Note 9 - Related Parties

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

Note

9.

  Related Parties

The Executive Chairman of the Company, Mark E. Schwarz, is also the chairman, chief executive officer and portfolio manager of Newcastle Capital Management, L.P. (“NCM”). NCM is the general partner of Newcastle Partners L.P. (“Newcastle”), which is the largest shareholder of the Company. Clinton Coleman (Managing Director at NCM) and James Dvorak (Managing Director at NCM) also serve as directors of the Company.

The Company’s corporate headquarters are located at

200

Crescent Court, Suite

1400,

Dallas, Texas

75201,

which are also the offices of NCM. The Company occupies a portion of NCM space on a month-to-month basis at

$2.5

thousand per month, pursuant to a services agreement entered into between the parties. Pursuant to the services agreement, the Company receives the use of NCM’s facilities and equipment and accounting, legal and administrative services from employees of NCM. The Company incurred expenses pursuant to the services agreement totaling approximately

$7.5

thousand and

$15.0

thousand for the

three

and

six

months ended both

June 30, 2017

and

2016.

The Company did

not

owe NCM any amounts under the services agreement as of

June 30, 2017.

The Company owned an unconsolidated

50%

interest in Wilhelmina Kids & Creative Management LLC (“Kids”), a New York City-based modeling agency that specialized in representing child models/talents, from newborns to children

14

years of age. On

December 9, 2016,

the owners of Kids agreed to dissolve Kids and ceased related business operations of Kids. On

March 1, 2017,

the Company paid

$0.1

million to another owner of Kids in accordance with the

December 9, 2016

agreement to liquidate the enterprise. As a result, Wilhelmina

no

longer maintains a child models division.