Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 09, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | HG Holdings, Inc. | |
Entity Central Index Key | 0000797465 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 34,446,839 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash | $ 11,255 | $ 2,567 |
Restricted cash | 233 | 233 |
Interest and dividend receivables | 300 | 91 |
Prepaid expenses and other current assets | 163 | 176 |
Income tax receivable | 488 | 735 |
Total current assets | 12,439 | 3,802 |
Property, plant and equipment, net | 8 | 7 |
Investment in affiliate | 12,231 | 4,405 |
Subordinated notes receivable | 2,245 | 3,379 |
Loan to affiliate | 2,000 | |
Other assets | 509 | 494 |
Deferred tax assets | 247 | |
Total assets | 27,432 | 14,334 |
LIABILITIES | ||
Accounts payable | 12 | 7 |
Accrued salaries, wages and benefits | 2 | 5 |
Other accrued expenses | 106 | 168 |
Total current liabilities | 120 | 180 |
Other long-term liabilities | 243 | 255 |
Total liabilities | 363 | 435 |
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.02 par value, 35,000,000 shares authorized 34,446,839 and 14,946,839 shares issued and outstanding on each respective date | 684 | 294 |
Capital in excess of par value | 29,717 | 17,370 |
Retained deficit | (3,332) | (3,765) |
Total stockholders’ equity | 27,069 | 13,899 |
Total liabilities and stockholders’ equity | $ 27,432 | $ 14,334 |
Balance Sheets (Current Perio_2
Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Common stock, par value (in dollars per share) | $ 0.02 | $ 0.02 |
Common stock, shares authorized (in shares) | 35,000,000 | 35,000,000 |
Common stock, shares issued (in shares) | 34,446,839 | 14,946,839 |
Common stock, shares outstanding (in shares) | 34,446,839 | 14,946,839 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Expenses | ||||
General and administrative expenses | $ (227) | $ (229) | $ (1,100) | $ (761) |
Other income/expenses | ||||
Interest income | 176 | 252 | 607 | 795 |
Dividend income | 256 | 50 | 427 | 107 |
Gain on sale of closely held stock | 120 | |||
Income from Continued Dumping and Subsidy Offset Act | 1,230 | |||
Gain on settlement of subordinated note receivable | 1,326 | |||
Loss from affiliate | (124) | (132) | (301) | (273) |
Impairment loss | (527) | (527) | (897) | |
Income (loss) from operations before income taxes | (446) | (59) | 432 | 321 |
Income tax benefit | (84) | |||
Net income (loss) | $ (446) | $ (59) | $ 432 | $ 405 |
Basic and diluted income (loss) per share: | ||||
Net income (loss) (in dollars per share) | $ (0.01) | $ 0 | $ 0.02 | $ 0.03 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 34,030 | 14,510 | 22,322 | 14,504 |
Diluted (in shares) | 34,030 | 14,510 | 22,739 | 14,934 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Net income from operations | $ 432 | $ 405 |
Adjustments to reconcile net income from operations to net cash flows from operating activities: | ||
Depreciation expense | 2 | 1 |
Accretion income on notes receivable | (104) | (181) |
Stock compensation expense | 63 | 64 |
Paid in kind interest on subordinated note receivable | (25) | |
Gain on settlement of subordinated note receivable | (1,326) | |
Gain on sale of closely held stock | (120) | |
Impairment loss on subordinated note receivable | 527 | 897 |
Dividends on HC Realty common stock | 123 | 82 |
Loss from affiliate | 301 | 273 |
Changes in assets and liabilities: | ||
Prepaid expenses and other current assets | 13 | |
Interest and dividends receivables | (209) | |
Income tax receivable | 247 | (247) |
Deferred tax assets and other assets | 232 | 232 |
Accounts payable | 5 | (28) |
Other accrued expenses | (65) | 60 |
Other long-term liabilities | (12) | (31) |
Net cash provided by operations | 204 | 1,407 |
Cash flows from investing activities: | ||
Purchase of property, plant, and equipment | (3) | |
Investment in affiliate | (8,250) | (5,000) |
New advances on loan receivable to affiliate | (2,000) | |
Principal payments received on subordinated secured notes receivable | 2,062 | 1,259 |
Principal payments received on loan to affiliate | 2,000 | |
Proceeds from sale of closely held stock | 120 | |
Net cash (used in) investing activities | (4,191) | (5,621) |
Cash flows from financing activities: | ||
Issuance of common stock | 12,675 | |
Net cash provided by investing activities | 12,675 | |
Net (decrease) increase in cash and restricted cash | 8,688 | (4,214) |
Cash and restricted cash at beginning of period | 2,800 | 6,461 |
Cash and restricted cash at end of period | 11,488 | 2,247 |
Cash | 11,255 | 2,015 |
Restricted cash | 233 | 232 |
Cash and restricted cash | 11,488 | 2,247 |
Supplemental Non-Cash Disclosures: | ||
Dividends on investment in affiliate | $ 256 | $ 100 |
Note 1 - Preparation of Interim
Note 1 - Preparation of Interim Unaudited Financial Statements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. Preparation of Interim Unaudited Financial Statements The financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, these statements include all adjustments necessary for a fair presentation of the results of all interim periods reported herein. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures prepared in accordance with generally accepted accounting principles in the United States have been either condensed or omitted pursuant to SEC rules and regulations. However, we believe that the disclosures made are adequate for a fair presentation of results of operations and financial position. Operating results for the interim periods reported herein may not 10 On March 2, 2018, November 20, 2017, January 22, 2018 ( no On September 6, 2018, 8 September 12, 2018, As a result of both the Asset Sale and the S&L Asset Sale, we had a variable interest in two no March 2020. not not not On March 19, 2019, 200,000 10.00% $2,000,000 300,000 $3,000,000. 850,000 $8,500,000. not On March 19, 2019, $10,500,000 $2,000,000 not August 14, 2020, On April 3, April 9, June 29, 2020, 100,000, 250,000, 475,000 $8,250,000. 37.0% September 30, 2020. As of September 30, 2020, 23 Recent Accounting Pronouncements In June 2016, 2016 13, 326 2016 13” 2016 13 2016 13 December 15, 2022, December 15, 2018. not 2016 13 |
Note 2 - Subordinated Notes Rec
Note 2 - Subordinated Notes Receivable | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 2 . Subordinated Note s Receivable The Company received a $7.4 first 2018. September 6, 2018, $7.4 $3.3 A&R Note On February 7, 2019, $3.2 no March 2, 2023, 6%. On February 25, 2019, February 25, 2019 ( March 2, 2018 no 2 3 4 no Despite Buyer paying interest quarterly in advance on the Second A&R Note, the Company concluded during the second 2019, not second 2019, $897,000 second 2019 $1.3 June 30, 2019. August 21, 2019, On October 31, 2019, February 24, 2020 February 24, 2020, February 24, 2020 February 26, 2020. February 26, 2020 The Company received payments on January 31, 2020, February 28, 2020, March 4, 2020 $130,000, $200,000 $350,000, On March 6, 2020, February 26, 2020 March 17, 2020. $250,000 March 12, 2020 $750,000 March 13, 2020. $391,970 March 17, 2020 On March 12 13, 2020, $250,000 $750,000, On March 16, 2020, $392,000 January, February, March 2020 $1.3 first 2020. The Company did not three nine September 30, 2020 December 31, 2019 A reconciliation of the activity in the Second A&R Note for the three nine September 30, 2020 Principal Discount Balance Balance at January 1, 2020 $ 2,564 $ (1,855 ) $ 709 Interest paid-in-kind 25 - 25 Gain on settlement of debt (529 ) 1,855 1,326 Principal payments (2,060 ) - (2,060 ) Balance at March 31, 2020 $ - $ - $ - Balance at June 30, 2020 $ - $ - $ - Balance at September 30, 2020 $ - $ - $ - S&L Note The S&L Note had a principal amount of $4.4 March 2, 2023, 10% $84,000 $250,000 three nine September 30, 2020, $87,000 $273,000 three nine September 30, 2019, three nine September 30, 2020, $0 $2,000 $208,000 $1,011,000 three nine September 30, 2019, At the assignment date, the Company evaluated the fair value of the S&L Note. The Company recorded accreted interest income on the fair value adjustment of the S&L Note of $28,000 $104,000 three nine September 30, 2020, $37,000 $127,000 three nine September 30, 2019, The Company concluded, based on current information and events, including the impact of COVID- 19 not $527,000 third A reconciliation of the activity in the S&L Note for the three nine September 30, 2020 Principal Discount Balance Balance at January 1, 2020 $ 3,329 $ (659 ) $ 2,670 Accretion of discount - 37 37 Principal payments (2 ) - (2 ) Balance at March 31, 2020 $ 3,327 $ (622 ) $ 2,705 Accretion of discount - 39 39 Principal payments - - - Balance at June 30, 2020 $ 3,327 $ (583 ) $ 2,744 Accretion of discount - 28 28 Impairment loss - (527 ) (527 ) Principal payments - - - Balance at September 30, 2020 $ 3,327 $ (1,082 ) $ 2,245 |
Note 3 - Loan to Affiliate
Note 3 - Loan to Affiliate | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | 3 . Loan to Affiliate On March 19, 2019, $10,500,000 $2,000,000 On August 14, 2020, three nine September 30, 2020 $62,000 $204,000, three nine September 30, 2019 $72,000 $152,000, |
Note 4 - Investment in Affiliat
Note 4 - Investment in Affiliate | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 4 . Investment in Affiliate On March 19, 2019, 200,000 10.00% $2,000,000 300,000 $3,000,000. 850,000 $8,500,000. not On April 3, April 9, June 29, 2020, 100,000, 250,000, 475,000 $8,250,000. The Series B Stock is not no The following table summarizes the Company's investment in HC Realty as of September 30, 2020 December 31, 2019 ( Ownership % Investment in Affiliate Balance Loss recorded in the Statements of Operations (b) For the Three Months Ended September 30, For the Nine Months Ended September 30, September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 2020 2019 2020 2019 HC Realty Series B Stock (a) 29.2 % 7.9 % $ 10,250 $ 2,000 $ - $ - $ - $ - HC Realty common stock 7.8 % 8.5 % 1,981 2,405 (124 ) (132 ) (301 ) (273 ) Total 37.0 % 16.4 % $ 12,231 $ 4,405 $ (124 ) $ (132 ) $ (301 ) $ (273 ) (a) Represents investments in shares of HC Realty preferred stock with a basis of $10.25 one $9.10 (b) Loss from these investments is included in “Loss from affiliate” in the statement of operations. Since HC Realty is a Real Estate Investment Trust and not not The Company's investment in HC Realty common stock is accounted for under the equity method of accounting. For portions of the nine September 30, 2020, 20% 20% |
Note 5 - Income Taxes
Note 5 - Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 5 . Income taxes During the nine September 30, 2020, $311,000 $8.2 September 30, 2020. $35.1 September 30, 2020. not three nine September 30, 2020 2019 The Company maintains a valuation allowance against deferred tax assets that currently exceed our deferred tax liabilities. The primary assets covered by this valuation allowance are net operating loss carry-forwards. The valuation allowance was calculated in accordance with the provisions of ASC 740, Income Taxes four no not As of September 30, 2020, no not December 31, 2019, $247,000 The Company's effective tax rate for the current and prior year three nine 0% |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6 . Stockholders' Equity Basic earnings per common share are based upon the weighted average shares outstanding. Outstanding stock options and restricted stock are treated as potential common stock for purposes of computing diluted earnings per share. Basic and diluted earnings per share are calculated using the following share data (in thousands): Three Months Nine Months Ended Ended September 30, September 30, September 30, September 30, 2020 2019 2020 2019 Weighted average shares outstanding for basic calculation 34,030 14,510 22,322 14,504 Add: Effect of dilutive stock awards - - 417 430 Weighted average shares outstanding, adjusted for diluted calculation 34,030 14,510 22,739 14,934 For the three September 30, 2020, not nine September 30, 2020, 15,000 three nine September 30, 2019, 460,000 30,000 The Company will repurchase common shares from time to time that are tendered by recipients of restricted stock awards to satisfy tax withholding obligations on vested restricted stock. There were no three nine In July 2012, $5.0 may three nine September 30, 2020 2019, no not On June 19, 2020, 19,500,000 $0.65 May 18, 2020 A reconciliation of the activity in Stockholders' Equity accounts for the three nine September 30, 2020 Capital in Common Excess of Retained Stock Par Value Deficit Balance at January 1, 2020 $ 294 $ 17,370 $ (3,765 ) Net income - - 1,054 Stock-based compensation expense - 21 - Balance at March 31, 2020 $ 294 $ 17,391 $ (2,711 ) Issuance of common stock 390 12,285 - Net loss - - (175 ) Stock-based compensation expense - 20 - Balance at June 30, 2020 $ 684 $ 29,696 $ (2,886 ) Net loss - - (446 ) Stock-based compensation expense - 21 - Balance at September 30, 2020 $ 684 $ 29,717 $ (3,332 ) A reconciliation of the activity in Stockholders' Equity accounts for the three nine September 30, 2019 Capital in Common Excess of Retained Stock Par Value Deficit Balance at January 1, 2019 $ 294 $ 17,285 $ (3,935 ) Net income - - 1,366 Stock-based compensation expense - 21 - Balance at March 31, 2019 $ 294 $ 17,306 $ (2,569 ) Net loss - - (902 ) Stock-based compensation expense - 22 - Balance at June 30, 2019 $ 294 $ 17,328 $ (3,471 ) Net loss - - (59 ) Stock-based compensation expense - 21 - Balance at September 30, 2019 $ 294 $ 17,349 $ (3,530 ) |
Note 7 - Uncertainties
Note 7 - Uncertainties | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Uncertainties [Text Block] | 7 . Uncertainties On March 11, 2020, 19” 19 As a result of these measures, many non-essential retail commerce across the country experienced significant disruption causing severely reduced sales volume. Stone & Leigh, who distributes its products through these potentially impacted retail channels, has experienced and may 19 may 19 Despite the restrictions and measures by federal, state, and local governments in response to COVID- 19, 19 19 The Company continues to evaluate the impact of these measures on our operational and financial performance, specifically the impact on Stone & Leigh and HC Realty's operations. While, the Company has not September 30, 2020, 19 19 third 2020 $527,000. As of September 30, 2020, not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, 326 2016 13” 2016 13 2016 13 December 15, 2022, December 15, 2018. not 2016 13 |
Note 2 - Subordinated Notes R_2
Note 2 - Subordinated Notes Receivable (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Principal Discount Balance Balance at January 1, 2020 $ 2,564 $ (1,855 ) $ 709 Interest paid-in-kind 25 - 25 Gain on settlement of debt (529 ) 1,855 1,326 Principal payments (2,060 ) - (2,060 ) Balance at March 31, 2020 $ - $ - $ - Balance at June 30, 2020 $ - $ - $ - Balance at September 30, 2020 $ - $ - $ - Principal Discount Balance Balance at January 1, 2020 $ 3,329 $ (659 ) $ 2,670 Accretion of discount - 37 37 Principal payments (2 ) - (2 ) Balance at March 31, 2020 $ 3,327 $ (622 ) $ 2,705 Accretion of discount - 39 39 Principal payments - - - Balance at June 30, 2020 $ 3,327 $ (583 ) $ 2,744 Accretion of discount - 28 28 Impairment loss - (527 ) (527 ) Principal payments - - - Balance at September 30, 2020 $ 3,327 $ (1,082 ) $ 2,245 |
Note 4 - Investment in Affili_2
Note 4 - Investment in Affiliate (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Ownership % Investment in Affiliate Balance Loss recorded in the Statements of Operations (b) For the Three Months Ended September 30, For the Nine Months Ended September 30, September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 2020 2019 2020 2019 HC Realty Series B Stock (a) 29.2 % 7.9 % $ 10,250 $ 2,000 $ - $ - $ - $ - HC Realty common stock 7.8 % 8.5 % 1,981 2,405 (124 ) (132 ) (301 ) (273 ) Total 37.0 % 16.4 % $ 12,231 $ 4,405 $ (124 ) $ (132 ) $ (301 ) $ (273 ) |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Nine Months Ended Ended September 30, September 30, September 30, September 30, 2020 2019 2020 2019 Weighted average shares outstanding for basic calculation 34,030 14,510 22,322 14,504 Add: Effect of dilutive stock awards - - 417 430 Weighted average shares outstanding, adjusted for diluted calculation 34,030 14,510 22,739 14,934 |
Schedule of Stockholders Equity [Table Text Block] | Capital in Common Excess of Retained Stock Par Value Deficit Balance at January 1, 2020 $ 294 $ 17,370 $ (3,765 ) Net income - - 1,054 Stock-based compensation expense - 21 - Balance at March 31, 2020 $ 294 $ 17,391 $ (2,711 ) Issuance of common stock 390 12,285 - Net loss - - (175 ) Stock-based compensation expense - 20 - Balance at June 30, 2020 $ 684 $ 29,696 $ (2,886 ) Net loss - - (446 ) Stock-based compensation expense - 21 - Balance at September 30, 2020 $ 684 $ 29,717 $ (3,332 ) Capital in Common Excess of Retained Stock Par Value Deficit Balance at January 1, 2019 $ 294 $ 17,285 $ (3,935 ) Net income - - 1,366 Stock-based compensation expense - 21 - Balance at March 31, 2019 $ 294 $ 17,306 $ (2,569 ) Net loss - - (902 ) Stock-based compensation expense - 22 - Balance at June 30, 2019 $ 294 $ 17,328 $ (3,471 ) Net loss - - (59 ) Stock-based compensation expense - 21 - Balance at September 30, 2019 $ 294 $ 17,349 $ (3,530 ) |
Note 1 - Preparation of Inter_2
Note 1 - Preparation of Interim Unaudited Financial Statements (Details Textual) - USD ($) | Jun. 29, 2020 | Apr. 09, 2020 | Apr. 03, 2020 | Mar. 19, 2019 | Jun. 29, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Payments to Acquire Equity Method Investments | $ 8,250,000 | $ 5,000,000 | |||||||
Senior Secured Term Loan [Member] | |||||||||
Notes Receivable, Related Parties | $ 2,000,000 | ||||||||
The Lenders [Member] | Senior Secured Term Loan [Member] | |||||||||
Notes Receivable, Related Parties | $ 10,500,000 | ||||||||
HC Government Realty Trust, Inc [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 37.00% | 16.40% | |||||||
HC Government Realty Trust, Inc [Member] | Series B Cumulative Convertible Preferred Stock [Member] | |||||||||
Equity Method Investment, Shares Purchased During Period (in shares) | 475,000 | 250,000 | 100,000 | 200,000 | |||||
Preferred Stock, Dividend Rate, Percentage | 10.00% | ||||||||
Equity Method Investment, Aggregate Cost | $ 2,000,000 | $ 10,250,000 | |||||||
Payments to Acquire Equity Method Investments | $ 8,250,000 | ||||||||
Equity Method Investment, Ownership Percentage | [1] | 29.20% | 7.90% | ||||||
HC Government Realty Trust, Inc [Member] | Series B Cumulative Convertible Preferred Stock [Member] | Investors Affiliated with the Hale Partnership [Member] | |||||||||
Equity Method Investment, Shares Purchased During Period (in shares) | 850,000 | ||||||||
Equity Method Investment, Aggregate Cost | $ 8,500,000 | ||||||||
HC Government Realty Trust, Inc [Member] | Common Stock of Investee [Member] | |||||||||
Equity Method Investment, Shares Purchased During Period (in shares) | 300,000 | ||||||||
Equity Method Investment, Aggregate Cost | $ 3,000,000 | ||||||||
Equity Method Investment, Ownership Percentage | 7.80% | 8.50% | |||||||
HC Government Realty Trust, Inc [Member] | Common Stock of Investee [Member] | Investors Affiliated with the Hale Partnership [Member] | |||||||||
Equity Method Investment, Shares Purchased During Period (in shares) | 850,000 | ||||||||
[1] | Represents investments in shares of HC Realty preferred stock with a basis of $10.25 million. Each share of preferred stock can be converted into one share of HC Realty common stock at a conversion price equal to the lesser of $9.10 per share or the fair market value per share of HC Realty common stock, subject to adjustment upon the occurrence of certain events. |
Note 2 - Subordinated Notes R_3
Note 2 - Subordinated Notes Receivable (Details Textual) - USD ($) | Mar. 16, 2020 | Mar. 13, 2020 | Mar. 12, 2020 | Mar. 04, 2020 | Feb. 28, 2020 | Jan. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Mar. 06, 2020 | Dec. 31, 2019 | Feb. 07, 2019 | Sep. 06, 2018 | Mar. 31, 2018 |
Financing Receivable, after Allowance for Credit Loss, Total | $ 7,400,000 | |||||||||||||||||
Impairment of Notes Receivable | $ 527,000 | $ 897,000 | ||||||||||||||||
Accretion (Amortization) of Discounts and Premiums, Investments | 104,000 | 181,000 | ||||||||||||||||
A&R Note [Member] | ||||||||||||||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 3,300,000 | |||||||||||||||||
Second A&R Note [Member] | ||||||||||||||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 1,300,000 | $ 709,000 | ||||||||||||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 2,564,000 | $ 3,200,000 | ||||||||||||||||
Notes Receivable, Interest Rate | 6.00% | |||||||||||||||||
Impairment of Notes Receivable | $ 897,000 | |||||||||||||||||
Proceeds from Interest Received | 0 | 0 | ||||||||||||||||
Second A&R Note [Member] | Loan Parties [Member] | ||||||||||||||||||
Proceeds from Collection of Finance Receivables | $ 392,000 | $ 750,000 | $ 250,000 | $ 350,000 | $ 200,000 | $ 130,000 | ||||||||||||
Gain (Loss) on Payoff of Notes Receivable | $ 1,300,000 | |||||||||||||||||
Second Forbearance Extension Letter Agreement, Second A&R Note due March 12, 2020 [Member] | Loan Parties [Member] | ||||||||||||||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 250,000 | |||||||||||||||||
Second Forbearance Extension Letter Agreement, Second A&R Note due March 13, 2020 [Member] | Loan Parties [Member] | ||||||||||||||||||
Financing Receivable, before Allowance for Credit Loss, Total | 750,000 | |||||||||||||||||
Second Forbearance Extension Letter Agreement, Second A&R Note due March 17, 2020 [Member] | Loan Parties [Member] | ||||||||||||||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 391,970 | |||||||||||||||||
S&L Note [Member] | ||||||||||||||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 4,400,000 | |||||||||||||||||
Notes Receivable, Interest Rate | 10.00% | |||||||||||||||||
Proceeds from Collection of Finance Receivables | 0 | $ 208,000 | 2,000 | 1,011,000 | ||||||||||||||
Proceeds from Interest Received | 84,000 | 87,000 | 250,000 | 273,000 | ||||||||||||||
Accretion (Amortization) of Discounts and Premiums, Investments | 28,000 | $ 37,000 | $ 104,000 | $ 127,000 | ||||||||||||||
S&L Note [Member] | COVID 19 [Member] | ||||||||||||||||||
Impairment of Notes Receivable | $ 527,000 |
Note 2 - Subordinated Notes R_4
Note 2 - Subordinated Notes Receivable - Reconciliation of the Activity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest paid-in-kind | $ (25,000) | |||||
Impairment loss | (527,000) | $ (897,000) | ||||
Second A&R Note [Member] | ||||||
Principal | $ 2,564,000 | 2,564,000 | ||||
Discount, balance | (1,855,000) | (1,855,000) | ||||
Balance | 709,000 | 709,000 | ||||
Interest paid-in-kind, principal | 25,000 | |||||
Interest paid-in-kind | 25,000 | |||||
Gain on settlement of debt, principal | (529,000) | |||||
Gain on settlement of debt, discount | 1,855,000 | |||||
Gain on settlement of debt | 1,326,000 | |||||
Principal payments, principal | (2,060,000) | |||||
Principal payments | (2,060,000) | |||||
Principal | ||||||
Discount, balance | ||||||
Balance | $ 1,300,000 | |||||
Impairment loss | $ (897,000) | |||||
S&L Subordinated Notes Receivable [Member] | ||||||
Principal | 3,327,000 | 3,327,000 | 3,329,000 | 3,329,000 | ||
Discount, balance | (583,000) | (622,000) | (659,000) | (659,000) | ||
Balance | 2,744,000 | 2,705,000 | 2,670,000 | 2,670,000 | ||
Principal payments, principal | (2,000) | |||||
Principal payments | (2,000) | |||||
Principal | 3,327,000 | 3,327,000 | 3,327,000 | 3,327,000 | ||
Discount, balance | (1,082,000) | (583,000) | (622,000) | (1,082,000) | ||
Balance | 2,245,000 | 2,744,000 | 2,705,000 | $ 2,245,000 | ||
Accretion of discount | 28,000 | 39,000 | 37,000 | |||
Accretion of discount | 28,000 | 39,000 | 37,000 | |||
Accretion of discount | 28,000 | $ 39,000 | $ 37,000 | |||
Impairment loss | $ (527,000) |
Note 3 - Loan to Affiliate (Det
Note 3 - Loan to Affiliate (Details Textual) - Senior Secured Term Loan [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 19, 2019 | |
Notes Receivable, Related Parties | $ 2,000,000 | ||||
Interest Income, Related Party | $ 62,000 | $ 72,000 | $ 204,000 | $ 152,000 | |
The Lenders [Member] | |||||
Notes Receivable, Related Parties | $ 10,500,000 |
Note 4 - Investment in Affili_3
Note 4 - Investment in Affiliate (Details Textual) - USD ($) | Jun. 29, 2020 | Apr. 09, 2020 | Apr. 03, 2020 | Mar. 19, 2019 | Jun. 29, 2020 | Sep. 30, 2020 | Sep. 30, 2019 |
Payments to Acquire Equity Method Investments | $ 8,250,000 | $ 5,000,000 | |||||
HC Government Realty Trust, Inc [Member] | Series B Cumulative Convertible Preferred Stock [Member] | |||||||
Equity Method Investment, Shares Purchased During Period (in shares) | 475,000 | 250,000 | 100,000 | 200,000 | |||
Preferred Stock, Dividend Rate, Percentage | 10.00% | ||||||
Equity Method Investment, Aggregate Cost | $ 2,000,000 | $ 10,250,000 | |||||
Payments to Acquire Equity Method Investments | $ 8,250,000 | ||||||
Convertible Preferred Stock of Investee, Shares Issued Upon Conversion (in shares) | 1 | ||||||
Convertible Preferred Stock, Maximum Conversion Price (in dollars per share) | $ 9.10 | ||||||
HC Government Realty Trust, Inc [Member] | Series B Cumulative Convertible Preferred Stock [Member] | Investors Affiliated with the Hale Partnership [Member] | |||||||
Equity Method Investment, Shares Purchased During Period (in shares) | 850,000 | ||||||
Equity Method Investment, Aggregate Cost | $ 8,500,000 | ||||||
HC Government Realty Trust, Inc [Member] | Common Stock of Investee [Member] | |||||||
Equity Method Investment, Shares Purchased During Period (in shares) | 300,000 | ||||||
Equity Method Investment, Aggregate Cost | $ 3,000,000 | ||||||
HC Government Realty Trust, Inc [Member] | Common Stock of Investee [Member] | Investors Affiliated with the Hale Partnership [Member] | |||||||
Equity Method Investment, Shares Purchased During Period (in shares) | 850,000 |
Note 4 - Investment in Affili_4
Note 4 - Investment in Affiliate - Equity Method Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | ||
Investment in affiliate, balance | $ 12,231 | $ 12,231 | $ 4,405 | |||
Loss recorded in the Consolidated Statements of Operations | $ (124) | $ (132) | $ (301) | $ (273) | ||
HC Government Realty Trust, Inc [Member] | ||||||
Equity Method Investment, Ownership Percentage | 37.00% | 37.00% | 16.40% | |||
Investment in affiliate, balance | $ 12,231 | $ 12,231 | $ 4,405 | |||
Loss recorded in the Consolidated Statements of Operations | [1] | $ (124) | (132) | $ (301) | (273) | |
HC Government Realty Trust, Inc [Member] | Series B Cumulative Convertible Preferred Stock [Member] | ||||||
Equity Method Investment, Ownership Percentage | [2] | 29.20% | 29.20% | 7.90% | ||
Investment in affiliate, balance | [2] | $ 10,250 | $ 10,250 | $ 2,000 | ||
Loss recorded in the Consolidated Statements of Operations | [1],[2] | |||||
HC Government Realty Trust, Inc [Member] | Common Stock of Investee [Member] | ||||||
Equity Method Investment, Ownership Percentage | 7.80% | 7.80% | 8.50% | |||
Investment in affiliate, balance | $ 1,981 | $ 1,981 | $ 2,405 | |||
Loss recorded in the Consolidated Statements of Operations | [1] | $ (124) | $ (132) | $ (301) | $ (273) | |
[1] | Loss from these investments is included in "Loss from affiliate" in the statement of operations. Since HC Realty is a Real Estate Investment Trust and not a taxable entity, the loss is not reported net of taxes. | |||||
[2] | Represents investments in shares of HC Realty preferred stock with a basis of $10.25 million. Each share of preferred stock can be converted into one share of HC Realty common stock at a conversion price equal to the lesser of $9.10 per share or the fair market value per share of HC Realty common stock, subject to adjustment upon the occurrence of certain events. |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) xbrli-pure in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (311,000) | ||||
Deferred Tax Assets, Valuation Allowance, Total | $ 8,200,000 | 8,200,000 | |||
Operating Loss Carryforwards, Total | 35,100,000 | 35,100,000 | |||
Income Taxes Paid, Net, Total | 0 | $ 0 | 0 | $ 0 | |
Deferred Tax Assets, Net of Valuation Allowance, Total | $ 0 | $ 0 | $ 247,000 | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 0.00% | 0.00% |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Jun. 19, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jul. 31, 2012 |
Rights Offering [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 19,500,000 | |||||
Shares Issued, Price Per Share (in dollars per share) | $ 0.65 | |||||
Privately Negotiated Transaction [Member] | Common Stock [Member] | ||||||
Stock Repurchased During Period, Shares (in shares) | 0 | 0 | 0 | 0 | ||
Stock Repurchase Program, Authorized Amount | $ 5 | |||||
Share-based Payment Arrangement, Option [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 460,000 | 15,000 | 30,000 | |||
Restricted Stock [Member] | ||||||
Stock Repurchased During Period, Shares (in shares) | 0 | 0 | 0 | 0 |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Basic and Diluted Earnings Per Share Calculation (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Weighted average shares outstanding for basic calculation (in shares) | 34,030 | 14,510 | 22,322 | 14,504 |
Add: Effect of dilutive stock awards (in shares) | 417 | 430 | ||
Weighted average shares outstanding, adjusted for diluted calculation (in shares) | 34,030 | 14,510 | 22,739 | 14,934 |
Note 6 - Stockholders' Equity_3
Note 6 - Stockholders' Equity - Reconciliation of Activity in Stockholders' Equity Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Balance | $ 13,899 | $ 13,899 | ||||||
Net income (loss) | $ (446) | $ (59) | 432 | $ 405 | ||||
Balance | 27,069 | 27,069 | ||||||
Common Stock [Member] | ||||||||
Balance | 684 | $ 294 | 294 | 294 | $ 294 | $ 294 | 294 | 294 |
Net income (loss) | ||||||||
Stock-based compensation expense | ||||||||
Issuance of common stock | 390 | |||||||
Balance | 684 | 684 | 294 | 294 | 294 | 294 | 684 | 294 |
Additional Paid-in Capital [Member] | ||||||||
Balance | 29,696 | 17,391 | 17,370 | 17,328 | 17,306 | 17,285 | 17,370 | 17,285 |
Net income (loss) | ||||||||
Stock-based compensation expense | 21 | 20 | 21 | 21 | 22 | 21 | ||
Issuance of common stock | 12,285 | |||||||
Balance | 29,717 | 29,696 | 17,391 | 17,349 | 17,328 | 17,306 | 29,717 | 17,349 |
Retained Earnings [Member] | ||||||||
Balance | (2,886) | (2,711) | (3,765) | (3,471) | (2,569) | (3,935) | (3,765) | (3,935) |
Net income (loss) | (446) | (175) | 1,054 | (59) | (902) | 1,366 | ||
Stock-based compensation expense | ||||||||
Issuance of common stock | ||||||||
Balance | $ (3,332) | $ (2,886) | $ (2,711) | $ (3,530) | $ (3,471) | $ (2,569) | $ (3,332) | $ (3,530) |
Note 7 - Uncertainties (Details
Note 7 - Uncertainties (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Impairment of Notes Receivable | $ 527,000 | $ 897,000 | |
S&L Note [Member] | COVID 19 [Member] | |||
Impairment of Notes Receivable | $ 527,000 |