Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 16, 2019 | Mar. 31, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | ASTA FUNDING INC | ||
Entity Central Index Key | 0001001258 | ||
Trading Symbol | asfi | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 6,567,765 | ||
Entity Public Float | $ 12,168,319 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, par value $.01 per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 | |
ASSETS | |||
Cash and cash equivalents | $ 4,308,000 | $ 6,284,000 | |
Available-for-sale debt securities (at fair value) | 56,123,000 | 30,479,000 | [1] |
Investments in equity securities (at fair value) | 8,136,000 | ||
Consumer receivables acquired for liquidation (at cost) | 1,668,000 | 3,749,000 | |
Investment in personal injury claims, net | 5,190,000 | 10,745,000 | |
Due from third party collection agencies and attorneys | 596,000 | 755,000 | |
Accounts receivable, net | 266,000 | ||
Prepaid and income taxes receivable, net | 264,000 | 5,387,000 | |
Furniture and equipment (net of accumulated depreciation of $1,914,000 at September 30, 2019 and $1,821,000 at September 30, 2018) | 120,000 | 100,000 | |
Equity method investment | 280,000 | 236,000 | |
Note receivable | 4,313,000 | ||
Settlement receivable | 1,558,000 | 3,339,000 | |
Deferred income taxes | 9,631,000 | 9,333,000 | |
Goodwill | 1,410,000 | 1,410,000 | |
Other assets | 1,135,000 | 1,003,000 | |
Total assets | 90,685,000 | 84,708,000 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
Accounts payable and accrued expenses | 941,000 | 2,281,000 | |
Income taxes payable | 575,000 | ||
1,516,000 | 2,281,000 | ||
Commitments and contingencies | |||
STOCKHOLDERS’ EQUITY | |||
Preferred stock | |||
Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,459,708 at September 30, 2019 and 2018; and outstanding 6,567,765 at September 30, 2019 and 6,685,415 at September 30, 2018 | 135,000 | 135,000 | |
Additional paid-in capital | 68,558,000 | 68,551,000 | |
Retained earnings | 88,172,000 | 80,834,000 | |
Accumulated other comprehensive income, net of income taxes | 276,000 | 35,000 | |
Treasury stock (at cost), 6,891,943 shares at September 30, 2019 and 6,774,293 shares at September 30, 2018 | (67,972,000) | (67,128,000) | |
Total stockholders’ equity | 89,169,000 | 82,427,000 | |
Total liabilities and stockholders’ equity | 90,685,000 | 84,708,000 | |
Series A Junior Participating Preferred Stock [Member] | |||
STOCKHOLDERS’ EQUITY | |||
Preferred stock | |||
[1] | At September 30, 2018, the Company reported investments in equity securities and available for sale debt securities as a single line item on the Company's condensed consolidated balance sheet. With the Company's adoption of ASU No. 2016-01 on October 1, 2018, the Company has included the current breakout above for comparability purposes only. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Furniture and equipment, accumulated depreciation | $ 1,914,000 | $ 1,821,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, issued (in shares) | 13,459,708 | 13,459,708 |
Common stock, outstanding (in shares) | 6,567,765 | 6,685,415 |
Treasury stock, shares (in shares) | 6,891,943 | 6,774,293 |
Series A Junior Participating Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 30,000 | 30,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues: | ||
Revenues | $ 21,113,000 | $ 21,545,000 |
Gain on settlements | 596,000 | 4,044,000 |
Interest and dividend income | 1,593,000 | 475,000 |
Other income, net | 142,000 | 4,000 |
23,444,000 | 26,068,000 | |
Expenses: | ||
General and administrative | 13,378,000 | 15,429,000 |
Loss on acquisition of minority interest | 1,420,000 | |
Interest expense | 20,000 | |
Impairments of consumer receivables acquired for liquidation | 225,000 | 310,000 |
Loss (earnings) from equity method investment | 87,000 | (750,000) |
13,690,000 | 16,429,000 | |
Income from continuing operations before income tax | 9,754,000 | 9,639,000 |
Income tax expense | 2,579,000 | 4,969,000 |
Income from continuing operations | 7,175,000 | 4,670,000 |
Net loss from discontinued operations, net of income tax | (80,000) | |
Net income | $ 7,175,000 | $ 4,590,000 |
Net income (loss) per basic shares: | ||
Basic earnings per common share from continuing operations (in dollars per share) | $ 1.08 | $ 0.70 |
Basic (loss) per common share from discontinued operations (in dollars per share) | (0.01) | |
(in dollars per share) | 1.08 | 0.69 |
Net income (loss) per diluted shares: | ||
Diluted earnings per common share from continuing operations (in dollars per share) | 1.08 | 0.70 |
Diluted (loss) per common share from discontinuing operations (in dollars per share) | (0.01) | |
(in dollars per share) | $ 1.08 | $ 0.69 |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 6,652,621 | 6,662,600 |
Diluted (in shares) | 6,652,955 | 6,664,841 |
Finance Income, Net [Member] | ||
Revenues: | ||
Revenues | $ 14,050,000 | $ 15,863,000 |
Personal Injury Claims Income [Member] | ||
Revenues: | ||
Revenues | 2,202,000 | 1,084,000 |
Disability Fee Income [Member] | ||
Revenues: | ||
Revenues | $ 4,861,000 | $ 4,598,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance, October 1, 2017 (in shares) at Sep. 30, 2017 | 13,398,108 | |||||
Balance at Sep. 30, 2017 | $ 134,000 | $ 68,047,000 | $ 111,596,000 | $ 18,000 | $ (67,128,000) | $ 112,667,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | (1,969,000) | |||||
Adjusted opening equity at Sep. 30, 2017 | 18,000 | |||||
Balance at Dec. 31, 2017 | 110,799,000 | |||||
Balance, October 1, 2017 (in shares) at Sep. 30, 2017 | 13,398,108 | |||||
Balance at Sep. 30, 2017 | $ 134,000 | 68,047,000 | 111,596,000 | 18,000 | (67,128,000) | 112,667,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | (1,006,000) | |||||
Adjusted opening equity at Sep. 30, 2017 | 18,000 | |||||
Balance at Mar. 31, 2018 | 76,763,000 | |||||
Balance, October 1, 2017 (in shares) at Sep. 30, 2017 | 13,398,108 | |||||
Balance at Sep. 30, 2017 | $ 134,000 | 68,047,000 | 111,596,000 | 18,000 | (67,128,000) | 112,667,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | 951,000 | |||||
Adjusted opening equity at Sep. 30, 2017 | 18,000 | |||||
Balance at Jun. 30, 2018 | 78,788,000 | |||||
Balance, October 1, 2017 (in shares) at Sep. 30, 2017 | 13,398,108 | |||||
Balance at Sep. 30, 2017 | $ 134,000 | 68,047,000 | 111,596,000 | 18,000 | (67,128,000) | $ 112,667,000 |
Exercise of options (in shares) | 61,600 | 61,600 | ||||
Exercise of options | $ 1,000 | 398,000 | $ 399,000 | |||
Stock based compensation expense | 106,000 | 106,000 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | 4,590,000 | 4,590,000 | ||||
Unrealized loss on marketable securities, net | (17,000) | (17,000) | ||||
Dividends paid | (35,352,000) | (35,352,000) | ||||
Foreign currency translation, net | 34,000 | 34,000 | ||||
Adjusted opening equity at Sep. 30, 2017 | 18,000 | |||||
Balance (in shares) at Sep. 30, 2018 | 13,459,708 | |||||
Balance at Sep. 30, 2018 | $ 135,000 | 68,551,000 | 80,834,000 | 35,000 | (67,128,000) | $ 82,427,000 |
Exercise of options (in shares) | 0 | |||||
Stock based compensation expense | 7,000 | $ 7,000 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | 7,175,000 | 7,175,000 | ||||
Foreign currency translation, net | 104,000 | 104,000 | ||||
Cumulative effect adjustment for adoption of new accounting principle (Accounting Standards Update 2014-09 [Member]) at Sep. 30, 2018 | 173,000 | 173,000 | ||||
Cumulative effect adjustment for adoption of new accounting principle (Accounting Standards Update 2016-01 [Member]) at Sep. 30, 2018 | (10,000) | 10,000 | ||||
Cumulative effect adjustment for adoption of new accounting principle at Sep. 30, 2018 | 10,000 | |||||
Adjusted opening equity (in shares) at Sep. 30, 2018 | 13,459,708 | |||||
Adjusted opening equity at Sep. 30, 2018 | $ 135,000 | 68,551,000 | 80,997,000 | 45,000 | (67,128,000) | 82,600,000 |
Unrealized gain (loss) on debt securities, net | 127,000 | 127,000 | ||||
Treasury Stock purchased (117,650 shares) | (844,000) | (844,000) | ||||
Balance (in shares) at Sep. 30, 2019 | 13,459,708 | |||||
Balance at Sep. 30, 2019 | $ 135,000 | $ 68,558,000 | $ 88,172,000 | $ 276,000 | $ (67,972,000) | $ 89,169,000 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) | 12 Months Ended |
Sep. 30, 2019USD ($)shares | |
Accounting Standards Update 2014-09 [Member] | |
Cumulative effect adjustment for adoption of new accounting principle, tax | $ 80,000 |
Accounting Standards Update 2016-01 [Member] | |
Cumulative effect adjustment for adoption of new accounting principle, tax | $ 50,000 |
Treasury stock purchased, shares (in shares) | shares | (117,650) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income from continuing operations | $ 7,175,000 | $ 4,670,000 |
(Loss) from discontinued operations | (80,000) | |
Net income | 7,175,000 | 4,590,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 95,000 | 62,000 |
Deferred Income Taxes and Tax Credits, Total | (348,000) | 1,232,000 |
Impairments of consumer receivables acquired for liquidation | 225,000 | 310,000 |
Stock based compensation | 7,000 | 106,000 |
Unrealized gain on equity securities | (57,000) | |
Provision/(recoveries) for bad debts - personal injury claims | (230,000) | 499,000 |
Settlement receivable | (3,884,000) | |
Loss (earnings) from equity method investment | 87,000 | (750,000) |
Changes in: | ||
Receipt of income tax carry-back claim | 7,894,000 | |
Prepaid and income taxes receivable | (2,771,000) | 3,703,000 |
Due from third party collection agencies and attorneys | 128,000 | 54,000 |
Income taxes payable | 575,000 | |
Accounts receivable | (93,000) | |
Other assets | (131,000) | 40,000 |
Accounts payable and accrued expenses | (1,237,000) | (2,665,000) |
Net assets related to discontinued operations | 710,000 | |
Net cash provided by operating activities | 11,319,000 | 4,007,000 |
Cash flows from investing activities: | ||
Principal collected on consumer receivables acquired for liquidation | 1,707,000 | 2,117,000 |
Principal collected on consumer receivable accounts represented by account sales | 3,000 | |
Purchase of available-for-sale debt securities and investments in equity securities | (134,337,000) | (32,569,000) |
Proceeds from sales of available-for-sale debt securities | 108,366,000 | |
Purchase of non-controlling interest | (1,800,000) | |
Proceeds from sale of CBC | 4,491,000 | |
Proceeds from notes receivable | 4,313,000 | 1,437,000 |
Proceeds from settlements | 1,781,000 | 1,116,000 |
Acquisition of personal injury claims portfolios | (14,571,000) | |
Investments in personal injury claims - advances | (234,000) | (60,000) |
Investments in personal injury claims - receipts | 6,019,000 | 7,091,000 |
Change in equity method investment | (131,000) | 52,788,000 |
Capital expenditures | (115,000) | (38,000) |
Change in investing activities related to discontinued operations | (1,538,000) | |
Net cash (used in) provided by investing activities | (12,631,000) | 18,467,000 |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 399,000 | |
Purchase of treasury stock | (844,000) | |
Dividends paid | (35,352,000) | |
Change in financing activities related to discontinued operations | 1,387,000 | |
Net cash used in financing activities | (844,000) | (33,566,000) |
Foreign currency effect on cash | 180,000 | 101,000 |
Net decrease in cash and cash equivalents including cash and cash equivalents classified within assets related to discontinued operations | (1,976,000) | (10,991,000) |
Less: net decrease in cash and cash equivalents classified within assets related to discontinued operations | (316,000) | |
Net (decrease) in cash and cash equivalents | (1,976,000) | (11,307,000) |
Cash and cash equivalents at beginning of year | 6,284,000 | 17,591,000 |
Cash and cash equivalents at end of year | 4,308,000 | 6,284,000 |
Supplemental disclosure of cash flow information: | ||
Interest | 20,000 | |
Income taxes | 5,004,000 | |
Interest | 824,000 | |
Note receivable | 5,750,000 | |
Settlement receivable | $ 3,884,000 |
Note 1 - Correction of Previous
Note 1 - Correction of Previously Issued Consolidated Financial Statements | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | NOTE 1 During the preparation of its Annual Report on Form 10 September 30, 2019 ( “2019 10 September 2006 September 2018. not not not 2018, As a result, the accompanying consolidated financial statements and the related Note 13 23 $2.1 October 1, 2017, $533,000 September 30, 2018, The following tables summarize the effects of the revision on the Company’s accompanying consolidated financial statements and related income tax note: As of September 30, 2018 Consolidated Balance Sheet As Previously Reported Adjustment As Revised Assets: Deferred income taxes $ 10,940,000 $ (1,607,000 ) $ 9,333,000 Total assets $ 86,315,000 $ (1,607,000 ) $ 84,708,000 Stockholders' equity: Retained earnings $ 82,441,000 $ (1,607,000 ) $ 80,834,000 Total stockholders’ equity $ 84,034,000 $ (1,607,000 ) $ 82,427,000 Year Ended September 30, 2018 Consolidated Income Statement As Previously Reported Adjustment As Revised Income tax expense $ 5,502,000 $ (533,000 ) $ 4,969,000 Income from continuing operations $ 4,137,000 $ 533,000 $ 4,670,000 Net income $ 4,057,000 $ 533,000 $ 4,590,000 Net income (loss) per basic shares: Continuing operations $ 0.62 $ 0.08 $ 0.70 Discontinued operations (0.01 ) - (0.01 ) $ 0.61 $ 0.08 $ 0.69 Net income (loss) per diluted shares: Continuing operations $ 0.62 $ 0.08 $ 0.70 Discontinued operations (0.01 ) - (0.01 ) $ 0.61 $ 0.08 $ 0.69 Year Ended September 30, 2018 Consolidated Statement of Cash Flows As Previously Reported Adjustment As Revised Net income from continuing operations $ 4,137,000 $ 533,000 $ 4,670,000 Net income $ 4,057,000 $ 533,000 $ 4,590,000 Deferred income taxes $ 1,765,000 $ (533,000 ) $ 1,232,000 Net cash provided by operating activites $ 4,007,000 $ - $ 4,007,000 In accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements not |
Note 2 - The Company and Its Si
Note 2 - The Company and Its Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 2 - THE COMPANY AND ITS SIGNIFICANT ACCOUNTING POLICIES The Company: Asta, a Delaware Corporation, together with its wholly owned significant operating subsidiaries Palisades Collection, LLC, Palisades Acquisition XVI, LLC (“Palisades XVI”), Palisades Acquisition XIX, LLC (“Palisades XIX”), Palisades Acquisition XXIII, LLC (“Palisades XXIII”), VATIV Recovery Solutions LLC (“VATIV”), ASFI Pegasus Holdings, LLC (“APH”), Fund Pegasus, LLC (“Fund Pegasus”), GAR Disability Advocates, LLC (“GAR Disability Advocates”), Five Star Veterans Disability, LLC (“Five Star”), EMIRIC, LLC (“EMIRIC”), Simia Capital, LLC (“Simia”), Sylvave, LLC (“Sylvave”) (formerly known as Pegasus Funding, LLC (“Pegasus”)), Arthur Funding LLC (“Arthur Funding”) (formerly known as Practical Funding, LLC (“Practical Funding”)), and other subsidiaries, which are not For the period October 1, 2017 January 12, 2018, 80% not January 12, 2018 ( 20% We operate principally in the United States in three fourth December 13, 2017. As a result of the sale of CBC all periods presented in the Company's consolidated financial statements account for CBC as a discontinued operation. This determination resulted in the reclassification of the historical assets and liabilities comprising the structured settlement business to assets and liabilities related to discontinued operations in the consolidated balance sheets, and a corresponding adjustment to our consolidated statements of operations to reflect discontinued operations for all periods presented (see Note 8 Consumer R eceivables This segment is engaged in the business of purchasing, managing for its own account and servicing distressed charged off receivables including consumer receivables. Recently, our effort has been in the international areas (mainly South America), as we have curtailed our active purchasing of consumer receivables in the United States. We acquire these consumer receivables at substantial discounts to their face values, based on the characteristics of the underlying accounts of each portfolio. Personal I njury C laims This segment is comprised of purchased interests in personal injury claims from claimants who are a party to a personal injury claim. The Company advances to each claimant funds on a non-recourse basis at an agreed upon fee, in anticipation of a future settlement. The Company capitalizes employee compensation and benefits expenses as direct costs related to the origination of personal injury advances. Claims purchased consist of the right to receive, from such claimant, part of the proceeds or recoveries which such claimant receives by reason of a settlement, judgment or award with respect to such claimant’s claim. The Company historically funded personal injury claims in Simia and Sylvave. The Company formed a new wholly owned subsidiary, Practical Funding on March 16, 2018 April 8, 2019, May 2019 ( 6 Simia commenced operations in January 2017, January 12, 2018, not Social Security Disability Advocacy This segment consists of advocacy groups representing individuals throughout the United States in their claims for social security disability and supplemental social security income benefits from the Social Security Administration and Department of Veterans Affairs. It relies upon Search Engine Optimization (“SEO”) to bring awareness to its intended market. Basis of Presentation: The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, and are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and industry practices. All intercompany accounts have been eliminated in consolidation. Liquidity: At September 30, 2019, $4.3 $64.3 no $89.2 September 30, 2019. We believe that our available cash resources and expected cash inflows from operations will be sufficient to fund operations for the next twelve Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. With respect to income recognition the Company takes into consideration the relative credit quality of the underlying receivables constituting the portfolio acquired, the strategy involved to maximize the collections thereof, the time required to implement the collection strategy as well as other factors to estimate the anticipated cash flows. Actual results could differ from those estimates including management’s estimates of future cash flows and the resultant allocation of collections between principal and interest resulting there from. Downward revisions to estimated cash flows will result in impairments. Concentration of Credit Risk – Cash and Cash Equivalents: The Company considers all highly liquid investments with a maturity of three Cash balances are maintained at various depository institutions and are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company had cash balances with two $0.9 September 30, 2019. three $2.1 not not Investments in Equity Securities: The Company adopted Accounting Standard Update (“ASU”) No. 2016 01 October 1, 2018, Available-for-Sale Debt Securities: Non-equity debt investments that the Company intends to hold for an indefinite period of time, but not Declines in the fair value of individual available-for-sale debt securities below their respective costs that are other than temporary will result in write-downs of the individual securities to their fair value. Factors affecting the determination of whether another-than-temporary impairment has occurred include: a downgrading of the security by a rating agency, a significant deterioration in the financial condition of the issuer, or that management would not Goodwill Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in a business combination, and is accounted for under Accounting Standards Codification (“ASC”) ASC 350. fourth not not two 1 not no 2 2 $1.4 September 30, 2019 2018 Income Recognition – Consumer Receivables The Company accounts for certain of its investments in consumer receivables using the guidance of Financial Accounting Standards Board (“FASB”) ASC, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310” 310, Under the guidance of ASC 310 30 , not The Company uses the cost recovery method when collections on a particular pool of accounts cannot be reasonably predicted. Under the cost recovery method, no zero Income Recognition - Social Security Disability Advocacy Effective October 1, 2018, 606 606” December 15, 2017. 606 five 606. The Company applied ASC 606 October 1, 2018). not 606 10 65 1 2 606 10 65 1 4 not October 1, 2018) not not The Company recognizes disability fee income for GAR Disability Advocates and Five Star when disability claimant’s cases close, when cash is received or when the Company receives a notice of award from the Social Security Administration (“SSA”) or the Department of Veterans Affairs that stipulates the amount of fee approved by the SSA to be paid to the Company. The Company establishes a reserve for the differentials in amounts awarded by the SSA compared to the actual amounts received by the Company. Fees paid to the Company are withheld by the SSA against the claimant's disability claim award, and are remitted directly to the Company from the SSA. Impairments - Consumer Receivables The Company accounts for its impairments in accordance with ASC 310, 310 310 If collection projections indicate the carrying value will not third Equity method investments: Investee companies that are not not 20% 50% not When the Company's carrying value in an equity method investee company is reduced to zero, no not not no September 30, 2019 2018. Personal Injury Claim Advances and Impairments: The Company accounts for its investments in personal injury claims at an agreed upon fee, in anticipation of a future settlement. Purchased personal injury claim advances consists of the right to receive from a claimant part of the proceeds or recoveries which such claimant receives by reason of a settlement, judgment or reward with respect to such claimant’s claim. Open case revenue is estimated, recognized and accrued based on the expected realization and underwriting guidelines and facts and circumstances for each individual case. These personal injury claims are non-recourse. When a case is closed and the cash is received for the advance provided to a claimant, revenue is recognized based upon the contractually agreed upon fee, and, if applicable, adjusted for any changes due to a settled amount and fees charged to the claimant. Management assesses the quality of the personal injury claims portfolio through an analysis of the underlying personal injury fundings on a case by case basis. Cases are reviewed through periodic updates with attorneys handling the cases, as well as with third not Commissions and fees: Commissions and fees are the contractual commissions earned by third third Furniture and equipment: Furniture, equipment and software are stated at cost, less accumulated depreciation and amortization. Depreciation is provided using the straight-line method over the estimated useful lives of the assets ( 3 7 Income taxes: Deferred federal and state taxes arise from (i) recognition of finance income collected for tax purposes, but not Fair Value of Financial Instruments: FASB ASC 825, 825” not The Company records its available-for-sale debt securities and investments in equity securities at estimated fair value on a recurring basis. The accompanying consolidated financial statements include estimated fair value information regarding its available-for-sale debt securities and investments in equity securities as of September 30, 2019, 820, 820” 820 820 Level 1 Level 2 1 not Level 3 no FASB ASC 825, 825” not Discontinued Operations: U.S. GAAP requires the results of operations of a component of an entity that either has been disposed of or is classified as held for sale to be reported as discontinued operations in the consolidated financial statements if the sale or disposition represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Net income (loss) per share: Basic per share data is determined by dividing net income (loss) by the weighted average shares outstanding during the period. Diluted per share data is computed by dividing net income (loss) by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. The assumed proceeds from the exercise of dilutive options are calculated using the treasury stock method based on the average market price for the period. Stock-based compensation: The Company accounts for stock-based employee compensation under ASC 718, 718” 718 Foreign Currency Translation: Most of the Company's operations use their local currency as their functional currency. Financial statements of subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for revenues, expenses, gains and losses. Translation adjustments for subsidiaries whose local currency is their functional currency are recorded as a component of accumulated other comprehensive income (loss) within equity. Transaction gains and losses resulting from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized as incurred in the accompanying consolidated statements of operations. Reclassification: Certain prior period amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no Impact of Recently Issued Accounting Standards: Adopted During t he Year Ended September 30, 2019 On October 1, 2018, 606, not $173,000, $80,000. The most significant impact of ASC 606 one The primary impact of adopting the new standard results in acceleration of revenues for the aforementioned contractual arrangements, which relate to the social security disability advocacy segment. Disability fee income represents approximately 23.0% 21.3% September 30, 2019 2018, The following line items in our consolidated statement of operations and comprehensive income for the current year and consolidated balance sheet as of September 30, 2019 606 605 Consolidated Statement of Operations and Comprehensive Income (Loss) for the year ended September 30, 2019: As Reported (in accordance with ASC 606) Balances Without Adoption of ASC 606 Impact of Adoption Higher/(Lower) Disability fee income $ 4,861,000 $ 4,848,000 $ 13,000 Income from continuing operations before income tax $ 9,754,000 $ 9,741,000 $ 13,000 As of September 30, 2019 Consolidated Balance Sheet As Reported (in accordance with ASC 606) Balances Without Adoption of ASC 606 Impact of Adoption Higher/(Lower) Asset Accounts receivable $ 266,000 $ – $ 266,000 Stockholders' equity Retained earnings $ 88,172,000 $ 87,919,000 $ 253,000 (1) ( 1 not $80,000 On October 1, 2018, No. 2016 01, no $10,000 $10,000, $5,000. In August 2016 No. 2016 15, 230 eight December 15, 2017. not In January 2017, No. 2017 01, 805 not first 2019. not In March 2017, No. 2017 09, 718 December 15, 2017, not Recent Accounting Pronouncements Not In February 2016, 2016 02, 842 12 12 not not January 2018, 2018 01, 842 842. 2018 01 2018 01. July 2018, No. 2018 11, 842 No. 2016 02 December 15, 2018 $636,000 $636,000. not In June 2016, 2016 13, 326 December 15, 2022. In January 2017, 2017 04 350 2 December 15, 2019, not In February 2018, 2018 02, December 22, 2017, 2018 02 October 1, 2019, not In August 2018, No. 2018 13, 820 1 2 3 3 3 December 15, 2019. |
Note 3 - Investments in Debt an
Note 3 - Investments in Debt and Equity Securities | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3 – INVESTMENTS IN DEBT AND EQUITY SECURITIES Investments in Equity Securities Investments in equity securities at September 30, 2019 2018, $8.1 $7.6 1 Net gains and losses recognized on investments in equity securities for the year ended September 30, 2019 2018 2019 201 8 Net gains and losses recognized during the year on equity securities $ 57,000 $ — Less: Net gains and losses recognized during the year on equity securities sold during the year — — Unrealized gains and losses recognized during the year on equity securities still held at the reporting date $ 57,000 $ — Available for Sale Debt Securities Available for sale debt securities at September 30, 2019 2018, September 30, 2019 Amortized Unrealized Unrealized Fair Value Available for sale debt securities $ 55,946,000 $ 178,000 $ 1,000 $ 56,123,000 At September 30, 2019, $56.1 $127,000 $50,000 September 30, 2019. September 30, 2018 (1) Amortized Unrealized Unrealized Fair Value Available for sale debt securities $ 30,479,000 $ — $ — $ 30,479,000 ( 1 September 30, 2018, No. 2016 01 October 1, 2018, At September 30, 2018 , $30.5 2 none 12 not Unrealized holding gains and losses on available for sale debt securities are included in other comprehensive income (loss) within stockholders’ equity. Realized gains (losses) on available for sale debt securities are included in other income (loss) and, when applicable, are reported as a reclassification adjustment in other comprehensive income (loss). |
Note 4 - Consumer Receivables A
Note 4 - Consumer Receivables Acquired for Liquidation | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4 Accounts acquired for liquidation are stated at cost and consist primarily of defaulted consumer loans to individuals primarily throughout the United States and South America. The Company aggregates portfolios of receivables acquired sharing specific common characteristics which were acquired within a given quarter. In addition, the Company uses a variety of qualitative and quantitative factors to estimate collections and the timing thereof. The Company obtains and utilizes, as appropriate, input, including but not third The Company aggregates portfolios of receivables acquired sharing specific common characteristics which were acquired within a given quarter. In addition, the Company uses a variety of qualitative and quantitative factors to estimate collections and the timing thereof. The Company obtains and utilizes, as appropriate, input, including but not third September 30, 2019, one two $0.1 $0.1 September 30, 2018, one two $0.1 $0.2 The following tables summarize the changes in the balance sheet account of consumer receivables acquired for liquidation, which are deemed to be Level 3 For the Year Ended September 30, 201 9 201 8 Balance, beginning of period $ 3,749,000 $ 6,841,000 Net cash collections from collection of consumer receivables acquired for liquidation (15,746,000 ) (18,551,000 ) Net cash collections represented by account sales of consumer receivables acquired for liquidation — (3,000 ) Impairment (225,000 ) (310,000 ) Effect of foreign currency translation (160,000 ) (91,000 ) Finance income recognized 14,050,000 15,863,000 Balance, end of period $ 1,668,000 $ 3,749,000 Finance income as a percentage of collections 89.2 % 85.5 % During the year ended September 30, 2019 2018, not As of September 30, 2019, $1.1 $0.3 $1.4 83.8% $1.7 September 30, 2019. 4 23.9%, 16.2%, 14.1% 11.0% September 30, 2019. As of September 30, 2018, $2.0 $1.3 $3.3 88.7% $3.7 September 30, 2018. 3 20%, 11% 11% September 30, 2018. As of September 30, 2019, 2018, 1.5% 5.9% September 30, 2019 2018, 4.8% 3.6% At September 30, 2019, 28% 5 5 third 5 28% 86% third At September 30, 2018, 31% 5 5 third 5 31% 87% third In the current year the Company has three 10% 11%, 14% 16% one 20%, 24% The following table summarizes collections received by the Company’s third September 30, 2019 2018, 201 9 201 8 Gross collections (1) $ 31,222,000 $ 35,512,000 Less: commissions and fees (2) 15,476,000 16,958,000 Net collections $ 15,746,000 $ 18,554,000 ( 1 Gross collections include collections from third ( 2 Commissions are earned by third December 2007 one 3% |
Note 5 - Equity Method Investme
Note 5 - Equity Method Investments | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 5 Acquisition of Equity Method Investment On December 28, 2011, 80% January 12, 2018. On January 12, 2018, On January 12, 2018, 20% $1.8 100% $1.4 The fair values of the assets acquired and liabilities assumed at the acquisition date are as follows: Fair Value Cash $ 5,748,000 Personal injury claim advances portfolio 14,571,000 Accounts payable and accrued expenses (664,000 ) Total net assets acquired $ 19,655,000 As a result of the purchase of PLF’s 20% January 12, 2018 January 13, 2018, The results of operations of the Company’s historical equity method investment in Pegasus prior to acquisition on January 12, 2018 Statement of Operations Information For the Period October 1, 2017 to January 12, 2018 Personal injury claims income $ 671,000 Operating expenses (386,000 ) Income from operations $ 1,057,000 Earnings from equity method investment $ 845,000 Serlefin Serlefin Peru is the Company's 49% 51% three 51% Additionally, the Company and Serlefin jointly purchase international consumer debt portfolios under a purchase agreement. The Company and Serlefin purchase the portfolios on a pro-rata basis of 80% 20%, $1,332,000 $946,000 September 30, 2019 2018, During fiscal year 2019, $70,000 $280,000 September 30, 2019 September 30, 2018. September 30, 2019 $252,000, not |
Note 6 - Personal Injury Claims
Note 6 - Personal Injury Claims Funding | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Personal Injury Claims [Text Block] | NOTE 6 Simia and Sylvave On November 11, 2016, not January 2017, September 30, 2019, $1.3 $0.2 September 30, 2018, $2.4 $0.4 As noted in Note 5 January 12, 2018, not September 30, 2019, $3.7 $2.0 September 30 2018, $8.4 $0.7 Arthur Funding The Company formed a new wholly owned subsidiary, Arthur Funding, LLC. Arthur Funding began funding advances on personal injury claims in May 2019. September 30, 2019, $0.2 $0.0 The following tables summarize the changes in the balance sheet account of personal injury claim portfolios held by Simia, Sylvave and Arthur Funding, net of reserves, for the following periods: For the Year Ended September 30, 201 9 201 8 Balance, beginning of period $ 10,745,000 $ 3,704,000 Acquisition of personal injury funding portfolio (1) — 14,571,000 Personal claim advances 234,000 60,000 Provision for losses (386,000 ) (516,000 ) (Write offs) recoveries 616,000 17,000 Personal injury claims income 2,202,000 1,084,000 Personal injury claims receipts (8,221,000 ) (8,175,000 ) Balance, end of period $ 5,190,000 $ 10,745,000 ( 1 The Company recognized personal injury claims income of $2.2 $1.1 September 30, 2019 2018, $1.2 $0.5 September 30, 2019 2018, |
Note 7 - Furniture and Equipmen
Note 7 - Furniture and Equipment | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 7 - FURNITURE AND EQUIPMENT Furniture and equipment as of September 30, 2019 2018 201 9 201 8 Furniture $ 278,000 $ 273,000 Equipment 360,000 252,000 Software 1,396,000 1,396,000 2,034,000 1,921,000 Less accumulated depreciation and amortization 1,914,000 1,821,000 $ 120,000 $ 100,000 Depreciation and amortization expenses were $95,000 $62,000 September 30, 2019 2018, |
Note 8 - Discontinued Operation
Note 8 - Discontinued Operations | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 8 - DISCONTINUED OPERATIONS The Company previously operated in the structured settlement business through our wholly owned subsidiary CBC. On December 13, 2017, $10.3 $4.5 $5.8 7% first 9 $2.4 September 30, 2017. As a result of the sale of CBC all periods presented in the Company's consolidated financial statements will account for CBC as a discontinued operation. This determination resulted in the reclassification of the historical assets and liabilities comprising the structured settlement business to assets related to discontinued operations in the consolidated balance sheets, and a corresponding adjustment to our consolidated statements of operations to reflect discontinued operations for all periods presented. As of September 30, 2019, September 30, 2018, no September 30, 2019 2018, $0 $80,000, The following table presents the operating results, for the years ended September 30, 2019 2018 , 2019 2018 Revenues: Unrealized gain on structured settlements $ — $ 244,000 Interest income on structured settlements — 2,005,000 Total revenues — 2,249,000 Other income — 11,000 — 2,260,000 Expenses: General and administrative expenses — 1,560,000 Interest expense — 824,000 — 2,384,000 Loss from discontinued operations before income tax — (124,000 ) Income tax (benefit) from discontinued operations — (44,000 ) Net loss from discontinued operations, net of income tax $ — $ (80,000 ) Prior to its sale, the Company, through CBC, purchased periodic payments under structured settlements and annuity policies from individuals in exchange for a lump sum payment. The Company elected to carry the structured settlements at fair value. Unearned income on structured settlements is recognized as interest income using the effective interest method over the life of the related structured settlement. Changes in fair value were recorded in unrealized gain (loss) on structured settlements in the Company’s statements of operations. Unrealized gains on structured settlements were comprised of both unrealized gains resulting from fair market valuation at the date of acquisition of the structured settlements and the subsequent fair value adjustments resulting from the change in the discount rate. Of the $0.2 September 30, 2018, $0.2 one no |
Note 9 - Note Receivable
Note 9 - Note Receivable | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 9 Pursuant to the Securities Purchase Agreement, CBC sold to the Buyer all of the issued and outstanding equity capital of CBC for $10.3 $4.5 $5.8 7% December 13, 2020, first March 13, 2019 not not March 31, 2019. April 11, 2019, no April 15, 2019. April 15, 2019, $4 $3.8 $0.2 April 15, 2019, The principle amount outstanding on this Note at September 30, 2019 September 30, 2018 $0.0 $4.3 September 30, 2019 2018, $0.2 $0.3 8 |
Note 10 - Settlements
Note 10 - Settlements | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 10 In August 2014, third third third third July 12, 2018, third $4.4 third These fee-based settlements are required to total $2.4 $4.4 second third The Company determined the fair value of this settlement using (i) historical collection history to estimate the fee based settlement fees that are expected to be received each month from the servicer; (ii) the contractual true-up dates, discussed above, in order to estimate the anticipated true-up payments that will be received from the servicer on the second third 8.5%. As of September 30, 2019 2018, third $1.6 $3.3 September 30, 2019 2018, $2.0 $0.6 third September 30, 2019 2018, $0.2 $0.1 For the year ended September 30, 2019, $0.3 third On January 22, 2018, May 2012. On May 22, 2019, Napp agreed to pay the sum of $1.4 May 21, 2019 January 12, 2022. $25,000 December 31, 2019. The Company has previously reviewed the financial condition of both Balance Point and Napp, and has concluded that neither entity currently has assets sufficient to honor the obligations set forth in the Settlement Agreement. Therefore, due to the uncertainty of collecting the Settlement Amount from either Balance Point or Napp, the Company will realize the gain on this settlement, as the Company receives the cash proceeds. The Company has recognized a gain on settlement of $25,000 September 30, 2019 On June 30, 2017, May 22, 2018, On May 7, 2019, $47,500, GAR no May 8, 2019. On May 8, 2019, $47,500 September 30, 2019 On May 15, 2019, $0.2 third $0.2 September 30, 2019 Additionally, the Company also recorded a gain on settlement of $0.6 third September 30, 2018. |
Note 11 - Non-recourse Debt
Note 11 - Non-recourse Debt | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 11 NON-RECOURSE DEBT Non-Recourse Debt - Bank of Montreal (“BMO”) In March 2007, $227 July 2007, December 2007, May 2008, February 2009, October 2010 August 2013 ( $300 three August 2013. On August 7, 2013, 100% $15 $15 30% $15 June 3, 2014, $2.9 $1.9 $16.9 During the month of June 2016 , $16.9 September 30, 2019 2018 , $22,000 $117,000, October 2019 2018, |
Note 12 - Interest Dividend and
Note 12 - Interest Dividend and Other Income | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Other Nonoperating Income and Expense [Text Block] | NOTE 12 INCOME The following tables summarize interest, dividend and other income for the year ended September 30, 2019 2018: 201 9 201 8 Interest and dividend income $ 1,593,000 $ 475,000 Realized gain 25,000 – Unrealized gain 57,000 – Other 60,000 4,000 $ 1,735,000 $ 479,000 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 13 The components of the provision/(benefit) for income taxes for the years ended September 30, 2019 2018 2019 2018 Current: Federal $ 2,753,000 $ 3,709,000 State 226,000 - 2,979,000 3,709,000 Deferred (1): Federal (1,177,000 ) 947,000 State 777,000 269,000 (400,000 ) 1,216,000 Sub-total 2,579,000 4,925,000 Income tax benefit on discontinued operations –– (44,000 ) Provision for income taxes $ 2,579,000 $ 4,969,000 ( 1 $2,140,000 October 1, 2017, $2,140,000 September 30, 2018. September 30, 2018, $533,000, $533,000 1 On December 22, 2017, 35% 21%. September 30, 2018, $3.7 September 30, 2018, The difference between the statutory federal income tax rate on the Company’s pre-tax income and the Company’s effective income tax rate is summarized for the years ended September 30, 2019 2018 2019 2018 Statutory federal income tax rate 21.0 % 24.5 % State income tax, net of federal benefit 9.8 2.3 Permanent difference in municipal interest (1.5 ) 0.6 Change in valuation allowance — (12.1 ) Impact of the Tax Act (1) — 38.8 Other (2.8 ) (2.3 ) Effective income tax rate 26.5 % 51.8 % ( 1 The revaluation of the Company's deferred tax assets and liabilities due to the lower corporate tax rate established by the Tax Act resulted in $3.7 September 30, 2018. The Company recognized a net deferred tax asset of $9,631,000 $9,333,000 September 30, 2019 2018, September 30, 2019 September 30, 2018 Impairments/bad debt reserves $ 462,000 $ 328,000 Revenue recognition pertaining to the cost over estimated collections method 7,360,000 6,312,000 State tax net operating loss carry forward 6,364,000 7,421,000 Stock based compensation (1) 754,000 760,000 Capital loss carry forward 1,677,000 1,724,000 Foreign currency 602,000 404,000 Depreciation, amortization and other 117,000 215,000 Deferred income taxes 17,336,000 17,164,000 Deferred tax valuation allowance (7,705,000 ) (7,831,000 ) Deferred income taxes $ 9,631,000 $ 9,333,000 ( 1 $2,140,000 October 1, 2017, $2,140,000 September 30, 2018. September 30, 2018, $533,000, $533,000 1 The Company files consolidated Federal and state income tax returns. Substantially all of the Company’s subsidiaries are single member limited liability companies and, therefore, do not September 30, 2019 $60.0 2029 $19.3 $3.5 September 30, 2019, 2035 $11 September 30, 2019, 2028 $6.0 2022 The Company accounts for income taxes using the asset and liability method which requires the recognition of deferred tax assets and, if applicable, deferred tax liabilities, for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and, if applicable, liabilities. Additionally, the Company would adjust deferred taxes to reflect estimated tax rate changes, if applicable. The Company conducts periodic evaluations to determine whether it is more likely than not not, not September 30, 2019. $7.7 September 30, 2019 $7.8 September 30, 2018. twenty 740, not not 50 The Company files income tax returns in the U.S federal jurisdiction, various state jurisdictions, and various foreign countries. The Tax Act creates a new requirement that certain income, such as Global Intangible Low-Taxed Income ("GILTI"), earned by foreign subsidiaries must be included currently in the gross income of the U.S. shareholder. Under U.S. GAAP, the Company made an accounting policy election to treat taxes due on future inclusions in U.S. taxable income related to GILTI as a current-period expense when incurred. The Company does not no 2016. September 30, 2014 2015. March 21, 2019, 2014 $3.2 May 28, 2019. $0.2 2014 three nine June 30, 2019. July 19, 2019, $4.7 2016 |
Note 14 - Net Income Per Share
Note 14 - Net Income Per Share | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 14 The following table presents the computation of basic and diluted per share data for the fiscal years ended September 30, 2019 2018 : 201 9 201 8 Income from continuing operations $ 7,175,000 $ 4,670,000 (Loss) from discontinued operations — (80,000 ) Net income $ 7,175,000 $ 4,590,000 Basic earnings per common share from continuing operations $ 1.08 $ 0.70 Basic (loss) per common share from discontinued operations –– (0.01 ) Basic earnings per share $ 1.08 $ 0.69 Diluted earnings per common share from continuing operations $ 1.08 $ 0.70 Diluted (loss) per common share from discontinuing operations –– (0.01 ) Diluted earnings per share $ 1.08 $ 0.69 Weighted average number of common shares outstanding: Basic 6,652,621 6,662,600 Dilutive effect of stock options 334 2,241 Diluted 6,652,955 6,664,841 At September 30, 2019 716,167 not |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 15 Leases The Company leases its facilities in (i) Englewood Cliffs, New Jersey, and (ii) Fort Lee, New Jersey. The leases are operating leases, and the Company incurred related rent expense in the amounts of $293,000, $324,000 September 30, 2019 2018, Year Ending September 30, 2020 $ 325,000 2021 109,000 2022 120,000 2023 76,000 $ 630,000 The Company’s lease of its Louisville, Kentucky and Texas facilities expired in December 2018 August 2019, not Legal Matters On November 7, 2019, In the ordinary course of our business, we are involved in numerous legal proceedings. We regularly initiate collection lawsuits, using our network of third not not |
Note 16 - Stock Option Plans
Note 16 - Stock Option Plans | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Stock Option Plans [Text Block] | NOTE 1 6 - STOCK OPTION PLANS 2012 On February 7, 2012, 2012 “2012 March 21, 2012. 2012 The 2012 The Company authorized 2,000,000 2012 September 30, 2019, 540,800 245,625 114,668 1,328,243 September 30, 2019. September 30, 2019, 52 2012 Equity Compensation Plan On December 1, 2005, March 1, 2006. 2002 In addition to permitting the grant of stock options, as are permitted under the 2002 The Company authorized 1,000,000 March 21, 2012, no 2002 On March 5, 2002, 2002 “2002 May 1, 2002. 2002 The 2002 422 1986, not The Company authorized 1,000,000 2002 March 5, 2012, no Summary of the Plans The following table summarizes stock option transactions under the 2012 2002 Year Ended September 30, 2019 2018 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding options at the beginning of year 728,867 $ 8.17 880,567 $ 8.05 Options granted - - - - Options forfeited/cancelled (6,300 ) 7.24 (90,100 ) 8.11 Options exercised - - (61,600 ) 6.48 Outstanding options at the end of year 722,567 $ 8.18 728,867 $ 8.17 Exercisable options at the end of year 722,567 $ 8.18 710,694 $ 8.18 The following table summarizes information about the plans’ outstanding options as of September 30, 2019: Options Outstanding Options Exercisable Range of Exercise Price Number of Shares Outstanding Weighted Average Remaining Contractual Life (In Years) Weighted Average Exercise Price Number of Shares Exercisable Weighted Average Exercise Price $5.7501 - $8.6250 613,067 2.7 7.97 613,067 7.97 $8.6251 - $11.5000 109,500 3.3 9.37 109,500 9.37 722,567 $ 8.18 722,567 $ 8.18 The Company recognized $7,000 $106,000 September 30, 2019 2018, September 30, 2019, no The intrinsic value of the outstanding and exercisable options as of September 30, 2019 2018 $704 $1,200 no 2019. 2018 $265,000. September 30, 2018 $664,000. September 30, 2018 $399,000. September 30, 2019 2.8 2019 2018 $125,000 $258,000, no September 30, 2019 2018. The Company did not September 30, 2019 2018. September 30, 2019, 2018, no |
Note 17 - Stockholders' Equity
Note 17 - Stockholders' Equity | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 1 7 - STOCKHOLDERS’ EQUITY The Company has 5,000,000 $0.01 one There were no September 30, 2019 2018. Dividends are declared at the discretion of the Board of Directors and depend upon the Company’s financial condition, operating results, capital requirements and other factors that the Board of Directors deems relevant. In addition, agreements with the Company’s lenders may, September 30, 2019, no no No 2019. On February 5, 2018 $5.30 February 28, 2018 February 16, 2018 March 1, 2018. $35.4 On May 17, 2019, $10.5 10b 18 10 5 1 August 17, 2019. August 17, 2019, 117,650 $0.8 |
Note 18 - Retirement Plan
Note 18 - Retirement Plan | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 1 8 - RETIREMENT PLAN The Company maintains a 401 September 30, 2019 2018 $130,000 $127,000, |
Note 19 - Fair Value of Financi
Note 19 - Fair Value of Financial Measurements and Disclosures | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 19 - FAIR VALUE OF FINANCIAL MEASUREMENTS AND DISCLOSURES Disclosures about Fair Value of Financial Instruments The estimated fair value of the Company’s financial instruments is summarized as follows: September 30, 201 9 September 30, 201 8 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Cash equivalents (Level 1) $ 64,000 $ 64,000 $ 1,786,000 $ 1,786,000 Investments in equity securities (Level 1) 8,136,000 8,136,000 7,575,000 7,575,000 (1) Available-for-sale debt securities (Level 2) 56,123,000 56,123,000 30,479,000 30,479,000 (1) Consumer receivables acquired for liquidation (Level 3) 1,668,000 25,783,000 3,749,000 27,574,000 ( 1 September 30, 2018, No. 2016 01 October 1, 2018, Disclosure of the estimated fair values of financial instruments often requires the use of estimates. The Company uses the following methods and assumptions to estimate the fair value of financial instruments: Cash equivalents - The Company considers all highly liquid debt instruments purchased with an original maturity of three Investments in equity securities - The investments in equity consist of mutual funds that are valued based on quoted prices in active markets. Available-for-sale debt securities - The available-for-sale debt securities consist of U.S. treasury bills that are valued based on quoted prices in active markets. The U.S. treasury bills have been classified as available for sale by the Company, as they are deemed to be short term investments, and can be liquidated as needed by the Company. The Company’s investments in equity securities and available-for-sale debt securities are classified as Level 1 2 not 1 September 30, 2018. no 3 September 30, 2019. Consumer receivables acquired for liquidation - The Company computed the fair value of the consumer receivables acquired for liquidation using its proprietary forecasting model. The Company’s forecasting model utilizes a discounted cash flow analysis. The Company’s cash flows are an estimate of monthly collections for consumer receivables over the estimated collection period, which is currently July 2019 December 2024. 20%. 4 3 |
Note 20 - Related Party Transac
Note 20 - Related Party Transactions | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 20 The Company utilizes the services of a consultant in conjunction with its international operations. The consultant is the spouse of one 49% September 30, 2019 2018, $77,000 $101,000, not no September 30, 2019 September 30, 2018. On August 15, 2019, one $30,000 no September 30, 2019. |
Note 21 - Segment Reporting
Note 21 - Segment Reporting | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 21 The Company operates through strategic business units that are aggregated into three three • Consumer receivables - may may $1.4 • Personal injury claims – This segment is comprised of purchased interests in personal injury claims from claimants who are a party in personal injury litigation or claims. The Company advances to each claimant funds on a non-recourse basis at an agreed upon interest rate, in anticipation of a future settlement. The interest in each claim purchased consists of the right to receive, from such claimant, part of the proceeds or recoveries which such claimant receives by reason of a settlement, judgment or award with respect to such claimant’s claim. The Company historically funded personal injury claims in Simia and Sylvave. The Company formed a new wholly owned subsidiary, Arthur Funding, on March 16, 2018 May 2019. January 2017, January 12, 2018, not • Social security disability advocacy Certain non-allocated administrative costs, interest income and various other non-operating income and expenses are reflected in Corporate. Corporate assets include cash and cash equivalents, investments in equity securities and available-for-sale debt securities, a note receivable, property and equipment, goodwill, deferred taxes and other assets. The following table shows results for continuing operations by reporting segment for the years ended September 30, 2019 2018. (Dollars in millions) Consumer Receivables Social S ecurity D isability A dvocacy Personal Injury Claims (2) Corporate (3) Total Fiscal Year Ended September 30, 201 9 : Revenues $ 14.0 $ 4.9 $ 2.2 $ – $ 21.1 Other income (4) 0.8 – – 1.5 2.3 Segment profit (loss) 12.4 1.5 2.2 (6.3 ) 9.8 Segment Assets (1) 8.9 0.7 5.6 75.5 90.7 201 8 : Revenues 15.9 4.6 1.1 - 21.6 Other income (4) 4.0 - - 0.5 4.5 Segment profit (loss) 17.8 1.1 1.1 (10.4 ) 9.6 Segment Assets (1) 12.4 1.0 11.9 59.4 84.7 The Company does not ( 1 Includes other amounts in other line items on the consolidated balance sheet. ( 2 The Company recorded Pegasus as an equity investment in its consolidated financial statements through January 12, 2018. January 13, 2018, ( 3 Corporate is not three not ( 4 Included in other income is approximately $0.6 $4.0 September 30, 2019 2018, 10 |
Note 22 - Accumulated Other Com
Note 22 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 22 Accumulated other comprehensive income (loss) consists of: Year Ended September 30, 2019 2018 Unrealized gain on marketable securities Foreign currency translation, net Total Unrealized gain on marketable securities Foreign currency translation, net Total Beginning Balance $ (10,000 ) $ 45,000 $ 35,000 $ 7,000 $ 11,000 $ 18,000 Cumulative effect adjustment for adoption of ASU No. 2016-01, net of tax of $5,000 10,000 – 10,000 – – – Adjusted opening balance $ – 45,000 45,000 7,000 11,000 18,000 Change in unrealized gains on foreign currency translation, net – 104,000 104,000 – 34,000 34,000 Change in unrealized gains (losses) on marketable securities 127,000 – 127,000 (17,000 ) – (17,000 ) Net current-period other comprehensive income 127,000 104,000 231,000 (17,000 ) 34,000 17,000 Ending balance $ 127,000 $ 149,000 $ 276,000 $ (10,000 ) $ 45,000 $ 35,000 |
Note 23 - Unaudited Quarterly R
Note 23 - Unaudited Quarterly Results | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 23 As disclosed in Note 1 Correction of Previously Issued Consolidated Financial Statements September 30, 2018, 2018 no three March 31, 2018 June 30, 2018. September 30, 2019, not not Three Months Ended December 31, 2017 Six Months Ended March 31, 2018 Nine Months Ended June 30, 2018 2018 As reported As revised As reported As revised As reported As revised Total revenues and other income $ 5,271,000 $ 5,271,000 $ 11,059,000 $ 11,059,000 $ 18,389,000 $ 18,389,000 Income from continuing operations before income tax $ 1,411,000 $ 1,411,000 $ 2,971,000 $ 2,971,000 $ 5,983,000 $ 5,983,000 Income tax expense 4,000,000 3,300,000 4,540,000 3,897,000 5,595,000 4,952,000 Income from continuing operations $ (2,589,000 ) $ (1,889,000 ) $ (1,569,000 ) $ (926,000 ) $ 388,000 $ 1,031,000 Net income $ (2,669,000 ) $ (1,969,000 ) $ (1,649,000 ) $ (1,006,000 ) $ 308,000 $ 951,000 Net income (loss) per share from continuing operations: Basic $ (0.39 ) $ (0.29 ) $ (0.24 ) $ (0.14 ) $ 0.06 $ 0.15 Diluted $ (0.39 ) $ (0.29 ) $ (0.24 ) $ (0.14 ) $ 0.06 $ 0.15 Total assets $ 115,730,000 $ 114,290,000 $ 80,206,000 $ 78,709,000 $ 82,037,000 $ 80,540,000 Total stockholders’ equity $ 112,239,000 $ 110,799,000 $ 78,260,000 $ 76,763,000 $ 80,285,000 $ 78,788,000 |
Note 24 - Subsequent Events
Note 24 - Subsequent Events | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 24 On October 30, 2019, $0.01 $10.75 60% October 29, 2019, 60% 30 October 30, 2019. The Company’s Board of Directors has established a special committee of independent directors with its own independent advisors to review the Proposal. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation: The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, and are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and industry practices. All intercompany accounts have been eliminated in consolidation. |
Liquidity Disclosure [Policy Text Block] | Liquidity: At September 30, 2019, $4.3 $64.3 no $89.2 September 30, 2019. We believe that our available cash resources and expected cash inflows from operations will be sufficient to fund operations for the next twelve |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. With respect to income recognition the Company takes into consideration the relative credit quality of the underlying receivables constituting the portfolio acquired, the strategy involved to maximize the collections thereof, the time required to implement the collection strategy as well as other factors to estimate the anticipated cash flows. Actual results could differ from those estimates including management’s estimates of future cash flows and the resultant allocation of collections between principal and interest resulting there from. Downward revisions to estimated cash flows will result in impairments. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk – Cash and Cash Equivalents: The Company considers all highly liquid investments with a maturity of three Cash balances are maintained at various depository institutions and are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company had cash balances with two $0.9 September 30, 2019. three $2.1 not not |
Equity Securities with Readily Determinable Fair Value [Policy Text Block] | Investments in Equity Securities: The Company adopted Accounting Standard Update (“ASU”) No. 2016 01 October 1, 2018, |
Debt Securities, Available-for-sale [Policy Text Block] | Available-for-Sale Debt Securities: Non-equity debt investments that the Company intends to hold for an indefinite period of time, but not Declines in the fair value of individual available-for-sale debt securities below their respective costs that are other than temporary will result in write-downs of the individual securities to their fair value. Factors affecting the determination of whether another-than-temporary impairment has occurred include: a downgrading of the security by a rating agency, a significant deterioration in the financial condition of the issuer, or that management would not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in a business combination, and is accounted for under Accounting Standards Codification (“ASC”) ASC 350. fourth not not two 1 not no 2 2 $1.4 September 30, 2019 2018 |
Income Recognition Impairments and Accretable Yield Adjustments [Policy Text Block] | Income Recognition – Consumer Receivables The Company accounts for certain of its investments in consumer receivables using the guidance of Financial Accounting Standards Board (“FASB”) ASC, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310” 310, Under the guidance of ASC 310 30 , not The Company uses the cost recovery method when collections on a particular pool of accounts cannot be reasonably predicted. Under the cost recovery method, no zero Income Recognition - Social Security Disability Advocacy Effective October 1, 2018, 606 606” December 15, 2017. 606 five 606. The Company applied ASC 606 October 1, 2018). not 606 10 65 1 2 606 10 65 1 4 not October 1, 2018) not not The Company recognizes disability fee income for GAR Disability Advocates and Five Star when disability claimant’s cases close, when cash is received or when the Company receives a notice of award from the Social Security Administration (“SSA”) or the Department of Veterans Affairs that stipulates the amount of fee approved by the SSA to be paid to the Company. The Company establishes a reserve for the differentials in amounts awarded by the SSA compared to the actual amounts received by the Company. Fees paid to the Company are withheld by the SSA against the claimant's disability claim award, and are remitted directly to the Company from the SSA. Impairments - Consumer Receivables The Company accounts for its impairments in accordance with ASC 310, 310 310 If collection projections indicate the carrying value will not third |
Equity Method Investments [Policy Text Block] | Equity method investments: Investee companies that are not not 20% 50% not When the Company's carrying value in an equity method investee company is reduced to zero, no not not no September 30, 2019 2018. |
Personal Injury Claim Advances [Policy Text Block] | Personal Injury Claim Advances and Impairments: The Company accounts for its investments in personal injury claims at an agreed upon fee, in anticipation of a future settlement. Purchased personal injury claim advances consists of the right to receive from a claimant part of the proceeds or recoveries which such claimant receives by reason of a settlement, judgment or reward with respect to such claimant’s claim. Open case revenue is estimated, recognized and accrued based on the expected realization and underwriting guidelines and facts and circumstances for each individual case. These personal injury claims are non-recourse. When a case is closed and the cash is received for the advance provided to a claimant, revenue is recognized based upon the contractually agreed upon fee, and, if applicable, adjusted for any changes due to a settled amount and fees charged to the claimant. Management assesses the quality of the personal injury claims portfolio through an analysis of the underlying personal injury fundings on a case by case basis. Cases are reviewed through periodic updates with attorneys handling the cases, as well as with third not |
Commissions, Policy [Policy Text Block] | Commissions and fees: Commissions and fees are the contractual commissions earned by third third |
Property, Plant and Equipment, Policy [Policy Text Block] | Furniture and equipment: Furniture, equipment and software are stated at cost, less accumulated depreciation and amortization. Depreciation is provided using the straight-line method over the estimated useful lives of the assets ( 3 7 |
Income Tax, Policy [Policy Text Block] | Income taxes: Deferred federal and state taxes arise from (i) recognition of finance income collected for tax purposes, but not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments: FASB ASC 825, 825” not The Company records its available-for-sale debt securities and investments in equity securities at estimated fair value on a recurring basis. The accompanying consolidated financial statements include estimated fair value information regarding its available-for-sale debt securities and investments in equity securities as of September 30, 2019, 820, 820” 820 820 Level 1 Level 2 1 not Level 3 no FASB ASC 825, 825” not |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations: U.S. GAAP requires the results of operations of a component of an entity that either has been disposed of or is classified as held for sale to be reported as discontinued operations in the consolidated financial statements if the sale or disposition represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. |
Earnings Per Share, Policy [Policy Text Block] | Net income (loss) per share: Basic per share data is determined by dividing net income (loss) by the weighted average shares outstanding during the period. Diluted per share data is computed by dividing net income (loss) by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. The assumed proceeds from the exercise of dilutive options are calculated using the treasury stock method based on the average market price for the period. |
Share-based Payment Arrangement [Policy Text Block] | Stock-based compensation: The Company accounts for stock-based employee compensation under ASC 718, 718” 718 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation: Most of the Company's operations use their local currency as their functional currency. Financial statements of subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for revenues, expenses, gains and losses. Translation adjustments for subsidiaries whose local currency is their functional currency are recorded as a component of accumulated other comprehensive income (loss) within equity. Transaction gains and losses resulting from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized as incurred in the accompanying consolidated statements of operations. |
Reclassification, Policy [Policy Text Block] | Reclassification: Certain prior period amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no |
New Accounting Pronouncements, Policy [Policy Text Block] | Impact of Recently Issued Accounting Standards: Adopted During t he Year Ended September 30, 2019 On October 1, 2018, 606, not $173,000, $80,000. The most significant impact of ASC 606 one The primary impact of adopting the new standard results in acceleration of revenues for the aforementioned contractual arrangements, which relate to the social security disability advocacy segment. Disability fee income represents approximately 23.0% 21.3% September 30, 2019 2018, The following line items in our consolidated statement of operations and comprehensive income for the current year and consolidated balance sheet as of September 30, 2019 606 605 Consolidated Statement of Operations and Comprehensive Income (Loss) for the year ended September 30, 2019: As Reported (in accordance with ASC 606) Balances Without Adoption of ASC 606 Impact of Adoption Higher/(Lower) Disability fee income $ 4,861,000 $ 4,848,000 $ 13,000 Income from continuing operations before income tax $ 9,754,000 $ 9,741,000 $ 13,000 As of September 30, 2019 Consolidated Balance Sheet As Reported (in accordance with ASC 606) Balances Without Adoption of ASC 606 Impact of Adoption Higher/(Lower) Asset Accounts receivable $ 266,000 $ – $ 266,000 Stockholders' equity Retained earnings $ 88,172,000 $ 87,919,000 $ 253,000 (1) ( 1 not $80,000 On October 1, 2018, No. 2016 01, no $10,000 $10,000, $5,000. In August 2016 No. 2016 15, 230 eight December 15, 2017. not In January 2017, No. 2017 01, 805 not first 2019. not In March 2017, No. 2017 09, 718 December 15, 2017, not Recent Accounting Pronouncements Not In February 2016, 2016 02, 842 12 12 not not January 2018, 2018 01, 842 842. 2018 01 2018 01. July 2018, No. 2018 11, 842 No. 2016 02 December 15, 2018 $636,000 $636,000. not In June 2016, 2016 13, 326 December 15, 2022. In January 2017, 2017 04 350 2 December 15, 2019, not In February 2018, 2018 02, December 22, 2017, 2018 02 October 1, 2019, not In August 2018, No. 2018 13, 820 1 2 3 3 3 December 15, 2019. |
Note 1 - Correction of Previo_2
Note 1 - Correction of Previously Issued Consolidated Financial Statements (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | As of September 30, 2018 Consolidated Balance Sheet As Previously Reported Adjustment As Revised Assets: Deferred income taxes $ 10,940,000 $ (1,607,000 ) $ 9,333,000 Total assets $ 86,315,000 $ (1,607,000 ) $ 84,708,000 Stockholders' equity: Retained earnings $ 82,441,000 $ (1,607,000 ) $ 80,834,000 Total stockholders’ equity $ 84,034,000 $ (1,607,000 ) $ 82,427,000 Year Ended September 30, 2018 Consolidated Income Statement As Previously Reported Adjustment As Revised Income tax expense $ 5,502,000 $ (533,000 ) $ 4,969,000 Income from continuing operations $ 4,137,000 $ 533,000 $ 4,670,000 Net income $ 4,057,000 $ 533,000 $ 4,590,000 Net income (loss) per basic shares: Continuing operations $ 0.62 $ 0.08 $ 0.70 Discontinued operations (0.01 ) - (0.01 ) $ 0.61 $ 0.08 $ 0.69 Net income (loss) per diluted shares: Continuing operations $ 0.62 $ 0.08 $ 0.70 Discontinued operations (0.01 ) - (0.01 ) $ 0.61 $ 0.08 $ 0.69 Year Ended September 30, 2018 Consolidated Statement of Cash Flows As Previously Reported Adjustment As Revised Net income from continuing operations $ 4,137,000 $ 533,000 $ 4,670,000 Net income $ 4,057,000 $ 533,000 $ 4,590,000 Deferred income taxes $ 1,765,000 $ (533,000 ) $ 1,232,000 Net cash provided by operating activites $ 4,007,000 $ - $ 4,007,000 |
Note 2 - The Company and Its _2
Note 2 - The Company and Its Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Consolidated Statement of Operations and Comprehensive Income (Loss) for the year ended September 30, 2019: As Reported (in accordance with ASC 606) Balances Without Adoption of ASC 606 Impact of Adoption Higher/(Lower) Disability fee income $ 4,861,000 $ 4,848,000 $ 13,000 Income from continuing operations before income tax $ 9,754,000 $ 9,741,000 $ 13,000 As of September 30, 2019 Consolidated Balance Sheet As Reported (in accordance with ASC 606) Balances Without Adoption of ASC 606 Impact of Adoption Higher/(Lower) Asset Accounts receivable $ 266,000 $ – $ 266,000 Stockholders' equity Retained earnings $ 88,172,000 $ 87,919,000 $ 253,000 (1) |
Note 3 - Investments in Debt _2
Note 3 - Investments in Debt and Equity Securities (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Gain (Loss) on Securities [Table Text Block] | 2019 201 8 Net gains and losses recognized during the year on equity securities $ 57,000 $ — Less: Net gains and losses recognized during the year on equity securities sold during the year — — Unrealized gains and losses recognized during the year on equity securities still held at the reporting date $ 57,000 $ — |
Available-for-sale Securities [Table Text Block] | September 30, 2019 Amortized Unrealized Unrealized Fair Value Available for sale debt securities $ 55,946,000 $ 178,000 $ 1,000 $ 56,123,000 September 30, 2018 (1) Amortized Unrealized Unrealized Fair Value Available for sale debt securities $ 30,479,000 $ — $ — $ 30,479,000 |
Note 4 - Consumer Receivables_2
Note 4 - Consumer Receivables Acquired for Liquidation (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Consumer Receivables after Liquidation [Table Text Block] | For the Year Ended September 30, 201 9 201 8 Balance, beginning of period $ 3,749,000 $ 6,841,000 Net cash collections from collection of consumer receivables acquired for liquidation (15,746,000 ) (18,551,000 ) Net cash collections represented by account sales of consumer receivables acquired for liquidation — (3,000 ) Impairment (225,000 ) (310,000 ) Effect of foreign currency translation (160,000 ) (91,000 ) Finance income recognized 14,050,000 15,863,000 Balance, end of period $ 1,668,000 $ 3,749,000 Finance income as a percentage of collections 89.2 % 85.5 % |
Schedule of Collections on Gross Basis [Table Text Block] | 201 9 201 8 Gross collections (1) $ 31,222,000 $ 35,512,000 Less: commissions and fees (2) 15,476,000 16,958,000 Net collections $ 15,746,000 $ 18,554,000 |
Note 5 - Equity Method Invest_2
Note 5 - Equity Method Investments (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Fair Value Cash $ 5,748,000 Personal injury claim advances portfolio 14,571,000 Accounts payable and accrued expenses (664,000 ) Total net assets acquired $ 19,655,000 |
Equity Method Investment, Summarized Financial Information [Table Text Block] | Statement of Operations Information For the Period October 1, 2017 to January 12, 2018 Personal injury claims income $ 671,000 Operating expenses (386,000 ) Income from operations $ 1,057,000 Earnings from equity method investment $ 845,000 |
Note 6 - Personal Injury Clai_2
Note 6 - Personal Injury Claims Funding (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Personal Claims Funding [Table Text Block] | For the Year Ended September 30, 201 9 201 8 Balance, beginning of period $ 10,745,000 $ 3,704,000 Acquisition of personal injury funding portfolio (1) — 14,571,000 Personal claim advances 234,000 60,000 Provision for losses (386,000 ) (516,000 ) (Write offs) recoveries 616,000 17,000 Personal injury claims income 2,202,000 1,084,000 Personal injury claims receipts (8,221,000 ) (8,175,000 ) Balance, end of period $ 5,190,000 $ 10,745,000 |
Note 7 - Furniture and Equipm_2
Note 7 - Furniture and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 201 9 201 8 Furniture $ 278,000 $ 273,000 Equipment 360,000 252,000 Software 1,396,000 1,396,000 2,034,000 1,921,000 Less accumulated depreciation and amortization 1,914,000 1,821,000 $ 120,000 $ 100,000 |
Note 8 - Discontinued Operati_2
Note 8 - Discontinued Operations (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | 2019 2018 Revenues: Unrealized gain on structured settlements $ — $ 244,000 Interest income on structured settlements — 2,005,000 Total revenues — 2,249,000 Other income — 11,000 — 2,260,000 Expenses: General and administrative expenses — 1,560,000 Interest expense — 824,000 — 2,384,000 Loss from discontinued operations before income tax — (124,000 ) Income tax (benefit) from discontinued operations — (44,000 ) Net loss from discontinued operations, net of income tax $ — $ (80,000 ) |
Note 12 - Interest Dividend a_2
Note 12 - Interest Dividend and Other Income (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | 201 9 201 8 Interest and dividend income $ 1,593,000 $ 475,000 Realized gain 25,000 – Unrealized gain 57,000 – Other 60,000 4,000 $ 1,735,000 $ 479,000 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2019 2018 Current: Federal $ 2,753,000 $ 3,709,000 State 226,000 - 2,979,000 3,709,000 Deferred (1): Federal (1,177,000 ) 947,000 State 777,000 269,000 (400,000 ) 1,216,000 Sub-total 2,579,000 4,925,000 Income tax benefit on discontinued operations –– (44,000 ) Provision for income taxes $ 2,579,000 $ 4,969,000 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2019 2018 Statutory federal income tax rate 21.0 % 24.5 % State income tax, net of federal benefit 9.8 2.3 Permanent difference in municipal interest (1.5 ) 0.6 Change in valuation allowance — (12.1 ) Impact of the Tax Act (1) — 38.8 Other (2.8 ) (2.3 ) Effective income tax rate 26.5 % 51.8 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | September 30, 2019 September 30, 2018 Impairments/bad debt reserves $ 462,000 $ 328,000 Revenue recognition pertaining to the cost over estimated collections method 7,360,000 6,312,000 State tax net operating loss carry forward 6,364,000 7,421,000 Stock based compensation (1) 754,000 760,000 Capital loss carry forward 1,677,000 1,724,000 Foreign currency 602,000 404,000 Depreciation, amortization and other 117,000 215,000 Deferred income taxes 17,336,000 17,164,000 Deferred tax valuation allowance (7,705,000 ) (7,831,000 ) Deferred income taxes $ 9,631,000 $ 9,333,000 |
Note 14 - Net Income Per Share
Note 14 - Net Income Per Share (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 201 9 201 8 Income from continuing operations $ 7,175,000 $ 4,670,000 (Loss) from discontinued operations — (80,000 ) Net income $ 7,175,000 $ 4,590,000 Basic earnings per common share from continuing operations $ 1.08 $ 0.70 Basic (loss) per common share from discontinued operations –– (0.01 ) Basic earnings per share $ 1.08 $ 0.69 Diluted earnings per common share from continuing operations $ 1.08 $ 0.70 Diluted (loss) per common share from discontinuing operations –– (0.01 ) Diluted earnings per share $ 1.08 $ 0.69 Weighted average number of common shares outstanding: Basic 6,652,621 6,662,600 Dilutive effect of stock options 334 2,241 Diluted 6,652,955 6,664,841 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ending September 30, 2020 $ 325,000 2021 109,000 2022 120,000 2023 76,000 $ 630,000 |
Note 16 - Stock Option Plans (T
Note 16 - Stock Option Plans (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Year Ended September 30, 2019 2018 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding options at the beginning of year 728,867 $ 8.17 880,567 $ 8.05 Options granted - - - - Options forfeited/cancelled (6,300 ) 7.24 (90,100 ) 8.11 Options exercised - - (61,600 ) 6.48 Outstanding options at the end of year 722,567 $ 8.18 728,867 $ 8.17 Exercisable options at the end of year 722,567 $ 8.18 710,694 $ 8.18 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Range of Exercise Price Number of Shares Outstanding Weighted Average Remaining Contractual Life (In Years) Weighted Average Exercise Price Number of Shares Exercisable Weighted Average Exercise Price $5.7501 - $8.6250 613,067 2.7 7.97 613,067 7.97 $8.6251 - $11.5000 109,500 3.3 9.37 109,500 9.37 722,567 $ 8.18 722,567 $ 8.18 |
Note 19 - Fair Value of Finan_2
Note 19 - Fair Value of Financial Measurements and Disclosures (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | September 30, 201 9 September 30, 201 8 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Cash equivalents (Level 1) $ 64,000 $ 64,000 $ 1,786,000 $ 1,786,000 Investments in equity securities (Level 1) 8,136,000 8,136,000 7,575,000 7,575,000 (1) Available-for-sale debt securities (Level 2) 56,123,000 56,123,000 30,479,000 30,479,000 (1) Consumer receivables acquired for liquidation (Level 3) 1,668,000 25,783,000 3,749,000 27,574,000 |
Note 21 - Segment Reporting (Ta
Note 21 - Segment Reporting (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (Dollars in millions) Consumer Receivables Social S ecurity D isability A dvocacy Personal Injury Claims (2) Corporate (3) Total Fiscal Year Ended September 30, 201 9 : Revenues $ 14.0 $ 4.9 $ 2.2 $ – $ 21.1 Other income (4) 0.8 – – 1.5 2.3 Segment profit (loss) 12.4 1.5 2.2 (6.3 ) 9.8 Segment Assets (1) 8.9 0.7 5.6 75.5 90.7 201 8 : Revenues 15.9 4.6 1.1 - 21.6 Other income (4) 4.0 - - 0.5 4.5 Segment profit (loss) 17.8 1.1 1.1 (10.4 ) 9.6 Segment Assets (1) 12.4 1.0 11.9 59.4 84.7 |
Note 22 - Accumulated Other C_2
Note 22 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Year Ended September 30, 2019 2018 Unrealized gain on marketable securities Foreign currency translation, net Total Unrealized gain on marketable securities Foreign currency translation, net Total Beginning Balance $ (10,000 ) $ 45,000 $ 35,000 $ 7,000 $ 11,000 $ 18,000 Cumulative effect adjustment for adoption of ASU No. 2016-01, net of tax of $5,000 10,000 – 10,000 – – – Adjusted opening balance $ – 45,000 45,000 7,000 11,000 18,000 Change in unrealized gains on foreign currency translation, net – 104,000 104,000 – 34,000 34,000 Change in unrealized gains (losses) on marketable securities 127,000 – 127,000 (17,000 ) – (17,000 ) Net current-period other comprehensive income 127,000 104,000 231,000 (17,000 ) 34,000 17,000 Ending balance $ 127,000 $ 149,000 $ 276,000 $ (10,000 ) $ 45,000 $ 35,000 |
Note 23 - Unaudited Quarterly_2
Note 23 - Unaudited Quarterly Results (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Three Months Ended December 31, 2017 Six Months Ended March 31, 2018 Nine Months Ended June 30, 2018 2018 As reported As revised As reported As revised As reported As revised Total revenues and other income $ 5,271,000 $ 5,271,000 $ 11,059,000 $ 11,059,000 $ 18,389,000 $ 18,389,000 Income from continuing operations before income tax $ 1,411,000 $ 1,411,000 $ 2,971,000 $ 2,971,000 $ 5,983,000 $ 5,983,000 Income tax expense 4,000,000 3,300,000 4,540,000 3,897,000 5,595,000 4,952,000 Income from continuing operations $ (2,589,000 ) $ (1,889,000 ) $ (1,569,000 ) $ (926,000 ) $ 388,000 $ 1,031,000 Net income $ (2,669,000 ) $ (1,969,000 ) $ (1,649,000 ) $ (1,006,000 ) $ 308,000 $ 951,000 Net income (loss) per share from continuing operations: Basic $ (0.39 ) $ (0.29 ) $ (0.24 ) $ (0.14 ) $ 0.06 $ 0.15 Diluted $ (0.39 ) $ (0.29 ) $ (0.24 ) $ (0.14 ) $ 0.06 $ 0.15 Total assets $ 115,730,000 $ 114,290,000 $ 80,206,000 $ 78,709,000 $ 82,037,000 $ 80,540,000 Total stockholders’ equity $ 112,239,000 $ 110,799,000 $ 78,260,000 $ 76,763,000 $ 80,285,000 $ 78,788,000 |
Note 1 - Correction of Previo_3
Note 1 - Correction of Previously Issued Consolidated Financial Statements (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 31, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Oct. 01, 2017 | |
Deferred Tax Assets, Net, Total | $ 9,333,000 | |||||
Deferred Tax Assets, Net of Valuation Allowance, Total | $ 9,631,000 | 9,333,000 | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | 88,172,000 | 80,834,000 | ||||
Income Tax Expense (Benefit), Total | $ 3,300,000 | $ 3,897,000 | $ 4,952,000 | 2,579,000 | 4,969,000 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ (1,969,000) | $ (1,006,000) | $ 951,000 | $ 7,175,000 | 4,590,000 | |
Restatement Adjustment [Member] | ||||||
Income Tax Expense (Benefit), Total | (533,000) | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | 533,000 | |||||
Restatement Adjustment [Member] | Immaterial Error [Member] | ||||||
Deferred Tax Assets, Net, Total | (1,607,000) | $ (2,100,000) | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | (1,607,000) | $ (2,100,000) | ||||
Restatement Adjustment [Member] | Adjustment for Effect of Tax Act [Member] | ||||||
Deferred Tax Assets, Net of Valuation Allowance, Total | 533,000 | |||||
Income Tax Expense (Benefit), Total | (533,000) | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ 533,000 |
Note 1 - Correction of Previo_4
Note 1 - Correction of Previously Issued Consolidated Financial Statements - Effects of Revision (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 31, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Oct. 01, 2017 | |
Deferred income taxes | $ 9,333,000 | |||||
Total assets | $ 114,290,000 | $ 78,709,000 | $ 80,540,000 | $ 90,685,000 | 84,708,000 | |
Retained earnings | 88,172,000 | 80,834,000 | ||||
Total stockholders’ equity | 82,427,000 | |||||
Provision for income taxes | 3,300,000 | 3,897,000 | 4,952,000 | 2,579,000 | 4,969,000 | |
Income from continuing operations | (1,889,000) | (926,000) | 1,031,000 | 7,175,000 | 4,670,000 | |
Net income | $ (1,969,000) | $ (1,006,000) | $ 951,000 | $ 7,175,000 | $ 4,590,000 | |
Continuing operations (in dollars per share) | $ 1.08 | $ 0.70 | ||||
Discontinued operations (in dollars per share) | (0.01) | |||||
(in dollars per share) | $ (0.29) | $ (0.14) | $ 0.15 | 1.08 | 0.69 | |
Continuing operations (in dollars per share) | 1.08 | 0.70 | ||||
Discontinued operations (in dollars per share) | (0.01) | |||||
Diluted (in dollars per share) | $ (0.29) | $ (0.14) | $ 0.15 | $ 1.08 | $ 0.69 | |
Deferred income taxes | $ (348,000) | $ 1,232,000 | ||||
Net cash provided by operating activites | $ 11,319,000 | 4,007,000 | ||||
Previously Reported [Member] | ||||||
Deferred income taxes | 10,940,000 | |||||
Total assets | $ 115,730,000 | $ 80,206,000 | $ 82,037,000 | 86,315,000 | ||
Retained earnings | 82,441,000 | |||||
Total stockholders’ equity | 84,034,000 | |||||
Provision for income taxes | 4,000,000 | 4,540,000 | 5,595,000 | 5,502,000 | ||
Income from continuing operations | (2,589,000) | (1,569,000) | 388,000 | 4,137,000 | ||
Net income | $ (2,669,000) | $ (1,649,000) | $ 308,000 | $ 4,057,000 | ||
Continuing operations (in dollars per share) | $ 0.62 | |||||
Discontinued operations (in dollars per share) | (0.01) | |||||
(in dollars per share) | $ (0.39) | $ (0.24) | $ 0.06 | 0.61 | ||
Continuing operations (in dollars per share) | 0.62 | |||||
Discontinued operations (in dollars per share) | (0.01) | |||||
Diluted (in dollars per share) | $ (0.39) | $ (0.24) | $ 0.06 | $ 0.61 | ||
Deferred income taxes | $ 1,765,000 | |||||
Net cash provided by operating activites | 4,007,000 | |||||
Restatement Adjustment [Member] | ||||||
Provision for income taxes | (533,000) | |||||
Income from continuing operations | 533,000 | |||||
Net income | $ 533,000 | |||||
Continuing operations (in dollars per share) | $ 0.08 | |||||
Discontinued operations (in dollars per share) | ||||||
(in dollars per share) | 0.08 | |||||
Continuing operations (in dollars per share) | 0.08 | |||||
Discontinued operations (in dollars per share) | ||||||
Diluted (in dollars per share) | $ 0.08 | |||||
Deferred income taxes | $ (533,000) | |||||
Net cash provided by operating activites | ||||||
Restatement Adjustment [Member] | Immaterial Error [Member] | ||||||
Deferred income taxes | (1,607,000) | $ (2,100,000) | ||||
Total assets | (1,607,000) | |||||
Retained earnings | (1,607,000) | $ (2,100,000) | ||||
Total stockholders’ equity | $ (1,607,000) |
Note 2 - The Company and Its _3
Note 2 - The Company and Its Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||||||
Sep. 30, 2019 | Sep. 30, 2018 | Oct. 01, 2019 | Oct. 01, 2018 | Jan. 12, 2018 | Sep. 30, 2017 | Dec. 28, 2011 | |
Number of Reportable Segments | 3 | ||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 4,308,000 | $ 6,284,000 | |||||
Available-for-sale Securities, Total | 64,300,000 | ||||||
Debt, Current, Total | 0 | ||||||
Working Capital | 89,200,000 | ||||||
Cash, Uninsured Amount | 900,000 | ||||||
Cash, Uninsured Amount, Foreign | 2,100,000 | ||||||
Goodwill, Ending Balance | 1,410,000 | 1,410,000 | |||||
Equity Method Investment, Other than Temporary Impairment | $ 0 | 0 | |||||
AOCI Attributable to Parent [Member] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 10,000 | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption, Tax | $ 5,000 | ||||||
Disability Fee Income [Member] | |||||||
Percentage of Revenue | 23.00% | 21.30% | |||||
Accounting Standards Update 2014-09 [Member] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 173,000 | $ 173,000 | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption, Tax | 80,000 | 80,000 | |||||
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 173,000 | ||||||
Accounting Standards Update 2016-01 [Member] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption, Tax | 50,000 | 5,000 | |||||
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (10,000) | (10,000) | |||||
Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 10,000 | $ 10,000 | |||||
Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | |||||||
Operating Lease, Liability, Total | $ 636,000 | ||||||
Operating Lease, Right-of-Use Asset | $ 636,000 | ||||||
Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||
Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 7 years | ||||||
Pegasus Legal Funding LLC [Member] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% | ||||||
VATIV [Member] | |||||||
Goodwill, Ending Balance | $ 1,400,000 | $ 1,400,000 | |||||
Pegasus Legal Funding LLC [Member] | |||||||
Equity Method Investment, Ownership Percentage | 80.00% | 80.00% |
Note 2 - The Company and Its _4
Note 2 - The Company and Its Significant Accounting Policies - Adoption Effect of Topic 606 on Consolidated Financial Statements (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 31, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Revenues | $ 21,113,000 | $ 21,545,000 | ||||
Income from continuing operations before income tax | $ 1,411,000 | $ 2,971,000 | $ 5,983,000 | 9,754,000 | 9,639,000 | |
Accounts receivable, net | 266,000 | |||||
Retained earnings | 88,172,000 | 80,834,000 | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||
Income from continuing operations before income tax | 9,741,000 | |||||
Accounts receivable, net | ||||||
Retained earnings | 87,919,000 | |||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
Income from continuing operations before income tax | 13,000 | |||||
Accounts receivable, net | 266,000 | |||||
Retained earnings | [1] | 253,000 | ||||
Disability Fee Income [Member] | ||||||
Revenues | 4,861,000 | $ 4,598,000 | ||||
Disability Fee Income [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||
Revenues | 4,848,000 | |||||
Disability Fee Income [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
Revenues | $ 13,000 | |||||
[1] | Does not include the tax impact of $80,000 |
Note 3 - Investments in Debt _3
Note 3 - Investments in Debt and Equity Securities (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Equity Securities, FV-NI | $ 8,136,000 | ||
Debt Securities, Available-for-sale, Total | 56,123,000 | 30,479,000 | [1] |
Mutual Funds [Member] | |||
Equity Securities, FV-NI | 7,600,000 | ||
US Treasury Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 56,100,000 | ||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax, Total | 127,000 | ||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax, Total | $ 50,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 30,500,000 | ||
[1] | At September 30, 2018, the Company reported investments in equity securities and available for sale debt securities as a single line item on the Company's condensed consolidated balance sheet. With the Company's adoption of ASU No. 2016-01 on October 1, 2018, the Company has included the current breakout above for comparability purposes only. |
Note 3 - Investments in Debt _4
Note 3 - Investments in Debt and Equity Securities - Net Gains and Losses Recognized in Equity Securities (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Net gains and losses recognized during the year on equity securities | $ 57,000 | |
Less: Net gains and losses recognized during the year on equity securities sold during the year | ||
Unrealized gains and losses recognized during the year on equity securities still held at the reporting date | $ 57,000 |
Note 3 - Investments in Debt _5
Note 3 - Investments in Debt and Equity Securities - Investments Classified as Available-for-sale (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 | [1] |
Amortized Cost | $ 55,946,000 | $ 30,479,000 | |
Unrealized Gains | 178,000 | ||
Unrealized Losses | 1,000 | ||
Debt Securities, Available-for-sale, Total | $ 56,123,000 | $ 30,479,000 | |
[1] | At September 30, 2018, the Company reported investments in equity securities and available for sale debt securities as a single line item on the Company's condensed consolidated balance sheet. With the Company's adoption of ASU No. 2016-01 on October 1, 2018, the Company has included the current breakout above for comparability purposes only. |
Note 4 - Consumer Receivables_3
Note 4 - Consumer Receivables Acquired for Liquidation (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2007 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Asset Impairment Charges | $ 225,000 | $ 310,000 | |
Face Value of Charged-off Consumer Receivables | 0 | 0 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 1,668,000 | $ 3,749,000 | |
Foreign Consumer Receivables, Percentage of Total Consumer Receivable | 83.80% | 88.70% | |
Number of Customer Receivable Portfolios | 3 | ||
Percentage of Assets Related to Internationl Operation | 1.50% | 5.90% | |
Percentage of Revenue Related to International Operation | 4.80% | 3.60% | |
Fee Charged on Portfolio Purchase | 3.00% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Consumer Portfolio 1 [Member] | |||
Concentration Risk, Percentage | 23.90% | 20.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Consumer Portfolio 2 [Member] | |||
Concentration Risk, Percentage | 16.20% | 11.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Consumer Portfolio 3 [Member] | |||
Concentration Risk, Percentage | 14.10% | 11.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Receivable Portfolio 4 [Member] | |||
Concentration Risk, Percentage | 11.00% | ||
Customer Concentration Risk [Member] | Assets, Total [Member] | Consumer Portfolio 1 [Member] | |||
Concentration Risk, Percentage | 11.00% | ||
Customer Concentration Risk [Member] | Assets, Total [Member] | Consumer Portfolio 2 [Member] | |||
Concentration Risk, Percentage | 14.00% | ||
Customer Concentration Risk [Member] | Assets, Total [Member] | Consumer Portfolio 3 [Member] | |||
Concentration Risk, Percentage | 16.00% | ||
Customer Concentration Risk [Member] | Assets, Total [Member] | Consumer Portfolio 4 [Member] | |||
Concentration Risk, Percentage | 24.00% | ||
Supplier Concentration Risk [Member] | Consumer Receivable Portfolio [Member] | Five Collection Organizations [Member] | |||
Concentration Risk, Percentage | 28.00% | 31.00% | |
Supplier Concentration Risk [Member] | Consumer Receivable Portfolio at All Third Party Collection Agencies and Attorneys [Member] | Five Collection Organizations [Member] | |||
Concentration Risk, Percentage | 86.00% | 87.00% | |
PERU | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 1,100,000 | $ 2,000,000 | |
COLOMBIA | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 300,000 | 1,300,000 | |
Non-US [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 1,400,000 | 3,300,000 | |
One Domestic Portfolio [Member] | |||
Other Asset Impairment Charges | 100,000 | 100,000 | |
Two International Portfolios [Member] | |||
Other Asset Impairment Charges | $ 100,000 | $ 200,000 |
Note 4 - Consumer Receivables_4
Note 4 - Consumer Receivables Acquired for Liquidation - Changes in Balance Sheet Account of Consumer Receivables Acquired for Liquidation (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Balance | $ 3,749,000 | $ 6,841,000 |
Net cash collections from collection of consumer receivables acquired for liquidation | (15,746,000) | (18,551,000) |
Net cash collections represented by account sales of consumer receivables acquired for liquidation | (3,000) | |
Impairment | (225,000) | (310,000) |
Effect of foreign currency translation | (160,000) | (91,000) |
Finance income recognized | 14,050,000 | 15,863,000 |
Balance | $ 1,668,000 | $ 3,749,000 |
Finance income as a percentage of collections | 89.20% | 85.50% |
Note 4 - Consumer Receivables_5
Note 4 - Consumer Receivables Acquired for Liquidation - Collections Received Less Commissions and Direct Costs (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Gross collections (1) | [1] | $ 31,222,000 | $ 35,512,000 |
Less: commissions and fees (2) | [2] | 15,476,000 | 16,958,000 |
Net collections | $ 15,746,000 | $ 18,554,000 | |
[1] | Gross collections include collections from third-party collection agencies and attorneys, collections from in-house efforts and collections represented by account sales. | ||
[2] | Commissions are earned by third party collection agencies and attorneys, and include direct costs associated with the collection effort, generally court costs. In December 2007 an arrangement was consummated with one servicer who also received a 3% fee on gross collections received by the Company in connection with the related portfolio purchase. The fee is charged for asset location, skip tracing and ultimately suing debtors in connection with this portfolio purchase. |
Note 5 - Equity Method Invest_3
Note 5 - Equity Method Investments (Details Textual) - USD ($) | Jan. 12, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 28, 2011 |
Gain (Loss) on Acquisition of Minority Interest | $ (1,420,000) | |||
Equity Method Investments | 280,000 | 236,000 | ||
Income (Loss) from Equity Method Investments, Total | $ (87,000) | 750,000 | ||
Pegasus Legal Funding LLC [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||
Serlefin BPO&O Peru S.A.C. [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 49.00% | |||
Three Individuals [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 51.00% | |||
Pegasus Legal Funding LLC [Member] | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 1,800,000 | |||
Gain (Loss) on Acquisition of Minority Interest | $ 1,400,000 | |||
Pegasus Legal Funding LLC [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% | |||
Pegasus Funding LLC [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% | |||
Pegasus Legal Funding LLC [Member] | ||||
Equity Method Investment, Ownership Percentage | 80.00% | 80.00% | ||
Serlefin BPO&O Peru S.A.C. [Member] | ||||
Equity Method Investment, Ownership Percentage | 80.00% | |||
Equity Method Investment, Ownership Percentage, Controlled Party | 20.00% | |||
Noninterest Expense Related to Performance Fees | $ 1,332,000 | 946,000 | ||
Increased in Equity Method Investment Resulted from Decreased in Loan Receivable from Investee | 70,000 | |||
Equity Method Investments | 280,000 | $ 280,000 | ||
Income (Loss) from Equity Method Investments, Total | $ 252,000 |
Note 5 - Equity Method Invest_4
Note 5 - Equity Method Investments - Assets Acquired and Liabilities Assumed (Details) - Pegasus Legal Funding LLC [Member] | Jan. 12, 2018USD ($) |
Cash | $ 5,748,000 |
Personal injury claim advances portfolio | 14,571,000 |
Accounts payable and accrued expenses | (664,000) |
Total net assets acquired | $ 19,655,000 |
Note 5 - Equity Method Invest_5
Note 5 - Equity Method Investments - Equity Method Investments Financial Statements (Details) - Pegasus Legal Funding LLC [Member] | 3 Months Ended |
Jan. 12, 2018USD ($) | |
Personal injury claims income | $ 671,000 |
Operating expenses | (386,000) |
Income from operations | 1,057,000 |
Earnings from equity method investment | $ 845,000 |
Note 6 - Personal Injury Clai_3
Note 6 - Personal Injury Claims Funding (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Personal Injury Claims Income | $ 2,202,000 | $ 1,084,000 |
Personal Injury Claims, Net Reserve | 1,200,000 | 500,000 |
Simia Capital LLC [Member] | ||
Personal Injury Claims Assets | 1,300,000 | 2,400,000 |
Personal Injury Claims Income | 200,000 | 400,000 |
Sylvave, LLC [Member] | ||
Personal Injury Claims Assets | 3,700,000 | 8,400,000 |
Personal Injury Claims Income | 2,000,000 | $ 700,000 |
Arthur Funding [Member] | ||
Personal Injury Claims Assets | 200,000 | |
Personal Injury Claims Income | $ 0 |
Note 6 - Personal Injury Clai_4
Note 6 - Personal Injury Claims Funding - Personal Claims Funding (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Balance, beginning of period | $ 10,745,000 | $ 3,704,000 | |
Acquisition of personal injury funding portfolio (1) | [1] | 14,571,000 | |
Personal claim advances | 234,000 | 60,000 | |
Provision for losses | (386,000) | (516,000) | |
(Write offs) recoveries | 616,000 | 17,000 | |
Personal injury claims income | 2,202,000 | 1,084,000 | |
Personal injury claims receipts | (8,221,000) | (8,175,000) | |
Balance, end of period | $ 5,190,000 | $ 10,745,000 | |
[1] | Fully acquired through the acquisition of Pegasus. |
Note 7 - Furniture and Equipm_3
Note 7 - Furniture and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Depreciation, Total | $ 95,000 | $ 62,000 |
Note 7 - Furniture and Equipm_4
Note 7 - Furniture and Equipment - Summary of Furniture and Equipment (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Furniture and equipment | $ 2,034,000 | $ 1,921,000 |
Less accumulated depreciation and amortization | 1,914,000 | 1,821,000 |
120,000 | 100,000 | |
Furniture and Fixtures [Member] | ||
Furniture and equipment | 278,000 | 273,000 |
Equipment [Member] | ||
Furniture and equipment | 360,000 | 252,000 |
Software Development [Member] | ||
Furniture and equipment | $ 1,396,000 | $ 1,396,000 |
Note 8 - Discontinued Operati_3
Note 8 - Discontinued Operations (Details Textual) - USD ($) | Dec. 13, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Discontinued Operation, Tax Effect of Discontinued Operation, Total | $ (44,000) | |||
CBC [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 10,300,000 | |||
Disposal Group, Including Discontinued Operation, Cash Consideration | 4,500,000 | |||
Disposal Group, Including Discontinued Operation, Promissory Note Consideration | $ 5,800,000 | |||
Promissory Note Interest Rate, Discontinued Operations | 7.00% | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | $ 2,400,000 | |||
Disposal Group, Including Discontinued Operation, Assets, Total | 0 | 0 | ||
Discontinued Operation, Tax Effect of Discontinued Operation, Total | $ 0 | 80,000 | ||
Structured Settlements, Unrealized Gain (Losses) | 200,000 | |||
Structured Settlements, Gain on New Structured Settlements Financed | $ 200,000 |
Note 8 - Discontinued Operati_4
Note 8 - Discontinued Operations - Financial Statements (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Income tax (benefit) from discontinued operations | $ (44,000) | |
Net loss from discontinued operations, net of income tax | (80,000) | |
CBC [Member] | ||
Income tax (benefit) from discontinued operations | 0 | 80,000 |
CBC [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||
Unrealized gain on structured settlements | ||
Interest income on structured settlements | ||
Total revenues | ||
Other income | ||
General and administrative expenses | ||
Interest expense | ||
Loss from discontinued operations before income tax | ||
Income tax (benefit) from discontinued operations | ||
Net loss from discontinued operations, net of income tax | ||
CBC [Member] | Discontinued Operations, Held-for-sale [Member] | ||
Unrealized gain on structured settlements | 244,000 | |
Interest income on structured settlements | 2,005,000 | |
Total revenues | 2,249,000 | |
Other income | 11,000 | |
2,260,000 | ||
General and administrative expenses | 1,560,000 | |
Interest expense | 824,000 | |
2,384,000 | ||
Loss from discontinued operations before income tax | (124,000) | |
Income tax (benefit) from discontinued operations | (44,000) | |
Net loss from discontinued operations, net of income tax | $ (80,000) |
Note 9 - Note Receivable (Detai
Note 9 - Note Receivable (Details Textual) - USD ($) | Apr. 15, 2019 | Dec. 13, 2017 | Sep. 30, 2019 | Sep. 30, 2018 |
Proceeds from Collection of Notes Receivable | $ 4,313,000 | $ 1,437,000 | ||
Financing Receivable, after Allowance for Credit Loss, Total | 4,313,000 | |||
Buyer [Member] | Notes Receivable [Member] | ||||
Repayments of Note Receivable | $ 4,000,000 | |||
Proceeds from Collection of Notes Receivable | 3,800,000 | |||
Proceeds from Interest Received | $ 200,000 | 200,000 | 300,000 | |
CBC [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 10,300,000 | |||
Disposal Group, Including Discontinued Operation, Cash Consideration | 4,500,000 | |||
Disposal Group, Including Discontinued Operation, Promissory Note Consideration | $ 5,800,000 | |||
Promissory Note Interest Rate, Discontinued Operations | 7.00% | |||
Financing Receivable, after Allowance for Credit Loss, Total | $ 0 | $ 4,300,000 |
Note 10 - Settlements (Details
Note 10 - Settlements (Details Textual) - USD ($) | Jul. 12, 2020 | Jul. 12, 2019 | May 15, 2019 | May 07, 2019 | Jul. 12, 2018 | Jun. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 12, 2022 |
Receivable, Settlement | $ 1,558,000 | $ 3,339,000 | |||||||
Lawsuit in Delaware State Court [Member] | |||||||||
Loss Contingency, Damages Awarded, Value | $ 4,400,000 | ||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 4,400,000 | $ 2,400,000 | |||||||
Litigation Settlement, Imputed Interest Rate | 8.50% | ||||||||
Receivable, Settlement | 1,600,000 | 3,300,000 | |||||||
Gain (Loss) Related to Litigation Settlement, Total | 2,000,000 | 600,000 | |||||||
Lawsuit in Delaware State Court [Member] | Prior Overcharges Billed to Company in Excess of Contractual Amounts [Member] | |||||||||
Receivable, Settlement | 200,000 | 100,000 | |||||||
Gain (Loss) Related to Litigation Settlement, Total | 300,000 | ||||||||
Balance Point Divorce Funding, LLC and Stacey Napp [Member] | |||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 1,400,000 | ||||||||
Gain (Loss) Related to Litigation Settlement, Total | 25,000 | ||||||||
Pamela Hofer and Others [Member] | |||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 47,500 | ||||||||
Gain (Loss) Related to Litigation Settlement, Total | $ 47,500 | ||||||||
Axiant, LLC [Member] | |||||||||
Gain (Loss) Related to Litigation Settlement, Total | $ 200,000 | $ 600,000 | |||||||
Proceeds from Legal Settlements | $ 200,000 |
Note 11 - Non-recourse Debt (De
Note 11 - Non-recourse Debt (Details Textual) - USD ($) | Jun. 03, 2014 | Aug. 07, 2013 | Jun. 30, 2016 | Mar. 31, 2007 | Sep. 30, 2019 | Sep. 30, 2018 |
Portfolio Purchase | $ 300,000,000 | |||||
Receivables Financing Agreement Term | 3 years | |||||
Percentage of Ownership in Subsidiaries | 100.00% | |||||
Prepayment Fees | $ 15,000,000 | |||||
Receivable Finance Agreement, Portfolio Purchase Collections, Percentage | 30.00% | |||||
Debt Instrument, Final Principal Payment | $ 2,900,000 | |||||
Voluntary Debt Prepayment | 1,900,000 | |||||
Receivable Finance Agreement, Collections from Portfolio Purchase | $ 16,900,000 | $ 16,900,000 | ||||
Bank of Montreal [Member] | ||||||
Non-Recourse Debt | $ 22,000 | $ 117,000 | ||||
Receivables Financing Agreement [Member] | ||||||
Non-Recourse Debt | $ 227,000,000 |
Note 12 - Interest Dividend a_3
Note 12 - Interest Dividend and Other Income - Summary of Other Income (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Interest and dividend income | $ 1,593,000 | $ 475,000 |
Realized gain | 25,000 | |
Unrealized gain | 57,000 | |
Other | 60,000 | 4,000 |
$ 1,735,000 | $ 479,000 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2019 | Dec. 31, 2017 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jul. 19, 2019 | May 28, 2019 | Oct. 01, 2017 | |
Deferred Tax Assets, Net, Total | $ 9,333,000 | |||||||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 88,172,000 | 80,834,000 | ||||||||
Deferred Income Taxes and Tax Credits, Total | (348,000) | 1,232,000 | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | $ (1,889,000) | $ (926,000) | $ 1,031,000 | 7,175,000 | 4,670,000 | |||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 3,700,000 | |||||||||
Deferred Tax Assets, Net of Valuation Allowance, Total | 9,631,000 | 9,333,000 | ||||||||
Deferred Tax Assets, Capital Loss Carryforwards | 1,677,000 | 1,724,000 | ||||||||
Deferred Tax Assets, Valuation Allowance, Total | 7,705,000 | 7,831,000 | ||||||||
Income Tax Expense, Carry-back Claim | $ 4,700,000 | $ 3,200,000 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ (1,969,000) | $ (1,006,000) | $ 951,000 | 7,175,000 | 4,590,000 | |||||
Other Nonoperating Income (Expense) [Member] | ||||||||||
Income Tax Expense, Carry-back Claim, Interest | $ 200,000 | $ 200,000 | ||||||||
New Jersey Division of Taxation [Member] | State and Local Jurisdiction [Member] | ||||||||||
Operating Loss Carryforwards, Total | 60,000,000 | |||||||||
New York State Division of Taxation and Finance [Member] | State and Local Jurisdiction [Member] | ||||||||||
Operating Loss Carryforwards, Total | 19,300,000 | |||||||||
New York City [Member] | State and Local Jurisdiction [Member] | ||||||||||
Operating Loss Carryforwards, Total | 3,500,000 | |||||||||
PA Department of Revenue [Member] | State and Local Jurisdiction [Member] | ||||||||||
Operating Loss Carryforwards, Total | 11,000,000 | |||||||||
Internal Revenue Service (IRS) [Member] | Domestic Tax Authority [Member] | ||||||||||
Deferred Tax Assets, Capital Loss Carryforwards | $ 6,000,000 | |||||||||
Restatement Adjustment [Member] | ||||||||||
Deferred Income Taxes and Tax Credits, Total | (533,000) | |||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | 533,000 | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | 533,000 | |||||||||
Correct Presentation of Removing Tax Benefit Erroneously Attributed to ISOs from Deferred Tax Assets [Member] | ||||||||||
Deferred Tax Assets, Net, Total | (2,140,000) | $ (2,140,000) | ||||||||
Retained Earnings (Accumulated Deficit), Ending Balance | (2,140,000) | $ (2,140,000) | ||||||||
Adjustment for Effect of Tax Act [Member] | Restatement Adjustment [Member] | ||||||||||
Deferred Income Taxes and Tax Credits, Total | (533,000) | |||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | 533,000 | |||||||||
Deferred Tax Assets, Net of Valuation Allowance, Total | 533,000 | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ 533,000 |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of the Provision for Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 31, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Federal | $ 2,753,000 | $ 3,709,000 | ||||
State | 226,000 | |||||
2,979,000 | 3,709,000 | |||||
Federal | [1] | (1,177,000) | 947,000 | |||
State | [1] | 777,000 | 269,000 | |||
[1] | (400,000) | 1,216,000 | ||||
Sub-total | 2,579,000 | 4,925,000 | ||||
Income tax benefit on discontinued operations | (44,000) | |||||
Provision for income taxes | $ 3,300,000 | $ 3,897,000 | $ 4,952,000 | $ 2,579,000 | $ 4,969,000 | |
[1] | The Company has revised its deferred tax assets for stock based compensation to reflect the removal of incentive stock options. The impact of the adjustment resulted in a reduction of $2,140,000 in deferred tax assets at October 1, 2017, and a reduction to the opening retained earnings balance of $2,140,000 for the fiscal year ended September 30, 2018. For the fiscal year ended September 30, 2018, deferred income tax expense decreased by $533,000, and income from continuing operations and net income increased by $533,000 (see Note 1). |
Note 13 - Income Taxes - Differ
Note 13 - Income Taxes - Difference Between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Details) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Statutory federal income tax rate | 21.00% | 24.50% | |
State income tax, net of federal benefit | 9.80% | 2.30% | |
Permanent difference in municipal interest | (1.50%) | 0.60% | |
Change in valuation allowance | (12.10%) | ||
Impact of the Tax Act (1) | [1] | 38.80% | |
Other | (2.80%) | (2.30%) | |
Effective income tax rate | 26.50% | 51.80% | |
[1] | The revaluation of the Company's deferred tax assets and liabilities due to the lower corporate tax rate established by the Tax Act resulted in $3.7 million of tax expense during the year ended September 30, 2018. |
Note 13 - Income Taxes - Schedu
Note 13 - Income Taxes - Schedule of Net Deferred Tax Assets (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 | |
Impairments/bad debt reserves | $ 462,000 | $ 328,000 | |
Revenue recognition pertaining to the cost over estimated collections method | 7,360,000 | 6,312,000 | |
State tax net operating loss carry forward | 6,364,000 | 7,421,000 | |
Stock based compensation (1) | [1] | 754,000 | 760,000 |
Capital loss carry forward | 1,677,000 | 1,724,000 | |
Foreign currency | 602,000 | 404,000 | |
Depreciation, amortization and other | 117,000 | 215,000 | |
Deferred income taxes | 17,336,000 | 17,164,000 | |
Deferred tax valuation allowance | (7,705,000) | (7,831,000) | |
Deferred income taxes | $ 9,631,000 | $ 9,333,000 | |
[1] | The Company has revised its deferred tax assets for stock based compensation to reflect the removal of incentive stock options. The impact of the adjustment resulted in a reduction of $2,140,000 in deferred tax assets at October 1, 2017, and a reduction to the opening retained earnings balance of $2,140,000 for the fiscal year ended September 30, 2018. For the fiscal year ended September 30, 2018, deferred income tax expense decreased by $533,000, and income from continuing operations and net income increased by $533,000 (see Note 1). |
Note 14 - Net Income Per Shar_2
Note 14 - Net Income Per Share (Details Textual) - shares | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total | 334 | 2,241 |
Share-based Payment Arrangement, Option [Member] | ||
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total | 716,167 |
Note 14 - Net Income Per Shar_3
Note 14 - Net Income Per Share - Computation of Basic and Diluted Per Share Data (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Mar. 31, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | $ (1,889,000) | $ (926,000) | $ 1,031,000 | $ 7,175,000 | $ 4,670,000 |
(Loss) from discontinued operations | (80,000) | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ (1,969,000) | $ (1,006,000) | $ 951,000 | $ 7,175,000 | $ 4,590,000 |
Basic earnings per common share from continuing operations (in dollars per share) | $ 1.08 | $ 0.70 | |||
Basic (loss) per common share from discontinued operations (in dollars per share) | (0.01) | ||||
Basic earnings per share (in dollars per share) | $ (0.29) | $ (0.14) | $ 0.15 | 1.08 | 0.69 |
Diluted earnings per common share from continuing operations (in dollars per share) | 1.08 | 0.70 | |||
Diluted (loss) per common share from discontinuing operations (in dollars per share) | (0.01) | ||||
Diluted earnings per share (in dollars per share) | $ (0.29) | $ (0.14) | $ 0.15 | $ 1.08 | $ 0.69 |
Basic (in shares) | 6,652,621 | 6,662,600 | |||
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total | 334 | 2,241 | |||
Diluted (in shares) | 6,652,955 | 6,664,841 |
Note 15 - Commitments and Con_3
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Leases, Rent Expense, Total | $ 293,000 | $ 324,000 |
Note 15 - Commitments and Con_4
Note 15 - Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) | Sep. 30, 2019USD ($) |
2020 | $ 325,000 |
2021 | 109,000 |
2022 | 120,000 |
2023 | 76,000 |
$ 630,000 |
Note 16 - Stock Option Plans (D
Note 16 - Stock Option Plans (Details Textual) | 12 Months Ended | 90 Months Ended | |||||
Sep. 30, 2019USD ($)shares | Sep. 30, 2018USD ($)shares | Sep. 30, 2019USD ($)shares | Mar. 21, 2012shares | Mar. 05, 2012shares | Mar. 01, 2006shares | May 01, 2002shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |||||
Share-based Payment Arrangement, Expense | $ | $ 7,000 | $ 106,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | 0 | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 704 | $ 1,200 | 704 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 61,600 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 265,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Fair Value | $ | 664,000 | ||||||
Proceeds from Stock Options Exercised | $ | 399,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 292 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ | $ 125,000 | $ 258,000 | |||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 0 | $ 0 | $ 0 | ||||
The 2012 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 540,800 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 114,668 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,328,243 | 1,328,243 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Eligible Employees | 52 | 52 | |||||
The 2012 Plan [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 245,625 | ||||||
Equity Compensation Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | ||||||
The 2002 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 |
Note 16 - Stock Option Plans -
Note 16 - Stock Option Plans - Summary of Stock Option Plans (Details) | 12 Months Ended | |
Sep. 30, 2019$ / sharesshares | Sep. 30, 2018$ / sharesshares | |
Outstanding options at the beginning of period, shares (in shares) | shares | 728,867 | 880,567 |
Outstanding options at the beginning of year (in dollars per share) | $ / shares | $ 8.17 | $ 8.05 |
Options granted, shares (in shares) | shares | 0 | 0 |
Options granted (in dollars per share) | $ / shares | ||
Options forfeited/cancelled, shares (in shares) | shares | (6,300) | (90,100) |
Options forfeited/cancelled (in dollars per share) | $ / shares | $ 7.24 | $ 8.11 |
Options exercised, shares (in shares) | shares | 0 | (61,600) |
Options exercised (in dollars per share) | $ / shares | $ 6.48 | |
Outstanding options at the end of period, shares (in shares) | shares | 722,567 | 728,867 |
Outstanding options at the end of year (in dollars per share) | $ / shares | $ 8.18 | $ 8.17 |
Options Exercisable, Number of Shares Exercisable (in shares) | shares | 722,567 | 710,694 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 8.18 | $ 8.18 |
Note 16 - Stock Option Plans _2
Note 16 - Stock Option Plans - Summary of Outstanding Options (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Options Outstanding, Number of Shares Outstanding (in shares) | 722,567 | 728,867 | 880,567 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 8.18 | $ 8.17 | $ 8.05 |
Options Exercisable, Number of Shares Exercisable (in shares) | 722,567 | 710,694 | |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 8.18 | $ 8.18 | |
Range One [Member] | |||
Range of Exercise Price, Lower (in dollars per share) | 5.7501 | ||
Range of Exercise Price, Upper (in dollars per share) | $ 8.625 | ||
Options Outstanding, Number of Shares Outstanding (in shares) | 613,067 | ||
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 2 years 255 days | ||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 7.97 | ||
Options Exercisable, Number of Shares Exercisable (in shares) | 613,067 | ||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 7.97 | ||
Range Two [Member] | |||
Range of Exercise Price, Lower (in dollars per share) | 8.6251 | ||
Range of Exercise Price, Upper (in dollars per share) | $ 11.50 | ||
Options Outstanding, Number of Shares Outstanding (in shares) | 109,500 | ||
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 3 years 109 days | ||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 9.37 | ||
Options Exercisable, Number of Shares Exercisable (in shares) | 109,500 | ||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 9.37 |
Note 17 - Stockholders' Equity
Note 17 - Stockholders' Equity (Details Textual) - USD ($) | Aug. 17, 2019 | Feb. 28, 2018 | Feb. 05, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | May 17, 2019 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||
Preferred Stock, Shares Issued, Total | 0 | 0 | ||||
Dividends, Total | $ 0 | |||||
Dividends Payable, Amount Per Share | $ 5.30 | |||||
Payments of Dividends, Total | $ 35,400,000 | $ 35,352,000 | ||||
Treasury Stock, Shares, Acquired | 117,650 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 844,000 | |||||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 0 | ||||
Dividends Payable, Date Declared | Feb. 5, 2018 | |||||
Dividends Payable, Date to be Paid | Feb. 28, 2018 | |||||
Dividends Payable, Date of Record | Feb. 16, 2018 | |||||
Shares Repurchase Plan [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 10,500,000 | |||||
Treasury Stock, Shares, Acquired | 117,650 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 800,000 |
Note 18 - Retirement Plan (Deta
Note 18 - Retirement Plan (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 130,000 | $ 127,000 |
Note 19 - Fair Value of Finan_3
Note 19 - Fair Value of Financial Measurements and Disclosures (Details Textual) | Sep. 30, 2019 |
Measurement Input, Discount Rate [Member] | |
Consumer Receivables Acquired for Liquidation, Measurement Input | 20 |
Note 19 - Fair Value of Finan_4
Note 19 - Fair Value of Financial Measurements and Disclosures - Fair Value of Financial Measurements (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 | |
Investments in equity securities (Level 1) | $ 8,136,000 | ||
Available-for-sale debt securities (Level 2) | 56,123,000 | 30,479,000 | [1] |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents (Level 1) | 64,000 | 1,786,000 | |
Investments in equity securities (Level 1) | 8,136,000 | 7,575,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Available-for-sale debt securities (Level 2) | 56,123,000 | 30,479,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Consumer receivables acquired for liquidation (Level 3) | 1,668,000 | 3,749,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents (Level 1) | 64,000 | 1,786,000 | |
Investments in equity securities (Level 1) | 8,136,000 | 7,575,000 | [2] |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Available-for-sale debt securities (Level 2) | 56,123,000 | 30,479,000 | [2] |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Consumer receivables acquired for liquidation (Level 3) | $ 25,783,000 | $ 27,574,000 | [2] |
[1] | At September 30, 2018, the Company reported investments in equity securities and available for sale debt securities as a single line item on the Company's condensed consolidated balance sheet. With the Company's adoption of ASU No. 2016-01 on October 1, 2018, the Company has included the current breakout above for comparability purposes only. | ||
[2] | At September 30, 2018, the Company reported investments in equity securities and available-for-sale debt securities as a single line item on the Company's consolidated balance sheet. With the Company's adoption of ASU No. 2016-01 on October 1, 2018, the Company has included the current breakout above for comparability purposes only. |
Note 20 - Related Party Trans_2
Note 20 - Related Party Transactions (Details Textual) - USD ($) | Aug. 15, 2019 | Sep. 30, 2019 | Sep. 30, 2018 |
Consultant [Member] | |||
Joint Venture, Ownership Percentage | 49.00% | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 77,000 | $ 101,000 | |
Due to Related Parties, Total | $ 0 | ||
Director [Member] | |||
Due to Related Parties, Total | $ 0 | ||
Consultant Contract Value | $ 30,000 |
Note 21 - Segment Reporting (De
Note 21 - Segment Reporting (Details Textual) | 12 Months Ended | |
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Number of Reportable Segments | 3 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 1,668,000 | $ 3,749,000 |
Other Income [Member] | ||
Gain (Loss) Related to Litigation Settlement, Total | 600,000 | $ 4,000,000 |
Colombia and Peru [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 1,400,000 |
Note 21 - Segment Reporting - S
Note 21 - Segment Reporting - Schedule of Segment Reporting (Details) - USD ($) | 12 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | ||
Revenues | $ 21,113,000 | $ 21,545,000 | ||||
Other income (4) | [1] | 2,300,000 | 4,500,000 | |||
Segment profit (loss) | 9,800,000 | 9,600,000 | ||||
Segment Assets (1) | 90,685,000 | 84,708,000 | $ 80,540,000 | $ 78,709,000 | $ 114,290,000 | |
Operating Segments [Member] | Consumer Receivables [Member] | ||||||
Revenues | 14,000,000 | 15,900,000 | ||||
Other income (4) | [1] | 800,000 | 4,000,000 | |||
Segment profit (loss) | 12,400,000 | 17,800,000 | ||||
Segment Assets (1) | [2] | 8,900,000 | 12,400,000 | |||
Operating Segments [Member] | GAR Disability Advocates [Member] | ||||||
Revenues | 4,900,000 | 4,600,000 | ||||
Other income (4) | [1] | |||||
Segment profit (loss) | 1,500,000 | 1,100,000 | ||||
Segment Assets (1) | [2] | 700,000 | 1,000,000 | |||
Operating Segments [Member] | Personal Injury Claims [Member] | ||||||
Revenues | [3] | 2,200,000 | 1,100,000 | |||
Other income (4) | [1],[3] | |||||
Segment profit (loss) | [3] | 2,200,000 | 1,100,000 | |||
Segment Assets (1) | [2],[3] | 5,600,000 | 11,900,000 | |||
Corporate, Non-Segment [Member] | ||||||
Revenues | [4] | |||||
Other income (4) | [1],[4] | 1,500,000 | 500,000 | |||
Segment profit (loss) | [4] | (6,300,000) | (10,400,000) | |||
Segment Assets (1) | [2],[4] | $ 75,500,000 | $ 59,400,000 | |||
[1] | Included in other income is approximately $0.6 million and $4.0 million in gain on settlements for the years ended September 30, 2019 and 2018, respectively (see Note 10 - Settlements). | |||||
[2] | Includes other amounts in other line items on the consolidated balance sheet. | |||||
[3] | The Company recorded Pegasus as an equity investment in its consolidated financial statements through January 12, 2018. Commencing on January 13, 2018, Sylvave is consolidated in the Company's financial statements. For segment reporting the Company has included its pro-rated share of the earnings and losses from its investment under the Personal Injury Claims segment. | |||||
[4] | Corporate is not part of the three reportable segments, as certain expenses and assets are not earmarked to any specific operating segment. |
Note 22 - Accumulated Other C_3
Note 22 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Balance | $ 82,427,000 | $ 112,667,000 |
Adjusted opening equity | 82,600,000 | |
Balance | 89,169,000 | 82,427,000 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Balance | (10,000) | 7,000 |
Cumulative effect adjustment for adoption of new accounting principle | 10,000 | |
Adjusted opening equity | 7,000 | |
Change in unrealized gains on foreign currency translation, net | ||
Change in unrealized gains (losses) on marketable securities | 127,000 | (17,000) |
Net current-period other comprehensive income | 127,000 | (17,000) |
Balance | 127,000 | (10,000) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | 45,000 | 11,000 |
Adjusted opening equity | 45,000 | 11,000 |
Change in unrealized gains on foreign currency translation, net | 104,000 | 34,000 |
Change in unrealized gains (losses) on marketable securities | ||
Net current-period other comprehensive income | 104,000 | 34,000 |
Balance | 149,000 | 45,000 |
AOCI Attributable to Parent [Member] | ||
Balance | 35,000 | 18,000 |
Cumulative effect adjustment for adoption of new accounting principle | 10,000 | |
Adjusted opening equity | 45,000 | 18,000 |
Change in unrealized gains on foreign currency translation, net | 104,000 | 34,000 |
Change in unrealized gains (losses) on marketable securities | 127,000 | (17,000) |
Net current-period other comprehensive income | 231,000 | 17,000 |
Balance | $ 276,000 | $ 35,000 |
Note 22 - Accumulated Other C_4
Note 22 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) | Sep. 30, 2018USD ($) |
AOCI Attributable to Parent [Member] | |
Cumulative effect adjustment for adoption of new accounting principle, tax | $ 5,000 |
Note 23 - Unaudited Quarterly_3
Note 23 - Unaudited Quarterly Results - Quarterly Results (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 31, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Total revenues and other income | $ 5,271,000 | $ 11,059,000 | $ 18,389,000 | $ 23,444,000 | $ 26,068,000 | |
Income from continuing operations before income tax | 1,411,000 | 2,971,000 | 5,983,000 | 9,754,000 | 9,639,000 | |
Income tax expense | 3,300,000 | 3,897,000 | 4,952,000 | 2,579,000 | 4,969,000 | |
Net income from continuing operations | (1,889,000) | (926,000) | 1,031,000 | 7,175,000 | 4,670,000 | |
Net income | $ (1,969,000) | $ (1,006,000) | $ 951,000 | $ 7,175,000 | $ 4,590,000 | |
Basic (in dollars per share) | $ (0.29) | $ (0.14) | $ 0.15 | $ 1.08 | $ 0.69 | |
Diluted (in dollars per share) | $ (0.29) | $ (0.14) | $ 0.15 | $ 1.08 | $ 0.69 | |
Total assets | $ 114,290,000 | $ 78,709,000 | $ 80,540,000 | $ 90,685,000 | $ 84,708,000 | |
Total stockholders’ equity | 110,799,000 | 76,763,000 | 78,788,000 | $ 89,169,000 | 82,427,000 | $ 112,667,000 |
Previously Reported [Member] | ||||||
Total revenues and other income | 11,059,000 | 18,389,000 | ||||
Income from continuing operations before income tax | 1,411,000 | 2,971,000 | 5,983,000 | |||
Income tax expense | 4,000,000 | 4,540,000 | 5,595,000 | 5,502,000 | ||
Net income from continuing operations | (2,589,000) | (1,569,000) | 388,000 | 4,137,000 | ||
Net income | $ (2,669,000) | $ (1,649,000) | $ 308,000 | $ 4,057,000 | ||
Basic (in dollars per share) | $ (0.39) | $ (0.24) | $ 0.06 | $ 0.61 | ||
Diluted (in dollars per share) | $ (0.39) | $ (0.24) | $ 0.06 | $ 0.61 | ||
Total assets | $ 115,730,000 | $ 80,206,000 | $ 82,037,000 | $ 86,315,000 | ||
Total stockholders’ equity | 112,239,000 | $ 78,260,000 | $ 80,285,000 | |||
Previously Reported [Member] | Immaterial Error [Member] | ||||||
Total revenues and other income | $ 5,271,000 |
Note 24 - Subsequent Events (De
Note 24 - Subsequent Events (Details Textual) - $ / shares | Oct. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Subsequent Event [Member] | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||
Subsequent Event [Member] | Gary M. Stern [Member] | |||
Non-binding Proposal, Cash Purchase Price | $ 10.75 | ||
Non-binding Proposal, Premium Over Closing Price, Percentage | 60.00% | ||
Non-binding Proposal, Premium Over Average Closing Price, Percentage | 60.00% |