Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 13, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Investment properties, net of accumulated depreciation: | ||
Office building and other commercial property | $ 844,325 | $ 833,680 |
Total investment properties, net | 844,325 | 833,680 |
Cash and cash equivalents | 6,334,687 | 11,213,385 |
Investments in marketable securities | 10,537,473 | 10,507,750 |
Other investments | 4,432,047 | 3,895,317 |
Investment in affiliate | 2,061,413 | 2,061,706 |
Loans, notes and other receivables | 1,230,318 | 1,260,620 |
Investment in real estate partnership | 2,322,695 | 2,322,695 |
Other assets | 32,000 | 129,755 |
TOTAL ASSETS | 27,794,958 | 32,224,908 |
LIABILITIES | ||
Note payable to affiliate | 1,800,000 | 1,800,000 |
Margin payable | 4,076,291 | 7,999,166 |
Accounts payable, accrued expenses and other liabilities | 86,350 | 23,132 |
Due to Adviser | 36,799 | 36,799 |
Dividend payable | 0 | 517,747 |
Deferred income taxes | 217,000 | 217,000 |
TOTAL LIABILITIES | 6,216,440 | 10,593,844 |
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 as of March 31, 2016 and December 31, 2015, and 1,035,493 and 1,053,926 shares issued as of March 31, 2016 and December 31, 2015, respectively. | 1,035,493 | 1,053,926 |
Additional paid-in capital | 24,050,249 | 24,255,614 |
Less: Treasury shares (18,433 shares as of December 31, 2015) | 0 | (223,798) |
Undistributed gains from sales of properties, net of losses | 52,709,950 | 52,709,950 |
Undistributed losses from operations | (56,433,884) | (56,375,340) |
Total stockholders’ equity | 21,361,808 | 21,420,352 |
Non controlling interest | 216,710 | 210,712 |
TOTAL STOCKHOLDERS' EQUITY | 21,578,518 | 21,631,064 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 27,794,958 | $ 32,224,908 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 | 1,035,493 | 1,053,926 |
Treasury Stock, Shares | 18,433 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
REVENUES | ||
Real estate rentals and related revenue | $ 15,600 | $ 16,200 |
Operating expenses: | ||
Rental and other properties | 24,139 | 22,089 |
Adviser’s base fee | 165,000 | 165,000 |
General and administrative | 95,736 | 72,808 |
Professional fees and expenses | 91,648 | 75,971 |
Directors' fees and expenses | 21,565 | 27,250 |
Depreciation and amortization | 3,849 | 4,039 |
Interest expense | 23,471 | 27,232 |
Total expenses | 425,408 | 394,389 |
Loss before other income and income taxes | (409,808) | (378,189) |
Net realized and unrealized gains from investments in marketable securities | 163,712 | 182,103 |
Net income from other investments | 37,090 | 66,951 |
Interest, dividend and other income | 149,431 | 184,351 |
Total other income | 350,233 | 433,405 |
Net (loss) income | (59,575) | 55,216 |
Noncontrolling interest | 1,031 | 426 |
Net (loss) income attributable to the Company | $ (58,544) | $ 55,642 |
Weighted average common shares outstanding-basic & diluted | 1,035,493 | 1,042,915 |
Net (loss) income per common share: | ||
Basic and diluted income per share (in dollars per share) | $ (0.06) | $ 0.05 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) income attributable to the Company | $ (58,544) | $ 55,642 |
Adjustments to reconcile net (loss) income attributable to the Company to net cash used in operating activities: | ||
Depreciation and amortization | 3,849 | 4,039 |
Non-employee stock compensation expense | 0 | 5,771 |
Net income from other investments, excluding impairment losses | (37,090) | (66,951) |
Net gain from investments in marketable securities | (163,712) | (182,103) |
Net income attributable to non controlling interest | (1,031) | (426) |
Changes in assets and liabilities: | ||
Other assets and other receivables | 128,057 | 54,014 |
Accounts payable, accrued expenses and other liabilities | 63,218 | (43,933) |
Total adjustments | (6,709) | (229,589) |
Net cash used in operating activities | (65,253) | (173,947) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in real estate partnership | 0 | (1,191,065) |
Distributions from other investments | 227,657 | 681,756 |
Contributions to other investments | (727,004) | (536,036) |
Net proceeds from sales and redemptions of securities | 1,172,613 | 3,428,784 |
Purchase of marketable securities | (1,038,624) | (2,965,411) |
Improvements of properties | (14,494) | 0 |
Net cash used in investing activities | (379,852) | (581,972) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Margin repayment | (3,922,875) | (3,227,826) |
Purchase of treasury stock | 0 | (136,246) |
Dividend paid | (517,747) | (526,963) |
Contribution from non-controlling partner | 7,029 | 0 |
Net cash used in financing activities | (4,433,593) | (3,891,035) |
Net decrease in cash and cash equivalents | (4,878,698) | (4,646,954) |
Cash and cash equivalents at beginning of the period | 11,213,385 | 9,451,152 |
Cash and cash equivalents at end of the period | 6,334,687 | 4,804,198 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid during the period for interest | 23,000 | 27,000 |
Cash paid during the period for income taxes | $ 0 | $ 50,000 |
CONDENSED CONSOLIDATED FINANCIA
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015. The balance sheet as of December 31, 2015 was derived from audited consolidated financial statements as of that date. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for 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 | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 $ 8.6 8.3 Three Months Ended March 31, Description 2016 2015 Net realized (loss) gain from sales of securities $ (47,000) $ 155,000 Unrealized net gain in trading securities 211,000 27,000 Total net gain from investments in marketable securities $ 164,000 $ 182,000 For the three months ended March 31, 2016, net realized losses from sales of marketable securities of approximately $47,000 consisted of approximately $ 143,000 96,000 262,000 107,000 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 bases, 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 |
OTHER INVESTMENTS
OTHER INVESTMENTS | 3 Months Ended |
Mar. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Investments and Other Noncurrent Assets [Text Block] | 5. OTHER INVESTMENTS As of March 31, 2016, the Company’s portfolio of other investments had an aggregate carrying value of approximately $ 4.4 2.2 During the three months ended March 31, 2016, we made contributions to other investments of approximately $ 727,000 300,000 During the three months ended March 31, 2016, we received distributions from other investments of approximately $ 228,000 2016 2015 Partnership owning real estate & related $ 6,000 $ 45,000 Partnership owning diversified businesses 31,000 7,000 Income from investment in affiliate -T.G.I.F. Texas, Inc. - 15,000 Total net income from other investments $ 37,000 $ 67,000 As of March 31, 2016 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 $ $ $ 4,000 $ (12,000) $ 4,000 $ (12,000) Partnerships owning diversified businesses investments 641,000 (46,000) 181,000 (20,000) 822,000 (66,000) Other (private banks, etc.) 288,000 (12,000) 288,000 (12,000) Total $ 641,000 $ (46,000) $ 473,000 $ (44,000) $ 1,114,000 $ (90,000) As of December 31, 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 $ (12,000) $ 5,000 $ (12,000) Partnerships owning diversified businesses investments 272,000 (28,000) 184,000 (16,000) 456,000 (44,000) Other (private banks, etc.) 288,000 (12,000) 288,000 (12,000) Total $ 272,000 $ (28,000) $ 477,000 $ (40,000) $ 748,000 $ (68,000) 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 there were no OTTI impairment valuation adjustments for the three months ended March 31, 2016 and 2015. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2016 | |
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 months ended March 31, 2016 and for the year ended December 31, 2015, 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 Description Tota Quoted Prices in Active Significant Other Significant Assets: Cash equivalents: Money market mutual funds $ 818,000 $ 818,000 $ $ U.S. T-bills 5,208,000 5,208,000 Marketable securities: Corporate debt securities 764,000 764,000 Marketable equity securities 9,774,000 9,774,000 Total assets $ 16,564,000 $ 15,800,000 $ 764,000 $ Fair value measurement at reporting date using Description Total Quoted Prices in Active Significant Other Significant Assets: Cash equivalents: Money market mutual funds $ 943,000 $ 943,000 $ $ U.S. T-bills 9,478,000 9,478,000 Marketable securities: Corporate debt securities 737,000 737,000 Marketable equity securities 9,771,000 9,771,000 Total assets $ 20,929,000 $ 20,192,000 $ 737,000 $ 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 months ended March 31, 2016 and for the year ended December 31, 2015. 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 March 31, Quoted Prices in Active Significant Other Significant Total losses Description 2016 (Level 1) (Level 2) (a) (Level 3) (b) 3/31/2016 Assets: Other investments by investment focus: Technology & Communication $ 284,000 $ $ 284,000 $ $ Diversified businesses 2,134,000 2,134,000 Real estate and related 1,379,000 1,282,000 97,000 Other 635,000 635,000 Total assets $ 4,432,000 $ $ 3,700,000 $ 732,000 $ 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 2015 (Level 1) (Level 2) (a) (Level 3) (b) 12/31/2015 Assets: Other investments by investment focus: Technology & Communication $ 284,000 $ $ 284,000 $ $ Diversified businesses 1,859,000 1,859,000 Real estate and related 1,117,000 1.019,000 98,000 Other 635,000 635,000 Total assets $ 3,895,000 $ $ 3,162,000 $ 733,000 $ (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 10 227,000 727,000 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 two 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 $ 97,000 Level 3 Investments: Balance at January 1, 2016 $ 733,000 Investment in Level 3 investments Distributions from Level 3 investments, net of gains (1,000) Balance at March 31, 2016 $ 732,000 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 7. INCOME TAXES 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 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 March 31, 2016 and December 31, 2015, the Company has recorded a net deferred tax liability of $ 217,000 1.1 Three months ended March 31, 2016 2015 Current: Federal $ - $ - State - - - - Deferred: Federal $ 80,000 $ 2,000 State 12,000 1,000 92,000 3,000 Additional valuation allowance (92,000) (3,000) Total $ - $ - The Company follows the provisions of ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes” which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with ASC Topic 740, 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. This topic 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 December 31, 2015. The Company’s federal income tax returns since 2012 are subject to examination by the Internal Revenue Service, generally for a period of three years after the returns were filed. 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 three months ended March 31, 2016 options to purchase 7,500 shares of the Company’s common stock to one director were forfeited. The following table summarizes stock option activity during the three months ended March 31, 2016. Options Weighted Outstanding at January 1, 2016 20,700 $ 17.54 Forfieted (7,500) $ 18.89 Outstanding at March 31, 2016 13,200 $ 16.77 The following table summarizes information concerning outstanding and exercisable options as of March 31, 2016: Number Outstanding Weighted Average Strike Price and exercisable Strike Price $ 12.75 3,000 $ 12.75 $ 17.84 9,500 $ 17.84 $ 19.50 700 $ 19.50 13,200 $ 16.77 As of March 31, 2016 the options outstanding and exercisable had no intrinsic value. |
INVESTMENTS IN MARKETABLE SEC14
INVESTMENTS IN MARKETABLE SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Gain (Loss) on Investments [Table Text Block] | Net realized and unrealized gain from investments in marketable securities for the three months ended March 31, 2016 and 2015 is summarized below: Three Months Ended March 31, Description 2016 2015 Net realized (loss) gain from sales of securities $ (47,000) $ 155,000 Unrealized net gain in trading securities 211,000 27,000 Total net gain from investments in marketable securities $ 164,000 $ 182,000 |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Investment Income [Table Text Block] | 2016 2015 Partnership owning real estate & related $ 6,000 $ 45,000 Partnership owning diversified businesses 31,000 7,000 Income from investment in affiliate -T.G.I.F. Texas, Inc. - 15,000 Total net income from other investments $ 37,000 $ 67,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [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 March 31, 2016 and December 31, 2015, aggregated by investment category and the length of time that investments have been in a continuous loss position: As of March 31, 2016 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 $ $ $ 4,000 $ (12,000) $ 4,000 $ (12,000) Partnerships owning diversified businesses investments 641,000 (46,000) 181,000 (20,000) 822,000 (66,000) Other (private banks, etc.) 288,000 (12,000) 288,000 (12,000) Total $ 641,000 $ (46,000) $ 473,000 $ (44,000) $ 1,114,000 $ (90,000) As of December 31, 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 $ (12,000) $ 5,000 $ (12,000) Partnerships owning diversified businesses investments 272,000 (28,000) 184,000 (16,000) 456,000 (44,000) Other (private banks, etc.) 288,000 (12,000) 288,000 (12,000) Total $ 272,000 $ (28,000) $ 477,000 $ (40,000) $ 748,000 $ (68,000) |
FAIR VALUE OF FINANCIAL INSTR16
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 Description Tota Quoted Prices in Active Significant Other Significant Assets: Cash equivalents: Money market mutual funds $ 818,000 $ 818,000 $ $ U.S. T-bills 5,208,000 5,208,000 Marketable securities: Corporate debt securities 764,000 764,000 Marketable equity securities 9,774,000 9,774,000 Total assets $ 16,564,000 $ 15,800,000 $ 764,000 $ Fair value measurement at reporting date using Description Total Quoted Prices in Active Significant Other Significant Assets: Cash equivalents: Money market mutual funds $ 943,000 $ 943,000 $ $ U.S. T-bills 9,478,000 9,478,000 Marketable securities: Corporate debt securities 737,000 737,000 Marketable equity securities 9,771,000 9,771,000 Total assets $ 20,929,000 $ 20,192,000 $ 737,000 $ |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The following are the major categories of assets and liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2016 and for the year ended December 31, 2015. 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 March 31, Quoted Prices in Active Significant Other Significant Total losses Description 2016 (Level 1) (Level 2) (a) (Level 3) (b) 3/31/2016 Assets: Other investments by investment focus: Technology & Communication $ 284,000 $ $ 284,000 $ $ Diversified businesses 2,134,000 2,134,000 Real estate and related 1,379,000 1,282,000 97,000 Other 635,000 635,000 Total assets $ 4,432,000 $ $ 3,700,000 $ 732,000 $ 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 2015 (Level 1) (Level 2) (a) (Level 3) (b) 12/31/2015 Assets: Other investments by investment focus: Technology & Communication $ 284,000 $ $ 284,000 $ $ Diversified businesses 1,859,000 1,859,000 Real estate and related 1,117,000 1.019,000 98,000 Other 635,000 635,000 Total assets $ 3,895,000 $ $ 3,162,000 $ 733,000 $ (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 10 227,000 727,000 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 two 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 $ 97,000 |
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 three months ended March 31, 2016: Level 3 Investments: Balance at January 1, 2016 $ 733,000 Investment in Level 3 investments Distributions from Level 3 investments, net of gains (1,000) Balance at March 31, 2016 $ 732,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three months ended March 31, 2016 2015 Current: Federal $ - $ - State - - - - Deferred: Federal $ 80,000 $ 2,000 State 12,000 1,000 92,000 3,000 Additional valuation allowance (92,000) (3,000) Total $ - $ - |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 months ended March 31, 2016. Options Weighted Outstanding at January 1, 2016 20,700 $ 17.54 Forfieted (7,500) $ 18.89 Outstanding at March 31, 2016 13,200 $ 16.77 |
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 March 31, 2016: Number Outstanding Weighted Average Strike Price and exercisable Strike Price $ 12.75 3,000 $ 12.75 $ 17.84 9,500 $ 17.84 $ 19.50 700 $ 19.50 13,200 $ 16.77 |
INVESTMENTS IN MARKETABLE SEC19
INVESTMENTS IN MARKETABLE SECURITIES (Details ) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net Realized And Unrealized Gain Loss From Investments In Marketable Security Summarized Below [Line Items] | ||
Net realized (loss) gain from sales of securities | $ (47,000) | $ 155,000 |
Unrealized net gain in trading securities | 211,000 | 27,000 |
Total net gain from investments in marketable securities | $ 163,712 | $ 182,103 |
INVESTMENTS IN MARKETABLE SEC20
INVESTMENTS IN MARKETABLE SECURITIES (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Marketable Securities Purchases Of Company Details [Line Items] | |||
Investments In Marketable Securities | $ 8,600,000 | $ 8,300,000 | |
Realized gain from sale of marketable securities | 143,000 | $ 262,000 | |
Realized loss from sale of marketable securities | 96,000 | 107,000 | |
Marketable Securities, Realized Gain (Loss), Total | $ (47,000) | $ 155,000 |
INVESTMENT IN REAL ESTATE PAR21
INVESTMENT IN REAL ESTATE PARTNERSHIP (Details Textual) $ in Millions | 1 Months Ended |
May. 19, 2015USD ($)ft²a | |
JY-TV Associates LLC [Member] | |
Net Rentable Area | ft² | 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 | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Cost-method Investments [Line Items] | ||
Partnership owning real estate & related | $ 6,000 | $ 45,000 |
Partnership owning diversified businesses | 31,000 | 7,000 |
Income from investment in affiliate - T.G.I.F. Texas, Inc. | 0 | 15,000 |
Total net income from other investments | $ 37,000 | $ 67,000 |
OTHER INVESTMENTS (Details 1)
OTHER INVESTMENTS (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 641,000 | $ 272,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 473,000 | 477,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,114,000 | 748,000 |
Unrealized Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (46,000) | (28,000) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (44,000) | (40,000) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (90,000) | (68,000) |
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 | 4,000 | 5,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 4,000 | 5,000 |
Unrealized 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 | (12,000) | (12,000) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (12,000) | (12,000) |
Partnerships Owning Diversified Businesses Investments [Member] | ||
Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 641,000 | 272,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 181,000 | 184,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 822,000 | 456,000 |
Unrealized Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (46,000) | (28,000) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (20,000) | (16,000) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (66,000) | (44,000) |
Other Private Banks [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 | 288,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 288,000 | 288,000 |
Unrealized 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 | (12,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | $ (12,000) | $ (12,000) |
OTHER INVESTMENTS (Details Text
OTHER INVESTMENTS (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Other Investment [Line Items] | ||
Other Investments, Total | $ 4,432,047 | $ 3,895,317 |
Company committed to fund approximately as required by agreements with the investees | 2,200,000 | |
Cash distributions received from other investments totaled approximately | 228,000 | |
Company made contributions to other investments of approximately | 727,000 | |
Company made contributions primarily in one new investment | 300,000 | |
Private Equity Funds [Member] | ||
Other Investment [Line Items] | ||
Payments to Acquire Equity Method Investments | $ 250,000 |
FAIR VALUE OF FINANCIAL INSTR25
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 15,800,000 | $ 20,192,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 764,000 | 737,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 16,564,000 | 20,929,000 |
Money Market Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 818,000 | 943,000 |
Money Market Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Money Market Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Money Market Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 818,000 | 943,000 |
U S T Bills [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 5,208,000 | 9,478,000 |
U S T Bills [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
U S T Bills [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
U S T Bills [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 5,208,000 | 9,478,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 764,000 | 737,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 764,000 | 737,000 |
Marketable Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 9,774,000 | 9,771,000 |
Marketable Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Marketable Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Marketable Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 9,774,000 | $ 9,771,000 |
FAIR VALUE OF FINANCIAL INSTR26
FAIR VALUE OF FINANCIAL INSTRUMENTS(Details 1) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | $ 0 | $ 0 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | [1] | 3,700,000 | 3,162,000 |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | [2] | 732,000 | 733,000 |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 4,432,000 | 3,895,000 | |
Technology & Communication [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 0 | 0 | |
Technology & Communication [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 0 | 0 | |
Technology & Communication [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | [1] | 284,000 | 284,000 |
Technology & Communication [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | [2] | 0 | 0 |
Technology & Communication [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 284,000 | 284,000 | |
Diversified Business [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 0 | 0 | |
Diversified Business [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 0 | 0 | |
Diversified Business [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | [1] | 2,134,000 | 1,859,000 |
Diversified Business [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | [2] | 0 | 0 |
Diversified Business [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 2,134,000 | 1,859,000 | |
Real Estate and Related [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 0 | 0 | |
Real Estate and Related [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 0 | 0 | |
Real Estate and Related [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | [1] | 1,282,000 | 1.019000 |
Real Estate and Related [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | [2] | 97,000 | 98,000 |
Real Estate and Related [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 1,379,000 | 1,117,000 | |
Other Investment [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 0 | 0 | |
Other Investment [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 0 | 0 | |
Other Investment [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | [1] | 0 | 0 |
Other Investment [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | [2] | 635,000 | 635,000 |
Other Investment [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Alternative Investments, Fair Value Disclosure | $ 635,000 | $ 635,000 | |
[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 March 31, 2016, 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 three months ended March 31, 2016, the Company received distributions of approximately $227,000 from this type of investment primarily from investments in diversified businesses and real estate. During the three months ended March 31, 2016, the Company made contributions totaling $727,000 in this type of investment. As of March 31, 2016, 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 two 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 $97,000 include various investments in real estate and related. Investments in this category are measured using primarily inputs provided by the managing member of the partnerships with whom the Company has done similar transactions in the past and is well known to management. The fair values of these real estate investments have been estimated using the net asset value of the Company’s ownership interest in partners’ capital. The other Level 3 investments include investments in private bank stocks and a reinsurance company. The fair values of these other Level 3 investments have been estimated using the cost method less distributions received and other than temporary impairments. This investment is valued using inputs provided by the management of the investee. |
FAIR VALUE OF FINANCIAL INSTR27
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) - Fair Value, Inputs, Level 3 [Member] | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance | $ 733,000 |
Investment in Level 3 investments | |
Distributions from Level 3 investments, net of gains | $ (1,000) |
Balance | $ 732,000 |
FAIR VALUE OF FINANCIAL INSTR28
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Textual) | 3 Months Ended |
Mar. 31, 2015USD ($) | |
Company Received Distributions From Investments In Diversified Businesses And Real Estate Approximately | $ 227,000 |
Company made contributions in investment totaling | 727,000 |
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 | $ 97,000 |
Minimum [Member] | |
liquidated over term | 5 years |
Maximum [Member] | |
liquidated over term | 10 years |
INCOME TAXES (Details )
INCOME TAXES (Details ) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Current: | ||
Federal | $ 0 | $ 0 |
State | 0 | 0 |
Total | 0 | 0 |
Deferred: | ||
Federal | 80,000 | 2,000 |
State | 12,000 | 1,000 |
Total | 92,000 | 3,000 |
Additional valuation allowance | (92,000) | (3,000) |
Total | $ 0 | $ 0 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) | Mar. 31, 2016USD ($) |
Income Tax Disclosure [Line Items] | |
Deferred Income Tax Liabilities, Net | $ 217,000 |
Noncontrolling Interest, Ownership Percentage by Parent | 95.00% |
CII [Member] | |
Income Tax Disclosure [Line Items] | |
Operating Loss Carryforwards | $ 1,100,000 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number (in shares) | shares | 20,700 |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period (in shares) | shares | (7,500) |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number (in shares) | shares | 13,200 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price | $ / shares | $ 17.54 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ / shares | 18.89 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares | $ 16.77 |
STOCK OPTIONS (Details 1)
STOCK OPTIONS (Details 1) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number (in shares) | 13,200 | 20,700 |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price | $ 16.77 | $ 17.54 |
Strike Price, 12.75 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number (in shares) | 3,000 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price | $ 12.75 | |
Strike Price, 17.84 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number (in shares) | 9,500 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price | $ 17.84 | |
Strike Price, 19.50 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number (in shares) | 700 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price | $ 19.50 |
STOCK OPTIONS (Details Textual)
STOCK OPTIONS (Details Textual) | Mar. 31, 2016shares |
Number of option granted to purchase common stock | 7,500 |