Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 12, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | HMG COURTLAND PROPERTIES INC | |
Entity Central Index Key | 311,817 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | HMG | |
Entity Common Stock, Shares Outstanding | 1,035,493 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Investment properties, net of accumulated depreciation: | ||
Office building and other commercial property | $ 833,629 | $ 793,749 |
Total investment properties, net | 833,629 | 793,749 |
Cash and cash equivalents | 11,531,091 | 9,451,152 |
Investments in marketable securities | 10,517,700 | 11,790,037 |
Other investments | 3,829,268 | 3,793,420 |
Investment in affiliate | 2,249,684 | 2,232,972 |
Loans, notes and other receivables | 1,248,534 | 1,400,877 |
Investment in real estate partnership | 2,322,448 | 281,663 |
Other assets | 52,871 | 53,356 |
TOTAL ASSETS | 32,585,225 | 29,797,226 |
LIABILITIES | ||
Note payable to affiliate | 2,100,000 | 2,100,000 |
Margin payable | 8,091,523 | 3,253,065 |
Accounts payable, accrued expenses and other liabilities | 232,102 | 210,691 |
Due to Adviser | 0 | 54,111 |
Dividend payable | 0 | 526,963 |
Deferred income taxes | 217,000 | 217,000 |
TOTAL LIABILITIES | 10,640,625 | 6,361,830 |
STOCKHOLDERS' EQUITY | ||
Excess common stock, $1 par value; 100,000 shares authorized: no shares issued | 0 | 0 |
Common stock, $1 par value; 1,200,000 shares authorized and 1,053,926 issued and as of September 30, 2015 and December 31, 2014. | 1,053,926 | 1,053,926 |
Additional paid-in capital | 24,255,614 | 24,249,844 |
Less: Treasury shares (18,433 shares and 800 shares as of September 30, 2015 and December 31, 2014, respectively | (223,798) | (9,377) |
Undistributed gains from sales of properties, net of losses | 53,227,696 | 53,227,696 |
Undistributed losses from operations | (56,578,635) | (55,315,000) |
Total stockholders' equity | 21,734,803 | 23,207,089 |
Non controlling interest | 209,797 | 228,307 |
TOTAL STOCKHOLDERS' EQUITY | 21,944,600 | 23,435,396 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 32,585,225 | $ 29,797,226 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Excess common stock, par value | $ 1 | $ 1 |
Excess common stock, shares authorised | 100,000 | 100,000 |
Excess common stock, shares issued | 0 | 0 |
Common stock par value | $ 1 | $ 1 |
Common Stock, Shares Authorized | 1,200,000 | 1,200,000 |
Common Stock, Shares, Issued | 1,053,926 | 1,053,926 |
Treasury Stock, Shares | 18,433 | 800 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
REVENUES | ||||
Real estate rentals and related revenue | $ 15,600 | $ 24,310 | $ 48,000 | $ 61,155 |
Operating expenses: | ||||
Rental and other properties | 42,108 | 24,397 | 85,301 | 65,964 |
Adviser's base fee | 165,000 | 165,000 | 495,000 | 495,000 |
General and administrative | 79,870 | 63,571 | 251,891 | 165,257 |
Professional fees and expenses | 275,186 | 84,736 | 584,009 | 225,763 |
Directors' fees and expenses | 16,000 | 28,279 | 62,250 | 77,029 |
Depreciation and amortization | 3,849 | 6,354 | 11,485 | 15,395 |
Interest expense | 38,125 | 23,482 | 82,759 | 72,206 |
Total expenses | 620,138 | 395,819 | 1,572,695 | 1,116,614 |
Loss before other income (loss) and income taxes | (604,538) | (371,509) | (1,524,695) | (1,055,459) |
Net realized and unrealized (losses) gains from investments in marketable securities | (274,049) | (252,315) | (644,323) | 385,579 |
Net income from other investments | 92,150 | 30,419 | 268,763 | 114,515 |
Other than temporary impairment losses from other investments | 0 | (11,092) | 0 | (11,092) |
Interest, dividend and other income | 266,604 | 183,656 | 618,108 | 671,841 |
Total other income (loss) | 84,705 | (49,332) | 242,548 | 1,160,843 |
(Loss) income before income taxes | (519,833) | (420,841) | (1,282,147) | 105,384 |
Benefit from income taxes | 0 | (91,000) | 0 | 0 |
Net (loss) income | (519,833) | (329,841) | (1,282,147) | 105,384 |
Noncontrolling interests | 12,362 | 1,997 | 18,512 | (6,587) |
Net (loss) income attributable to the Company | $ (507,471) | $ (327,844) | $ (1,263,635) | $ 98,797 |
Weighted average common shares outstanding-basic (in shares) | 1,041,494 | 1,048,926 | 1,040,181 | 1,048,926 |
Weighted average common shares outstanding-diluted (in shares) | 1,041,494 | 1,048,926 | 1,040,181 | 1,049,954 |
Net (loss) income per common: | ||||
Basic and diluted (in Dollars per share) | $ (0.49) | $ (0.31) | $ (1.21) | $ 0.09 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) income attributable to the Company | $ (1,263,635) | $ 98,797 |
Adjustments to reconcile net income (loss) attributable to the Company to net cash used in operating activities: | ||
Depreciation and amortization | 11,485 | 15,395 |
Non-employee stock compensation expense | 5,771 | 0 |
Net income from other investments, excluding impairment losses | (268,763) | (114,515) |
Other than temporary impairment loss from other investments | 0 | 11,092 |
Gain from dissolution of joint venture with related party | 0 | (226,157) |
Net loss (gain) from investments in marketable securities | 644,323 | (385,579) |
Net (loss) income attributable to non-controlling interest | (18,512) | 6,587 |
Deferred income tax provision | 0 | 0 |
Changes in assets and liabilities: | ||
Other assets and other receivables | 30,253 | 20,501 |
Accounts payable, accrued expenses and other liabilities | (32,703) | (3,721,483) |
Total adjustments | 371,854 | (4,394,159) |
Net cash used in operating activities | (891,781) | (4,295,362) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in real estate partnership | (2,040,785) | (180,351) |
Collections in notes and advances from related parties | 0 | 226,157 |
Distributions from other investments | 1,481,659 | 512,096 |
Contributions to other investments | (1,265,457) | (1,135,083) |
Net proceeds from sales and redemptions of securities | 5,824,969 | 6,175,986 |
Purchase of marketable securities | (5,196,955) | (12,329,319) |
Additions in mortgage loans, notes and other receivables | 0 | (138,000) |
Collections in mortgage loans, notes and other receivables | 122,580 | 138,000 |
Purchases and improvements of properties | (51,365) | (274,691) |
Proceeds from sales of properties | 0 | 278,720 |
Proceeds from partial sale of affiliate | 0 | 39,000 |
Net cash used in investing activities | (1,125,354) | (6,687,485) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Margin borrowings | 4,838,458 | 0 |
Dividend paid | (526,963) | 0 |
Purchase of treasury stock | (214,421) | 0 |
Repayment of mortgages and notes payables | 0 | (102,891) |
Net cash provided by (used in) financing activities | 4,097,074 | (102,891) |
Net increase (decrease) in cash and cash equivalents | 2,079,939 | (11,085,738) |
Cash and cash equivalents at beginning of the period | 9,451,152 | 17,655,568 |
Cash and cash equivalents at end of the period | 11,531,091 | 6,569,830 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid during the period for interest | 83,000 | 72,000 |
Cash paid during the period for income taxes | $ 0 | $ 1,593,000 |
CONDENSED CONSOLIDATED FINANCIA
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Financial Statements [Text Block] | 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements prepared in accordance with instructions for Form 10-Q, include all adjustments (consisting only of normal recurring accruals) which are necessary for a fair presentation of the results for the periods presented. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the Company's Annual Report for the year ended December 31, 2014. The balance sheet as of December 31, 2014 was derived from audited consolidated financial statements as of that date. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the results to be expected for future periods or the full year. The condensed consolidated financial statements include the accounts of HMG/Courtland Properties, Inc. (the "Company") and entities in which the Company owns a majority voting interest or controlling financial interest. All material transactions and balances with consolidated and unconsolidated entities have been eliminated in consolidation or as required under the equity method. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. RECENT ACCOUNTING PRONOUNCEMENTS Refer to the consolidated financial statements and footnotes thereto included in the HMG/Courtland Properties, Inc. Annual Report on Form 10-K for the year ended December 31, 2014 for recent accounting pronouncements. The Company does not believe that any recently issued, but not yet effective accounting standards, if currently adopted, will have a material effect on the Company’s consolidated financial position, results of operations and cash flows. |
INVESTMENTS IN MARKETABLE SECUR
INVESTMENTS IN MARKETABLE SECURITIES | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. INVESTMENTS IN MARKETABLE SECURITIES Investments in marketable securities consist primarily of large capital corporate equity and debt securities in varying industries or issued by government agencies with readily determinable fair values. These securities are stated at market value, as determined by the most recent traded price of each security at the balance sheet date. Consistent with the Company's overall current investment objectives and activities its entire marketable securities portfolio is classified as trading. Included in investments in marketable securities is approximately $ 8 Three months ended Nine months ended September 30, September 30, Description 2015 2014 2015 2014 Net realized (loss) gain from sales of securities $ (18,000) $ 290,000 $ 186,000 $ 336,000 Unrealized net (loss) gain in trading securities (256,000) (542,000) (830,000) 50,000 Total net (loss) gain from investments in marketable securities $ (274,000) $ (252,000) $ (644,000) $ 386,000 For the three and nine months ended September 30, 2015, net unrealized losses from trading securities were $ 256,000 830,000 50,000 For the three months ended September 30, 2015, net realized loss from sales of marketable securities was approximately $ 18,000 104,000 122,000 186,000 443,000 257,000 For the three months ended September 30, 2014, net realized gain from sales of marketable securities was approximately $ 290,000 312,000 22,000 336,000 393,000 57,000 Investment gains and losses on marketable securities may fluctuate significantly from period to period in the future and could have a significant impact on the Company's net earnings. However, the amount of investment gains or losses on marketable securities for any given period has no predictive value and variations in amount from period to period have no practical analytical value. |
INVESTMENT IN REAL ESTATE PARTN
INVESTMENT IN REAL ESTATE PARTNERSHIP | 9 Months Ended |
Sep. 30, 2015 | |
Investment In Real Estate Partnership [Abstract] | |
Investment In Real Estate Partnership [Text Block] | 4. INVESTMENT IN REAL ESTATE PARTNERSHIP As previously reported, in September 2014, the Company, through a newly-formed wholly owned subsidiary (HMG Orlando LLC, a Delaware limited liability company), acquired a one-third equity membership interest in JY-TV Associates, LLC a Florida limited liability company (“JY-TV”) and entered into the Amended and Restated Operating Agreement of JY-TV (the “Agreement”). Also, as previously reported, on May 19, 2015, pursuant to the terms of a Construction Loan Agreement, between JY-TV Associates LLC (“JY-TV” or the “Borrower”, which is one-third owned by a wholly-owned subsidiary of the Company) and Wells Fargo Bank ("Lender"), Lender loaned to the Borrower the principal sum of $ 27 239,000 9.5 34 7 As previously reported, the Company and certain affiliates of the other two members of the Borrower ("Guarantors") entered into a Completion Guaranty Agreement ("Completion Guaranty") and a Repayment Guaranty Agreement ("Repayment Guaranty") (collectively, the “Guaranties”) with the Lender. Under the Completion Guaranty, Guarantors shall unconditionally guaranty, on a joint and several basis, lien free completion of all improvements with respect to the Project and any construction or completion obligations required to be made by the Borrower pursuant to any approved leases. Under the Repayment Guaranty, Guarantors shall provide an unconditional guaranty including the repayment of $ 11.5 This investment is accounted for under the equity method. |
OTHER INVESTMENTS
OTHER INVESTMENTS | 9 Months Ended |
Sep. 30, 2015 | |
Investments, All Other Investments [Abstract] | |
Investments and Other Noncurrent Assets [Text Block] | 5. OTHER INVESTMENTS As of September 30, 2015, the Company’s portfolio of other investments had an aggregate carrying value of approximately $ 3.8 2.7 During the nine months ended September 30, 2015, we made contributions to other investments of approximately $ 1.3 300,000 100,000 500,000 225,000 300,000 During the nine months ended September 30, 2015, we received distributions from other investments of approximately $ 1.5 686,000 39,000 131,000 124,000 540,000 Three months ended Nine months ended September 30, September 30, Description 2015 2014 2015 2014 Partnerships owning diversified businesses $ 73,000 $ 14,000 $ 132,000 $ 91,000 Partnerships owning real estate and related 18,000 - 120,000 1,000 Income from investment in 49% owned affiliate (T.G.I.F. Texas, Inc.) 1,000 16,000 17,000 23,000 Total net income from other investments (excluding other than temporary impairment losses) $ 92,000 $ 30,000 $ 269,000 $ 115,000 As of September 30, 2015 12 Months or Less Greater than 12 Months Total Investment Description Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Partnerships owning investments in technology related industries $ $ $ 5,000 $ (11,000) $ 5,000 $ (11,000) Partnerships owning diversified businesses investments 455,000 (45,000) 455,000 (45,000) Partnerships owning real estate and related investments 95,000 (14,000) 95,000 (14,000) Other (private banks, etc.) 286,000 (14,000) 242,000 (8,000) 528,000 (22,000) Total $ 836,000 $ (73,000) $ 247,000 $ (19,000) $ 1,083,000 $ (92,000) As of December 31, 2014 12 Months or Less Greater than 12 Months Total Fair Unrealized Fair Unrealized Unrealized Investment Description Value Loss Value Loss Fair Value Loss Partnerships owning investments in technology related industries $ $ $ 5,000 $ (11,000) $ 5,000 $ (11,000) Partnerships owning diversified businesses investments 190,000 (10,000) 190,000 (10,000) Partnerships owning real estate and related investments 45,000 (30,000) 45,000 (30,000) Other (private banks, etc.) 242,000 (8,000) 242,000 (8,000) Total $ 477,000 $ (48,000) $ 5,000 $ (11,000) $ 482,000 $ (59,000) When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s amortized cost basis. In accordance with ASC Topic 320-10-65, Recognition and Presentation of Other-Than-Temporary Impairments (“OTTI”) there were no OTTI impairment valuation adjustments for the three and nine months ended September 30, 2015. The Company recorded approximately $ 11,000 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 6. FAIR VALUE OF FINANCIAL INSTRUMENTS In accordance with ASC Topic 820, the Company measures cash and cash equivalents, marketable debt and equity securities at fair value on a recurring basis. Other investments are measured at fair value on a nonrecurring basis. The following are the major categories of assets and liabilities measured at fair value on a recurring basis during the three and nine months ended September 30, 2015 and for the year ended December 31, 2014, using quoted prices in active markets for identical assets (Level 1) and significant other observable inputs (Level 2). For the periods presented, there were no major assets measured at fair value on a recurring basis which uses significant unobservable inputs (Level 3): Fair value measurement at reporting date using Total Quoted Prices in Active Significant Other Significant September 30, Markets for Identical Assets Observable Inputs Unobservable Inputs Description 2015 (Level 1) (Level 2) (Level 3) Assets: Cash equivalents: Money market mutual funds $ 1,548,000 $ 1,548,000 $ $ U.S. T-bills 9,483,000 9,483,000 Marketable securities: Corporate debt securities 738,000 738,000 Marketable equity securities 9,780,000 9,780,000 Total assets $ 21,549,000 $ 20,811,000 $ 738,000 $ Fair value measurement at reporting date using Total Quoted Prices in Active Significant Other Significant December 31, Markets for Identical Assets Observable Inputs Unobservable Inputs Description 2014 (Level 1) (Level 2) (Level 3) Assets: Cash equivalents: Time deposits $ 55,000 $ $ 55,000 $ Money market mutual funds 1,206,000 1,206,000 U.S. T-bills 7,200,000 7,200,000 Marketable securities: Corporate debt securities 1,098,000 1,098,000 Marketable equity securities 10,692,000 10,692,000 Total assets $ 20,251,000 $ 19,098,000 $ 1,153,000 $ Carrying amount is the estimated fair value for corporate debt securities and time deposits based on a market-based approach using observable (Level 2) inputs such as prices of similar assets in active markets. The following are the major categories of assets and liabilities measured at fair value on a nonrecurring basis during the three and nine months ended September 30, 2015 and for the year ended December 31, 2014. Fair value measurement at reporting date using Total losses for the three and nine Total September Quoted Prices in Active Significant Other Significant months 30 Markets for Identical Assets Observable Inputs Unobservable Inputs ended Description 2015 (Level 1) (Level 2) (a) (Level 3) (b) 9/30/2015 Assets: Other investments by investment focus: Technology & Communication $ 284,000 $ $ 284,000 $ $ Diversified businesses 1,720,000 1,720,000 Real estate and related 1,190,000 1,053,000 137,000 Other 635,000 635,000 Total assets $ 3,829,000 $ $ 3,057,000 $ 772,000 $ Fair value measurement at reporting date using Total Total Quoted Prices in Active Significant Other Significant losses for December 31, Markets for Identical Assets Observable Inputs Unobservable Inputs year ended Description 2014 (Level 1) (Level 2) (a) (Level 3) (b) 12/31/2014 Assets: Other investments by investment focus: Technology & Communication $ 288,000 $ $ 288,000 $ $ 11,000 Diversified businesses 1,200,000 1,200,000 Real estate and related 1,680,000 737,000 943,000 Other 625,000 625,000 Total assets $ 3,793,000 $ $ 2,225,000 $ 1,568,000 $ 11,000 (a) Other investments measured at fair value on a non-recurring basis include investments in certain entities that calculate net asset value per share (or its equivalent such as member units or an ownership interest in partners’ capital to which a proportionate share of net assets is attributed, “NAV”). This class primarily consists of private equity funds that have varying investment focus. These investments can never be redeemed with the funds. Instead, the nature of the investments in this class is that distributions are received through the liquidation of the underlying assets of the fund. If these investments were held it is estimated that the underlying assets of the fund would be liquidated over 5 10 517,000 1.2 2.2 (b) Other investments above which are measured on a nonrecurring basis using Level 3 unobservable inputs consist of investments primarily in commercial real estate in Florida through private partnerships and three investments in the stock of private banks in Florida and Texas. The Company does not know when it will have the ability to redeem the investments and has categorized them as a Level 3 fair value measurement. The Level 3 real estate and related investments of approximately $ 377,000 39,000 686,000 Level 3 Investments: Balance at January 1, 2015 $ 1,568,000 Investment in Level 3 investments 110,000 Distributions from Level 3 investments, net of gains (906,000) Balance at September 30, 2015 $ 772,000 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 7. INCOME TAXES As previously reported, during the fourth quarter of 2014 the Company discovered that it fell short of meeting the 75% asset test. Management has taken the necessary steps to meet the test and filed its REIT tax return on September 15, 2015. The Company (excluding CII) as a qualifying real estate investment trust distributes its taxable ordinary income to stockholders in conformity with requirements of the Internal Revenue Code and is not required to report deferred items due to its ability to distribute all taxable income. In addition, net operating losses can be carried forward to reduce future taxable income but cannot be carried back. The Company’s 95%-owned subsidiary, CII, files a separate income tax return and its operations are not included in the REIT’s income tax return. The Company accounts for income taxes in accordance with ASC Topic 740, “Accounting for Income Taxes”. ASC Topic 740 requires a Company to use the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The effect on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred taxes only pertain to CII. As of September 30, 2015 the Company has recorded a net deferred tax liability of $ 217,000 1.1 Nine months ended September 30, 2015 2014 Current: Federal $ - $ - State - - - - Deferred: Federal $ 157,000 $ (19,000) State 18,000 (1,000) 175,000 (20,000) (Addition to) release of valuation allowance (175,000) 20,000 Total $ - $ - We adopted the provisions of ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes” on January 1, 2007. This topic clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with ASC Topic 740, “Accounting for Income Taxes”, and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Topic 740-10 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Based on our evaluation, we have concluded that there are no significant uncertain tax positions requiring recognition in our consolidated financial statements. Our evaluation was performed for the tax years ended since December 31, 2011 which are the tax years which remain subject to examination by major tax jurisdictions as of September 30, 2015. We may from time to time be assessed interest or penalties by major tax jurisdictions, although any such assessments historically have been minimal and immaterial to our financial results. In the event we have received an assessment for interest and/or penalties, it has been classified in the consolidated financial statements as selling, general and administrative expense. |
STOCK OPTIONS
STOCK OPTIONS | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 8. STOCK OPTIONS Stock based compensation expense is recognized using the fair-value method for all awards. During the nine months ended September 30, 2015 the Company granted options to purchase 3,000 12.75 1.6 37 4 The weighted average fair value for options granted during the nine months ended September 30, 2015 was $ 12.04 6,000 Weighted Average Options Exercise Outstanding Price Outstanding at January 1, 2015 17,700 $ 18.35 Granted 3,000 $ 12.75 Outstanding at September 30, 2015 20,700 $ 17.54 Number Outstanding Weighted Average Strike Price and exercisable Strike Price $ 12.75 3,000 $ 12.75 $ 17.84 9,500 $ 17.84 $ 18.89 7,500 $ 18.89 $ 19.50 700 $ 19.50 20,700 $ 17.54 As of September 30, 2015 the options outstanding and exercisable had no intrinsic value. |
INVESTMENTS IN MARKETABLE SEC14
INVESTMENTS IN MARKETABLE SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Gain (Loss) on Investments [Table Text Block] | Net realized and unrealized (loss) gain from investments in marketable securities for the three and nine months ended September 30, 2015 and 2014 is summarized below: Three months ended Nine months ended September 30, September 30, Description 2015 2014 2015 2014 Net realized (loss) gain from sales of securities $ (18,000) $ 290,000 $ 186,000 $ 336,000 Unrealized net (loss) gain in trading securities (256,000) (542,000) (830,000) 50,000 Total net (loss) gain from investments in marketable securities $ (274,000) $ (252,000) $ (644,000) $ 386,000 |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Income [Table Text Block] | Net income from other investments for the three and nine months ended September 30, 2015 and 2014, is summarized below: Three months ended Nine months ended September 30, September 30, Description 2015 2014 2015 2014 Partnerships owning diversified businesses $ 73,000 $ 14,000 $ 132,000 $ 91,000 Partnerships owning real estate and related 18,000 - 120,000 1,000 Income from investment in 49% owned affiliate (T.G.I.F. Texas, Inc.) 1,000 16,000 17,000 23,000 Total net income from other investments (excluding other than temporary impairment losses) $ 92,000 $ 30,000 $ 269,000 $ 115,000 |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of September 30, 2015 and December 31, 2014, aggregated by investment category and the length of time that investments have been in a continuous loss position: As of September 30, 2015 12 Months or Less Greater than 12 Months Total Investment Description Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Partnerships owning investments in technology related industries $ $ $ 5,000 $ (11,000) $ 5,000 $ (11,000) Partnerships owning diversified businesses investments 455,000 (45,000) 455,000 (45,000) Partnerships owning real estate and related investments 95,000 (14,000) 95,000 (14,000) Other (private banks, etc.) 286,000 (14,000) 242,000 (8,000) 528,000 (22,000) Total $ 836,000 $ (73,000) $ 247,000 $ (19,000) $ 1,083,000 $ (92,000) As of December 31, 2014 12 Months or Less Greater than 12 Months Total Fair Unrealized Fair Unrealized Unrealized Investment Description Value Loss Value Loss Fair Value Loss Partnerships owning investments in technology related industries $ $ $ 5,000 $ (11,000) $ 5,000 $ (11,000) Partnerships owning diversified businesses investments 190,000 (10,000) 190,000 (10,000) Partnerships owning real estate and related investments 45,000 (30,000) 45,000 (30,000) Other (private banks, etc.) 242,000 (8,000) 242,000 (8,000) Total $ 477,000 $ (48,000) $ 5,000 $ (11,000) $ 482,000 $ (59,000) |
FAIR VALUE OF FINANCIAL INSTR16
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair value measurement at reporting date using Total Quoted Prices in Active Significant Other Significant September 30, Markets for Identical Assets Observable Inputs Unobservable Inputs Description 2015 (Level 1) (Level 2) (Level 3) Assets: Cash equivalents: Money market mutual funds $ 1,548,000 $ 1,548,000 $ $ U.S. T-bills 9,483,000 9,483,000 Marketable securities: Corporate debt securities 738,000 738,000 Marketable equity securities 9,780,000 9,780,000 Total assets $ 21,549,000 $ 20,811,000 $ 738,000 $ Fair value measurement at reporting date using Total Quoted Prices in Active Significant Other Significant December 31, Markets for Identical Assets Observable Inputs Unobservable Inputs Description 2014 (Level 1) (Level 2) (Level 3) Assets: Cash equivalents: Time deposits $ 55,000 $ $ 55,000 $ Money market mutual funds 1,206,000 1,206,000 U.S. T-bills 7,200,000 7,200,000 Marketable securities: Corporate debt securities 1,098,000 1,098,000 Marketable equity securities 10,692,000 10,692,000 Total assets $ 20,251,000 $ 19,098,000 $ 1,153,000 $ |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | This category includes other investments which are measured using significant other observable inputs (Level 2) and significant unobservable inputs (Level 3): Fair value measurement at reporting date using Total losses for the three and nine Total September Quoted Prices in Active Significant Other Significant months 30 Markets for Identical Assets Observable Inputs Unobservable Inputs ended Description 2015 (Level 1) (Level 2) (a) (Level 3) (b) 9/30/2015 Assets: Other investments by investment focus: Technology & Communication $ 284,000 $ $ 284,000 $ $ Diversified businesses 1,720,000 1,720,000 Real estate and related 1,190,000 1,053,000 137,000 Other 635,000 635,000 Total assets $ 3,829,000 $ $ 3,057,000 $ 772,000 $ Fair value measurement at reporting date using Total Total Quoted Prices in Active Significant Other Significant losses for December 31, Markets for Identical Assets Observable Inputs Unobservable Inputs year ended Description 2014 (Level 1) (Level 2) (a) (Level 3) (b) 12/31/2014 Assets: Other investments by investment focus: Technology & Communication $ 288,000 $ $ 288,000 $ $ 11,000 Diversified businesses 1,200,000 1,200,000 Real estate and related 1,680,000 737,000 943,000 Other 625,000 625,000 Total assets $ 3,793,000 $ $ 2,225,000 $ 1,568,000 $ 11,000 (a) Other investments measured at fair value on a non-recurring basis include investments in certain entities that calculate net asset value per share (or its equivalent such as member units or an ownership interest in partners’ capital to which a proportionate share of net assets is attributed, “NAV”). This class primarily consists of private equity funds that have varying investment focus. These investments can never be redeemed with the funds. Instead, the nature of the investments in this class is that distributions are received through the liquidation of the underlying assets of the fund. If these investments were held it is estimated that the underlying assets of the fund would be liquidated over 5 10 517,000 1.2 2.2 (b) Other investments above which are measured on a nonrecurring basis using Level 3 unobservable inputs consist of investments primarily in commercial real estate in Florida through private partnerships and three investments in the stock of private banks in Florida and Texas. The Company does not know when it will have the ability to redeem the investments and has categorized them as a Level 3 fair value measurement. The Level 3 real estate and related investments of approximately $ 377,000 39,000 686,000 |
Fair Value Investment Rollforward With in Level3 [Table Text Block] | The following table includes a roll-forward of the investments classified within level 3 of the fair value hierarchy for the nine months ended September 30, 2015: Level 3 Investments: Balance at January 1, 2015 $ 1,568,000 Investment in Level 3 investments 110,000 Distributions from Level 3 investments, net of gains (906,000) Balance at September 30, 2015 $ 772,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The provision for income taxes in the consolidated statements of comprehensive income consists of the following: Nine months ended September 30, 2015 2014 Current: Federal $ - $ - State - - - - Deferred: Federal $ 157,000 $ (19,000) State 18,000 (1,000) 175,000 (20,000) (Addition to) release of valuation allowance (175,000) 20,000 Total $ - $ - |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes stock option activity during the three and nine months ended September 30, 2015. Weighted Average Options Exercise Outstanding Price Outstanding at January 1, 2015 17,700 $ 18.35 Granted 3,000 $ 12.75 Outstanding at September 30, 2015 20,700 $ 17.54 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes information concerning outstanding and exercisable options as of September 30, 2015: Number Outstanding Weighted Average Strike Price and exercisable Strike Price $ 12.75 3,000 $ 12.75 $ 17.84 9,500 $ 17.84 $ 18.89 7,500 $ 18.89 $ 19.50 700 $ 19.50 20,700 $ 17.54 |
INVESTMENTS IN MARKETABLE SEC19
INVESTMENTS IN MARKETABLE SECURITIES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net Realized And Unrealized Gain Loss From Investments In Marketable Security Summarized Below [Line Items] | ||||
Net realized (loss) gain from sales of securities | $ (18,000) | $ 290,000 | $ 186,000 | $ 336,000 |
Unrealized net (loss) gain in trading securities | (256,000) | (542,000) | (830,000) | 50,000 |
Total net (loss) gain from investments in marketable securities | $ (274,049) | $ (252,315) | $ (644,323) | $ 385,579 |
INVESTMENTS IN MARKETABLE SEC20
INVESTMENTS IN MARKETABLE SECURITIES (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Marketable Securities Purchases Of Company Details [Line Items] | ||||
Investments In Marketable Securities | $ 8,000,000 | $ 8,000,000 | ||
Marketable Securities Gain | 104,000 | $ 312,000 | 443,000 | $ 393,000 |
Marketable Securities Loss | 122,000 | 22,000 | 257,000 | 57,000 |
Marketable Securities, Realized Gain (Loss), Total | (18,000) | 290,000 | 186,000 | 336,000 |
Marketable Securities, Unrealized Gain (Loss), Total | $ (256,000) | $ (542,000) | $ (830,000) | $ 50,000 |
INVESTMENT IN REAL ESTATE PAR21
INVESTMENT IN REAL ESTATE PARTNERSHIP (Details Textual) $ in Millions | 1 Months Ended |
May. 19, 2015USD ($)a | |
JY-TV Associates LLC [Member] | |
Net Rentable Area | a | 239,000 |
Area of Land | a | 9.5 |
Construction and Development Costs, Total | $ 34 |
Repayments of Construction Loans Payable | 11.5 |
Borrower's Equity, Amount | 7 |
Wells Fargo Bank [Member] | |
Construction Loan | $ 27 |
OTHER INVESTMENTS (Details)
OTHER INVESTMENTS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income From Other Investments Is Summarized Below [Line Items] | ||||
Partnerships owning diversified businesses | $ 73,000 | $ 14,000 | $ 132,000 | $ 91,000 |
Partnerships owning real estate and related | 18,000 | 0 | 120,000 | 1,000 |
Income from investment in 49% owned affiliate (T.G.I.F. Texas, Inc.) | 1,000 | 16,000 | 17,000 | 23,000 |
Total net income from other investments (excluding other than temporary impairment losses) | $ 92,000 | $ 30,000 | $ 269,000 | $ 115,000 |
OTHER INVESTMENTS (Details 1)
OTHER INVESTMENTS (Details 1) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 836,000 | $ 477,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 247,000 | 5,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,083,000 | 482,000 |
Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (73,000) | (48,000) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (19,000) | (11,000) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (92,000) | (59,000) |
Other (private banks, etc.) [Member] | ||
Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 286,000 | 242,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 242,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 528,000 | 242,000 |
Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (14,000) | (8,000) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (8,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (22,000) | (8,000) |
Partnerships owning investments in technology related industries [Member] | ||
Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 5,000 | 5,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 5,000 | 5,000 |
Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (11,000) | (11,000) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (11,000) | (11,000) |
Partnerships owning diversified businesses investments [Member] | ||
Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 455,000 | 190,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 455,000 | 190,000 |
Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (45,000) | (10,000) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (45,000) | (10,000) |
Partnerships owning real estate and related investments [Member] | ||
Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 95,000 | 45,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 95,000 | 45,000 |
Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (14,000) | (30,000) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | $ (14,000) | $ (30,000) |
OTHER INVESTMENTS (Details Text
OTHER INVESTMENTS (Details Textaul) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Other Investment [Line Items] | |||||
Other Investments, Total | $ 3,829,268 | $ 3,829,268 | $ 3,793,420 | ||
Company committed to fund approximately as required by agreements with the investees | 2,700,000 | 2,700,000 | |||
Cash distributions received from other investments totaled approximately | 1,500,000 | 1,500,000 | |||
Company made contributions to other investments of approximately | 1,300,000 | ||||
Other than Temporary Impairment Losses, Investments, Total | 0 | $ 11,092 | 0 | $ 11,092 | |
Distributions received from investment in a commercial building | 686,000 | ||||
Carrying value of commercial building | 39,000 | 39,000 | |||
Distributions received from investment in a partnership | 131,000 | ||||
Proceeds from Sale of Other Investments | 540,000 | ||||
Private Equity Funds [Member] | |||||
Other Investment [Line Items] | |||||
Equity Method Investment, Aggregate Cost | 500,000 | 500,000 | |||
Payments to Acquire Equity Method Investments | 225,000 | ||||
Private Equity Fund One [Member] | |||||
Other Investment [Line Items] | |||||
Equity Method Investment, Aggregate Cost | 300,000 | 300,000 | |||
Residential Real Estate [Member] | San Antonio, Texas [Member] | |||||
Other Investment [Line Items] | |||||
Real Estate Investments, Net, Total | 300,000 | 300,000 | |||
Residential Real Estate [Member] | Miami, Florida [Member] | |||||
Other Investment [Line Items] | |||||
Real Estate Investments, Net, Total | $ 100,000 | 100,000 | |||
Real Estate Investment Partnership Revenue | $ 124,000 |
FAIR VALUE OF FINANCIAL INSTR25
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Cash equivalents [Abstract] | ||
Time deposits | $ 55,000 | |
Money market mutual funds | $ 1,548,000 | 1,206,000 |
US Treasury Bills | 9,483,000 | 7,200,000 |
Marketable Securities1 [Abstract] | ||
Corporate Debt Securities | 738,000 | 1,098,000 |
Marketable equity securities | 9,780,000 | 10,692,000 |
Total Assets | 21,549,000 | 20,251,000 |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Cash equivalents [Abstract] | ||
Money market mutual funds | 1,548,000 | 1,206,000 |
US Treasury Bills | 9,483,000 | 7,200,000 |
Marketable Securities1 [Abstract] | ||
Corporate Debt Securities | 0 | 0 |
Marketable equity securities | 9,780,000 | 10,692,000 |
Total Assets | 20,811,000 | 19,098,000 |
Significant Other Observable Inputs Level 2 [Member] | ||
Cash equivalents [Abstract] | ||
Time deposits | 55,000 | |
Money market mutual funds | 0 | 0 |
US Treasury Bills | 0 | 0 |
Marketable Securities1 [Abstract] | ||
Corporate Debt Securities | 738,000 | 1,098,000 |
Marketable equity securities | 0 | 0 |
Total Assets | 738,000 | 1,153,000 |
Significant Unobservable Inputs Level 3 [Member] | ||
Cash equivalents [Abstract] | ||
Money market mutual funds | 0 | 0 |
US Treasury Bills | 0 | |
Marketable Securities1 [Abstract] | ||
Corporate Debt Securities | 0 | 0 |
Marketable equity securities | 0 | 0 |
Total Assets | $ 0 | $ 0 |
FAIR VALUE OFFINANCIAL INSTRUME
FAIR VALUE OFFINANCIAL INSTRUMENTS (Details 1) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | |
Other investments by investment focus [Abstract] | |||
Technology & Communication | $ 284,000 | $ 288,000 | |
Diversified businesses | 1,720,000 | 1,200,000 | |
Real estate and related | 1,190,000 | 1,680,000 | |
Other | 635,000 | 625,000 | |
Assets total | 3,829,000 | 3,793,000 | |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | |||
Other investments by investment focus [Abstract] | |||
Technology & Communication | 0 | 0 | |
Diversified businesses | 0 | 0 | |
Real estate and related | 0 | 0 | |
Other | 0 | 0 | |
Assets total | 0 | 0 | |
Significant Other Observable Inputs Level 2 [Member] | |||
Other investments by investment focus [Abstract] | |||
Technology & Communication | [1] | 284,000 | 288,000 |
Diversified businesses | [1] | 1,720,000 | 1,200,000 |
Real estate and related | [1] | 1,053,000 | 737,000 |
Other | [1] | 0 | 0 |
Assets total | [1] | 3,057,000 | 2,225,000 |
Significant Unobservable Inputs Level 3 [Member] | |||
Other investments by investment focus [Abstract] | |||
Technology & Communication | [2] | 0 | 0 |
Diversified businesses | [2] | 0 | 0 |
Real estate and related | [2] | 137,000 | 943,000 |
Other | [2] | 635,000 | 625,000 |
Assets total | [2] | 772,000 | 1,568,000 |
Loss For Period Ended [Member] | |||
Other investments by investment focus [Abstract] | |||
Technology & Communication | 0 | 11,000 | |
Diversified businesses | 0 | 0 | |
Real estate and related | 0 | 0 | |
Other | 0 | 0 | |
Assets total | $ 0 | $ 11,000 | |
[1] | Other investments measured at fair value on a non-recurring basis include investments in certain entities that calculate net asset value per share (or its equivalent such as member units or an ownership interest in partners’ capital to which a proportionate share of net assets is attributed, “NAV”). This class primarily consists of private equity funds that have varying investment focus. These investments can never be redeemed with the funds. Instead, the nature of the investments in this class is that distributions are received through the liquidation of the underlying assets of the fund. If these investments were held it is estimated that the underlying assets of the fund would be liquidated over 5 to 10 years. As of September 30, 2015, it is probable that all of the investments in this class will be sold at an amount different from the NAV of the Company’s ownership interest in partners’ capital. Therefore, the fair values of the investments in this class have been estimated using recent observable information such as audited financial statements and/or statements of partners’ capital obtained directly from investees on a quarterly or other regular basis. During the nine months ended September 30, 2015, the Company received distributions of approximately $517,000 from this type of investment primarily from investments in diversified businesses and real estate. During the nine months ended September 30, 2015, the Company made contributions totaling approximately $1.2 million in this type of investment. As of September 30, 2015, the amount of the Company’s unfunded commitments related to the aforementioned investments is approximately $2.2 million. | ||
[2] | Other investments above which are measured on a nonrecurring basis using Level 3 unobservable inputs consist of investments primarily in commercial real estate in Florida through private partnerships and three investments in the stock of private banks in Florida and Texas. The Company does not know when it will have the ability to redeem the investments and has categorized them as a Level 3 fair value measurement. The Level 3 real estate and related investments of approximately $377,000 include one investment in a commercial building located near the Company’s offices purchased in 2005 with a carrying value as of September 30, 2015 of $39,000. In January, April and August 2015, the Company received distributions totaling $686,000 from this investment. Investments in this category are measured using primarily inputs provided by the managing member of the partnerships with whom the Company has done similar transactions in the past and is well known to management. The fair values of these real estate investments have been estimated using the net asset value of the Company’s ownership interest in partners’ capital. The other Level 3 investments include investments in private bank stocks and a reinsurance company. The fair values of these other Level 3 investments have been estimated using the cost method less distributions received and other than temporary impairments. This investment is valued using inputs provided by the management of the investee. |
FAIR VALUE OF FINANCIAL INSTR27
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Distributions from Level 3 investments, net of gains | $ 0 | $ 11,092 | $ 0 | $ 11,092 |
Level 3 Investments [Member] | ||||
Balance at January 1, 2015 | 1,568,000 | |||
Investment in Level 3 investments | 110,000 | |||
Distributions from Level 3 investments, net of gains | (906,000) | |||
Balance at September 30, 2015 | $ 772,000 | $ 772,000 |
FAIR VALUE OF FINANCIAL INSTR28
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Textual) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Company Received Distributions From Investments In Diversified Businesses And Real Estate Approximately | $ 517,000 |
Company made contributions in investment totaling | 1,200,000 |
The Amount Of The Company's Unfunded Commitments Related To The Aforementioned Investments Approximately In Millions | 2,200,000 |
The Level 3 Real Estate And Related Investments Include One Investment In A Commercial Building Located Near The Company's Offices | 377,000 |
Carrying value of the Level 3 real estate and related investments | $ 39,000 |
Minimum [Member] | |
liquidated over term | 5 years |
Maximum [Member] | |
liquidated over term | 10 years |
Commercial Real Estate [Member] | |
Proceeds from Distributions Received from Real Estate Partnerships | $ 686,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Current: | ||||
Federal | $ 0 | $ 0 | ||
State | 0 | 0 | ||
Total | 0 | 0 | ||
Deferred: | ||||
Federal | 157,000 | (19,000) | ||
State | 18,000 | (1,000) | ||
Total | 175,000 | (20,000) | ||
(Addition to) release of valuation allowance | (175,000) | 20,000 | ||
Total | $ 0 | $ (91,000) | $ 0 | $ 0 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) | Sep. 30, 2015USD ($) |
Income Tax Disclosure [Line Items] | |
Deferred Income Tax Liabilities, Net | $ 217,000 |
CII [Member] | |
Income Tax Disclosure [Line Items] | |
Operating Loss Carryforwards | $ 1,100,000 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Options | |
Options Outstanding, Beginning | shares | 17,700 |
Options, Granted | shares | 3,000 |
Options Outstanding, Ending | shares | 20,700 |
Weighted Average Exercise Price | |
Weighted Average Exercise Price, Beginning | $ 18.35 |
Weighted Average Exercise Price, Granted | 12.75 |
Weighted Average Exercise Price, Ending | $ 17.54 |
STOCK OPTIONS (Details 1)
STOCK OPTIONS (Details 1) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Number Outstanding and exercisable | 20,700 | 17,700 |
Weighted Average Strike Price | $ 17.54 | $ 18.35 |
Strike Price, 12.75 | ||
Number Outstanding and exercisable | 3,000 | |
Weighted Average Strike Price | $ 12.75 | |
Strike Price, 17.84 | ||
Number Outstanding and exercisable | 9,500 | |
Weighted Average Strike Price | $ 17.84 | |
Strike Price, 18.89 | ||
Number Outstanding and exercisable | 7,500 | |
Weighted Average Strike Price | $ 18.89 | |
Strike Price, 19.50 | ||
Number Outstanding and exercisable | 700 | |
Weighted Average Strike Price | $ 19.50 |
STOCK OPTIONS (Details Textual)
STOCK OPTIONS (Details Textual) | 9 Months Ended |
Sep. 30, 2015USD ($)$ / sharesshares | |
Number of option granted to purchase common stock | shares | 3,000 |
Expected life | 1 year 7 months 6 days |
Expected volatility | 37.00% |
Risk-free interest rate | 0.17% |
Annual dividend yield | 4.00% |
Weighted average fair value for options granted | $ 12.04 |
Non-employee stock option expense | $ | $ 6,000 |
Weighted average fair value for options exercise price | $ 12.75 |