also purchased the club’s real estate. Total consideration of $ 6.8 3.5 3.3 3.5 1 1.4 (in thousands) Buildings and land $ 3,130 Furniture and fixtures 20 Inventory 4 SOB license 3,546 Noncompete 100 Net assets $ 6,800 On May 4, 2015 a Company subsidiary purchased The Seville gentlemen’s club in Minneapolis Minnesota. As part of the transaction, another subsidiary also purchased the club’s real estate. Total consideration of $ 8.5 4.5 4.0 5.7 5.5 1.8 6 1.1 (in thousands) Buildings and land $ 4,050 Furniture and fixtures 200 Inventory 109 Goodwill 3,941 Noncompete 200 Net assets $ 8,500 Goodwill from this transaction is deductible for tax purposes. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | N. Quarterly Results of Operations (Unaudited) Fiscal Year 2015 Quarters Ended Dec. 31 March 31 June 30 Sept. 30 Revenues $ 36,487 $ 37,410 $ 35,761 $ 35,009 Income (loss) from operations $ 6,140 $ (2,616) $ 14,152 $ 3,202 Net income (loss) attributable to RCIHH shareholders $ 3,360 $ (2,841) $ 8,267 $ 526 Basic income (loss) per share: Net income (loss) attributable to RCIHH shareholders $ 0.33 $ (0.28) $ 0.81 $ 0.05 Diluted income (loss) per share: Net income (loss) $ 0.32 $ (0.28) $ 0.78 $ 0.05 Basic weighted average shares outstanding 10,264 10,275 10,245 10,363 Diluted weighted average shares outstanding 10,929 10,275 10,707 10,363 Fiscal Year 2014 Quarters Ended Dec. 31 March 31 June 30 Sept. 30 Revenues $ 29,423 $ 32,870 $ 33,343 $ 33,538 Income from operations $ 5,614 $ 7,459 $ 2,892 $ 2,910 Net income attributable to RCIHH shareholders $ 2,404 $ 3,722 $ 691 $ 4,423 Basic income per share: Net income $ 0.25 $ 0.39 $ 0.07 $ 0.44 Diluted income per share: Net income attributable to RCIHH shareholders $ 0.25 $ 0.37 $ 0.07 $ 0.42 Basic weighted average shares outstanding 9,546 9,661 9,883 10,179 Diluted weighted average shares outstanding 9,855 10,853 9,968 11,014 Fiscal Year 2013 Quarters Ended Dec. 31 March 31 June 30 Sept. 30 Revenues $ 27,141 $ 28,728 $ 28,308 $ 28,031 Income from operations $ 5,616 $ 6,170 $ 5,460 $ 4,637 Net income (loss) $ 2,647 $ 2,745 $ 2,195 $ 1,604 Basic income (loss) per share: Net income (loss) $ 0.28 $ 0.29 $ 0.23 $ 0.17 Diluted income (loss) per share: Net income (loss) $ 0.28 $ 0.29 $ 0.23 $ 0.17 Basic weighted average shares outstanding 9,575 9,514 9,479 9,504 Diluted weighted average shares outstanding 9,833 9,988 9,647 9,603 |
Impairment of Assets
Impairment of Assets | 12 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Asset Impairment Charges [Text Block] | O. Impairment of Assets The Company reviews property and equipment and intangible assets with definite lives for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by comparison of its carrying amounts to future undiscounted cash flows the assets are expected to generate. If property and equipment and intangible assets with definite lives are considered to be impaired, the impairment to be recognized equals the amount by which the carrying value of the asset exceeds its fair value. During the year ended September 30, 2015, we recorded an impairment of $ 1.7 At September 30, 2014, the Company recognized impairment on two properties, one which it closed and one which it sold in October 2014. These impairments were the result of the sale and closure and not from any goodwill impairment analysis. (in thousands) Current assets $ 65 Property and equipment 1,014 Definite lived intangibles 53 Indefinite lived intangibles 1,876 Patron tax payable (670) Other current liabilities (44) Total impairment $ 2,294 |
Gain on Contractual Debt Reduct
Gain on Contractual Debt Reduction | 12 Months Ended |
Sep. 30, 2015 | |
Contractual Debt Reduction [Abstract] | |
Contractual Debt Reduction [Text Block] | Gain on Contractual Debt Reduction The Club Note from the Jaguars acquisition (see Note M, Acquisitions) also provides that in the event any regulatory or administrative authority seeks to enforce or attempts to collect any tax or obligation or liability that may be due pursuant to the Texas Patron Tax (sometimes referred to as the “Pole Tax”) or related legislation, then the then outstanding principal amount of the Club Note, as of the date the tax is enforced, will immediately be reduced by an amount calculated by multiplying 1,200,000 6,000,000 2.00 2,400,000 2,400,000 5 6,000,000 6 |
Restricted Stock Issuance
Restricted Stock Issuance | 12 Months Ended |
Sep. 30, 2015 | |
Restricted Assets Disclosure [Abstract] | |
Restricted Assets Disclosure [Text Block] | Restricted Stock Issuance In July 2014, the Company granted to an executive officer and an officer of a subsidiary an aggregate total of 96,325 938,478 480,024 122,935 368,804 |
Warrants Issued
Warrants Issued | 12 Months Ended |
Sep. 30, 2015 | |
Stockholders Equity Note [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | R. Warrants Issued In February 2014, the Company issued warrants to acquire 100,000 11.77 147,683 Fair Value Measurements Volatility 31.5 % Expected life 1.0 years Expected dividend yield - Risk free rate .12 % These warrants were acquired by the Company during the year ended September 30, 2015 for $ 50,000 |
Segment Information
Segment Information | 12 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | S. Segment Information The Company is engaged in adult nightclubs and Bombshells Restaurants and Bars. The Company has identified such segments based on management responsibility and the nature of the Company’s products, services and costs. There are no major distinctions in geographical areas served as all operations are in the United States. The Company measures segment profit (loss) as income (loss) from operations. Total assets are those assets controlled by each reportable segment. The other category below includes our media and energy drink divisions that are not significant to the consolidated financial statements. (in thousands) 2015 2014 2013 Business segment revenues: Nightclubs $ 123,280 $ 121,454 $ 108,723 Bombshells 19,091 6,213 1,869 Other 2,296 1,507 1,616 $ 144,667 $ 129,174 $ 112,208 Business segment operating income (loss): Nightclubs $ 30,444 $ 25,970 $ 28,400 Bombshells 1,773 (315) (25) Other (1,921) (246) (206) General corporate (9,418) (6,534) (6,286) $ 20,878 $ 18,875 $ 21,883 Business segment capital expenditures: Nightclubs $ 16,578 $ 11,834 $ 8,510 Bombshells 1,448 8,195 354 Other 973 8 - General corporate 260 1,322 811 $ 19,259 $ 21,359 $ 9,675 Business segment depreciation and amortization: Nightclubs $ 4,630 $ 3,453 $ 4,800 Bombshells 727 429 21 Other 627 20 16 General corporate 910 2,414 500 $ 6,894 $ 6,316 $ 5,337 Business segment assets: Nightclubs $ 230,104 200,516 $ 200,310 Bombshells 9,875 9,074 610 Other 9,721 996 1,034 General corporate 21,112 29,271 21,146 $ 270,812 $ 239,857 $ 223,100 General corporate expenses include corporate salaries, health insurance and social security taxes for officers, legal, accounting and information technology employees, corporate taxes and insurance, legal and accounting fees, depreciation and other corporate costs such as automobile and travel costs. Management considers these to be non-allocable costs for segment purposes. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | T. Subsequent Events In October 2015, the Company refinanced certain real estate debt amounting to $ 2.3 4.6 2.0 30,244 5.0 Subsequent to September 30, 2015, the Company entered into a $ 4.7 20 31,988 5.25 The rate adjusts to prime plus 1% in the 61st month, with a floor of 5.25%.The new debt matures in twenty years. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Accounting The accounts are maintained and the consolidated financial statements have been prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries in which a controlling interest is owned. Significant intercompany accounts and transactions have been eliminated in consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain reported amounts in the consolidated financial statements and accompanying notes. Estimates and assumptions are based on historical experience, forecasted future events and various other assumptions that we believe to be reasonable under the circumstances. Estimates and assumptions may vary under different assumptions or conditions. We evaluate our estimates and assumptions on an ongoing basis. We believe the accounting policies below are critical in the portrayal of our financial condition and results of operations. |
Cash and Cash Equivalents, Policy [Policy Text Block] | 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. The Company maintains deposits in several financial institutions, which may at times exceed amounts covered by insurance provided by the U.S. Federal Deposit Insurance Corporation ("FDIC"). The Company has not experienced any losses related to amounts in excess of FDIC limits. |
Receivables, Policy [Policy Text Block] | Accounts and Notes Receivable Trade accounts receivable for the nightclub operation is primarily comprised of credit card charges, which are generally converted to cash in two to five days after a purchase is made. The media division’s accounts receivable is primarily comprised of receivables for advertising sales and Expo registration. The Company’s accounts receivable, other is comprised of employee advances and other miscellaneous receivables. The long-term portion of notes receivable are included in other assets in the accompanying consolidated balance sheets. The Company recognizes interest income on notes receivable based on the terms of the agreement and based upon management’s evaluation that the notes receivable and interest income will be collected. The Company recognizes allowances for doubtful accounts or notes when, based on management judgment, circumstances indicate that accounts or notes receivable will not be collected. |
Inventory, Policy [Policy Text Block] | Inventories Inventories include alcoholic beverages, energy drinks, food, and Company merchandise. Inventories are carried at the lower of cost (on a first-in, first-out (“FIFO”) basis), or market. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost. Provisions for depreciation and amortization are made using straight-line rates over the estimated useful lives of the related assets and the shorter of useful lives or terms of the applicable leases for leasehold improvements. Buildings have estimated useful lives ranging from 29 40 40 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill and intangible assets with indefinite lives are not amortized, but reviewed on an annual basis for impairment. Definite lived intangible assets are amortized on a straight-line basis over their estimated lives. Fully amortized assets are written-off against accumulated amortization. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets In accordance with US GAAP, long-lived assets, such as property, plant, and equipment, and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposal group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. Goodwill and intangible assets that have indefinite useful lives are tested annually for impairment, and are tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the asset’s fair value. For goodwill, the impairment determination is made at the reporting unit level. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill. The Company’s annual evaluation for goodwill and indefinite-lived intangible assets was performed as of September 30, 2015. The Company recognized intangible asset impairments in the year ended September 30, 2015 and 2014 related to specific reporting units. See Note O, Impairment of Assets. The Company did not recognize impairment for the year ended September 30, 2013. All of the Company’s goodwill and intangible assets relate to the nightclubs, except for $ 567 9.8 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The Company calculates the fair value of its assets and liabilities which qualify as financial instruments and includes this additional information in the notes to consolidated financial statements when the fair value is different than the carrying value of these financial instruments. The estimated fair value of accounts receivable, accounts payable and accrued liabilities approximate their carrying amounts due to the relatively short maturity of these instruments. The carrying value of notes receivable and short and long-term debt also approximates fair value since these instruments bear market rates of interest. None of these instruments are held for trading purposes. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income The Company reports comprehensive income (loss) in accordance with the provisions of FASB ASC 220, Reporting Comprehensive Income Comprehensive income is the total of (1) net income plus (2) all other changes in net assets arising from non-owner sources, which are referred to as items of other comprehensive income. An analysis of changes in components of accumulated other comprehensive income is presented in the statement of comprehensive income. |
Revenue Recognition, Policy [Policy Text Block] | The Company recognizes revenue from the sale of alcoholic beverages, food and merchandise, other revenues and services at the point-of-sale upon receipt of cash, check, or credit card charge. Revenues from the sale of magazines and advertising content are recognized when the issue is published and shipped. Revenues and external expenses related to the Company’s annual Expo convention are recognized upon the completion of the convention. |
Sales And Liquor Taxes Policy [Policy Text Block] | Sales and Liquor Taxes The Company recognizes sales and liquor taxes paid as revenues and an equal amount in taxes and permits expense in accordance with FASB ASC 605, Revenue Recognition 11.3 10.3 8.5 |
Advertising Costs, Policy [Policy Text Block] | Advertising and Marketing Advertising and marketing expenses are primarily comprised of costs related to public advertisements and giveaways, which are used for promotional purposes. Advertising and marketing expenses are expensed as incurred and are included in operating expenses in the accompanying consolidated statements of Income. |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred income taxes are determined using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized. US GAAP creates a single model to address accounting for uncertainty in tax positions by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. There are no unrecognized tax benefits to disclose in the notes to the consolidated financial statements. |
Equity Method Investments, Policy [Policy Text Block] | Investments in companies in which the company has a 20 50 Investments in Companies in which the Company owns less than a 20% interest are accounted for at cost and reviewed for any impairment. The 40 40 50 600,000 50 12 600,000 15 51 |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share Basic earnings per share includes no dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of the Company. Potential common stock shares consist of shares that may arise from outstanding dilutive common stock options and warrants (the number of which is computed using the “treasury stock method”) and from outstanding convertible debentures (the number of which is computed using the “if converted method”). Diluted earnings per share (“EPS”) considers the potential dilution that could occur if the Company’s outstanding common stock options, warrants and convertible debentures were converted into common stock that then shared in the Company’s earnings (loss) (as adjusted for interest expense, that would no longer occur if the debentures were converted). (in thousands, except per share data) FOR THE YEAR ENDED SEPTEMBER 30, 2015 2014 2013 Basic earnings per share: Net income attributable to RCIHH shareholders $ 9,312 $ 11,240 $ 9,191 Average number of common shares outstanding 10,359 9,816 9,518 Basic earnings (loss) per share $ 0.90 $ 1.15 $ 0.97 Diluted earnings per share: Net income attributable to RCIHH shareholders $ 9,312 $ 11,240 $ 9,191 Adjustment to net earnings from assumed conversion of debentures (1) 29 821 57 Adjusted net income attributable to RCIHH shareholders 9,341 12,061 9,248 Average number of common shares outstanding: Common shares outstanding 10,359 9,816 9,518 Potential dilutive shares resulting from exercise of warrants and options (2) - 9 4 Potential dilutive shares resulting from conversion of debentures (1) 47 812 93 Total average number of common shares outstanding used for dilution 10,406 10,637 9,615 Diluted earnings (loss) per share: Net income (loss) attributable to Rick's shareholders $ 0.90 $ 1.13 $ 0.96 *EPS may not foot due to rounding. Additional shares for options, warrants and debentures amounting to 353,400 234,189 821,440 (1) Represents interest expense on dilutive convertible securities that would not occur if they were assumed converted. (2) All outstanding warrants and options were considered for the EPS computation. Convertible debentures (principal and accrued interest) outstanding at September 30, 2015, 2014 and 2013 totaling $ 4,554,703 9,276,733 7,789,818 10.00 12.50 483,953 9,276,733 1,455,075 |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Options At September 30, 2015, the Company has no stock options outstanding. The Company recognizes all employee stock-based compensation as a cost in the consolidated financial statements. Equity-classified awards are measured at the grant date fair value of the award. The Company estimates grant date fair value using the Black-Scholes option-pricing model. The critical estimates are volatility, expected life and risk-free rate. The compensation cost recognized for the year ended September 30, 2015, 2014 and 2013 was zero, $ 159,370 847,183 10,000 369,665 |
Fair Value Measurement, Policy [Policy Text Block] | The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels. US GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: ⋅ Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. ⋅ Level 2 – Include other inputs that are directly or indirectly observable in the marketplace. ⋅ Level 3 – Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. We classify our marketable securities as available-for-sale, which are reported at fair value. Unrealized holding gains and losses, net of the related income tax effect, if any, on available-for-sale securities are excluded from income and are reported as accumulated other comprehensive income in stockholders’ equity. Realized gains and losses from securities classified as available for-sale are included in comprehensive income. We measure the fair value of our marketable securities based on quoted prices for identical securities in active markets, or Level 1 inputs. Gross (in thousands) Cost Unrealized Fair Available for Sale Basis Gains Value Tax-Advantaged Bond Fund $ 505 $ 109 $ 614 In accordance with US GAAP, we review our marketable securities to determine whether a decline in fair value of a security below the cost basis is other than temporary. Should the decline be considered other than temporary, we write down the cost basis of the security and include the loss in current earnings as opposed to an unrealized holding loss. No losses for other than temporary impairments in our marketable securities portfolio were recognized during the year ended September 30, 2015. (in thousands) Carrying September 30, 2015 Amount Level 1 Level 2 Level 3 Marketable securities $ 614 $ 614 $ - $ - (in thousands) Carrying September 30, 2014 Amount Level 1 Level 2 Level 3 Marketable securities $ 596 $ 596 $ - $ - |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Policy Text Block] | Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to tangible fixed assets, goodwill and othe intangible assets, which are remeasured when the derived fair value is below carrying value in the Consolidated Balance Sheets. For these assets, the Company does not periodically adjust carrying value to fair value except in the event of impairment. If it is determined that impairment has occurred, the carrying value of the asset is reduced to fair value and the difference is recorded within income before interest, othe income (expense) and income taxes in the consolidated statement of income. Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets for Significant Other Unobservable (in thousands) September 30 Identical Asset Observable Inputs Inputs Description 2015 (Level 1) (Level 2) (Level 3) Goodwill $ 52,641 $ - $ - $ 52,641 Property and equipment, net 134,150 - - 134,150 Indefinite lived intangibles 55,828 - - 55,828 Definite lived intangibles, net 5,169 - - 5,169 Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets for Significant Other Unobservable (in thousands) September 30 Identical Asset Observable Inputs Inputs Description 2014 (Level 1) (Level 2) (Level 3) Goodwill $ 43,374 $ - $ - $ 43,374 Property and equipment, net 113,962 - - 113,962 Indefinite lived intangibles 53,968 - - 53,968 Definite lived intangibles, net 675 - - 675 Total Gains (Losses) (in thousands) Years Ended September 30, Description 2015 2014 2013 Goodwill $ - $ (613) $ - Property and equipment, net - - - Indefinite lived intangibles - - - Definite lived intangibles, net (1,654) (1,263) - |
New Accounting Pronouncements, Policy [Policy Text Block] | Impact of Recently Issued Accounting Standards In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which it will adopt the standard in fiscal year 2018. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40) In June 2014, the FASB issued ASU No. 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force) In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs Interest - Imputation of Interest In January 2015, the FASB issued ASU No. 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. In February 2015, the FASB issued ASU No. 2015-02, which amends FASB ASU Topic 810, Consolidations In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net earnings applicable to common stock and the weighted average number of shares used for basic and diluted earnings (loss) per share computations are summarized in the table that follows: (in thousands, except per share data) FOR THE YEAR ENDED SEPTEMBER 30, 2015 2014 2013 Basic earnings per share: Net income attributable to RCIHH shareholders $ 9,312 $ 11,240 $ 9,191 Average number of common shares outstanding 10,359 9,816 9,518 Basic earnings (loss) per share $ 0.90 $ 1.15 $ 0.97 Diluted earnings per share: Net income attributable to RCIHH shareholders $ 9,312 $ 11,240 $ 9,191 Adjustment to net earnings from assumed conversion of debentures (1) 29 821 57 Adjusted net income attributable to RCIHH shareholders 9,341 12,061 9,248 Average number of common shares outstanding: Common shares outstanding 10,359 9,816 9,518 Potential dilutive shares resulting from exercise of warrants and options (2) - 9 4 Potential dilutive shares resulting from conversion of debentures (1) 47 812 93 Total average number of common shares outstanding used for dilution 10,406 10,637 9,615 Diluted earnings (loss) per share: Net income (loss) attributable to Rick's shareholders $ 0.90 $ 1.13 $ 0.96 *EPS may not foot due to rounding. Additional shares for options, warrants and debentures amounting to 353,400 234,189 821,440 (1) Represents interest expense on dilutive convertible securities that would not occur if they were assumed converted. (2) All outstanding warrants and options were considered for the EPS computation. |
Available-for-sale Securities [Table Text Block] | As of September 30, 2015, available-for-sale securities consisted of the following: Gross (in thousands) Cost Unrealized Fair Available for Sale Basis Gains Value Tax-Advantaged Bond Fund $ 505 $ 109 $ 614 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Financial assets and liabilities measured at fair value on a recurring basis are summarized below: (in thousands) Carrying September 30, 2015 Amount Level 1 Level 2 Level 3 Marketable securities $ 614 $ 614 $ - $ - (in thousands) Carrying September 30, 2014 Amount Level 1 Level 2 Level 3 Marketable securities $ 596 $ 596 $ - $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets for Significant Other Unobservable (in thousands) September 30 Identical Asset Observable Inputs Inputs Description 2015 (Level 1) (Level 2) (Level 3) Goodwill $ 52,641 $ - $ - $ 52,641 Property and equipment, net 134,150 - - 134,150 Indefinite lived intangibles 55,828 - - 55,828 Definite lived intangibles, net 5,169 - - 5,169 Fair Value at Reporting Date Using Quoted Prices in Significant Active Markets for Significant Other Unobservable (in thousands) September 30 Identical Asset Observable Inputs Inputs Description 2014 (Level 1) (Level 2) (Level 3) Goodwill $ 43,374 $ - $ - $ 43,374 Property and equipment, net 113,962 - - 113,962 Indefinite lived intangibles 53,968 - - 53,968 Definite lived intangibles, net 675 - - 675 Total Gains (Losses) (in thousands) Years Ended September 30, Description 2015 2014 2013 Goodwill $ - $ (613) $ - Property and equipment, net - - - Indefinite lived intangibles - - - Definite lived intangibles, net (1,654) (1,263) - |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment consisted of the following: (in thousands, except per share data) September 30, 2015 2014 Buildings and land $ 108,967 $ 87,818 Leasehold improvements 28,273 25,428 Furniture 7,596 7,277 Equipment 26,239 24,113 Total property and equipment 171,075 144,636 Less accumulated depreciation (36,925) (30,674) Property and equipment, net $ 134,150 $ 113,962 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Goodwill and intangible assets consisted of the following: (in thousands) September 30, 2015 2014 Indefinite useful lives: Goodwill $ 52,641 $ 43,374 Licenses 55,828 53,968 Amortization Period Definite useful lives: Distribution agreement 10 years 2,688 - Trademarks 10 years 1,791 - Discounted leases 18 & 6 years 148 158 Unamortized non-compete agreements 5 years 542 517 5,169 675 Total goodwill and intangible assets $ 113,638 $ 98,017 |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | (in thousands) 2015 2014 Definite- Definite- Lived Lived Intangibles Licenses Goodwill Intangibles Licenses Goodwill Beginning balance $ 675 $ 53,968 $ 43,374 $ 1,065 $ 54,966 $ 43,987 Intangibles acquired 5,231 3,565 9,267 - 265 - Impairment - (1,654) - - (1,263) (613) Amortization and other (737) (51) - (390) - - Ending balance $ 5,169 $ 55,828 $ 52,641 $ 675 $ 53,968 $ 43,374 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Debt Instrument [Line Items] | |
Schedule of Debt [Table Text Block] | Long-term debt consisted of: September 30, (in thousands) 2015 2014 Notes payable at 10-11%, mature August 2022 and December 2024 * $ 2,938 $ 2,193 Notes payable at 9.6%, mature December 2014 * - 2,140 Note payable at 7%, matures December 2019 * 169 201 Note payable at 7.25%, matures May 2016 * 218 564 Notes payable at 14%, mature September 30, 2020, collateralized by stocks of ** - 1,910 Note payable at the greater of 2% above prime or 7.5%, (7.5% at * 2,891 3,021 Note payable at the greater of 2% above prime or 7.5%, (7.5% at * 3,482 3,633 Note payable at 8%, matures January 2022 * 2,292 2,605 Notes payable at 5.5%, matures January 2023 1,315 1,388 Notes payable at 5.5%, matures January 2023 and January 2022 * 5,698 6,013 Note payable refinanced at 6.25%, matures July 2018 * 1,328 1,423 Note payable at 6.3%, matures June 2030, collateralized by aircraft 440 457 Notes payable at 4.75%-7.25% * - 492 10% convertible debentures matures August 2016 1,000 2,647 Note payable at 9.5%, matures August 2024 ** 12,607 14,093 Notes payable at 9.5%, mature September 2024 * 7,601 8,762 6% convertible debentures, mature March 2023 ** 482 1,328 Notes payable at 13%, matures October 2016 and 2017 ** 4,000 4,000 Notes payable at 5-7%, mature from 2018 to 2028 * 2,043 2,730 Note payable at 11%, matures June 2018 * 2,500 2,500 Convertible note payable from a related party at 10%, matures October, 2017 750 750 9% convertible debentures matures October 2016 2,270 4,001 7.45% note payable collateralized by aircraft, matures 2019 3,265 3,501 Notes payable to a lender at 12%, mature December 2017 and September 2018 4,000 - Non interest-bearing debt to State of Texas, matures May 2022, interest imputed at 9.6% 6,988 - Note payable to a bank at 6.5%, matures January 2020 * 4,748 - Note payable to an individual at 6%, matures January 2019 * 1,189 - Notes payable to a bank at 5.5%, matures May 2020 * 5,656 - Note payable to an individual at 6%, matures May 2020 * 1,714 - Note payable to a bank at 5.3%, matures December 2024 * 1,901 - Note payable to a bank at 5.45%, matures July 2020 * 11,273 - Other notes 162 - Total debt 94,920 70,352 Less current portion 9,700 12,315 Total long-term debt $ 85,220 $ 58,037 * Collateralized by real estate ** Collateralized by stock in subsidiary |
Schedule of Long-term Debt Instruments [Table Text Block] | Following is a summary of long-term debt at September 30: (in thousands) 2015 2014 Secured by real estate $ 57,641 $ 36,277 Secured by stock in subsidiary 17,089 21,331 Secured by other assets 3,705 3,958 Unsecured 16,485 8,786 $ 94,920 $ 70,352 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Future maturities of long-term debt consist of the following, net of debt discount: (in thousands) 2016 $ 9,700 2017 17,057 2018 16,051 2019 9,737 2020 17,129 Thereafter 25,246 Total maturities of long-term debt, net of debt discount $ 94,920 |
Warrants Outstanding 434,571 [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Warrants Valuation Assumptions [Table Text Block] | The fair value of the warrants was estimated to be $ 434,571 using a Black-Scholes option-pricing model using the following weighted average assumptions: Volatility 68 % Expected life 1.5 years Expected dividend yield - Risk free rate 1.18 % |
Warrants Outstanding 38,256 [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Warrants Valuation Assumptions [Table Text Block] | The fair value of the warrants was estimated to be $38,256 in accordance with FASB ASC 820, Fair Value Measurements Volatility 35 % Expected life 1.0 year Expected dividend yield - Risk free rate 0.23 % |
Warrants Outstanding 61,735 [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Warrants Valuation Assumptions [Table Text Block] | The fair value of the warrants was estimated to be $61,735 using a Black-Scholes option-pricing model using the following weighted average assumptions: Volatility 26 % Expected life 1.5 years Expected dividend yield - Risk free rate 0.38 % |
Warrants Outstanding 105,318 [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Warrants Valuation Assumptions [Table Text Block] | The fair value of the warrants was estimated to be $105,318 using a Black-Scholes option-pricing model using the following weighted average assumptions: Volatility 28 % Expected life 1.5 years Expected dividend yield - Risk free rate 0.33 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Provision For Income Taxes [Table Text Block] | The provision for income taxes on continuing operations consisted of the following for the years ended September 30: (in thousands) 2015 2014 2013 Current $ 1,229 $ 4,979 $ 5,153 Deferred 3,935 937 261 Total income tax expense $ 5,164 $ 5,916 $ 5,414 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense on continuing operations differs from the “expected” income tax expense computed by applying the U.S. federal statutory rate of 34 (in thousands) 2015 2014 2013 Computed expected tax expense $ 4,812 $ 5,750 $ 5,037 State income taxes, net of federal benefit 221 242 146 Stock-based compensation and other permanent differences 131 (76) 231 Total income tax expense $ 5,164 $ 5,916 $ 5,414 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The significant components of the Company’s deferred tax assets and liabilities at September 30 were as follows: (in thousands) 2015 2014 Deferred tax assets (liabilities): Definite and indefinite lived intangibles $ (21,359) $ (16,447) Property and equipment (10,302) (9,141) Patron tax 2,712 5,209 Other 862 (1,931) Net deferred tax liabilities $ (28,087) $ (22,310) |
Schedule Of Net Deferred Tax Assets And Liabilities [Table Text Block] | The net deferred taxes are recorded in the balance sheets as follows: 2015 2014 Current assets $ 3,442 $ 5,378 Long-term liabilities (31,529) (27,688) Net deferred tax liabilities $ (28,087) $ (22,310) |
Stock Options (Tables)
Stock Options (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Following is a summary of options activity: Weighted Average Aggregate Weighted Remaining Intrinsic Average Contractual Value at Exercise Term September (in thousands, except exercise prices and contractual terms) Options Price (Years) 30, 2015 Outstanding at September 30, 2012 785 8.36 Granted 10 8.70 Expired or cancelled (30) 7.15 Exercised - - Outstanding at September 30, 2013 765 $ 8.41 Granted - Expired or cancelled (385) 8.35 Exercised (370) 8.40 Outstanding at September 30, 2014 10 $ 8.70 Granted - - Expired or cancelled - - Exercised (10) 8.70 Outstanding at September 30, 2015 - $ - - $ - Exercisable at September 30, 2015 - $ - - $ - |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of these options were estimated to be $ 160,488 Volatility 37 % Expected life 1.5 years Expected dividend yield - Risk free rate 0.31 % The fair value of these options was estimated to be $ 966,493 Volatility 37 % Expected life 1.5 years Expected dividend yield - Risk free rate 0.30 % The fair value of these options was estimated to be $ 11,670 Volatility 27 % Expected life 1.5 years Expected dividend yield - Risk free rate 0.27 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum annual lease obligations as of September 30, 2015 are as follows: (in thousands) 2016 $ 3,019 2017 2,765 2018 2,373 2019 1,130 2020 1,143 Thereafter 10,711 Total future minimum lease obligations $ 21,141 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Foster Clubs [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition Fair Values Assets and Liabilities [Table Text Block] | The following information summarizes the allocation of fair values assigned to the assets at the purchase date. (in thousands) Buildings and land $ 10,066 Goodwill (431) Net assets $ 9,635 |
New Gentlemen's Club [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition Fair Values Assets and Liabilities [Table Text Block] | The following information summarizes the allocation of fair values assigned to the assets and liabilities at the purchase date. (in thousands) Noncompete $ 150 Goodwill 997 SOB licenses 2,850 Deferred taxes (997) Net assets $ 3,000 |
RCI Entertainment Delamo, Inc [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition Fair Values Assets and Liabilities [Table Text Block] | The following information summarizes the allocation of fair values assigned to the assets at the purchase date. (in thousands) Furniture and equipment $ 200 SOB licenses 1,263 Net assets $ 1,463 |
PTs Platinum [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition Fair Values Assets and Liabilities [Table Text Block] | The following information summarizes the allocation of fair values assigned to the assets at the purchase date. Buildings and land $ 350 Property and equipment 20 SOB license 265 Minority interest (135) Net assets $ 500 |
Robust [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition Fair Values Assets and Liabilities [Table Text Block] | The following information summarizes the preliminary allocation of fair values assigned to the assets and liabilities at the purchase date. (in thousands) Inventory and accounts receivable $ 500 Equipment, furniture and fixtures 356 Definite-lived intangibles 4,931 Goodwill 5,326 Accounts payable (1,482) Notes payable (963) Deferred tax liability (1,726) Noncontrolling interest (3,392) Net assets $ 3,550 |
Texas Saloon Gentlemen’s Club [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition Fair Values Assets and Liabilities [Table Text Block] | The following information summarizes the allocation of fair values assigned to the assets at the purchase date. (in thousands) Buildings and land $ 3,130 Furniture and fixtures 20 Inventory 4 SOB license 3,546 Noncompete 100 Net assets $ 6,800 |
Seville Gentlemens Club [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition Fair Values Assets and Liabilities [Table Text Block] | The following information summarizes the allocation of fair values assigned to the assets at the purchase date. (in thousands) Buildings and land $ 4,050 Furniture and fixtures 200 Inventory 109 Goodwill 3,941 Noncompete 200 Net assets $ 8,500 |
Quarterly Results of Operatio38
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | (in thousands, except per share data) Fiscal Year 2015 Quarters Ended Dec. 31 March 31 June 30 Sept. 30 Revenues $ 36,487 $ 37,410 $ 35,761 $ 35,009 Income (loss) from operations $ 6,140 $ (2,616) $ 14,152 $ 3,202 Net income (loss) attributable to RCIHH shareholders $ 3,360 $ (2,841) $ 8,267 $ 526 Basic income (loss) per share: Net income (loss) attributable to RCIHH shareholders $ 0.33 $ (0.28) $ 0.81 $ 0.05 Diluted income (loss) per share: Net income (loss) $ 0.32 $ (0.28) $ 0.78 $ 0.05 Basic weighted average shares outstanding 10,264 10,275 10,245 10,363 Diluted weighted average shares outstanding 10,929 10,275 10,707 10,363 Fiscal Year 2014 Quarters Ended Dec. 31 March 31 June 30 Sept. 30 Revenues $ 29,423 $ 32,870 $ 33,343 $ 33,538 Income from operations $ 5,614 $ 7,459 $ 2,892 $ 2,910 Net income attributable to RCIHH shareholders $ 2,404 $ 3,722 $ 691 $ 4,423 Basic income per share: Net income $ 0.25 $ 0.39 $ 0.07 $ 0.44 Diluted income per share: Net income attributable to RCIHH shareholders $ 0.25 $ 0.37 $ 0.07 $ 0.42 Basic weighted average shares outstanding 9,546 9,661 9,883 10,179 Diluted weighted average shares outstanding 9,855 10,853 9,968 11,014 Fiscal Year 2013 Quarters Ended Dec. 31 March 31 June 30 Sept. 30 Revenues $ 27,141 $ 28,728 $ 28,308 $ 28,031 Income from operations $ 5,616 $ 6,170 $ 5,460 $ 4,637 Net income (loss) $ 2,647 $ 2,745 $ 2,195 $ 1,604 Basic income (loss) per share: Net income (loss) $ 0.28 $ 0.29 $ 0.23 $ 0.17 Diluted income (loss) per share: Net income (loss) $ 0.28 $ 0.29 $ 0.23 $ 0.17 Basic weighted average shares outstanding 9,575 9,514 9,479 9,504 Diluted weighted average shares outstanding 9,833 9,988 9,647 9,603 |
Impairment of Assets (Tables)
Impairment of Assets (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Impaired Intangible Assets [Table Text Block] | Following is the relevant information on the assets impaired: (in thousands) Current assets $ 65 Property and equipment 1,014 Definite lived intangibles 53 Indefinite lived intangibles 1,876 Patron tax payable (670) Other current liabilities (44) Total impairment $ 2,294 |
Warrants Issued (Tables)
Warrants Issued (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Stockholders Equity Note [Abstract] | |
Schedule of Stockholders Equity Note, Warrants or Rights [Table Text Block] | The fair value of the warrants, which was entirely charged to expense upon issuance, was estimated to be $ 147,683 Fair Value Measurements Volatility 31.5 % Expected life 1.0 years Expected dividend yield - Risk free rate .12 % |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Below is the financial information related to the Company’s segments: (in thousands) 2015 2014 2013 Business segment revenues: Nightclubs $ 123,280 $ 121,454 $ 108,723 Bombshells 19,091 6,213 1,869 Other 2,296 1,507 1,616 $ 144,667 $ 129,174 $ 112,208 Business segment operating income (loss): Nightclubs $ 30,444 $ 25,970 $ 28,400 Bombshells 1,773 (315) (25) Other (1,921) (246) (206) General corporate (9,418) (6,534) (6,286) $ 20,878 $ 18,875 $ 21,883 Business segment capital expenditures: Nightclubs $ 16,578 $ 11,834 $ 8,510 Bombshells 1,448 8,195 354 Other 973 8 - General corporate 260 1,322 811 $ 19,259 $ 21,359 $ 9,675 Business segment depreciation and amortization: Nightclubs $ 4,630 $ 3,453 $ 4,800 Bombshells 727 429 21 Other 627 20 16 General corporate 910 2,414 500 $ 6,894 $ 6,316 $ 5,337 Business segment assets: Nightclubs $ 230,104 200,516 $ 200,310 Bombshells 9,875 9,074 610 Other 9,721 996 1,034 General corporate 21,112 29,271 21,146 $ 270,812 $ 239,857 $ 223,100 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Basic earnings per share: | ||||||||||||||||
Net income attributable to RCIHH shareholders | $ 526 | $ 8,267 | $ (2,841) | $ 3,360 | $ 4,423 | $ 691 | $ 3,722 | $ 2,404 | $ 1,604 | $ 2,195 | $ 2,745 | $ 2,647 | $ 9,312 | $ 11,240 | $ 9,191 | |
Average number of common shares outstanding | 10,363 | 10,245 | 10,275 | 10,264 | 10,179 | 9,883 | 9,661 | 9,546 | 9,504 | 9,479 | 9,514 | 9,575 | 10,359 | 9,816 | 9,518 | |
Basic earnings per share | $ 0.90 | $ 1.15 | $ 0.97 | |||||||||||||
Diluted earnings per share: | ||||||||||||||||
Net income attributable to RCIHH shareholders | $ 526 | $ 8,267 | $ (2,841) | $ 3,360 | $ 4,423 | $ 691 | $ 3,722 | $ 2,404 | $ 1,604 | $ 2,195 | $ 2,745 | $ 2,647 | $ 9,312 | $ 11,240 | $ 9,191 | |
Adjustment. to net earnings from assumed conversion of debentures | [1] | 29 | 821 | 57 | ||||||||||||
Adjusted net income attributable to RCIHH shareholders | $ 9,341 | $ 12,061 | $ 9,248 | |||||||||||||
Average number of common shares outstanding: | ||||||||||||||||
Common shares outstanding | 10,359 | 9,816 | 9,518 | |||||||||||||
Potential dilutive shares resulting from exercise of warrants and options | [2] | 0 | 9 | 4 | ||||||||||||
Potential dilutive shares resulting from conversion of debentures | [1] | 47 | 812 | 93 | ||||||||||||
Total average number of common shares outstanding used for dilution | 10,363 | 10,707 | 10,275 | 10,929 | 11,014 | 9,968 | 10,853 | 9,855 | 9,603 | 9,647 | 9,988 | 9,833 | 10,406 | 10,637 | 9,615 | |
Diluted earnings (loss) per share: | ||||||||||||||||
Net income (loss) attributable to Rick's shareholders | $ 0.05 | $ 0.78 | $ (0.28) | $ 0.32 | $ 0.42 | $ 0.07 | $ 0.37 | $ 0.25 | $ 0.17 | $ 0.23 | $ 0.29 | $ 0.28 | $ 0.90 | $ 1.13 | $ 0.96 | |
[1] | Represents interest expense on dilutive convertible securities that would not occur if they were assumed converted. | |||||||||||||||
[2] | All outstanding warrants and options were considered for the EPS computation. |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Details 1) - Tax Advantaged Bond Fund [Member] - Fair Value, Inputs, Level 1 [Member] $ in Thousands | Sep. 30, 2015USD ($) |
Significant Accounting Policies [Line Items] | |
Available for Sale, Cost Basis | $ 505 |
Available for Sale, Gross Unrealized Gains | 109 |
Available for Sale, Fair Value | $ 614 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Details 2) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Significant Accounting Policies [Line Items] | ||
Marketable securities | $ 614 | $ 596 |
Fair Value, Inputs, Level 1 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Marketable securities | 614 | 596 |
Fair Value, Inputs, Level 2 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Marketable securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Marketable securities | $ 0 | $ 0 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Details 3) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Significant Accounting Policies [Line Items] | |||
Goodwill | $ 52,641 | $ 43,374 | $ 43,987 |
Property and equipment, net | 134,150 | 113,962 | |
Indefinite lived intangibles | 55,828 | 53,968 | |
Definite lived intangibles, net | 5,169 | 675 | 1,065 |
Fair Value, Measurements, Nonrecurring [Member] | |||
Significant Accounting Policies [Line Items] | |||
Goodwill | 0 | (613) | 0 |
Property and equipment, net | 0 | 0 | 0 |
Indefinite lived intangibles | 0 | 0 | 0 |
Definite lived intangibles, net | (1,654) | (1,263) | $ 0 |
Quoted Prices in Active Markets for Identical Asset (Level 1) [Member] | |||
Significant Accounting Policies [Line Items] | |||
Goodwill | 0 | 0 | |
Property and equipment, net | 0 | 0 | |
Indefinite lived intangibles | 0 | 0 | |
Definite lived intangibles, net | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Significant Accounting Policies [Line Items] | |||
Goodwill | 0 | 0 | |
Property and equipment, net | 0 | 0 | |
Indefinite lived intangibles | 0 | 0 | |
Definite lived intangibles, net | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Significant Accounting Policies [Line Items] | |||
Goodwill | 52,641 | 43,374 | |
Property and equipment, net | 134,150 | 113,962 | |
Indefinite lived intangibles | 55,828 | 53,968 | |
Definite lived intangibles, net | $ 5,169 | $ 675 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 31, 2014 | Sep. 30, 2012 | |
Significant Accounting Policies [Line Items] | |||||
Sales And Liquor Taxes | $ 11,300,000 | $ 10,300,000 | $ 8,500,000 | ||
Goodwill | 52,641,000 | 43,374,000 | 43,987,000 | ||
Antidilutive Securities | $ 353,400 | $ 234,189 | $ 821,440 | ||
Share Based Compensation Arrangement By Stock Option Exercised | 10,000 | 369,665 | |||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | ||||
Allocated Share-based Compensation Expense, Total | $ 0 | $ 159,370 | $ 847,183 | ||
Equity Method Investment, Additional Information | Investments in Companies in which the Company owns less than a 20% interest are accounted for at cost and reviewed for any impairment. | ||||
Convertible Debt | $ 4,554,703 | 9,276,733 | 7,789,818 | ||
Amortization of Intangible Assets | 9,800,000 | ||||
Convertible Debt [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Antidilutive Securities | $ 483,953 | $ 9,276,733 | 1,455,075 | ||
Other Assets [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Business Acquisition Cost Of Acquired Entity Purchase Prices | $ 600,000 | ||||
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | |||
Business Acquisition, Percentage of Voting Interests Acquired | 12.00% | ||||
Night club [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Business Acquisition Cost Of Acquired Entity Purchase Prices | $ 600,000 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | ||||
Maximum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% | ||||
Debt Instrument, Convertible, Conversion Price | $ 12.50 | ||||
Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 20.00% | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 15.00% | ||||
Debt Instrument, Convertible, Conversion Price | $ 10 | ||||
Building [Member] | Maximum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 40 years | ||||
Building [Member] | Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 29 years | ||||
Equipment and Leasehold Improvements [Member] | Maximum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 40 years | ||||
Equipment and Leasehold Improvements [Member] | Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
Media Division [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Goodwill | $ 567,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 171,075 | $ 144,636 |
Less accumulated depreciation | (36,925) | (30,674) |
Property and equipment, net | 134,150 | 113,962 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 26,239 | 24,113 |
Buildings and land | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 108,967 | 87,818 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 28,273 | 25,428 |
Furniture | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 7,596 | $ 7,277 |
Goodwill and Intangible Asset48
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Indefinite useful lives: | |||
Goodwill | $ 52,641 | $ 43,374 | $ 43,987 |
Licenses | 55,828 | 53,968 | 54,966 |
Definite useful lives: | |||
Distribution agreement | 2,688 | 0 | |
Trademarks | 1,791 | 0 | |
Discounted leases | 148 | 158 | |
Unamortized non-compete agreements | 542 | 517 | |
Finite-Lived Intangible Assets, Net, Total | 5,169 | 675 | $ 1,065 |
Total goodwill and intangible assets | $ 113,638 | $ 98,017 | |
Distribution Agreement [Member] | |||
Definite useful lives: | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Trademarks [Member] | |||
Definite useful lives: | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Discounted Leases [Member] | Maximum [Member] | |||
Definite useful lives: | |||
Finite-Lived Intangible Asset, Useful Life | 18 years | ||
Discounted Leases [Member] | Minimum [Member] | |||
Definite useful lives: | |||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||
Unamortized Non Compete Agreements [Member] | |||
Definite useful lives: | |||
Finite-Lived Intangible Asset, Useful Life | 5 years |
Goodwill and Intangible Asset49
Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Definite-lived Intangible Assets [Line Items] | ||
Definite- Lived Intangibles, Beginning balance | $ 675 | $ 1,065 |
Definite- Lived Intangibles, Intangibles acquired | 5,231 | 0 |
Definite- Lived Intangibles, Impairment | 0 | 0 |
Definite- Lived Intangibles, Other | (737) | (390) |
Definite- Lived Intangibles, Ending balance | 5,169 | 675 |
Licenses, Beginning balance | 53,968 | 54,966 |
Licenses, Intangibles acquired | 3,565 | 265 |
Licenses, Impairment | (1,654) | (1,263) |
Licenses, Other | (51) | 0 |
Licenses, Ending balance | 55,828 | 53,968 |
Goodwill, Beginning balance | 43,374 | 43,987 |
Goodwill, Intangibles acquired | 9,267 | 0 |
Goodwill, Imapairment | 0 | (613) |
Goodwill, Other | 0 | 0 |
Goodwill, Ending balance | $ 52,641 | $ 43,374 |
Goodwill and Intangible Asset50
Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Goodwill And Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 724 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 659 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 568 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 555 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 543 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 2,120 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 1,705 | $ 1,263 | $ 0 |
Goodwill and Intangible Asset Impairment | $ 0 | $ 613 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Aug. 31, 2011 | |
Debt Instrument [Line Items] | ||||
Total debt | $ 94,920 | $ 70,352 | $ 750 | |
Less current portion | 9,700 | 12,315 | ||
Total long-term debt | 85,220 | 58,037 | ||
Convertible Notes Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | 750 | 750 | ||
Notes Payable One [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [1] | 2,938 | 2,193 | |
Notes Payable Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [1] | 0 | 2,140 | |
Notes Payable Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [1] | 169 | 201 | |
Notes Payable Four [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [1] | 218 | 564 | |
Notes Payable Five [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [2] | 0 | 1,910 | |
Notes Payable Six [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [1] | 2,891 | 3,021 | |
Notes Payable Seven [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [1] | 3,482 | 3,633 | |
Notes Payable Eight [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [1] | 2,292 | 2,605 | |
Notes Payable Nine [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | 1,315 | 1,388 | ||
Notes Payable Ten [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [1] | 5,698 | 6,013 | |
Notes Payable Eleven [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [1] | 1,328 | 1,423 | |
Notes Payable Twelve [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | 440 | 457 | ||
Notes Payable Thirteen [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [1] | 0 | 492 | |
Notes Payable Fourteen [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [2] | 12,607 | 14,093 | |
Convertible Debentures One [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | 1,000 | 2,647 | ||
Notes Payable Fifteen [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [1] | 7,601 | 8,762 | |
Notes Payable Sixteen [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [2] | 4,000 | 4,000 | |
Convertible Debentures Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [2] | 482 | 1,328 | |
Notes Payable Seventeen [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [1] | 2,043 | 2,730 | |
Notes Payable Eighteen [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [1] | 2,500 | 2,500 | |
Notes Payable Ninteen [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | 3,265 | 3,501 | ||
Convertible Debentures Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | 2,270 | 4,001 | ||
Notes Payable Twenty [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | 4,000 | 0 | ||
Notes Payable Twenty One [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | 6,988 | 0 | ||
Notes Payable Twenty Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [1] | 4,748 | 0 | |
Notes Payable Twenty Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [1] | 1,189 | 0 | |
Notes Payable Twenty Four [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [1] | 5,656 | 0 | |
Notes Payable Twenty Five [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [1] | 1,714 | 0 | |
Notes Payable Twenty Six [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [1] | 1,901 | 0 | |
Notes Payable Twenty Seven [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | [1] | 11,273 | 0 | |
Other notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 162 | $ 0 | ||
[1] | Collateralized by real estate | |||
[2] | Collateralized by stock in subsidiary |
Long-term Debt (Details 1)
Long-term Debt (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Aug. 31, 2011 |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 94,920 | $ 70,352 | $ 750 |
Other Assets [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 3,705 | 3,958 | |
Stock In Subsidiary [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 17,089 | 21,331 | |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 16,485 | 8,786 | |
Real Estate [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 57,641 | $ 36,277 |
Long-term Debt (Details 2)
Long-term Debt (Details 2) | 12 Months Ended |
Sep. 30, 2015 | |
Warrants Outstanding 434,571 [Member] | |
Debt Instrument [Line Items] | |
Volatility | 68.00% |
Expected life | 1 year 6 months |
Expected dividend yield | 0.00% |
Risk free rate | 1.18% |
Warrants Outstanding 38,256 [Member] | |
Debt Instrument [Line Items] | |
Volatility | 35.00% |
Expected life | 1 year |
Expected dividend yield | 0.00% |
Risk free rate | 0.23% |
Warrants Outstanding 61,735 [Member] | |
Debt Instrument [Line Items] | |
Volatility | 26.00% |
Expected life | 1 year 6 months |
Expected dividend yield | 0.00% |
Risk free rate | 0.38% |
Warrants Outstanding 105,318 [Member] | |
Debt Instrument [Line Items] | |
Volatility | 28.00% |
Expected life | 1 year 6 months |
Expected dividend yield | 0.00% |
Risk free rate | 0.33% |
Long-term Debt (Details 3)
Long-term Debt (Details 3) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Aug. 31, 2011 |
Debt Instrument [Line Items] | |||
2,016 | $ 9,700 | ||
2,017 | 17,057 | ||
2,018 | 16,051 | ||
2,019 | 9,737 | ||
2,020 | 17,129 | ||
Thereafter | 25,246 | ||
Total maturities of long-term debt, net of debt discount | $ 94,920 | $ 70,352 | $ 750 |
Long-term Debt (Details Textual
Long-term Debt (Details Textual) | May. 04, 2015USD ($) | Jan. 13, 2015USD ($)a | Oct. 15, 2013USD ($)$ / sharesshares | Mar. 04, 2013USD ($)$ / shares | Dec. 02, 2011USD ($) | Jul. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Aug. 24, 2013USD ($)$ / sharesshares | Mar. 31, 2013USD ($)$ / shares | Jan. 24, 2013USD ($)$ / sharesshares | Feb. 29, 2012USD ($) | Jan. 31, 2012USD ($) | Aug. 31, 2011USD ($)$ / shares | Sep. 30, 2010USD ($) | Jun. 30, 2010USD ($) | Jun. 25, 2010USD ($)$ / sharesshares | Apr. 30, 2010USD ($) | Sep. 30, 2015USD ($)$ / shares | Sep. 30, 2014USD ($) | Sep. 30, 2013USD ($) | Sep. 30, 2012USD ($) | Feb. 28, 2014$ / shares | Dec. 31, 2009USD ($) | Apr. 29, 2009USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 31,988 | |||||||||||||||||||||||||
Loan Origination Cost | $ 460,000 | |||||||||||||||||||||||||
Convertible Debt | 4,554,703 | $ 9,276,733 | $ 7,789,818 | |||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 11.77 | |||||||||||||||||||||||||
Long-term Debt | $ 750,000 | 94,920,000 | 70,352,000 | |||||||||||||||||||||||
Notes Payable | $ 1,500,000 | |||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 2,358,000 | 2,969,000 | $ 0 | |||||||||||||||||||||||
Debt Instrument, Unamortized Discount | $ 32,467 | |||||||||||||||||||||||||
Warrants Exercise Terms | The Warrants provided that the Company had the right to require exercise of the Warrants if the closing price of the Companys common stock for 20 consecutive trading days was at least $14.35. | |||||||||||||||||||||||||
Long Term Debt Consideration For Extension | $ 150,000 | |||||||||||||||||||||||||
Long Term Debt Consideration For Extension Amortization | $ 100,000 | 150,000 | ||||||||||||||||||||||||
Share Price | $ / shares | $ 9.74 | |||||||||||||||||||||||||
Debt Instrument, Term | 20 years | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 179,513 | |||||||||||||||||||||||||
Business Combination, Consideration Transferred | $ 6,800,000 | |||||||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | 1,000,000 | |||||||||||||||||||||||||
Patron Tax Rate Per Customer | 5 | |||||||||||||||||||||||||
Texas patron tax [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Loss Contingency, Damages Sought, Value | $ 10,000,000 | |||||||||||||||||||||||||
Monthly Installment Of Settlement Loss | $ 119,000 | |||||||||||||||||||||||||
Patron Tax Rate Per Customer | 5 | |||||||||||||||||||||||||
Settlement With Imputed Interest Discount | 9.60% | |||||||||||||||||||||||||
Net Present Value For The Settlement | $ 7,200,000 | |||||||||||||||||||||||||
Number of Installments | 84 months | |||||||||||||||||||||||||
Notes payable One [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | mature August 2022 and December 2024 | |||||||||||||||||||||||||
Long-term Debt | [1] | $ 2,938,000 | 2,193,000 | |||||||||||||||||||||||
Notes Payable Two [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.60% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | mature December 2014 | |||||||||||||||||||||||||
Long-term Debt | [1] | $ 0 | 2,140,000 | |||||||||||||||||||||||
Notes Payable Three [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | matures December 2019 | |||||||||||||||||||||||||
Long-term Debt | [1] | $ 169,000 | 201,000 | |||||||||||||||||||||||
Notes Payable Four [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | |||||||||||||||||||||||||
Long-term Debt | [1] | $ 218,000 | 564,000 | |||||||||||||||||||||||
Notes Payable Five [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 14.00% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | mature September 30, 2020 | |||||||||||||||||||||||||
Long-term Debt | [2] | $ 0 | 1,910,000 | |||||||||||||||||||||||
Notes Payable Six [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | matures April 2017 | |||||||||||||||||||||||||
Long-term Debt | [1] | $ 2,891,000 | 3,021,000 | |||||||||||||||||||||||
Notes Payable Seven [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | matures June 2017 | |||||||||||||||||||||||||
Long-term Debt | [1] | $ 3,482,000 | 3,633,000 | |||||||||||||||||||||||
Notes Payable Eight [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | matures January 2022 | |||||||||||||||||||||||||
Long-term Debt | [1] | $ 2,292,000 | 2,605,000 | |||||||||||||||||||||||
Notes Payable Nine [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | matures January 2023 | |||||||||||||||||||||||||
Long-term Debt | $ 1,315,000 | 1,388,000 | ||||||||||||||||||||||||
Notes Payable Ten [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | matures January 2023 and January 2022 | |||||||||||||||||||||||||
Long-term Debt | [1] | $ 5,698,000 | 6,013,000 | |||||||||||||||||||||||
Notes Payable Eleven [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | matures July 2018 | |||||||||||||||||||||||||
Long-term Debt | [1] | $ 1,328,000 | 1,423,000 | |||||||||||||||||||||||
Notes Payable Twelve [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | matures June 2030 | |||||||||||||||||||||||||
Long-term Debt | $ 440,000 | 457,000 | ||||||||||||||||||||||||
Notes Payable Thirteen [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | mature December 2014 | |||||||||||||||||||||||||
Long-term Debt | [1] | $ 0 | 492,000 | |||||||||||||||||||||||
Notes Payable Fourteen [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | matures August 2024 | |||||||||||||||||||||||||
Long-term Debt | [2] | $ 12,607,000 | 14,093,000 | |||||||||||||||||||||||
Convertible Debentures One [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||||||||||||
Debt Instrument, Payment Terms | matures August 2016 | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | mature March 2023 | |||||||||||||||||||||||||
Long-term Debt | $ 1,000,000 | 2,647,000 | ||||||||||||||||||||||||
Notes Payable Fifteen [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | mature September 2024 | |||||||||||||||||||||||||
Long-term Debt | [1] | $ 7,601,000 | 8,762,000 | |||||||||||||||||||||||
Notes Payable Sixteen [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 13.00% | |||||||||||||||||||||||||
Debt Instrument, Payment Terms | matures October 2016 | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | matures October 2016 and 2017 | |||||||||||||||||||||||||
Long-term Debt | [2] | $ 4,000,000 | 4,000,000 | |||||||||||||||||||||||
Convertible Debentures Two [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||||||||||||||||
Long-term Debt | [2] | $ 482,000 | 1,328,000 | |||||||||||||||||||||||
Notes Payable Seventeen [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | mature from 2018 to 2028 | |||||||||||||||||||||||||
Long-term Debt | [1] | $ 2,043,000 | 2,730,000 | |||||||||||||||||||||||
Notes Payable Eighteen [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 11.00% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | matures June 2018 | |||||||||||||||||||||||||
Long-term Debt | [1] | $ 2,500,000 | 2,500,000 | |||||||||||||||||||||||
Notes Payable Ninteen [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.45% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | matures 2,019 | |||||||||||||||||||||||||
Long-term Debt | $ 3,265,000 | 3,501,000 | ||||||||||||||||||||||||
Convertible Debentures Three [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | |||||||||||||||||||||||||
Debt Instrument, Payment Terms | matures October 2016 | |||||||||||||||||||||||||
Long-term Debt | $ 2,270,000 | 4,001,000 | ||||||||||||||||||||||||
Notes Payable Twenty [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | mature December 2017 and September 2018 | |||||||||||||||||||||||||
Long-term Debt | $ 4,000,000 | 0 | ||||||||||||||||||||||||
Non Interest-Bearing Debt [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.60% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | matures May 2022 | |||||||||||||||||||||||||
Note Payable to Bank One [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | matures May 2020 | |||||||||||||||||||||||||
Note Payable to Individual [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | matures January 2019 | |||||||||||||||||||||||||
Note Payable to Bank [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | matures January 2020 | |||||||||||||||||||||||||
Note Payable Individual Two [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | 6%, matures May 2020 | |||||||||||||||||||||||||
Note Payable to Bank Two [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.30% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | matures December 2024 | |||||||||||||||||||||||||
Note payable to bank Three [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.45% | |||||||||||||||||||||||||
2010 Convertible Debenture [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 9,200,000 | |||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 920,000 | |||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 10 | $ 10.25 | $ 10.25 | |||||||||||||||||||||||
Debt Instrument Redemption Terms | The note is redeemable by the Company after six months at any time if the closing price of its common stock for 20 consecutive trading days is at least $13.00 per share. | |||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 462,724 | |||||||||||||||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | The 2010 Debentures were redeemable by the Company at any time if the closing price of its common stock for 20 consecutive trading days is at least $13.47 per share. | |||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 13.10% | |||||||||||||||||||||||||
Debt Instrument Convertible Conversion Price In Excess Of Market Price | $ / shares | $ 8.73 | |||||||||||||||||||||||||
Contractual Debt Reduction [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Club Note, Outstanding Principal | $ 1,200,000 | |||||||||||||||||||||||||
Club Note, Maximum Reduction Amount | $ 6,000,000 | |||||||||||||||||||||||||
Club Note, Reduction Amount, Per Person | $ / shares | $ 2 | |||||||||||||||||||||||||
Club Note, Reduction Amount | $ 2,400,000 | |||||||||||||||||||||||||
Club Note, Increase Decrease in Reduction Amount | $ 2,400,000 | |||||||||||||||||||||||||
Club Note, Reduction Enforced Amount, Per Person | $ / shares | $ 5 | |||||||||||||||||||||||||
Club Note, Reduction Enforced Amount | $ 6,000,000 | |||||||||||||||||||||||||
Club Note, Gain Loss in Demanded Payments | $ 6,000,000 | |||||||||||||||||||||||||
Convertible Notes Payable [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | matures October, 2014 | |||||||||||||||||||||||||
Long-term Debt | $ 750,000 | 750,000 | ||||||||||||||||||||||||
Convertible Debenture [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | |||||||||||||||||||||||||
Debt Instrument, Payment Terms | Each of the Debentures has a term of three years, is convertible into shares of our common stock at a conversion price of $ 12.50 per share (subject to adjustment), and has an annual interest rate of 9%, with one initial payment of interest only due April 15, 2014. Thereafter, the principal amount is payable in 10 equal quarterly principal payments, which amounts to a total of $452,500, plus accrued and unpaid interest. Six months after the issue date of the Debentures, we have the right to redeem the Debentures if the Companys common stock has a closing price of $16.25 (subject to adjustment) for 20 consecutive trading days. The Warrants have an exercise price of $12.50 per share (subject to adjustment) and expire on October 15, 2016. | |||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 452,500 | |||||||||||||||||||||||||
Loan Origination Cost | 271,500 | |||||||||||||||||||||||||
Proceeds From Sale Of Debenture And Warrant | 4,525,000 | |||||||||||||||||||||||||
Convertible Debt | $ 4,525,000 | |||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 16.25 | |||||||||||||||||||||||||
Warrants To Purchase Common Stock | shares | 72,400 | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 12.50 | |||||||||||||||||||||||||
Aircraft [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.45% | |||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 40,653 | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | The note matures in January 2019. | |||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 3,600,000 | |||||||||||||||||||||||||
Individual Counterparty [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||||||||||||
Debt Instrument, Payment Terms | ten years | |||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 13,215 | |||||||||||||||||||||||||
Long-term Debt, Gross | $ 1,000,000 | |||||||||||||||||||||||||
Residential Real Estate [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 13.00% | |||||||||||||||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 1,500,000 | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | The notes mature from 2018 to 2028. | |||||||||||||||||||||||||
Debt Issued For Real Estate Purchase | $ 2,600,000 | |||||||||||||||||||||||||
Debt Instrument Monthly Installment Amount | 25,660 | |||||||||||||||||||||||||
Payments to Acquire Real Estate | $ 3,230,000 | |||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 5.00% | |||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.00% | |||||||||||||||||||||||||
Real Estate [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 5.25% | ||||||||||||||||||||||||
Debt Instrument, Payment Terms | 10 | ten years | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 42,465 | $ 13,270 | ||||||||||||||||||||||||
Business Acquisitions Cost Of Acquired Entity Purchase Price | 5,500,000 | |||||||||||||||||||||||||
Long-term Debt | $ 57,641,000 | $ 36,277,000 | ||||||||||||||||||||||||
Business Acquisitions Cost Of Acquired Entity Cash Paid | 2,000,000 | |||||||||||||||||||||||||
Business Acquisitions Cost Of Acquired Entity Other Non Cash Consideration | $ 3,500,000 | |||||||||||||||||||||||||
Long-term Debt, Gross | 2,100,000 | |||||||||||||||||||||||||
Loans Payable to Bank, Noncurrent | $ 2,000,000 | |||||||||||||||||||||||||
Second Adult Business In Midtown Manhattan [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||||||||||||||||
Debt Instrument Monthly Installment Amount | $ 16,653 | |||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 10.25 | $ 10.25 | ||||||||||||||||||||||||
Business Acquisitions Cost Of Acquired Entity Purchase Price | $ 3,000,000 | $ 3,000,000 | ||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 1,500,000 | 1,500,000 | ||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 1,500,000 | |||||||||||||||||||||||||
Foster Clubs [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Payment Terms | The Club Note bears interest at the rate of 9.5% per annum, is payable in 144 equal monthly installments | |||||||||||||||||||||||||
Debt Instrument Monthly Installment Amount | $ 256,602 | |||||||||||||||||||||||||
Business Acquisitions Cost Of Acquired Entity Purchase Price | 3,500,000 | |||||||||||||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 22,000,000 | |||||||||||||||||||||||||
Jaguars [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Payment Terms | The note bears interest at the rate of 9.5 %, is payable in 143 equal monthly installments | |||||||||||||||||||||||||
Business Acquisitions Cost Of Acquired Entity Purchase Price | 10,100,000 | |||||||||||||||||||||||||
Business Acquisitions Cost Of Acquired Entity Cash Paid | 350,000 | |||||||||||||||||||||||||
Business Acquisition Cost Of Acquired Entity Discounted Price | 9,600,000 | |||||||||||||||||||||||||
Business Acquisitions Purchase Price Allocation Notes Payable And Long Term Debt | 9,100,000 | |||||||||||||||||||||||||
Business Acquisition Purchase Price Allocation One Time Payment In Twelve Years | 650,000 | |||||||||||||||||||||||||
Debt Instrument, Unamortized Discount | $ 431,252 | |||||||||||||||||||||||||
Club Business [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Business Combination, Consideration Transferred | $ 4,500,000 | 3,500,000 | ||||||||||||||||||||||||
Seville Gentlemens Club [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Business Combination, Consideration Transferred | 8,500,000 | |||||||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | 1,100,000 | |||||||||||||||||||||||||
Payments to Acquire Notes Receivable | 65,355 | |||||||||||||||||||||||||
Clubs Real Estate [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Business Combination, Consideration Transferred | $ 4,000,000 | $ 3,300,000 | ||||||||||||||||||||||||
Area of Land | a | 3.5 | |||||||||||||||||||||||||
Payments to Acquire Notes Receivable | $ 68,829 | |||||||||||||||||||||||||
Texas Saloon Gentlemen’s Club [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Business Combination, Consideration Transferred | $ 6,800,000 | |||||||||||||||||||||||||
Area of Land | a | 3.5 | |||||||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 1,000,000 | |||||||||||||||||||||||||
Sale of Stock, Nature of Consideration Received Per Transaction | seller financing at 6% annual interest, with the balance provided by commercial bank financing in the form of a note at a variable interest rate equal to the prime rate plus 2%, but in no event less than 6.5%. | |||||||||||||||||||||||||
Texas Saloon Gentlemen’s Club [Member] | Real Estate [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Business Combination, Consideration Transferred | $ 3,300,000 | |||||||||||||||||||||||||
Area of Land | a | 3.5 | |||||||||||||||||||||||||
Miami Gardens, Florida nightclub [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.45% | |||||||||||||||||||||||||
Debt Instrument, Payment Terms | five years | |||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 78,000 | |||||||||||||||||||||||||
Notes Issued | 11,325,000 | |||||||||||||||||||||||||
Real Estate Investment Property, at Cost | $ 15,300,000 | |||||||||||||||||||||||||
Rick's Cabaret [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||||||||||||||||||||||
Debt Instrument, Payment Terms | The note was collateralized by the real estate and was payable in monthly installments through April 2025 of $19,774, including principal and interest at the prime rate plus 4.5% with a minimum rate of 7%. | |||||||||||||||||||||||||
Debt Instrument Monthly Installment Amount | $ 15,090 | |||||||||||||||||||||||||
Notes Payable | $ 2,200,000 | |||||||||||||||||||||||||
Notes Issued | $ 1,500,000 | |||||||||||||||||||||||||
Sellers Financing [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 1,400,000 | |||||||||||||||||||||||||
Sellers Financing [Member] | Seville Gentlemens Club [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.00% | |||||||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 1,800,000 | |||||||||||||||||||||||||
Bank Financing [Member] | Seville Gentlemens Club [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.50% | |||||||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 5,700,000 | |||||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 10 | |||||||||||||||||||||||||
Minimum [Member] | Notes payable One [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||||||||||||
Minimum [Member] | Notes Payable Six [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | |||||||||||||||||||||||||
Minimum [Member] | Notes Payable Seven [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | |||||||||||||||||||||||||
Minimum [Member] | Notes Payable Thirteen [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |||||||||||||||||||||||||
Minimum [Member] | Notes Payable Seventeen [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 12.50 | |||||||||||||||||||||||||
Maximum [Member] | Notes payable One [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 11.00% | |||||||||||||||||||||||||
Maximum [Member] | Notes Payable Six [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |||||||||||||||||||||||||
Maximum [Member] | Notes Payable Seven [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |||||||||||||||||||||||||
Maximum [Member] | Notes Payable Thirteen [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | |||||||||||||||||||||||||
Maximum [Member] | Notes Payable Seventeen [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |||||||||||||||||||||||||
Secured Promissory Note [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 5,000,000 | |||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 14.00% | |||||||||||||||||||||||||
Debt Instrument, Payment Terms | Under the modified terms the promissory notes become 10 year amortized facilities that provides for equal monthly payments of $77,633 each and will be fully paid on September 30, 2020, rather than a balloon payment for the entire amount that would have been due on November 30, 2012. | The Promissory Note bears interest at a varying rate at the greater of (i) two percent (2%) above the Prime Rate or (ii) seven and one-half percent (7.5%), which is guaranteed by the Company and by Eric Langan, the Companys Chief Executive Officer, individually . | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 34,999 | |||||||||||||||||||||||||
Payments to Acquire Real Estate | 6,000,000 | |||||||||||||||||||||||||
Payments for (Proceeds from) Real Estate Held-for-investment | 1,600,000 | |||||||||||||||||||||||||
Notes Issued | $ 4,400,000 | |||||||||||||||||||||||||
Secured Promissory Note Over Eleven Years Series One [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Payment Terms | The notes are payable over eleven years at $12,256 per month including interest and have an adjustable interest rate of 5.5%. The rate adjusts to prime plus 2.5% in the 61 st month, not to exceed 9%. | |||||||||||||||||||||||||
Notes Payable | $ 6,500,000 | |||||||||||||||||||||||||
Secured Promissory Note Over Eleven Years Series Two [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Payment Terms | The notes are also payable over eleven years at $53,110 per month including interest and have the same adjustable interest rate of 5.5%. | |||||||||||||||||||||||||
Lender [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 8.15% | 12.00% | |||||||||||||||||||||||
Debt Instrument, Payment Terms | three years | The debt bears interest at 6.30% | three years | |||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 26,386 | $ 3,803 | ||||||||||||||||||||||||
Long-term Debt | $ 2,700,000 | |||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 518,192 | |||||||||||||||||||||||||
Long-term Debt, Gross | $ 2,000,000 | $ 2,000,000 | ||||||||||||||||||||||||
Lender [Member] | Notes Payable Twenty [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||||||||||||||||||||||||
Joy Club Of Austin [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 42,461 | |||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | The notes mature in December 2014 and September 2019 | |||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 4.75% | |||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.25% | |||||||||||||||||||||||||
Notes Payable | $ 2,500,000 | |||||||||||||||||||||||||
Investor One [Member] | Private Transaction [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||||||||||||
Closing Price Of Common Stock | $ / shares | $ 13 | |||||||||||||||||||||||||
Debt Instrument Periodic Payment Principal Quarterly | $ 500,000 | |||||||||||||||||||||||||
Proceeds From Sale Of Debenture And Warrant | $ 3,000,000 | |||||||||||||||||||||||||
Placement Fees Percentage | 6.00% | |||||||||||||||||||||||||
Convertible Debt | $ 3,000,000 | |||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 10 | |||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 10 | |||||||||||||||||||||||||
Debt Instrument Redemption Terms | Six months after the issue date of the Debenture, we have the right to redeem the Debenture if our common stock has a closing price of $13.00 (subject to adjustment) for 20 consecutive trading days. | |||||||||||||||||||||||||
Debt Instrument, Term | 2 years | |||||||||||||||||||||||||
Warrants To Purchase Common Stock | shares | 60,000 | |||||||||||||||||||||||||
Investor Two [Member] | Private Transaction [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||||||||||||
Debt Instrument, Payment Terms | Debenture has a term of two years, is convertible into shares of our common stock at a conversion price of $10.25 per share (subject to adjustment), and has an annual interest rate of 10%, with one initial payment of interest only due February 28, 2014, and thereafter, the principal amount is payable in six equal quarterly principal payments of $250,000 plus accrued and unpaid interest. Six months after the issue date of the Debenture, we have the right to redeem the Debenture if our common stock has a closing price of $13.33 (subject to adjustment) for 20 consecutive trading days. The Warrant has an exercise price of $10.25 per share (subject to adjustment) and expires on August 28, 2016 | |||||||||||||||||||||||||
Proceeds From Sale Of Debenture And Warrant | $ 2,500,000 | |||||||||||||||||||||||||
Convertible Debt | $ 2,500,000 | |||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 10.25 | |||||||||||||||||||||||||
Warrants To Purchase Common Stock | shares | 48,780 | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 10.25 | |||||||||||||||||||||||||
Adviser [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Loan Origination Cost | $ 165,000 | |||||||||||||||||||||||||
[1] | Collateralized by real estate | |||||||||||||||||||||||||
[2] | Collateralized by stock in subsidiary |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Taxes [Line Items] | |||
Current | $ 1,229 | $ 4,979 | $ 5,153 |
Deferred | 3,935 | 937 | 261 |
Total income tax expense | $ 5,164 | $ 5,916 | $ 5,414 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Taxes [Line Items] | |||
Computed expected tax expense | $ 4,812 | $ 5,750 | $ 5,037 |
State income taxes, net of federal benefit | 221 | 242 | 146 |
Stock-based compensation and other permanent differences | 131 | (76) | 231 |
Total income tax expense | $ 5,164 | $ 5,916 | $ 5,414 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Deferred tax assets (liabilities): | ||
Definite and indefinite lived intangibles | $ (21,359) | $ (16,447) |
Property and equipment | (10,302) | (9,141) |
Patron tax | 2,712 | 5,209 |
Other | 862 | (1,931) |
Net deferred tax liabilities | $ (28,087) | $ (22,310) |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Income Taxes [Line Items] | ||
Current assets | $ 3,442 | $ 5,378 |
Long-term liabilities | (31,529) | (27,688) |
Net deferred tax liabilities | $ (28,087) | $ (22,310) |
Income Taxes (Details Textual)
Income Taxes (Details Textual) $ in Millions | 12 Months Ended |
Sep. 30, 2015USD ($) | |
Income Taxes [Line Items] | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% |
Deferred Tax Liabilities, Net | $ 16.4 |
Stock Options (Details)
Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Outstanding beginning | 10 | 765 | 785 |
Shares, Granted | 0 | 0 | 10 |
Shares, cancelled or Expired | 0 | (385) | (30) |
Shares, Exercised | (10) | (370) | 0 |
Shares, Outstanding ending | 0 | 10 | 765 |
Shares, Options exercisable as of September 30, 2015 | 0 | ||
Weighted Average Exercise Price, Outstanding beginning | $ 8.70 | $ 8.41 | $ 8.36 |
Weighted Average Exercise Price, Granted | 0 | 8.70 | |
Weighted Average Exercise Price, cancelled or Expired | 0 | 8.35 | 7.15 |
Weighted Average Exercise Price, Exercised | 8.70 | 8.40 | 0 |
Weighted Average Exercise Price, Outstanding ending | 0 | $ 8.70 | $ 8.41 |
Weighted Average Exercise Price, Options exercisable as of September 30, 2015 | $ 0 | ||
Weighted Average Remaining Contractual Term, Outstanding (in years) | 0 years | ||
Weighted Average Remaining Contractual Term, Options exercisable (in years) | 0 years | ||
Aggregate Intrinsic Value , Outstanding | $ 0 | ||
Options exercisable, Aggregate Intrinsic Value as of September 30, 2015 | $ 0 |
Stock Options (Details 1)
Stock Options (Details 1) | Jul. 02, 2012 | Jun. 30, 2013 | Jun. 27, 2012 |
Stock Options And Stock based Employee Compensation [Line Items] | |||
Volatility | 37.00% | 27.00% | 37.00% |
Expected life | 1 year 6 months | 1 year 6 months | 1 year 6 months |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Risk free rate | 0.30% | 0.27% | 0.31% |
Stock Options (Details Textual)
Stock Options (Details Textual) - USD ($) | Jul. 02, 2012 | Jun. 30, 2013 | Jun. 27, 2012 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2010 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | $ 0 | $ 159,370 | $ 847,183 | |||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 0 | 0 | 10,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 1 year 6 months | 1 year 6 months | 1 year 6 months | |||||
Employee Stock Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated Share-based Compensation Expense | $ 0 | $ 159,370 | $ 847,183 | |||||
Sharebased Compensation Arrangement By Share Based Payment Award Options Strike Price | $ 8.35 | $ 8.70 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Fair Value | $ 966,493 | $ 11,670 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Exchanged Number | $ 442,500 | |||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 655,000 | 10,000 | ||||||
Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Sharebased Compensation Arrangement By Share Based Payment Award Options Strike Price | $ 8.78 | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Fair Value | $ 160,488 | |||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 100,000 | |||||||
Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 1 year | 2 years | ||||||
Minimum [Member] | 2010 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common Stock, Other Shares, Outstanding | 500,000 | |||||||
Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | 5 years | ||||||
Maximum [Member] | 2010 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common Stock, Other Shares, Outstanding | 800,000 |
Commitments and Contingencies64
Commitments and Contingencies (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Commitments And Contingencies [Line Items] | |
2,016 | $ 3,019 |
2,017 | 2,765 |
2,018 | 2,373 |
2,019 | 1,130 |
2,020 | 1,143 |
Thereafter | 10,711 |
Total future minimum lease obligations | $ 21,141 |
Commitments and Contingencies65
Commitments and Contingencies (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Apr. 02, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Commitments And Contingencies [Line Items] | ||||
Patron Tax Rate Per Customer | 5 | |||
Litigation Settlement, Expense | $ 11,684,000 | $ 3,696,000 | $ 707,000 | |
Payments for Legal Settlements | 11,500,000 | 3,700,000 | 707,000 | |
Texas patron tax [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Loss Contingency, Damages Sought, Value | 10,000,000 | |||
Monthly Installment Of Settlement Loss | $ 119,000 | |||
Patron Tax Rate Per Customer | 5 | |||
Settlement With Imputed Interest Discount | 9.60% | |||
Net Present Value For The Settlement | $ 7,200,000 | |||
Pre Tax Gain For Previously Accrued For Tax | 8,200,000 | |||
New York Settlement [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Accrued Liabilities | 2,400,000 | |||
Loss Contingency, Range of Possible Loss, Maximum | $ 15,000,000 | |||
Loss Contingency Accrual, Payments | $ 1,833,333 | |||
Loss Contingency Expense | 11,100,000 | |||
Accrued Entertainers Fees | 5,600,000 | |||
Accrued Liabilities and Other Liabilities, Total | 4,200,000 | |||
Other Liabilities | 1,800,000 | |||
Accrued Professional Fees | $ 5,500,000 | |||
Indemnity Insurance Corporation [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage of Costs of Litigation | 100.00% | |||
Other Litigation [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Litigation Settlement, Expense | $ 2,000,000 | |||
Lease Agreements [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Payments for Rent | $ 4,500,000 | $ 4,800,000 | $ 3,600,000 |
Common Stock (Details Textual)
Common Stock (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Class of Stock [Line Items] | |||
Treasury Stock, Shares, Acquired | 225,280 | 101,330 | 192,455 |
Debt Conversion, Converted Instrument, Amount | $ 2,358,000 | $ 2,969,000 | $ 0 |
Debt Conversion, Converted Instrument, Shares Issued | 233,000 | 294,000 | 0 |
Treasury Stock, Value, Acquired, Cost Method | $ 2,300,000 | $ 1,200,000 | $ 1,600,000 |
Common Stock, Value, Issued | $ 103,000 | $ 101,000 | |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period | 10,000 | 370,000 | 0 |
Stock Issued During Period, Value, Stock Options Exercised | $ 87,000 | $ 3,126,000 | |
Drink Robust, Inc [Member] | |||
Class of Stock [Line Items] | |||
Shares, Issued | 200,000 | ||
Common Stock, Value, Issued | $ 2,400,000 | ||
Acquisitions [Member] | |||
Class of Stock [Line Items] | |||
Shares, Issued | 100,000 | ||
Common Stock, Value, Issued | $ 863,000 |
Employee Retirement Plan (Detai
Employee Retirement Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Employee Retirement Plan [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
Defined Benefit Plan, Contributions by Employer | $ 94,000 | $ 83,000 | $ 64,000 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Business Acquisition [Line Items] | |||
Goodwill | $ 52,641 | $ 43,374 | $ 43,987 |
Foster Clubs [Member] | |||
Business Acquisition [Line Items] | |||
Buildings and land | 10,066 | ||
Goodwill | (431) | ||
Net assets | $ 9,635 |
Acquisitions (Details 1)
Acquisitions (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 04, 2013 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 52,641 | $ 43,374 | $ 43,987 | |
New Gentlemen's Club [Member] | ||||
Business Acquisition [Line Items] | ||||
Noncompete | $ 150 | |||
Goodwill | 997 | |||
SOB licenses | 2,850 | |||
Deferred taxes | (997) | |||
Net assets | $ 3,000 |
Acquisitions (Details 2)
Acquisitions (Details 2) - RCI Entertainment Delamo, Inc [Member] $ in Thousands | May. 29, 2013USD ($) |
Business Acquisition [Line Items] | |
Furniture and equipment | $ 200 |
SOB licenses | 1,263 |
Net assets | $ 1,463 |
Acquisitions (Details 3)
Acquisitions (Details 3) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Oct. 31, 2013 |
Business Acquisition [Line Items] | |||
Minority interest | $ (5,863) | $ (3,010) | |
PTs Platinum [Member] | |||
Business Acquisition [Line Items] | |||
Buildings and land | $ 350 | ||
Property and equipment | 20 | ||
SOB license | 265 | ||
Minority interest | (135) | ||
Net assets | $ 500 |
Acquisitions (Details 4)
Acquisitions (Details 4) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | |||
Goodwill | $ 52,641 | $ 43,374 | $ 43,987 |
Robust [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Inventory and accounts receivable | 500 | ||
Equipment, furniture and fixtures | 356 | ||
Definite-lived intangibles | 4,931 | ||
Goodwill | 5,326 | ||
Accounts payable | (1,482) | ||
Notes payable | (963) | ||
Deferred tax liability | (1,726) | ||
Noncontrolling interest | (3,392) | ||
Net assets | $ 3,550 |
Acquisitions (Details 5)
Acquisitions (Details 5) - Texas Saloon Gentlemens Club [Member] $ in Thousands | Sep. 30, 2015USD ($) |
Business Acquisition [Line Items] | |
Buildings and land | $ 3,130 |
Furniture and fixtures | 20 |
Inventory | 4 |
SOB license | 3,546 |
Noncompete | 100 |
Net assets | $ 6,800 |
Acquisitions (Details 6)
Acquisitions (Details 6) - Seville Gentlemens Club [Member] $ in Thousands | Sep. 30, 2015USD ($) |
Business Acquisition [Line Items] | |
Buildings and land | $ 4,050 |
Furniture and fixtures | 200 |
Inventory | 109 |
Goodwill | 3,941 |
Noncompete | 200 |
Net assets | $ 8,500 |
Acquisitions (Details Textual)
Acquisitions (Details Textual) | May. 04, 2015USD ($) | Jan. 13, 2015USD ($)a | Oct. 13, 2013USD ($) | Mar. 04, 2013USD ($)$ / shares | Dec. 02, 2011USD ($) | Dec. 31, 2014USD ($) | Oct. 30, 2014USD ($) | Jun. 30, 2013USD ($) | May. 29, 2013USD ($)shares | Mar. 31, 2013USD ($)$ / shares | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2013USD ($) | Sep. 30, 2012USD ($) | Oct. 31, 2013USD ($) | Oct. 15, 2013USD ($) |
Business Acquisition [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |||||||||||||||
Debt Instrument, Unamortized Discount | $ 32,467 | |||||||||||||||
Debt Instrument, Periodic Payment | $ 31,988 | |||||||||||||||
Debt Instrument, Term | 20 years | |||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | |||||||||||||||
Business Combination, Consideration Transferred | $ 6,800,000 | |||||||||||||||
Sale of Stock, Consideration Received on Transaction | 1,000,000 | |||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 2,375,000 | $ 0 | $ 863,000 | |||||||||||||
Second Adult Business in Midtown Manhattan [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Acquisition, Purchase Price | $ 3,000,000 | $ 3,000,000 | ||||||||||||||
Payments to Acquire Businesses, Gross | 1,500,000 | $ 1,500,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||||||
Business Combination, Consideration Transferred, Other | $ 34,000 | |||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 10.25 | $ 10.25 | ||||||||||||||
Second Adult Business in Midtown Manhattan [Member] | Promissory Notes [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Consideration Transferred, Other | $ 1,500,000 | |||||||||||||||
Debt Instrument, Periodic Payment | $ 16,653 | |||||||||||||||
Stock Redemption Price | $ / shares | $ 13.47 | |||||||||||||||
Debt Instrument, Term | 120 days | |||||||||||||||
Conversion of Stock, Amount Converted | $ 790,000 | |||||||||||||||
Delamo Inc [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Consideration Transferred, Other | $ 7,000 | |||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | |||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | shares | 100,000 | |||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ 863,000 | |||||||||||||||
Payments for Previous Acquisition | $ 600,000 | |||||||||||||||
Beaumont [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 300,000 | |||||||||||||||
License Costs | $ 245,000 | |||||||||||||||
Seville Club of Minneapolis [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||||||||
Business Acquisitions Cost Of Acquired Entity Cash Paid | $ 1,100,000 | |||||||||||||||
Business Combination, Consideration Transferred | 8,500,000 | |||||||||||||||
Payment Was Made Through Bank Financing | 5,700,000 | |||||||||||||||
Payment Was Made Through Seller Financing | $ 1,800,000 | |||||||||||||||
Seville Club of Minneapolis [Member] | Seller Financing [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||||||
Texas Saloon Gentlemen’s Club [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Consideration Transferred | $ 6,800,000 | |||||||||||||||
Area of Land | a | 3.5 | |||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 1,000,000 | |||||||||||||||
Sale of Stock, Consideration Received Per Transaction | 1,400,000 | |||||||||||||||
Real Estate [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Acquisition, Purchase Price | $ 5,500,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 5.25% | ||||||||||||||
Debt Instrument, Periodic Payment | $ 42,465 | $ 13,270 | ||||||||||||||
Business Acquisitions Cost Of Acquired Entity Cash Paid | $ 2,000,000 | |||||||||||||||
Real Estate [Member] | Seville Club of Minneapolis [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Consideration Transferred | $ 4,000,000 | |||||||||||||||
Real Estate [Member] | Texas Saloon Gentlemen’s Club [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Consideration Transferred | $ 3,300,000 | |||||||||||||||
Area of Land | a | 3.5 | |||||||||||||||
Club Business [Member] | Seville Club of Minneapolis [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Consideration Transferred | $ 4,500,000 | |||||||||||||||
Club Business [Member] | Texas Saloon Gentlemen’s Club [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Consideration Transferred | $ 3,500,000 | |||||||||||||||
PTs Platinum [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Acquisition, Transaction Costs | $ 5,200,000 | $ 500,000 | ||||||||||||||
Business Acquisition Purchase Price Allocation Land and Building First Proportionate | 10,000,000 | |||||||||||||||
Business Acquisition Purchase Price Allocation Land and Building Second Proportionate | 13,000,000 | |||||||||||||||
Business Acquisition Purchase Price Allocation Land and Building | 23,000,000 | |||||||||||||||
Payment of Lease Rent After Amendment | 100,000 | |||||||||||||||
Payment of Lease Rent Before Amendment | $ 180,000 | |||||||||||||||
Jaguars [Member] | Real Estate Agreement [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Acquisition, Purchase Price | $ 10,100,000 | |||||||||||||||
Business Acquisition, Cost of Acquired Entity, Discounted Price | 9,600,000 | |||||||||||||||
Payments to Acquire Businesses, Gross | 350,000 | |||||||||||||||
Business Acquisitions, Purchase Price Allocation Notes Payable And Long Term Debt | 9,100,000 | |||||||||||||||
Business Acquisition, Purchase Price Allocation One Time Payment In Twelve Years | $ 650,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | |||||||||||||||
Debt Instrument, Unamortized Discount | $ 431,252 | |||||||||||||||
Robust Energy LLC [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Payments to Acquire Businesses, Gross | $ 200,000 | |||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 51.00% | |||||||||||||||
Business Combination, Consideration Transferred | $ 3,600,000 | |||||||||||||||
Percentage On Investment | 15.00% | |||||||||||||||
Gain (Loss) on Investments | $ 229,000 | |||||||||||||||
Investment Owned, at Cost | 750,000 | |||||||||||||||
Robust Energy LLC [Member] | Common Stock [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 50,000 | |||||||||||||||
Robust Energy LLC [Member] | Restricted Stock [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 200,000 |
Quarterly Results of Operatio76
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Quarterly Financial Information [Line Items] | |||||||||||||||
Revenues | $ 35,009 | $ 35,761 | $ 37,410 | $ 36,487 | $ 33,538 | $ 33,343 | $ 32,870 | $ 29,423 | $ 28,031 | $ 28,308 | $ 28,728 | $ 27,141 | $ 144,667 | $ 129,174 | $ 112,208 |
Income (loss) from operations | 3,202 | 14,152 | (2,616) | 6,140 | 2,910 | 2,892 | 7,459 | 5,614 | 4,637 | 5,460 | 6,170 | 5,616 | 20,878 | 18,875 | 21,883 |
Net income (loss) attributable to RCIHH shareholders | $ 526 | $ 8,267 | $ (2,841) | $ 3,360 | $ 4,423 | $ 691 | $ 3,722 | $ 2,404 | $ 1,604 | $ 2,195 | $ 2,745 | $ 2,647 | $ 9,312 | $ 11,240 | $ 9,191 |
Basic income (loss) per share: | |||||||||||||||
Net income (loss) attributable to RCIHH shareholders (in dollars per share) | $ 0.05 | $ 0.81 | $ (0.28) | $ 0.33 | $ 0.44 | $ 0.07 | $ 0.39 | $ 0.25 | $ 0.17 | $ 0.23 | $ 0.29 | $ 0.28 | $ 0.90 | $ 1.15 | $ 0.97 |
Diluted income (loss) per share: | |||||||||||||||
Net income (loss) (in dollars per share) | $ 0.05 | $ 0.78 | $ (0.28) | $ 0.32 | $ 0.42 | $ 0.07 | $ 0.37 | $ 0.25 | $ 0.17 | $ 0.23 | $ 0.29 | $ 0.28 | $ 0.90 | $ 1.13 | $ 0.96 |
Basic weighted average shares outstanding (in shares) | 10,363 | 10,245 | 10,275 | 10,264 | 10,179 | 9,883 | 9,661 | 9,546 | 9,504 | 9,479 | 9,514 | 9,575 | 10,359 | 9,816 | 9,518 |
Diluted weighted average shares outstanding (in shares) | 10,363 | 10,707 | 10,275 | 10,929 | 11,014 | 9,968 | 10,853 | 9,855 | 9,603 | 9,647 | 9,988 | 9,833 | 10,406 | 10,637 | 9,615 |
Impairment of Assets (Details)
Impairment of Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Schedule Of Impairment Of Assets [Line Items] | |||
Current assets | $ 65 | ||
Property and equipment | 1,014 | ||
Definite lived intangibles | $ 0 | 0 | |
Indefinite lived intangibles | 1,705 | 1,263 | $ 0 |
Patron tax payable | (670) | ||
Other current liabilities | (44) | ||
Total impairment | $ 1,705 | $ 2,294 | $ 0 |
Impairment of Assets (Details T
Impairment of Assets (Details Textual) $ in Millions | 12 Months Ended |
Sep. 30, 2015USD ($) | |
Two Clubs [Member] | |
Schedule Of Impairment Of Assets [Line Items] | |
Impairment Of Indefinite Lived Intangible Assets | $ 1.7 |
Gain on Contractual Debt Redu79
Gain on Contractual Debt Reduction (Details Textual) - Contractual Debt Reduction [Member] | Sep. 30, 2015USD ($)$ / shares |
Schedule Of Contractual Debt Reduction [Line Items] | |
Club Note, Outstanding Principal | $ 1,200,000 |
Club Note, Maximum Reduction Amount | $ 6,000,000 |
Club Note, Reduction Amount, Per Person | $ / shares | $ 2 |
Club Note, Reduction Amount | $ 2,400,000 |
Club Note, Increase Decrease in Reduction Amount | $ 2,400,000 |
Club Note, Reduction Enforced Amount, Per Person | $ / shares | $ 5 |
Club Note, Reduction Enforced Amount | $ 6,000,000 |
Club Note, Gain Loss in Demanded Payments | $ 6,000,000 |
Restricted Stock Issuance (Deta
Restricted Stock Issuance (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Restricted Assets Disclosure [Line Items] | |||
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings | 96,325 | ||
Restricted Stock, Value, Shares Issued Net of Tax Withholdings | $ 938,478 | ||
Unamortized Restricted Stock Issuance Cost | $ 368,804 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 480,024 | $ 122,935 |
Warrants Issued (Details)
Warrants Issued (Details) - Warrants Outstanding 147,683 [Member] | 1 Months Ended |
Feb. 28, 2014 | |
Class of Warrant or Right [Line Items] | |
Volatility | 31.50% |
Expected life (in years) | 1 year |
Expected dividend yield | 0.00% |
Risk free rate | 0.12% |
Warrants Issued (Details Textua
Warrants Issued (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Feb. 28, 2014 | |
Class of Warrant or Right [Line Items] | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.77 | |
Class Of Warrant Or Right Fair Value | $ 147,683 | |
Warrants Issued | 100,000 | |
Warrant acquired during period, Value, Acquisition | $ 50,000 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Segment information line items [Line Items] | |||||||||||||||
Revenues | $ 35,009 | $ 35,761 | $ 37,410 | $ 36,487 | $ 33,538 | $ 33,343 | $ 32,870 | $ 29,423 | $ 28,031 | $ 28,308 | $ 28,728 | $ 27,141 | $ 144,667 | $ 129,174 | $ 112,208 |
Operating income (loss) | 3,202 | $ 14,152 | $ (2,616) | $ 6,140 | 2,910 | $ 2,892 | $ 7,459 | $ 5,614 | 4,637 | $ 5,460 | $ 6,170 | $ 5,616 | 20,878 | 18,875 | 21,883 |
Depreciation and Amortization | 6,894 | 6,316 | 5,337 | ||||||||||||
Assets | 270,812 | 239,142 | 270,812 | 239,142 | |||||||||||
Business Segment [Member] | |||||||||||||||
Segment information line items [Line Items] | |||||||||||||||
Revenues | 144,667 | 129,174 | 112,208 | ||||||||||||
Operating income (loss) | 20,878 | 18,875 | 21,883 | ||||||||||||
Capital Expenditures | 19,259 | 21,359 | 9,675 | ||||||||||||
Depreciation and Amortization | 6,894 | 6,316 | 5,337 | ||||||||||||
Assets | 270,812 | 239,857 | 223,100 | 270,812 | 239,857 | 223,100 | |||||||||
Nightclubs [Member] | Business Segment [Member] | |||||||||||||||
Segment information line items [Line Items] | |||||||||||||||
Revenues | 123,280 | 121,454 | 108,723 | ||||||||||||
Operating income (loss) | 30,444 | 25,970 | 28,400 | ||||||||||||
Capital Expenditures | 16,578 | 11,834 | 8,510 | ||||||||||||
Depreciation and Amortization | 4,630 | 3,453 | 4,800 | ||||||||||||
Assets | 230,104 | 200,516 | 200,310 | 230,104 | 200,516 | 200,310 | |||||||||
Bombshells [Member] | Business Segment [Member] | |||||||||||||||
Segment information line items [Line Items] | |||||||||||||||
Revenues | 19,091 | 6,213 | 1,869 | ||||||||||||
Operating income (loss) | 1,773 | (315) | (25) | ||||||||||||
Capital Expenditures | 1,448 | 8,195 | 354 | ||||||||||||
Depreciation and Amortization | 727 | 429 | 21 | ||||||||||||
Assets | 9,875 | 9,074 | 610 | 9,875 | 9,074 | 610 | |||||||||
Other [Member] | Business Segment [Member] | |||||||||||||||
Segment information line items [Line Items] | |||||||||||||||
Revenues | 2,296 | 1,507 | 1,616 | ||||||||||||
Operating income (loss) | (1,921) | (246) | (206) | ||||||||||||
Capital Expenditures | 973 | 8 | 0 | ||||||||||||
Depreciation and Amortization | 627 | 20 | 16 | ||||||||||||
Assets | 9,721 | 996 | 1,034 | 9,721 | 996 | 1,034 | |||||||||
General Corporate [Member] | Business Segment [Member] | |||||||||||||||
Segment information line items [Line Items] | |||||||||||||||
Operating income (loss) | (9,418) | (6,534) | (6,286) | ||||||||||||
Capital Expenditures | 260 | 1,322 | 811 | ||||||||||||
Depreciation and Amortization | 910 | 2,414 | 500 | ||||||||||||
Assets | $ 21,112 | $ 29,271 | $ 21,146 | $ 21,112 | $ 29,271 | $ 21,146 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended |
Oct. 31, 2015 | Sep. 30, 2015 | |
Subsequent Event [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |
Debt Instrument, Periodic Payment | $ 31,988 | |
Debt Instrument, Term | 20 years | |
Construction Loan | $ 4,700,000 | |
Debt Instrument, Adjustments Description | The rate adjusts to prime plus 1% in the 61st month, with a floor of 5.25%.The new debt matures in twenty years. | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
Debt Instrument, Periodic Payment | $ 30,244 | |
Debt Instrument, Term | 10 years | |
Refinaceing Cash Received for Transaction | $ 2,000,000 | |
Subsequent Event [Member] | New Bank Debt Refinance | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Debt Default, Amount | 4,600,000 | |
Subsequent Event [Member] | Real Estate Debt Refinance | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Debt Default, Amount | $ 2,300,000 |