Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2019 | Feb. 18, 2020 | |
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 Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 6,567,765 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $.01 per share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 | |
ASSETS | |||
Cash and cash equivalents | $ 3,156,000 | $ 4,308,000 | |
Available-for-sale debt securities (at fair value) | 60,587,000 | 56,123,000 | [1] |
Investments in equity securities (at fair value) | 8,234,000 | 8,136,000 | |
Consumer receivables acquired for liquidation (at cost) | 1,448,000 | 1,668,000 | |
Investment in personal injury claims, net | 4,533,000 | 5,190,000 | |
Due from third party collection agencies and attorneys | 421,000 | 596,000 | |
Accounts receivable, net | 203,000 | 266,000 | |
Prepaid and income taxes receivable, net | 68,000 | 264,000 | |
Furniture and equipment, net of accumulated depreciation of $1.9 million at December 31, 2019 and at September 30, 2019 | 96,000 | 120,000 | |
Right of use assets | 545,000 | ||
Equity method investment | 278,000 | 280,000 | |
Settlement receivable | 1,095,000 | 1,558,000 | |
Deferred income taxes | 9,457,000 | 9,631,000 | |
Goodwill | 1,410,000 | 1,410,000 | |
Other assets | 978,000 | 1,135,000 | |
Total assets | 92,509,000 | 90,685,000 | |
LIABILITIES | |||
Accounts payable and accrued expenses | 1,027,000 | 941,000 | |
Right of use liability | 540,000 | ||
Income taxes payable | 778,000 | 575,000 | |
2,345,000 | 1,516,000 | ||
Commitments and contingencies | |||
STOCKHOLDERS’ EQUITY | |||
Preferred stock | |||
Common stock, $.01 par value, authorized 30,000,000 shares; issued 13,459,708 at December 31, 2019 and September 30, 2019; and outstanding 6,567,765 at December 31, 2019 and September 30, 2019 | 135,000 | 135,000 | |
Additional paid-in capital | 68,558,000 | 68,558,000 | |
Retained earnings | 89,217,000 | 88,172,000 | |
Accumulated other comprehensive income, net of taxes | 226,000 | 276,000 | |
Treasury stock (at cost) 6,891,943 shares at December 31, 2019 and September 30, 2019 | (67,972,000) | (67,972,000) | |
Total stockholders’ equity | 90,164,000 | 89,169,000 | |
Total liabilities and stockholders’ equity | 92,509,000 | 90,685,000 | |
Series A Junior Participating Preferred Stock [Member] | |||
STOCKHOLDERS’ EQUITY | |||
Preferred stock | |||
[1] | At September 30, 2018, the Company reported investments in equity securities and available for sale debt securities as a single line item on the Company's condensed consolidated balance sheet. With the Company's adoption of ASU No. 2016-01 on October 1, 2018, the Company has included the current breakout above for comparability purposes only. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 |
Furniture and equipment, accumulated depreciation | $ 1,900,000 | $ 1,900,000 |
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 | 6,891,943 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | ||
Revenues | $ 4,316,000 | $ 5,468,000 |
Other Income: | ||
Interest and dividend income | 329,000 | 199,000 |
Other income, net | 11,000 | 35,000 |
Total other income | 340,000 | 234,000 |
4,656,000 | 5,702,000 | |
Expenses: | ||
General and administrative | 3,192,000 | 3,926,000 |
Impairment of consumer receivables acquired for liquidation | 23,000 | |
Loss from equity method investment | 4,000 | 30,000 |
3,219,000 | 3,956,000 | |
Income before income tax | 1,437,000 | 1,746,000 |
Income tax expense | 392,000 | 471,000 |
Net income | $ 1,045,000 | $ 1,275,000 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.16 | $ 0.19 |
Diluted (in dollars per share) | $ 0.16 | $ 0.19 |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 6,567,765 | 6,685,415 |
Diluted (in shares) | 6,636,098 | 6,685,722 |
Finance Income, Net [Member] | ||
Revenues: | ||
Revenues | $ 3,132,000 | $ 3,494,000 |
Personal Injury Claims Income [Member] | ||
Revenues: | ||
Revenues | 376,000 | 713,000 |
Disability Fee Income [Member] | ||
Revenues: | ||
Revenues | $ 808,000 | $ 1,261,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Comprehensive income is as follows: | ||
Net income | $ 1,045,000 | $ 1,275,000 |
Net unrealized (loss) gain on debt securities, net of tax benefit / (expense) of $50,000 and ($52,000) during the three months ended December 31, 2019 and 2018, respectively. | (128,000) | 135,000 |
Reclassification adjustment for securities sold, net of tax expense of $48,000 and $0 during the three months ended December 31, 2019 and 2018, respectively. | 122,000 | |
Foreign currency translation, net of tax benefit / (expense) of $13,000 and ($25,000) during the three months ended December 31, 2019 and 2018, respectively. | (44,000) | 80,000 |
Other comprehensive (loss) income | (50,000) | 215,000 |
Total comprehensive income | $ 995,000 | $ 1,490,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Unrealized gain (loss) on debt securities, tax | $ 50,000 | $ (52,000) |
Reclassification adjustment for securities sold, tax | 48,000 | 0 |
Foreign currency translation, tax benefit (expense) | $ 13,000 | $ (25,000) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance, September 30, 2019 (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 |
Net Income | 1,275,000 | 1,275,000 | ||||
Unrealized loss on debt securities, net | 135,000 | 135,000 | ||||
Amount reclassified from other comprehensive income | ||||||
Foreign currency translation, net | 80,000 | 80,000 | ||||
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 | ||||
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 |
Stock based compensation expense | 7,000 | 7,000 | ||||
Unrealized gain (loss) on debt securities, net | 135,000 | 135,000 | ||||
Balance (in shares) at Dec. 31, 2018 | 13,459,708 | |||||
Balance at Dec. 31, 2018 | $ 135,000 | 68,558,000 | 82,272,000 | 260,000 | (67,128,000) | 84,097,000 |
Balance, September 30, 2019 (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 |
Net Income | 1,045,000 | 1,045,000 | ||||
Unrealized loss on debt securities, net | (128,000) | (128,000) | ||||
Amount reclassified from other comprehensive income | 122,000 | 122,000 | ||||
Foreign currency translation, net | (44,000) | (44,000) | ||||
Unrealized gain (loss) on debt securities, net | (128,000) | (128,000) | ||||
Balance (in shares) at Dec. 31, 2019 | 13,459,708 | |||||
Balance at Dec. 31, 2019 | $ 135,000 | $ 68,558,000 | $ 89,217,000 | $ 226,000 | $ (67,972,000) | $ 90,164,000 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) | Dec. 31, 2018USD ($) |
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 | 5,000 |
Cumulative effect adjustment for adoption of new accounting principle, tax | $ 5,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 1,045,000 | $ 1,275,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 24,000 | 16,000 |
Deferred income taxes | 176,000 | 162,000 |
Impairment of consumer receivables acquired for liquidation | 23,000 | |
Stock based compensation | 7,000 | |
Unrealized gain on equity securities | (10,000) | 29,000 |
Provision/ (recoveries) for bad debts - personal injury claims | (302,000) | 203,000 |
Loss from equity method investment | 4,000 | 30,000 |
Changes in: | ||
Prepaid and income taxes receivable | 196,000 | 414,000 |
Due from third party collection agencies and attorneys | 191,000 | 64,000 |
Accounts receivable | 63,000 | (203,000) |
Other assets | 156,000 | 184,000 |
Other liabilities | 43,000 | (232,000) |
Right of use assets | 91,000 | |
Right of use liabilities | (96,000) | |
Income taxes payable | 203,000 | |
Net cash provided by operating activities | 1,807,000 | 1,949,000 |
Cash flows from investing activities: | ||
Principal collected on receivables acquired for liquidation | 242,000 | 535,000 |
Purchase of available for sale debt securities and investments in equity securities | (48,172,000) | (25,920,000) |
Proceeds from sale of available for sale debt securities | 43,612,000 | 20,574,000 |
Proceeds from note receivable | 482,000 | |
Proceeds from settlement receivable | 463,000 | 473,000 |
Personal injury claims - advances | (49,000) | |
Personal injury claims - receipts | 1,008,000 | 1,729,000 |
Change in equity method investment | (2,000) | (61,000) |
Net cash used in investing activities | (2,898,000) | (2,188,000) |
Cash flows from financing activities: | ||
Net cash provided by financing activities | ||
Foreign currency effect on cash | (61,000) | 166,000 |
Net decrease in cash and cash equivalents | (1,152,000) | (73,000) |
Cash and cash equivalents at beginning of period | 4,308,000 | 6,284,000 |
Cash and cash equivalents at end of period | 3,156,000 | 6,211,000 |
Supplemental disclosure of non-cash operating activities: | ||
Initial recognition of right of use assets | 636,000 | |
Initial recognition of lease liabilities | $ 636,000 |
Note 1 - Business and Basis of
Note 1 - Business and Basis of Presentation | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1 -Business and Basis of Presentation Business Asta Funding, Inc., a Delaware Corporation (the “Company,” “we” or “us”), 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 We operate principally in the United States in three 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 ( 5 Simia commenced operations in January 2017, not Social S ecurity D isability A dvocacy 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 condensed consolidated balance sheet as of December 31, 2019, three December 31, 2019 2018, three December 31, 2019 2018, three December 31, 2019, three December 31, 2019 2018, September 30, 2019 10 September 30, 2019. December 31, 2019, three December 31, 2019 2018, three December 31, 2019 2018, three December 31, 2019 three December 31, 2019 2018 three December 31, 2019 2018 not The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with Rule 10 01 X not 10 September 30, 2019 “2019 10 The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and industry practices. The preparation of financial statements in conformity with US GAAP 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. Actual results could differ from those estimates including management’s estimates of future cash flows and the resulting rates of return. The condensed consolidated financial statements include the accounts of Asta Funding, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Liquidity At December 31, 2019 , $3.2 $68.8 1 no $90.2 December 31, 2019. We believe that our available cash resources and expected cash inflows from operations will be sufficient to fund operations for at least the next twelve Concentration of Credit Risk - Cash and C ash E quivalents The Company considers all highly liquid investments with a maturity date of three Cash balances are maintained at various depository institutions and are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company did not December 31 , 2019 $2.0 not not Investments in Equity Securities All equity investments in nonconsolidated entities are measured at fair value with changes recognized in earnings, except for those accounted for using the equity method of accounting. Changes in the fair value of equity securities are included in other income, net on the condensed consolidated statement of operations. Available-for-Sale Debt Securities 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 an other-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 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 Income Recognition - Consumer Receivables The Company accounts for certain of its investments in consumer receivables using the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310, 310” 310, Under the guidance of ASC 310, 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 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 Income Recognition - Social Security Disability Advocacy In accordance with FASB ASC 606, Commissions and fees Commissions and fees are the contractual commissions earned by third third Income taxes Deferred federal and state taxes arise from (i) recognition of finance income collected for tax purposes, but not Fair Value Hierarchy 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 condensed consolidated financial statements include estimated fair value information regarding its available-for-sale debt securities and investments in equity securities as of December 31, 2019, 820, 820” 820 820 Level 1 Level 2 1 not Level 3 no ASC 825 not Reclassification Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified in connection with the immaterial error correction (included in Note 1 2019 10 Recent Accounting Pronouncements Adopted During the Three Months Ended December 31, 201 9 In February 2016, 2016 02, 842 2016 02” 12 12 not not January 2018, 2018 01, 842 842 2018 01” 2018 01 2016 02. July 2018, No. 2018 11, 842 2016 02 December 15, 2018 7 The Company adopted the lease accounting standard using the modified retrospective transition option on adoption on October 1, 2019, $636,000 $636,000. 3.5% October 1, 2019, no October 1, 2019. In February 2018, 2018 02, December 22, 2017, 2018 02 October 1, 2019, not Recent Accounting Pronouncements Not Yet Adopted In June 2016, 2016 13, 326 December 15, 2022. In January 2017, 2017 04 350 2 December 15, 2019, not In August 2018, No. 2018 13, 820 1 2 3 3 3 December 15, 2019. In December 2019, 2019 12, 740 2019 12 740 2019 12 2022. 2019 12 not |
Note 2 - Investments in Debt an
Note 2 - Investments in Debt and Equity Securities | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2 -Investments in Debt and Equity Securities Investments in Equity Securities Investments of equity securities at December 31, 2019 September 30, 2019, $8.2 $8.1 Net gains and losses recognized on investments in equity securities for the three December 31, 2019 2018 Three Months Ended December 31, 2019 Three Months Ended December 31, 2018 Net gains and (losses) recognized during the period on equity securities $ 10,000 $ (29,000 ) Less: Net gains and (losses) recognized during the period on equity securities sold during the period – – Unrealized gains and (losses) recognized during the reporting period on equity securities still held at the reporting date $ 10,000 $ (29,000 ) Available for Sale Debt Securities Available for sale debt securities at December 31, 2019 September 30, 2019, December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Available for sale debt securities $ 60,418,000 $ 170,000 $ 1,000 $ 60,587,000 At December 31, 2018, $35.8 $135,000 $52,000 three December 31, 2018. September 30, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Available for sale debt securities $ 55,946,000 $ 178,000 $ 1,000 $ 56,123,000 Note 2 -Investments in Debt and Equity Securities (Continued) 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 3 - Consumer Receivables A
Note 3 - Consumer Receivables Acquired for Liquidation | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3 - Consumer Receivables Acquired for Liquidation Accounts acquired for liquidation are stated at cost and consist primarily of defaulted consumer loans of individuals throughout the United States and South America. The following tables summarize the changes in the condensed consolidated balance sheet account of consumer receivables acquired for liquidation during the following periods: For the Three Months Ended December 31, 201 9 201 8 Balance, beginning of period $ 1,668,000 $ 3,749,000 Net cash collections (3,375,000 ) (4,025,000 ) Impairment (23,000 ) – Effect of foreign currency translation 46,000 (147,000 ) Finance income recognized 3,132,000 3,494,000 Balance, end of period $ 1,448,000 $ 3,071,000 Finance income as a percentage of collections 92.8 % 86.8 % During the three December 31, 2019 2018 not As of December 31, 2019, $0.9 $0.3 $1.2 83.1% $1.4 December 31, 2019. 4 25.2%, 16.9%, 14.5% 10.0% December 31, 2019. 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 December 31, 2019, September 30, 2019, 1.3% 1.5% three December 31, 2019 2018, 6.2% 4.9% At December 31, 2019, 27% five September 30, 2019, 28% five five third 5 27% 28% December 31, 2019 September 30, 2019, 86% 86% third December 31, 2019 September 30, 2019, The following table summarizes collections received by the Company’s third three December 31, 2019 2018, For the Three Months Ended December 31, 201 9 201 8 Gross collections (1) $ 6,549,000 $ 8,220,000 Commissions and fees (2) 3,174,000 4,195,000 Net collections $ 3,375,000 $ 4,025,000 ( 1 Gross collections include collections from third ( 2 Commissions are earned by third December 2007 one 3% |
Note 4 - Equity Method Investme
Note 4 - Equity Method Investments | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Note 4 -Equity Method Investments Serlefin Peru is a joint venture in which the Company has a 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%, $0.3 $0.3 three December 31, 2019 2018, The carrying value of the investment in Serlefin Peru was $278,000 $280,000 December 31, 2019 September 30, 2019, December 31, 2019 $256,000, not |
Note 5 - Personal Injury Claims
Note 5 - Personal Injury Claims Funding | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Personal Injury Claims [Text Block] | Note 5 Personal Injury Claims Funding Simia and Sylvave As of December 31, 2019, $1.1 three $16,000. September 30, 2019, $1.3 $15,000 three December 31, 2018. As of December 31, 2019, $3.1 three $346,000. September 30, 2019, $3.7 $699,000 three December 31, 2018. Simia and Sylvave remain in operation to continue to collect on their outstanding personal injury claim portfolios, but will not Arthur Funding Arthur Funding began funding advances on personal injury claims in May 2019. December 31, 2019, $0.3 three $14,000. September 30, 2019, $0.2 no three December 31, 2018. 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: December 31, 2019 December 31, 2018 Balance, beginning of period $ 5,190,000 $ 10,745,000 Personal claim advances 49,000 – (Write offs) recoveries 302,000 (203,000 ) Personal injury claims income 376,000 713,000 Personal injury claims receipts (1,384,000 ) (2,442,000 ) Balance, end of period $ 4,533,000 $ 8,813,000 The Company recognized personal injury claims income of $0.4 $0.7 three December 31, 2019 2018, $1.1 December 31, 2019 $1.2 September 30, 2019. |
Note 6 - Non-recourse Debt
Note 6 - Non-recourse Debt | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6 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 December 31, 2019 September 30, 2019, $77,000 $22,000, January 10, 2020 October 10, 2019, |
Note 7 - Right of Use Assets an
Note 7 - Right of Use Assets and Liabilities | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 7 – Right of Use Assets and Liabilities Effective October 1, 2019, 2016 02, 842. 842 two 2023. On October 1, 2019, $636,000 $636,000. 3.5% October 1, 2019. December 31, 2019, $545,000 $540,000, The Company leases office space in Englewood Cliffs, New Jersey and subleases office space in Fort Lee, New Jersey under agreements classified as operating leases. The lease agreement in Englewood Cliffs, New Jersey expires on August 31, 2020 not The sublease agreement in Fort Lee, New Jersey expires on March 31, 2023 not In adopting the new accounting guidance, the Company used the following practical expedients for transitional relief as provided for in ASU 2018 01: ●An entity need not ●An entity need not ●An entity need not ●An entity may The Company also elected not twelve The following provides additional information about the Company’s operating leases: As of December 31, 2019: Weighted average remaining lease term (in years) 2.40 Weighted average discount rate 3.5 % As of December 31, 2019, 2020 $ 247,000 2021 122,000 2022 131,000 2023 65,000 Thereafter – Total lease payments 565,000 Less interest (25,000 ) Operating lease liability $ 540,000 The Company leases its facilities in (i) Englewood Cliffs, New Jersey, and (ii) Fort Lee, New Jersey. Rent expense for the three December 31, 2019 2018 $0.1 $0.1 |
Note 8 - Settlements
Note 8 - Settlements | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | Note 8 - Settlements 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 December 31, 2019, September 30, 2019, third $1.1 $1.6 three December 31, 2019, $0.5 third three December 31, 2019 2018, $39,000 $68,000 |
Note 9 - Interest Dividend and
Note 9 - Interest Dividend and Other Income | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Other Nonoperating Income and Expense [Text Block] | Note 9 , Dividend and Other Income The following tables summarize interest, dividend and other income for the three December 31, 2019 2018: December 31, 2019 2018 Interest and dividend income $ 329,000 $ 199,000 Realized gain – 25,000 Unrealized gain (loss) 10,000 (29,000 ) Other 1,000 39,000 $ 340,000 $ 234,000 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 10 - Commitments and Contingencies Legal Matters On November 7, 2019, January 8, 2020, 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 11 - Income Taxes
Note 11 - Income Taxes | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 1 1 -Income Taxes At the end of each interim reporting period, the Company estimates its effective income tax rate expected to be applicable for the full year. The estimate is used in providing for income taxes on a year-to-date basis and may three December 31, 2019 27.3%, 27.9% 2020 2019 21%, The Company files income tax returns in the U.S federal jurisdiction, various state jurisdictions, and various foreign countries. The Company does not |
Note 12 - Net Income Per Share
Note 12 - Net Income Per Share | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 1 2 -Net Income 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. The following table presents the computation of basic and diluted per share data for the three December 31, 2019 2018: For the Three Months Ended December 31, 2019 For the Three Months Ended December 31, 2018 Net Income $ 1,045,000 $ 1,275,000 Basic earnings per common share $ 0.16 $ 0.19 Diluted earnings per common share $ 0.16 $ 0.19 Weighted average number of common shares outstanding: Basic 6,567,765 6,685,415 Dilutive effect of stock options 68,333 307 Diluted 6,636,098 6,685,722 At December 31, 2019 85,000 not |
Note 13 - Stock Option Plans
Note 13 - Stock Option Plans | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stock Option Plans [Text Block] | Note 1 3 -Stock Option Plans 2012 On February 7, 2012, 2012 “2012 March 21, 2012. The 2012 The Company authorized 2,000,000 2012 2012 540,800 245,625 115,268 1,328,843 December 31, 2019. December 31, 2019, 54 2012 Equity Compensation Plan On December 1, 2005, March 1, 2006. 2002 The Equity Compensation Plan provides the Company with flexibility with respect to equity awards by providing for grants of stock options, stock awards (i.e. restricted or unrestricted), stock purchase rights and stock appreciation rights. 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 Compensation expense for stock options and restricted stock is recognized over the requisite vesting or service period. Compensation expense for restricted stock is based upon the market price of the shares underlying the awards on the grant date. The following table summarizes stock option transactions under the 2012 2002 Three Months Ended December 31, 201 9 201 8 Number Of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Outstanding options at the beginning of period 722,567 $ 8.18 728,867 $ 8.17 Options forfeited/cancelled (52,400 ) 8.07 (334 ) 7.93 Outstanding options at the end of period 670,167 $ 8.19 728,533 $ 8.17 Exercisable options at the end of period 670,167 $ 8.19 728,533 $ 8.17 The following table summarizes information about the Plans outstanding options as of December 31, 2019: Options Outstanding Options Exercisable Range of Exercise Price Number of Shares Outstanding Weighted Remaining Contractual Life (in Years) Weighted Average Exercise Price Number of Shares Exercisable Weighted Average Exercise Price $5.7501 - $8.6250 560,667 2.7 7.96 560,667 7.96 $8.6251 - $11.5000 109,500 3.1 9.37 109,500 9.37 670,167 2.7 $ 8.19 670,167 $ 8.19 The Company recognized $0 $7,000 three December 31, 2019 2018, December 31, 2019, no The intrinsic value of the outstanding and exercisable options as of December 31, 2019 $1.4 2.7 no three December 31, 2019 2018. three December 31, 2019 2018 $0 $76,000, no three December 31, 2019 2018. The Company did not three December 31, 2019 2018. December 31, 2019, September 30, 2019, no |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 1 4 -Stockholders’ Equity The Company has 5,000,000 $0.01 one There were no December 31, 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, December 31, 2019, no no No 2020. |
Note 15 - Fair Value of Financi
Note 15 - Fair Value of Financial Measurements and Disclosures | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 1 5 -Fair Value of Financial Measurements and Disclosures Fair Value of Financial Instruments The estimated fair value of the Company’s financial instruments is summarized as follows: December 31, 201 9 September 30, 201 9 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Cash equivalents (Level 1) $ 66,000 $ 66,000 $ 64,000 $ 64,000 Investments in equity securities (Level 1) 8,234,000 8,234,000 8,136,000 8,136,000 Available-for-sale debt securities (Level 2) 60,587,000 60,587,000 56,123,000 56,123,000 Consumer receivables acquired for liquidation (Level 3) 1,448,000 26,221,000 1,668,000 25,783,000 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 three December 31, 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 January 2020 December 2026. 20%. 3 3 |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 1 6 – Related Party Transactions The Company utilizes the services of a consultant in conjunction with its international operations. The consultant is the spouse of one three December 31, 2019 2018, $12,500 $25,239, not no December 31, 2019 September 30, 2019. On August 15, 2019, one $30,000 $7,500 three December 31, 2019. no December 31, 2019 September 30, 2019. |
Note 17 - Segment Reporting
Note 17 - Segment Reporting | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 1 7 -Seg m ent Reporting The Company operates through strategic business units that are aggregated into three three • Consumer R eceivables - may may $1.2 • Personal I njury C laims March 16, 2018 May 2019. not • Social Security B enefit A dvocacy - 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 by reporting segment for the three December 31, 2019 2018: (Dollars in millions) Consumer Receivables Social Security Disability Advocacy Personal Injury Claims Corporate ( 2 ) Total Three Months Ended December 31, 2019: Revenues $ 3.1 $ 0.8 $ 0.4 $ – $ 4.3 Other income – – – 0.3 0.3 Segment profit (loss) 2.9 – 0.6 (2.1 ) 1.4 Segment Assets (1) 7.2 1.0 4.8 79.5 92.5 2018: Revenues $ 3.5 $ 1.3 $ 0.7 $ – $ 5.5 Other income 0.1 – – 0.1 0.2 Segment profit (loss) 2.9 0.4 0.5 (2.1 ) 1.7 Segment Assets (1) 12.0 1.4 10.1 62.6 86.1 The Company does not ( 1 Includes other amounts in other line items on the condensed consolidated balance sheet. ( 2 Corporate is not three not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The condensed consolidated balance sheet as of December 31, 2019, three December 31, 2019 2018, three December 31, 2019 2018, three December 31, 2019, three December 31, 2019 2018, September 30, 2019 10 September 30, 2019. December 31, 2019, three December 31, 2019 2018, three December 31, 2019 2018, three December 31, 2019 three December 31, 2019 2018 three December 31, 2019 2018 not The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with Rule 10 01 X not 10 September 30, 2019 “2019 10 The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and industry practices. The preparation of financial statements in conformity with US GAAP 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. Actual results could differ from those estimates including management’s estimates of future cash flows and the resulting rates of return. The condensed consolidated financial statements include the accounts of Asta Funding, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Liquidity Disclosure [Policy Text Block] | Liquidity At December 31, 2019 , $3.2 $68.8 1 no $90.2 December 31, 2019. We believe that our available cash resources and expected cash inflows from operations will be sufficient to fund operations for at least the next twelve |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk - Cash and C ash E quivalents The Company considers all highly liquid investments with a maturity date of three Cash balances are maintained at various depository institutions and are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company did not December 31 , 2019 $2.0 not not |
Equity Securities with Readily Determinable Fair Value [Policy Text Block] | Investments in Equity Securities All equity investments in nonconsolidated entities are measured at fair value with changes recognized in earnings, except for those accounted for using the equity method of accounting. Changes in the fair value of equity securities are included in other income, net on the condensed consolidated statement of operations. |
Debt Securities, Available-for-sale [Policy Text Block] | Available-for-Sale Debt Securities 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 an other-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 |
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 |
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”) Accounting Standards Codification (“ASC”) 310, 310” 310, Under the guidance of ASC 310, 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 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 Income Recognition - Social Security Disability Advocacy In accordance with FASB ASC 606, |
Commissions, Policy [Policy Text Block] | Commissions and fees Commissions and fees are the contractual commissions earned by third third |
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 Hierarchy 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 condensed consolidated financial statements include estimated fair value information regarding its available-for-sale debt securities and investments in equity securities as of December 31, 2019, 820, 820” 820 820 Level 1 Level 2 1 not Level 3 no ASC 825 not |
Reclassification, Policy [Policy Text Block] | Reclassification Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified in connection with the immaterial error correction (included in Note 1 2019 10 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Adopted During the Three Months Ended December 31, 201 9 In February 2016, 2016 02, 842 2016 02” 12 12 not not January 2018, 2018 01, 842 842 2018 01” 2018 01 2016 02. July 2018, No. 2018 11, 842 2016 02 December 15, 2018 7 The Company adopted the lease accounting standard using the modified retrospective transition option on adoption on October 1, 2019, $636,000 $636,000. 3.5% October 1, 2019, no October 1, 2019. In February 2018, 2018 02, December 22, 2017, 2018 02 October 1, 2019, not Recent Accounting Pronouncements Not Yet Adopted In June 2016, 2016 13, 326 December 15, 2022. In January 2017, 2017 04 350 2 December 15, 2019, not In August 2018, No. 2018 13, 820 1 2 3 3 3 December 15, 2019. In December 2019, 2019 12, 740 2019 12 740 2019 12 2022. 2019 12 not |
Note 2 - Investments in Debt _2
Note 2 - Investments in Debt and Equity Securities (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Gain (Loss) on Securities [Table Text Block] | Three Months Ended December 31, 2019 Three Months Ended December 31, 2018 Net gains and (losses) recognized during the period on equity securities $ 10,000 $ (29,000 ) Less: Net gains and (losses) recognized during the period on equity securities sold during the period – – Unrealized gains and (losses) recognized during the reporting period on equity securities still held at the reporting date $ 10,000 $ (29,000 ) |
Available-for-sale Securities [Table Text Block] | December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Available for sale debt securities $ 60,418,000 $ 170,000 $ 1,000 $ 60,587,000 September 30, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Available for sale debt securities $ 55,946,000 $ 178,000 $ 1,000 $ 56,123,000 |
Note 3 - Consumer Receivables_2
Note 3 - Consumer Receivables Acquired for Liquidation (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Consumer Receivables after Liquidation [Table Text Block] | For the Three Months Ended December 31, 201 9 201 8 Balance, beginning of period $ 1,668,000 $ 3,749,000 Net cash collections (3,375,000 ) (4,025,000 ) Impairment (23,000 ) – Effect of foreign currency translation 46,000 (147,000 ) Finance income recognized 3,132,000 3,494,000 Balance, end of period $ 1,448,000 $ 3,071,000 Finance income as a percentage of collections 92.8 % 86.8 % |
Schedule of Collections on Gross Basis [Table Text Block] | For the Three Months Ended December 31, 201 9 201 8 Gross collections (1) $ 6,549,000 $ 8,220,000 Commissions and fees (2) 3,174,000 4,195,000 Net collections $ 3,375,000 $ 4,025,000 |
Note 5 - Personal Injury Clai_2
Note 5 - Personal Injury Claims Funding (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Personal Claims Funding [Table Text Block] | December 31, 2019 December 31, 2018 Balance, beginning of period $ 5,190,000 $ 10,745,000 Personal claim advances 49,000 – (Write offs) recoveries 302,000 (203,000 ) Personal injury claims income 376,000 713,000 Personal injury claims receipts (1,384,000 ) (2,442,000 ) Balance, end of period $ 4,533,000 $ 8,813,000 |
Note 7 - Right of Use Assets _2
Note 7 - Right of Use Assets and Liabilities (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Weighted average remaining lease term (in years) 2.40 Weighted average discount rate 3.5 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2020 $ 247,000 2021 122,000 2022 131,000 2023 65,000 Thereafter – Total lease payments 565,000 Less interest (25,000 ) Operating lease liability $ 540,000 |
Note 9 - Interest Dividend an_2
Note 9 - Interest Dividend and Other Income (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | December 31, 2019 2018 Interest and dividend income $ 329,000 $ 199,000 Realized gain – 25,000 Unrealized gain (loss) 10,000 (29,000 ) Other 1,000 39,000 $ 340,000 $ 234,000 |
Note 12 - Net Income Per Share
Note 12 - Net Income Per Share (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended December 31, 2019 For the Three Months Ended December 31, 2018 Net Income $ 1,045,000 $ 1,275,000 Basic earnings per common share $ 0.16 $ 0.19 Diluted earnings per common share $ 0.16 $ 0.19 Weighted average number of common shares outstanding: Basic 6,567,765 6,685,415 Dilutive effect of stock options 68,333 307 Diluted 6,636,098 6,685,722 |
Note 13 - Stock Option Plans (T
Note 13 - Stock Option Plans (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Three Months Ended December 31, 201 9 201 8 Number Of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Outstanding options at the beginning of period 722,567 $ 8.18 728,867 $ 8.17 Options forfeited/cancelled (52,400 ) 8.07 (334 ) 7.93 Outstanding options at the end of period 670,167 $ 8.19 728,533 $ 8.17 Exercisable options at the end of period 670,167 $ 8.19 728,533 $ 8.17 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Range of Exercise Price Number of Shares Outstanding Weighted Remaining Contractual Life (in Years) Weighted Average Exercise Price Number of Shares Exercisable Weighted Average Exercise Price $5.7501 - $8.6250 560,667 2.7 7.96 560,667 7.96 $8.6251 - $11.5000 109,500 3.1 9.37 109,500 9.37 670,167 2.7 $ 8.19 670,167 $ 8.19 |
Note 15 - Fair Value of Finan_2
Note 15 - Fair Value of Financial Measurements and Disclosures (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | December 31, 201 9 September 30, 201 9 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Cash equivalents (Level 1) $ 66,000 $ 66,000 $ 64,000 $ 64,000 Investments in equity securities (Level 1) 8,234,000 8,234,000 8,136,000 8,136,000 Available-for-sale debt securities (Level 2) 60,587,000 60,587,000 56,123,000 56,123,000 Consumer receivables acquired for liquidation (Level 3) 1,448,000 26,221,000 1,668,000 25,783,000 |
Note 17 - Segment Reporting (Ta
Note 17 - Segment Reporting (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (Dollars in millions) Consumer Receivables Social Security Disability Advocacy Personal Injury Claims Corporate ( 2 ) Total Three Months Ended December 31, 2019: Revenues $ 3.1 $ 0.8 $ 0.4 $ – $ 4.3 Other income – – – 0.3 0.3 Segment profit (loss) 2.9 – 0.6 (2.1 ) 1.4 Segment Assets (1) 7.2 1.0 4.8 79.5 92.5 2018: Revenues $ 3.5 $ 1.3 $ 0.7 $ – $ 5.5 Other income 0.1 – – 0.1 0.2 Segment profit (loss) 2.9 0.4 0.5 (2.1 ) 1.7 Segment Assets (1) 12.0 1.4 10.1 62.6 86.1 |
Note 1 - Business and Basis o_2
Note 1 - Business and Basis of Presentation (Details Textual) | 3 Months Ended | ||
Dec. 31, 2019USD ($) | Oct. 01, 2019USD ($) | Sep. 30, 2019USD ($) | |
Number of Reportable Segments | 3 | ||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 3,156,000 | $ 4,308,000 | |
Debt, Current, Total | 0 | $ 0 | |
Stockholders' Equity Attributable to Parent, Ending Balance | 90,200,000 | ||
Cash, Uninsured Amount, Foreign | 2,000,000 | ||
Operating Lease, Liability, Total | 540,000 | ||
Operating Lease, Right-of-Use Asset | $ 545,000 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.50% | 3.50% | |
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Liability, Total | $ 636,000 | ||
Operating Lease, Right-of-Use Asset | $ 636,000 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Available-for-sale Securities, Total | $ 68,800,000 |
Note 2 - Investments in Debt _3
Note 2 - Investments in Debt and Equity Securities (Details Textual) - USD ($) | 3 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2019 | Sep. 30, 2019 | ||
Equity Securities, FV-NI | $ 8,234,000 | $ 8,136,000 | ||
Debt Securities, Available-for-sale, Total | $ 60,587,000 | $ 56,123,000 | [1] | |
US Treasury Securities [Member] | ||||
Debt Securities, Available-for-sale, Total | $ 35,800,000 | |||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax, Total | 135,000 | |||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax, Total | $ 52,000 | |||
[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 2 - Investments in Debt _4
Note 2 - Investments in Debt and Equity Securities - Net Gains and Losses Recognized in Equity Securities (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net gains and (losses) recognized during the period on equity securities | $ 10,000 | $ (29,000) |
Less: Net gains and (losses) recognized during the period on equity securities sold during the period | ||
Unrealized gains and (losses) recognized during the reporting period on equity securities still held at the reporting date | $ 10,000 | $ (29,000) |
Note 2 - Investments in Debt _5
Note 2 - Investments in Debt and Equity Securities - Investments Classified as Available-for-sale (Details) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 | [1] |
Amortized Cost | $ 60,418,000 | $ 55,946,000 | |
Unrealized Gains | 170,000 | 178,000 | |
Unrealized Losses | 1,000 | 1,000 | |
Debt Securities, Available-for-sale, Total | $ 60,587,000 | $ 56,123,000 | |
[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 - Consumer Receivables_3
Note 3 - Consumer Receivables Acquired for Liquidation (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2007 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Face Value of Charged-off Consumer Receivables | $ 0 | $ 0 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 1,448,000 | $ 1,668,000 | ||
Foreign Consumer Receivables, Percentage of Total Consumer Receivable | 83.10% | 83.80% | ||
Percentage of Assets Related to Internationl Operation | 1.30% | 1.50% | ||
Percentage of Revenue Related to International Operation | 6.20% | 4.90% | ||
Fee Charged on Portfolio Purchase | 3.00% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Consumer Portfolio 1 [Member] | ||||
Concentration Risk, Percentage | 25.20% | 23.90% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Consumer Portfolio 2 [Member] | ||||
Concentration Risk, Percentage | 16.90% | 16.20% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Consumer Portfolio 3 [Member] | ||||
Concentration Risk, Percentage | 14.50% | 14.10% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Consumer Portfolio 4 [Member] | ||||
Concentration Risk, Percentage | 10.00% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Receivable Portfolio 4 [Member] | ||||
Concentration Risk, Percentage | 11.00% | |||
Supplier Concentration Risk [Member] | Consumer Receivable Portfolio [Member] | Five Collection Organizations [Member] | ||||
Concentration Risk, Percentage | 27.00% | 28.00% | ||
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% | 86.00% | ||
PERU | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 900,000 | $ 1,100,000 | ||
COLOMBIA | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 300,000 | 300,000 | ||
Non-US [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 1,200,000 | $ 1,400,000 |
Note 3 - Consumer Receivables_4
Note 3 - Consumer Receivables Acquired for Liquidation - Changes in Balance Sheet Account of Consumer Receivables Acquired for Liquidation (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 1,668,000 | $ 3,749,000 |
Net cash collections | (3,375,000) | (4,025,000) |
Impairment | (23,000) | |
Effect of foreign currency translation | 46,000 | (147,000) |
Finance income recognized | 3,132,000 | 3,494,000 |
Balance | $ 1,448,000 | $ 3,071,000 |
Finance income as a percentage of collections | 92.80% | 86.80% |
Note 3 - Consumer Receivables_5
Note 3 - Consumer Receivables Acquired for Liquidation - Collections Received Less Commissions and Direct Costs (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Gross collections (1) | [1] | $ 6,549,000 | $ 8,220,000 |
Commissions and fees (2) | [2] | 3,174,000 | 4,195,000 |
Net collections | $ 3,375,000 | $ 4,025,000 | |
[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 and skip tracing in connection with this portfolio purchase. |
Note 4 - Equity Method Invest_2
Note 4 - Equity Method Investments (Details Textual) - USD ($) | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Equity Method Investments | $ 278,000 | $ 280,000 | |
Income (Loss) from Equity Method Investments, Total | $ (4,000) | $ (30,000) | |
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 | $ 300,000 | $ 300,000 | |
Equity Method Investments | 278,000 | $ 280,000 | |
Income (Loss) from Equity Method Investments, Total | $ 256,000 | ||
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% |
Note 5 - Personal Injury Clai_3
Note 5 - Personal Injury Claims Funding (Details Textual) - USD ($) | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Personal Injury Claims Income | $ 376,000 | $ 713,000 | |
Personal Injury Claims, Net Reserve | 1,100,000 | $ 1,200,000 | |
Simia Capital LLC [Member] | |||
Personal Injury Claims Assets | 1,100,000 | 1,300,000 | |
Personal Injury Claims Income | 16,000 | 15,000 | |
Sylvave, LLC [Member] | |||
Personal Injury Claims Assets | 3,100,000 | 3,700,000 | |
Personal Injury Claims Income | 346,000 | 699,000 | |
Arthur Funding [Member] | |||
Personal Injury Claims Assets | 300,000 | $ 200,000 | |
Personal Injury Claims Income | $ 14,000 | $ 0 |
Note 5 - Personal Injury Clai_4
Note 5 - Personal Injury Claims Funding - Personal Claims Funding (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance, beginning of period | $ 5,190,000 | $ 10,745,000 |
Personal claim advances | 49,000 | |
(Write offs) recoveries | 302,000 | (203,000) |
Personal injury claims income | 376,000 | 713,000 |
Personal injury claims receipts | (1,384,000) | (2,442,000) |
Balance, end of period | $ 4,533,000 | $ 8,813,000 |
Note 6 - Non-recourse Debt (Det
Note 6 - Non-recourse Debt (Details Textual) - USD ($) | Jun. 03, 2014 | Aug. 07, 2013 | Jun. 30, 2016 | Mar. 31, 2007 | Dec. 31, 2019 | Sep. 30, 2019 |
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 | $ 77,000 | $ 22,000 | ||||
Receivables Financing Agreement [Member] | ||||||
Non-Recourse Debt | $ 227,000,000 |
Note 7 - Right of Use Assets _3
Note 7 - Right of Use Assets and Liabilities (Details Textual) - USD ($) | 3 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Oct. 01, 2019 | Sep. 30, 2019 | |
Operating Lease, Liability, Total | $ 540,000 | |||
Operating Lease, Right-of-Use Asset | $ 545,000 | |||
Operating Lease, Weighted Average Discount Rate, Percent | 3.50% | 3.50% | ||
Operating Lease, Expense | $ 100,000 | $ 100,000 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Liability, Total | $ 636,000 | |||
Operating Lease, Right-of-Use Asset | $ 636,000 |
Note 7 - Right of Use Assets _4
Note 7 - Right of Use Assets and Liabilities - Additional Information About Operating Leases (Details) | Dec. 31, 2019 | Oct. 01, 2019 |
Weighted average remaining lease term (in years) (Year) | 2 years 146 days | |
Weighted average discount rate | 3.50% | 3.50% |
Note 7 - Right of Use Assets _5
Note 7 - Right of Use Assets and Liabilities - Future Minimum Payments (Details) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 |
2020 | $ 247,000 | |
2021 | 122,000 | |
2022 | 131,000 | |
2023 | 65,000 | |
Thereafter | ||
Total lease payments | 565,000 | |
Less interest | (25,000) | |
Operating Lease, Liability, Total | $ 540,000 |
Note 8 - Settlements (Details T
Note 8 - Settlements (Details Textual) - USD ($) | Jul. 12, 2020 | Jul. 12, 2019 | Jul. 12, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 |
Receivable, Settlement | $ 1,095,000 | $ 1,558,000 | ||||
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 | 1,100,000 | $ 1,600,000 | ||||
Gain (Loss) Related to Litigation Settlement, Total | 500,000 | |||||
Litigation Settlement Interest | $ 39,000 | $ 68,000 |
Note 9 - Interest Dividend an_3
Note 9 - Interest Dividend and Other Income - Summary of Other Income (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest and dividend income | $ 329,000 | $ 199,000 |
Realized gain | 25,000 | |
Unrealized gain (loss) | 10,000 | (29,000) |
Other | 1,000 | 39,000 |
$ 340,000 | $ 234,000 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) | 3 Months Ended | 9 Months Ended |
Dec. 31, 2019 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 27.30% | 27.90% |
Note 12 - Net Income Per Shar_2
Note 12 - Net Income Per Share (Details Textual) - shares | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total | 68,333 | 307 |
Share-based Payment Arrangement, Option [Member] | ||
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total | 85,000 |
Note 12 - Net Income Per Shar_3
Note 12 - Net Income Per Share - Computation of Basic and Diluted Per Share Data (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net Income | $ 1,045,000 | $ 1,275,000 |
Basic earnings per common share (in dollars per share) | $ 0.16 | $ 0.19 |
Diluted earnings per common share (in dollars per share) | $ 0.16 | $ 0.19 |
Basic (in shares) | 6,567,765 | 6,685,415 |
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total | 68,333 | 307 |
Diluted (in shares) | 6,636,098 | 6,685,722 |
Note 13 - Stock Option Plans (D
Note 13 - Stock Option Plans (Details Textual) | 3 Months Ended | 93 Months Ended | ||||||
Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2019USD ($)shares | Sep. 30, 2019USD ($) | 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 | $ | $ 0 | $ 7,000 | ||||||
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 | $ | $ 1,400,000 | 1,400,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 255 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ | $ 0 | $ 76,000 | ||||||
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 | 115,268 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,328,843 | 1,328,843 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Eligible Employees | 54 | 54 | ||||||
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 13 - Stock Option Plans -
Note 13 - Stock Option Plans - Summary of Stock Option Plans (Details) - $ / shares | 3 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding options at the beginning of period (in shares) | 722,567 | 728,867 | ||
Outstanding options at the beginning of period (in dollars per share) | $ 8.18 | $ 8.17 | ||
Options forfeited/cancelled, shares (in shares) | (52,400) | (334) | ||
Options forfeited/cancelled (in dollars per share) | $ 8.07 | $ 7.93 | ||
Outstanding options at the end of period (in shares) | 670,167 | 728,533 | ||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 8.18 | $ 8.17 | $ 8.19 | $ 8.17 |
Options Exercisable, Number of Shares Exercisable (in shares) | 670,167 | 728,533 | ||
Exercisable options at the end of period (in dollars per share) | $ 8.19 | $ 8.17 |
Note 13 - Stock Option Plans _2
Note 13 - Stock Option Plans - Summary of Outstanding Options (Details) - $ / shares | 3 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Options Outstanding, Number of Shares Outstanding (in shares) | 670,167 | 722,567 | 728,533 | 728,867 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 2 years 255 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 8.19 | $ 8.18 | $ 8.17 | $ 8.17 |
Options Exercisable, Number of Shares Exercisable (in shares) | 670,167 | 728,533 | ||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 8.19 | $ 8.17 | ||
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) | 560,667 | |||
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 2 years 255 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 7.96 | |||
Options Exercisable, Number of Shares Exercisable (in shares) | 560,667 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 7.96 | |||
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 36 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 14 - Stockholders' Equity
Note 14 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
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 | 0 |
Dividends, Total | $ 0 | ||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 0 | 0 |
Note 15 - Fair Value of Finan_3
Note 15 - Fair Value of Financial Measurements and Disclosures (Details Textual) | Dec. 31, 2019 |
Measurement Input, Discount Rate [Member] | |
Consumer Receivables Acquired for Liquidation, Measurement Input | 0.2 |
Note 15 - Fair Value of Finan_4
Note 15 - Fair Value of Financial Measurements and Disclosures - Fair Value of Financial Measurements (Details) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 | |
Investments in equity securities (Level 1) | $ 8,234,000 | $ 8,136,000 | |
Available-for-sale debt securities (Level 2) | 60,587,000 | 56,123,000 | [1] |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents (Level 1) | 66,000 | 64,000 | |
Investments in equity securities (Level 1) | 8,234,000 | 8,136,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Available-for-sale debt securities (Level 2) | 60,587,000 | 56,123,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Consumer receivables acquired for liquidation (Level 3) | 1,448,000 | 1,668,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents (Level 1) | 66,000 | 64,000 | |
Investments in equity securities (Level 1) | 8,234,000 | 8,136,000 | [2] |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Available-for-sale debt securities (Level 2) | 60,587,000 | 56,123,000 | [2] |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Consumer receivables acquired for liquidation (Level 3) | $ 26,221,000 | $ 25,783,000 | [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 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Details Textual) - USD ($) | Aug. 15, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 |
Consultant [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 12,500 | $ 25,239 | ||
Due to Related Parties, Total | 0 | $ 0 | ||
Director [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 7,500 | |||
Due to Related Parties, Total | $ 0 | $ 0 | ||
Consultant Contract Value | $ 30,000 |
Note 17 - Segment Reporting (De
Note 17 - Segment Reporting (Details Textual) | 3 Months Ended | |
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | |
Number of Reportable Segments | 3 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 1,448,000 | $ 1,668,000 |
Colombia and Peru [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 1,200,000 |
Note 17 - Segment Reporting - S
Note 17 - Segment Reporting - Schedule of Segment Reporting (Details) - USD ($) | 3 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |||
Revenues | $ 4,316,000 | $ 5,468,000 | |||
Other income | 340,000 | 234,000 | |||
Segment profit (loss) | 1,400,000 | 1,700,000 | |||
Segment Assets (1) | 92,509,000 | 86,100,000 | [1] | $ 90,685,000 | |
Operating Segments [Member] | Consumer Receivables [Member] | |||||
Revenues | 3,100,000 | 3,500,000 | |||
Other income | [2] | 100,000 | |||
Segment profit (loss) | 2,900,000 | 2,900,000 | |||
Segment Assets (1) | [1] | 7,200,000 | 12,000,000 | ||
Operating Segments [Member] | GAR Disability Advocates [Member] | |||||
Revenues | 800,000 | 1,300,000 | |||
Other income | [2] | ||||
Segment profit (loss) | 400,000 | ||||
Segment Assets (1) | [1] | 1,000,000 | 1,400,000 | ||
Operating Segments [Member] | Personal Injury Claims [Member] | |||||
Revenues | [3] | 400,000 | 700,000 | ||
Other income | [2],[3] | ||||
Segment profit (loss) | [3] | 600,000 | 500,000 | ||
Segment Assets (1) | [1],[3] | 4,800,000 | 10,100,000 | ||
Corporate, Non-Segment [Member] | |||||
Revenues | [4] | ||||
Other income | [2],[4] | 300,000 | 100,000 | ||
Segment profit (loss) | [4] | (2,100,000) | (2,100,000) | ||
Segment Assets (1) | [1],[4] | $ 79,500,000 | $ 62,600,000 | ||
[1] | Includes other amounts in other line items on the consolidated balance sheet. | ||||
[2] | 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). | ||||
[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. |