0001171843-20-007919.txt : 20201112 0001171843-20-007919.hdr.sgml : 20201112 20201112084526 ACCESSION NUMBER: 0001171843-20-007919 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 41 CONFORMED PERIOD OF REPORT: 20200930 FILED AS OF DATE: 20201112 DATE AS OF CHANGE: 20201112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Wilhelmina International, Inc. CENTRAL INDEX KEY: 0001013706 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT CONSULTING SERVICES [8742] IRS NUMBER: 742781950 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36589 FILM NUMBER: 201303730 BUSINESS ADDRESS: STREET 1: 200 CRESCENT COURT STREET 2: SUITE 1400 CITY: DALLAS STATE: TX ZIP: 75201 BUSINESS PHONE: 2146617488 MAIL ADDRESS: STREET 1: 200 CRESCENT COURT STREET 2: SUITE 1400 CITY: DALLAS STATE: TX ZIP: 75201 FORMER COMPANY: FORMER CONFORMED NAME: NEW CENTURY EQUITY HOLDINGS CORP DATE OF NAME CHANGE: 20010220 FORMER COMPANY: FORMER CONFORMED NAME: BILLING CONCEPTS CORP DATE OF NAME CHANGE: 19980814 FORMER COMPANY: FORMER CONFORMED NAME: BILLING INFORMATION CONCEPTS CORP DATE OF NAME CHANGE: 19960722 10-Q 1 f10q_111220p.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

[x]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

[ ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number 001-36589

WILHELMINA INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Delaware	74-2781950
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

200 Crescent Court, Suite 1400, Dallas, Texas	75201
(Address of principal executive offices)	(Zip Code)

(214) 661-7488

(Registrant’s telephone number, including area code)

n/a

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	WHLM	Nasdaq Capital Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [x] Yes [ ] No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). [x] Yes [ ] No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

	Large accelerated filer [ ]	Accelerated filer [ ]
	Non-accelerated filer [x]	Smaller reporting company [x]
	Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [ ] Yes [x] No

As of November 12, 2020, the registrant had 5,157,344 shares of common stock outstanding.

WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES

Quarterly Report on Form 10-Q

For the Three and Nine Months Ended September 30, 2020

PART I	FINANCIAL INFORMATION		3

	Item 1.	Financial Statements	3

		Consolidated Balance Sheets as of September 30, 2020 (Unaudited) and December 31, 2019	3

		Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)	4

		Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)	5

		Consolidated Statements of Cash Flow for the Nine Months Ended September 30, 2020 and 2019 (Unaudited)	6

		Notes to Consolidated Financial Statements (Unaudited)	7

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	20

	Item 4.	Controls and Procedures	21

PART II	OTHER INFORMATION		21

	Item 1.	Legal Proceedings	21

	Item 1.A.	Risk Factors	22

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22

	Item 3.	Defaults Upon Senior Securities	22

	Item 4.	Mine Safety Disclosures	22

	Item 5.	Other Information	22

	Item 6.	Exhibits	23

SIGNATURES			24

PART I

FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

	(Unaudited)
	September 30, 2020			December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	4,952		$	6,993
Accounts receivable, net of allowance for doubtful accounts of $1,766 and $1,423, respectively		6,992			9,441
Prepaid expenses and other current assets		167			243
Total current assets		12,111			16,677

Property and equipment, net of accumulated depreciation of $5,113 and $4,300, respectively		1,202			1,925
Right of use assets-operating		833			1,261
Right of use assets-finance		242			316
Trademarks and trade names with indefinite lives		8,467			8,467
Other intangibles with finite lives, net of accumulated amortization of$8,737 and $8,737, respectively		-			-
Goodwill		7,547			8,347
Other assets		91			115

TOTAL ASSETS	$	30,493		$	37,108

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	2,946		$	3,815
Due to models		5,741			7,495
Lease liabilities – operating, current		678			1,055
Lease liabilities – finance, current		90			94
Term loans – current		2,039			1,257
Total current liabilities		11,494			13,716

Long term liabilities:
Net deferred income tax liability		1,352			725
Lease liabilities – operating, non-current		207			328
Lease liabilities – finance, non-current		161			225
Term loans – non-current		1,371			743
Total long term liabilities		3,091			2,021

Total liabilities		14,585			15,737

Shareholders’ equity:
Common stock, $0.01 par value, 9,000,000 shares authorized; 6,472,038 shares issued at September 30, 2020 and December 31, 2019		65			65
Treasury stock, 1,314,694 and 1,309,861 shares at September 30, 2020 and December 31, 2019, at cost		(6,371	)		(6,352	)
Additional paid-in capital		88,484			88,471
Accumulated deficit		(66,153	)		(60,815	)
Accumulated other comprehensive (loss) income		(117	)		2
Total shareholders’ equity		15,908			21,371

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	30,493		$	37,108

The accompanying notes are an integral part of these consolidated financial statements

WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three and Nine Months Ended September 30, 2020 and 2019

(In thousands, except per share data)

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2020			2019			2020			2019
Revenues:
Service revenues	$	10,534		$	17,224		$	29,604		$	57,199
License fees and other income		11			17			21			46
Total revenues		10,545			17,241			29,625			57,245

Model costs		7,544			12,534			21,547			41,166

Revenues, net of model costs		3,001			4,707			8,078			16,079

Operating expenses:
Salaries and service costs		1,651			3,266			7,566			10,571
Office and general expenses		797			1,042			2,799			3,301
Amortization and depreciation		294			297			886			885
Goodwill impairment		-			-			800			-
Corporate overhead		145			251			692			834
Total operating expenses		2,887			4,856			12,743			15,591
Operating income (loss)		114			(149	)		(4,665	)		488

Other expense (income):
Foreign exchange gain		(14	)		(3	)		(65	)		-
Interest expense		21			27			71			89
Total other expense, net		7			24			6			89

Income (loss) before provision for income taxes		107			(173	)		(4,671	)		399

(Provision) benefit for income taxes :
Current		(56	)		(47	)		(40	)		(200	)
Deferred		(29	)		54			(627	)		(23	)
(Provision) benefit for income taxes, net		(85	)		7			(667	)		(223	)

Net income (loss)	$	22		$	(166	)	$	(5,338	)	$	176

Other comprehensive income (loss):
Foreign currency translation income (loss)		120			(76	)		(119	)		(107	)
Total comprehensive income (loss)		142			(242	)		(5,457	)		69

Basic net income (loss) per common share	$	0.00		$	(0.03	)	$	(1.03	)	$	0.03
Diluted net income (loss) per common share	$	0.00		$	(0.03	)	$	(1.03	)	$	0.03

Weighted average common shares outstanding-basic		5,157			5,176			5,158			5,189
Weighted average common shares outstanding-diluted		5,157			5,176			5,158			5,189

The accompanying notes are an integral part of these consolidated financial statements

WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

For the Three and Nine Months Ended September 30, 2020 and 2019

(In thousands)

(Unaudited)

	Common Shares		Stock Amount		Treasury Shares			Stock Amount			Additional Paid-in Capital		Accumulated Deficit			Accumulated Other Comprehensive Loss			Total
Balances at December 31, 2018		6,472	$	65		(1,264	)	$	(6,093	)	$	88,255	$	(56,029	)	$	(93	)	$	26,105
Share based payment expense		-		-		-			-			64		-			-			64
Net loss to common shareholders		-		-		-			-			-		(109	)		-			(109	)
Purchases of treasury stock		-		-		(4	)		(24	)		-		-			-			(24	)
Foreign currency translation		-		-		-			-			-		-			28			28
Balances at March 31, 2019		6,472	$	65		(1,268	)	$	(6,117	)	$	88,319	$	(56,138	)	$	(65	)	$	26,064
Share based payment expense		-		-		-			-			52		-			-			52
Net income to common shareholders		-		-		-			-			-		451			-			451
Purchases of treasury stock		-		-		(25	)		(149	)		-		-			-			(149	)
Foreign currency translation		-		-		-			-			-		-			(59	)		(59	)
Balances at June 30, 2019		6,472	$	65		(1,293	)	$	(6,266	)	$	88,371	$	(55,687	)	$	(124	)	$	26,359
Share based payment expense		-		-		-			-			49		-			-			49
Net loss to common shareholders		-		-		-			-			-		(166	)		-			(166	)
Purchases of treasury stock		-		-		(9	)		(54	)		-		-			-			(54	)
Foreign currency translation		-		-		-			-			-		-			(76	)		(76	)
Balances at September 30, 2019		6,472	$	65		(1,302	)	$	(6,320	)	$	88,420	$	(55,853	)	$	(200	)	$	26,112

	Common Shares		Stock Amount		Treasury Shares			Stock Amount			Additional Paid-in Capital		Accumulated Deficit			Accumulated Other Comprehensive Loss			Total
Balances at December 31, 2019		6,472	$	65		(1,310	)	$	(6,352	)	$	88,471	$	(60,815	)	$	2		$	21,371
Share based payment expense		-		-		-			-			6		-			-			6
Net loss to common shareholders		-		-		-			-			-		(2,660	)		-			(2,660	)
Purchases of treasury stock		-		-		(5	)		(19	)		-		-			-			(19	)
Foreign currency translation		-		-		-			-			-		-			(234	)		(234	)
Balances at March 31, 2020		6,472	$	65		(1,315	)	$	(6,371	)	$	88,477	$	(63,475	)	$	(232	)	$	18,464
Share based payment expense		-		-		-			-			4		-			-			4
Net loss to common shareholders		-		-		-			-			-		(2,700	)		-			(2,700	)
Purchases of treasury stock		-		-		-			-			-		-			-			-
Foreign currency translation		-		-		-			-			-		-			(5	)		(5	)
Balances at June 30, 2020		6,472	$	65		(1,315	)	$	(6,371	)	$	88,481	$	(66,175	)	$	(237	)	$	15,763
Share based payment expense		-		-		-			-			3		-			-			3
Net income to common shareholders		-		-		-			-			-		22			-			22
Purchases of treasury stock		-		-		-			-			-		-			-			-
Foreign currency translation		-		-		-			-			-		-			120			120
Balances at September 30, 2020		6,472	$	65		(1,315	)	$	(6,371	)	$	88,484	$	(66,153	)	$	(117	)	$	15,908

The accompanying notes are an integral part of these consolidated financial statements.

WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOW

For the Nine Months Ended September 30, 2020 and 2019

(In thousands)

(Unaudited)

	Nine Months Ended September 30,
	2020			2019
Cash flows from operating activities:
Net (loss) income:	$	(5,338	)	$	176
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Amortization and depreciation		886			885
Goodwill impairment		800			-
Share based payment expense		13			165
Deferred income taxes		627			23
Bad debt expense (recovery)		131			(1	)
Changes in operating assets and liabilities:
Accounts receivable		2,318			(181	)
Prepaid expenses and other current assets		76			(77	)
Right of use assets-operating		428			802
Other assets		24			1
Due to models		(1,754	)		31
Lease liabilities-operating		(498	)		(854	)
Accounts payable and accrued liabilities		(869	)		(1,038	)
Net cash used in operating activities		(3,156	)		(68	)

Cash flows used in investing activities:
Purchases of property and equipment		(90	)		(304	)
Net cash used in investing activities		(90	)		(304	)

Cash flows used in financing activities:
Purchases of treasury stock		(19	)		(227	)
Proceeds from term loans		1,975			-
Payments on finance leases		(67	)		(83	)
Payment on term loans		(565	)		(438	)
Net cash provided by (used in) financing activities		1,324			(748	)

Foreign currency effect on cash flows:		(119	)		(107	)

Net change in cash and cash equivalents:		(2,041	)		(1,227	)
Cash and cash equivalents, beginning of period		6,993			6,748
Cash and cash equivalents, end of period	$	4,952		$	5,521

Supplemental disclosures of cash flow information:
Cash paid for interest	$	64		$	88
Cash paid for income taxes	$	14		$	5

The accompanying notes are an integral part of these consolidated financial statements

WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1. Basis of Presentation

The interim consolidated financial statements included herein have been prepared by Wilhelmina International, Inc. (together with its subsidiaries, "Wilhelmina" or the "Company") without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Although certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to those rules and regulations, all adjustments considered necessary in order to make the consolidated financial statements not misleading have been included. In the opinion of the Company’s management, the accompanying interim unaudited consolidated financial statements reflect all adjustments, of a normal recurring nature, that are necessary for a fair presentation of the Company’s consolidated balance sheets, statements of operations and comprehensive income (loss), statements of shareholders’ equity, and statements of cash flows for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Results of operations for the interim periods are not necessarily indicative of results that may be expected for any other interim periods or the full fiscal year.

Note 2. Business

The primary business of Wilhelmina is fashion model management. These business operations are headquartered in New York City. The Company’s predecessor was founded in 1967 by Wilhelmina Cooper, a renowned fashion model, and became one of the oldest, best known, and largest fashion model management companies in the world. Since its founding, Wilhelmina has grown to include operations located in Los Angeles, Miami, Chicago and London, as well as a network of licensees in various local markets in the U.S. and internationally. Wilhelmina provides traditional, full-service fashion model and talent management services, specializing in the representation and management of models, entertainers, artists, athletes and other talent, to various clients, including retailers, designers, advertising agencies, print and electronic media and catalog companies.

COVID-19 Pandemic

On March 11, 2020, the World Health Organization declared the outbreak of novel coronavirus (COVID-19) as a pandemic, which has spread rapidly throughout the United States and the world. The Company’s revenues are heavily dependent on the level of economic activity in the United States and the United Kingdom, particularly in the fashion, advertising and publishing industries, all of which have been negatively impacted by the pandemic and may not recover as quickly as other sectors of the economy. There have been mandates from federal, state, and local authorities requiring forced closures of non-essential businesses. As a result, beginning in March 2020, the Company has seen a significant reduction in customer bookings, resulting in a negative impact to revenue and earnings. During the third quarter of 2020, bookings increased from the preceding months, but remained significantly below pre-pandemic levels.

In addition to reduced revenue, business operations have been adversely affected by reductions in productivity, limitations on the ability of customers to make timely payments, disruptions in talents’ ability to travel to needed locations, and supply chain disruptions impeding clothing or footwear wardrobe from reaching destinations for photoshoots and other bookings. Many of the Company’s customers are large retail and fashion companies, which have had to close stores in the United States and internationally due to orders from local authorities to help slow the spread of COVID-19. Some of these customers have filed for bankruptcy in 2020 and others may be unable to pay amounts already owed to the Company, resulting in increased future bad debt expense. These customers also may not emerge from the pandemic with the financial ability, or need, to purchase Wilhelmina’s services to the extent that they did in previous years. Some of our model talent have been quarantined with family far from the major cities where Wilhelmina’s offices are located, and also away from where most modeling jobs take place. Many U.S. and international airlines have decreased their flight schedules which, as economic activities resumes and clients increase booking requests, may make it difficult for our talent to be available when and where they are needed. While these disruptions are currently expected to be temporary, there continues to be uncertainty around the duration.

Postponed and cancelled bookings related to the pandemic contributed significantly to reduced revenues and increased operating losses during the first nine months of 2020. Although some clients increased activity and bookings during the third quarter of 2020, rising COVID-19 infection rates in cities where Wilhelmina operates could lead to a slower economic recovery in those markets, and possible additional business closings or local mandates that could slow the recovery in our operations there. Since Wilhelmina extends customary payment terms to its clients, even as bookings resume, there is likely to be a lag before significant cash collections return. In the meantime, the Company continues to have significant employee, office rent, and other expenses.

The Company has taken the following actions to address the impact of COVID-19 and the current recessionary environment, in order to efficiently manage the business and maintain adequate liquidity and maximum flexibility:

	-	In April 2020, obtained approximately $2.0 million in loans under the Paycheck Protection Program (the “PPP”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) administered by the U.S. Small Business Administration (“SBA”).
	-	Eliminated discretionary travel and entertainment expenses.
	-	Suspended share repurchases.
	-	Did not renew the leases on three New York City model apartments when the terms ended in June and August, 2020.
	-	Suspended efforts to fill two highly compensated executive roles following the resignation of the Company’s Chief Executive Officer and Vice President in early 2020.
	-	Obtained from the landlord of the Company’s New York City office a deferral of $41 thousand in July 2020 rent until January 2021.
	-	Negotiated discounts with various vendors and service providers, in effect through the remainder of 2020.
	-	Effective July 1, 2020, implemented layoffs of approximately 36% of its staff, including employees at each of the Company’s five offices, and effected temporary salary reductions for the remaining staff. The salary reductions are expected to return to full salaries when business conditions improve.

If the quarantines and limitations on non-essential work are re-implemented, or persist for an extended period, the Company may need to implement additional cost savings measures.

Note 3. New Accounting Standards

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”) which amends the FASB’s prior guidance on the impairment of financial instruments. The ASU adds to GAAP an impairment model (known as the “current expected credit loss model”) that is based on expected losses rather than incurred losses. ASU 2016-13 becomes effective for the Company for annual reporting periods ending after December 15, 2022, including interim periods within those fiscal years. The adoption of ASU 2016-13 is not expected to have a material impact on the Company’s consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-03 “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-03”) effective for periods beginning after December 15, 2019. The ASU requires only a one-step qualitative impairment test, whereby a goodwill impairment loss will be measured as the excess of a reporting unit’s carrying amount over its fair value. It eliminates Step 2 of the prior two-step goodwill impairment test, under which a goodwill impairment loss was measured by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The adoption of ASU No. 2017-03 did not have a material impact on the results of the Company’s goodwill impairment testing procedures.

In November 2018, the FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses” (“ASU 2018-19”), which clarifies that receivables arising from operating leases are not within the scope of the credit losses standard but rather should be accounted for in accordance with the lease standard. ASU 2018-19 became effective for the Company for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The adoption of ASU 2018-19 did not have a material impact on the Company’s consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”. The standard includes multiple key provisions, including removal of certain exceptions to ASC 740, Income Taxes, and simplification in several other areas such as accounting for a franchise tax that is partially based on income. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently assessing the impact of adopting this standard but does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

Note 4. Foreign Currency Translation

The functional currency of our subsidiary in the United Kingdom is the British Pound. Assets and liabilities are translated into U.S. dollars at the exchange rates in effect at each balance sheet date, revenues and expenses are translated at average monthly exchange rates, and resulting translation gains or losses are accumulated in other comprehensive income as a separate component of shareholders’ equity.

Note 5. Debt

The Company has a credit agreement with Amegy Bank which provides a $4.0 million revolving line of credit and previously provided up to a $3.0 million term loan which could be drawn through October 24, 2016. Amounts outstanding under the term loan reduce the availability under the revolving line of credit. The revolving line of credit is also subject to a borrowing base derived from 80% of eligible accounts receivable (as defined) and the Company’s minimum net worth covenant of $20.0 million. The revolving line of credit bears interest at prime plus 0.50% payable monthly. As of September 30, 2020, the Company had a $0.2 million irrevocable standby letter of credit outstanding under the revolving line of credit.

On August 16, 2016, the Company drew $2.7 million of the term loan and used the proceeds to fund the purchase of shares of its common stock in a private transaction. The term loan bore interest at 4.5% per annum and was payable in monthly payments of interest only until November, 2016, followed by 47 equal monthly payments of principal and interest computed on a 60-month amortization schedule. The $0.6 million final payment of principal and interest was paid on October 28, 2020.

On July 16, 2018, the Company amended its Credit Agreement with Amegy Bank to provide for an additional term loan of up to $1.0 million that could be drawn by the Company through July 12, 2019, for the purpose of repurchases of its common stock. The additional term loan is evidenced by a promissory note bearing interest at 5.15% per annum and payable in monthly installments of interest only through July 12, 2019. Thereafter, the note is payable in monthly installments sufficient to fully amortize the outstanding principal balance in 60 months with the balance of principal and accrued interest due on July 12, 2023.

Amounts outstanding under the additional term loan further reduce the availability under the Company’s revolving line of credit with Amegy Bank. On August 1, 2018, the Company drew $0.7 million of the additional term loan and used the proceeds to fund the purchase of 100,000 shares of its common stock in a private transaction. On December 12, 2018, the Company drew $0.3 million of the additional term loan and used the proceeds to partially fund a purchase of 50,000 shares of its common stock in a private transaction. As of September 30, 2020, a total of $1.4 million was outstanding on the two Amegy Bank term loans, of which $0.6 million was repaid on October 28, 2020..

Reduced outstanding accounts receivable available as collateral under the Company’s credit agreement with Amegy Bank has limited access to additional financing. Net losses in recent periods have also impacted compliance with the financial covenants under the Amegy Bank credit agreement, further impeding the Company’s ability to obtain additional financing. On March 26, 2020, the Company entered into a Thirteenth Amendment to Credit Agreement (the “Thirteenth Amendment”) with Amegy Bank. The Thirteenth Amendment amended the minimum net worth covenant to require the Company to maintain tangible net worth (as defined therein) of $4.0 million, determined on a quarterly basis. Under the Thirteenth Amendment, Amegy Bank also waived an existing default caused by the Company’s failure to satisfy the old minimum net worth covenant as of December 31, 2019. On May 12, 2020, the Company entered into a Fourteenth Amendment to Credit Agreement (the “Fourteenth Amendment”) with Amegy Bank. The Fourteenth Amendment amended the line of credit to reduce the maximum borrowing capacity to $3.0 million. Under the Fourteenth Amendment, Amegy Bank also waived an existing default caused by the Company’s failure to satisfy both the minimum fixed charge coverage ratio through March 31, 2020 and minimum tangible net worth as of March 31, 2020. The Company obtained waivers from Amegy Bank of its failures to satisfy the fixed charge coverage ratio, the minimum tangible net worth, and the borrowing base for the quarters ended June 30, 2020 and September 30, 2020. On November 10, 2020, the Company entered into a Fifteenth Amendment to Credit Agreement (the “Fifteenth Amendment”) with Amegy Bank. The Fifteenth Amendment waived the minimum tangible net worth covenant until December 31, 2021, after which a minimum tangible net worth of $1.5 million will be required. The Fifteenth Amendment also revised the calculation of the fixed charge coverage ratio such that it will be tested at December 31, 2020 based on the preceding six month period, tested at March 31, 2021 based on the preceding nine month period, and tested at June 30, 2021 and subsequent periods using a twelve month rolling period.

On April 15, 2020, Wilhelmina International, Ltd. (the “Borrower”), a wholly-owned subsidiary of the Company, executed a Business Loan Agreement and a Promissory Note each dated April 13, 2020 (collectively, the “Sub PPP Loan Documents”), with respect to a loan in the amount of $1.8 million (the “Sub PPP Loan”) from Amegy Bank. The Sub PPP Loan was obtained pursuant to the PPP. The Sub PPP Loan matures on April 13, 2022 and bears interest at a rate of 1.00% per annum. The Sub PPP Loan is payable in 18 equal monthly payments of $104 thousand commencing November 13, 2020.

On April 18, 2020, the Company executed a Business Loan Agreement and a Promissory Note each dated April 17, 2020 (collectively, the “Parent PPP Loan Documents”), with respect to a loan in the amount of $128 thousand (the “Parent PPP Loan”) from Amegy Bank. The Parent PPP Loan was also obtained pursuant to the PPP. The Parent PPP Loan matures on April 17, 2022 and bears interest at a rate of 1.00% per annum. The Parent PPP Loan is payable in 18 equal monthly payments of $7 thousand commencing November 13, 2020.

Both the Sub PPP Loan and the Parent PPP Loan (collectively, the “PPP Loans”) may be prepaid at any time prior to maturity with no prepayment penalties. Both the Sub PPP Loan Documents and the Parent PPP Loan Documents contain various provisions related to the PPP, as well customary representations, warranties, covenants, events of default and other provisions. Neither of the PPP Loans is secured by either the Borrower or the Company, and both are guaranteed by the SBA. All or a portion of the PPP Loans may be forgiven by the SBA upon application by the Borrower or the Company, respectively, accompanied by documentation of expenditures in accordance with the SBA requirements under the PPP. In the event all or any portion of the PPP Loans is forgiven, the amount forgiven is applied to outstanding principal, and would be recorded as income, net of any tax effect.

As of September 30, 2020, a total of $2.0 million was outstanding on the PPP Loans.

Note 6. Commitments and Contingencies

On October 24, 2013, a putative class action lawsuit was brought against the Company by former Wilhelmina model Alex Shanklin and others, including Louisa Raske, Carina Vretman, Grecia Palomares and Michelle Griffin Trotter (the “Shanklin Litigation”), in New York State Supreme Court (New York County) by the same lead counsel who represented plaintiffs in a prior, now-dismissed action brought by Louisa Raske (the “Raske Litigation”). The claims in the Shanklin Litigation initially included breach of contract and unjust enrichment allegations arising out of matters similar to the Raske Litigation, such as the handling and reporting of funds on behalf of models and the use of model images. Other parties named as defendants in the Shanklin Litigation include other model management companies, advertising firms, and certain advertisers. On January 6, 2014, the Company moved to dismiss the Amended Complaint in the Shanklin Litigation for failure to state a claim upon which relief can be granted and other grounds, and other defendants also filed motions to dismiss. On August 11, 2014, the court denied the motion to dismiss as to Wilhelmina and other of the model management defendants. Separately, on March 3, 2014, the judge assigned to the Shanklin Litigation wrote the Office of the New York Attorney General bringing the case to its attention, generally describing the claims asserted therein against the model management defendants, and stating that the case “may involve matters in the public interest.” The judge’s letter also enclosed a copy of his decision in the Raske Litigation, which dismissed that case.

Plaintiffs retained substitute counsel, who filed a Second and then Third Amended Complaint. Plaintiffs’ Third Amended Complaint asserts causes of action for alleged breaches of the plaintiffs' management contracts with the defendants, conversion, breach of the duty of good faith and fair dealing, and unjust enrichment. The Third Amended Complaint also alleges that the plaintiff models were at all relevant times employees, and not independent contractors, of the model management defendants, and that defendants violated the New York Labor Law in several respects, including, among other things, by allegedly failing to pay the models the minimum wages and overtime pay required thereunder, not maintaining accurate payroll records, and not providing plaintiffs with full explanations of how their wages and deductions therefrom were computed. The Third Amended Complaint seeks certification of the action as a class action, damages in an amount to be determined at trial, plus interest, costs, attorneys’ fees, and such other relief as the court deems proper. On October 6, 2015, Wilhelmina filed a motion to dismiss as to most of the plaintiffs’ claims. The Court entered a decision granting in part and denying in part Wilhelmina’s motion to dismiss on May 26, 2017. The Court (i) dismissed three of the five New York Labor Law causes of action, along with the conversion, breach of the duty of good faith and fair dealing and unjust enrichment causes of action, in their entirety, and (ii) permitted only the breach of contract causes of action, and some plaintiffs’ remaining two New York Labor Law causes of action to continue, within a limited time frame. The plaintiffs and Wilhelmina each appealed, and the decision was affirmed on May 24, 2018. On August 16, 2017, Wilhelmina timely filed its Answer to the Third Amended Complaint.

On June 6, 2016, another putative class action lawsuit was brought against the Company by former Wilhelmina model Shawn Pressley and others, including Roberta Little (the “Pressley Litigation”), in New York State Supreme Court (New York County) by the same counsel representing the plaintiffs in the Shanklin Litigation, and asserting identical, although more recent, claims as those in the Shanklin Litigation. The Amended Complaint, asserting essentially the same types of claims as in the Shanklin action, was filed on August 16, 2017. Wilhelmina filed a motion to dismiss the Amended Complaint on September 29, 2017, which was granted in part and denied in part on May 10, 2018. Some New York Labor Law and contract claims remain in the case. Pressley has withdrawn from the case, leaving Roberta Little as the sole remaining named plaintiff in the Pressley Litigation. On July 12, 2019, the Company filed its Answer and Counterclaim against Little.

On May 1, 2019, the Plaintiffs in the Shanklin Litigation (except Raske) and the Pressley Litigation filed motions for class certification on their contract claims and the remaining New York Labor Law Claims. On July 12, 2019, Wilhelmina filed its opposition to the motions for class certification and filed a cross-motion for summary judgment against Shanklin, Vretman, Palomares, Trotter and Little, and a motion for summary judgment against Raske.

By Order Dated May 8, 2020 (the “Class Certification Order”), the Court denied class certification in the Pressley case, denied class certification with respect to the breach of contract and alleged unpaid usage claims, granted class certification as to the New York Labor Law causes of action asserted by Vretman, Palomares and Trotter, and declined to rule on Wilhelmina’s motions for summary judgment, denying them without prejudice to be re-filed at a later date. On June 12, 2020, the Plaintiffs in both the Shanklin and Pressley actions filed Notices of Appeal to the Appellate Division, First Department, from those portions of the Class Certification Order on which Wilhelmina prevailed, and Little also filed a motion for reargument of the denial of her motion for class certification. On June 22, 2020, Wilhelmina filed Notices of Cross-Appeal from those portions of the Class Certification order that granted class Certification and denied summary judgement. Wilhelmina also opposed Little’s motion for reargument, and that motion is fully briefed. The Court has directed the parties to non-binding mediation and that process is underway.

The Company believes the claims asserted in the Shanklin Litigation and Pressley Litigation are without merit and intends to continue to vigorously defend the actions.

In addition to the legal proceedings disclosed herein, the Company is also engaged in various legal proceedings that are routine in nature and incidental to its business. None of these routine proceedings, either individually or in the aggregate, are believed likely, in the Company's opinion, to have a material adverse effect on its consolidated financial position or its results of operations.

Note 7. Income Taxes

Generally, the Company’s combined effective tax rate is high relative to reported net income as a result of valuation allowances on deferred tax assets, certain amortization expense, stock based compensation, and corporate overhead not being deductible and income being attributable to certain states in which it operates. In recent years, the majority of taxes paid by the Company were state and foreign taxes, not federal U.S. taxes. The Company operates in four states which have relatively high tax rates: California, New York, Illinois, and Florida. Realization of net operating loss carryforwards, foreign tax credits, and other deferred tax temporary differences are contingent upon future taxable earnings. The Company’s deferred tax assets are reviewed for expected utilization by assessing the available positive and negative factors surrounding recoverability, including projected future taxable income, tax-planning strategies, and results of recent operations. A valuation allowance is recorded when it is more likely than not that a deferred tax asset will not be realized. As of September 30, 2020, due primarily to the effects of the COVID-19 pandemic on its business, the Company believes it is more likely than not that the benefit from deferred tax assets will not be realized. During the nine months ended September 30, 2020, the Company recorded a $1.3 valuation allowance on its deferred tax assets and released a $0.3 million valuation allowance on deferred tax assets relating to the forfeiture of stock options held by the Company’s former Chief Executive Officer. At September 30, 2020, the Company maintained a $1.3 million valuation allowance against its deferred tax assets. The Company will continue to assess the assumptions used to determine the amount of the valuation allowance and may adjust the valuation allowance in future periods based on changes in estimated future income and other factors.

Note 8. Treasury Shares

During 2012, the Board of Directors authorized a stock repurchase program whereby the Company could repurchase up to 500,000 shares of its outstanding common stock. During 2013, the Board of Directors renewed and extended the Company’s share repurchase authority to enable it to repurchase up to an aggregate of 1,000,000 shares of common stock. In 2016, the Board of Directors increased by an additional 500,000 shares the number of shares of the Company’s common stock that may be repurchased under its stock repurchase program to an aggregate of 1,500,000 shares. The shares may be repurchased from time to time in the open market or through privately negotiated transactions at prices the Company deems appropriate. The program does not obligate the Company to acquire any particular amount of common stock and may be modified or suspended at any time at the Company’s discretion.

From 2012 through September 30, 2020, the Company repurchased 1,314,694 shares of common stock at an average price of approximately $4.85 per share, for a total of approximately $6.4 million in repurchases under the stock repurchase program. During the first nine months of 2020, 4,833 shares were repurchased under the stock repurchase program for approximately $20 thousand. The repurchase of an additional 185,306 shares is presently authorized under the stock repurchase program. Due to COVID-19, the Company has temporarily suspended further share repurchases to preserve liquidity.

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.

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 $22.5 thousand for the nine months ended both September 30, 2020 and 2019. The Company did not owe NCM any amounts under the services agreement as of September 30, 2020.

Note 10. Goodwill

During the first quarter of 2020, the Company determined that recent declines in revenue, COVID-19 impacts on its retail clients, and declines in its stock price triggered the requirement for goodwill impairment testing. The results of the impairment test indicated that the carrying value of goodwill exceeded its estimated fair value. As a result, during March 2020, the Company recorded an impairment charge of $0.8 million related to its goodwill. No asset impairment charges were incurred during the third quarter of 2020. Further declines in the Company’s stock price could result in additional goodwill impairment charges.

No asset impairment charges were incurred during the first nine months of 2019.

Note 11. Subsequent Events

On November 10, 2020, the Company entered into a Fifteenth Amendment to Credit Agreement (the “Fifteenth Amendment”) with Amegy Bank. The Fifteenth Amendment waived the minimum tangible net worth covenant until December 31, 2021, after which a minimum tangible net worth of $1.5 million will be required. The Fifteenth Amendment also revised the calculation of the fixed charge coverage ratio such that it will be tested at December 31, 2020 based on the preceding six month period, tested at March 31, 2021 based on the preceding nine month period, and tested at June 30, 2021 and subsequent periods using a twelve month rolling period.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following is a discussion of the interim unaudited consolidated financial condition and results of operations for the Company and its subsidiaries for the three and nine months ended September 30, 2020 and 2019. It should be read in conjunction with the financial statements of the Company, the notes thereto and other financial information included elsewhere in this report, and the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains certain “forward-looking” statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995. Such forward looking statements relating to the Company and its subsidiaries are based on the beliefs of the Company’s management as well as information currently available to the Company’s management. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect” and “intend” and words or phrases of similar import, as they relate to the Company or Company management, are intended to identify forward-looking statements. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitation, competitive factors, general economic conditions, the interest rate environment, governmental regulation and supervision, seasonality, changes in industry practices, one-time events and other factors described herein and in other filings made by the Company with the SEC. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. The Company does not undertake any obligation to publicly update these forward-looking statements. As a result, you should not place undue reliance on these forward-looking statements.

OVERVIEW

The Company’s primary business is fashion model management and complementary business activities. The business of talent management firms, such as Wilhelmina, depends heavily on the state of the advertising industry, as demand for talent is driven by Internet, print and television advertising campaigns for consumer goods and retail clients. Wilhelmina believes it has strong brand recognition which enables it to attract and retain top agents and talent to service a broad universe of clients. In order to take advantage of these opportunities and support its continued growth, the Company will need to continue to successfully allocate resources and staffing in a way that enhances its ability to respond to new opportunities. The Company continues to focus on tightly managing costs, recruiting top agents when available, and scouting and developing new talent.

COVID-19 Pandemic

	-	In April 2020, obtained approximately $2.0 million in loans under the Paycheck Protection Program (the “PPP”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) administered by the U.S. Small Business Administration (“SBA”).
	-	Eliminated discretionary travel and entertainment expenses.
	-	Suspended share repurchases.
	-	Did not renew the leases on three New York City model apartments when the terms ended in June and August, 2020.
	-	Suspended efforts to fill two highly compensated executive roles following the resignation of the Company’s Chief Executive Officer and Vice President in early 2020.
	-	Obtained from the landlord of the Company’s New York City office a deferral of $41 thousand in July 2020 rent until January 2021.
	-	Negotiated discounts with various vendors and service providers, in effect through the remainder of 2020.
	-	Effective July 1, 2020, implemented layoffs of approximately 36% of its staff, including employees at each of the Company’s five offices, and effected temporary salary reductions for the remaining staff. The salary reductions are expected to return to full salaries when business conditions improve.

If the quarantines and limitations on non-essential work are re-implemented, or persist for an extended period, the Company may need to implement additional cost savings measures.

Trends and Opportunities

The Company expects that the combination of Wilhelmina’s main operating base in New York City, the industry’s capital, with the depth and breadth of its talent pool and client roster and its diversification across various talent management segments, together with its geographical reach, should make Wilhelmina’s operations more resilient to industry changes and economic swings than those of many of the smaller firms operating in the industry.

With total annual advertising expenditures on major media (newspapers, magazines, television, cinema, outdoor and Internet) exceeding approximately $200 billion in recent years, North America is by far the world’s largest advertising market. For the fashion talent management industry, including Wilhelmina, advertising expenditures on magazines, television, Internet and outdoor are of particular relevance.

In recent periods, traditional retail clients in the fashion and beauty industry have had increased competition from digital, social, and new media, reducing their budgets for advertising and model talent. Wilhelmina reviews the mix of talent and resources available to best operate in the changing environment.

Although Wilhelmina has a large and diverse client base, it is not immune to global economic conditions. The Company closely monitors economic conditions, client spending, and other industry factors and continually evaluates opportunities to increase its market share and further expand its geographic reach. There can be no assurance as to the effects on Wilhelmina of current or future economic circumstances, client spending patterns, client creditworthiness and other developments and whether, or to what extent, Wilhelmina’s efforts to respond to them will be effective.

Strategy

Management’s long-term strategy is to increase value to shareholders through the following initiatives:

•

increase Wilhelmina’s brand awareness and consideration among advertisers and potential talent;

•

expand the Wilhelmina network through strategic geographic market development;

•

expand the women’s high end fashion board;

•

expand the Aperture division’s representation in commercials, film, and television;

•

expand celebrity and social media influencer representation; and

•

promote model search contests and events and partner on media projects (television, film, books, etc.).

Due to the ubiquity of the Internet as a standard business tool, the Company has increasingly sought to harness the opportunities of the Internet and other digital media to improve its communications with clients and to facilitate the effective exchange of fashion model and talent information. At the same time, the Internet presents challenges for the Company, including (i) the cannibalization of traditional print media businesses, and (ii) pricing pressures with respect to digital media photo shoots and client engagements.

Key Financial Indicators

In addition to net income, the key financial indicators that the Company reviews to monitor its business are revenues, model costs, operating expenses and cash flows.

The Company analyzes revenue by reviewing the mix of revenues generated by the different “boards,” each a specific division of the fashion model management operations which specializes by the type of model it represents, by geographic locations and from significant clients. Wilhelmina’s primary sources of revenue include: (i) revenues from principal relationships where the gross amount billed to the client is recorded as revenue when earned and collectability is reasonably assured; and (ii) separate service charges, paid by clients in addition to the booking fees, which are calculated as a percentage of the models’ booking fees and are recorded as revenues when earned and collectability is reasonably assured. See “Critical Accounting Policies - Revenue Recognition.”

Wilhelmina provides professional services. Therefore, salary and service costs represent the largest part of the Company’s operating expenses. Salary and service costs are comprised of payroll and related costs and travel, meals and entertainment (“T&E”) to deliver the Company’s services and to enable new business development activities.

Analysis of Consolidated Statements of Operations and Service Revenues

	Three Months Ended							Nine Months Ended
	September 30			September 30			% Change	September 30			September 30			% Change
	2020			2019			2020 vs 2019	2020			2019			2020 vs 2019
Service revenues		10,534			17,224		(38.8%)		29,604			57,199		(48.2%)
License fees and other income		11			17		(35.3%)		21			46		(54.3%)
TOTAL REVENUES		10,545			17,241		(38.8%)		29,625			57,245		(48.2%)
Model costs		7,544			12,534		(39.8%)		21,547			41,166		(47.7%)
REVENUES NET OF MODEL COSTS		3,001			4,707		(36.2%)		8,078			16,079		(49.8%)
GROSS PROFIT MARGIN		28.5	%		27.3	%			27.3	%		28.1	%
Salaries and service costs		1,651			3,266		(49.4%)		7,566			10,571		(28.4%)
Office and general expenses		797			1,042		(23.5%)		2,799			3,301		(15.2%)
Amortization and depreciation		294			297		(1.0%)		886			885		(0.1%)
Goodwill Impairment		-			-		-		800			-		*
Corporate overhead		145			251		(42.2%)		692			834		(17.0%)
OPERATING INCOME (LOSS)		114			(149	)	176.5%		(4,665	)		488		*
OPERATING MARGIN		1.1	%		(0.9	%)			(15.7	%)		0.9	%
Foreign exchange gain		(14	)		(3	)	*		(65	)		-		*
Interest expense		21			27		(22.2%)		71			89		(20.2%)
INCOME BEFORE INCOME TAXES		107			(173	)	161.8%		(4,671	)		399		*
Income tax (expense) benefit		(85	)		7		*		(667	)		(223	)	199.1%
Effective tax rate		79.4	%		4.0	%			(14.3	%)		55.9	%
NET INCOME (LOSS)		22			(166	)	113.3%		(5,338	)		176		*

* Not meaningful

Service Revenues

The Company’s service revenues fluctuate in response to its clients’ willingness to spend on advertising and the Company’s ability to have the desired talent available. In the first nine months of 2020, the COVID-19 pandemic had a material impact on revenues, as many customers cancelled or postponed bookings while non-essential business activities were temporarily barred in the cities where Wilhelmina operates. The decreases of 38.8% and 48.2% for the three and nine months ended September 30, 2020, when compared to the three and nine months ended September 30, 2019, were primarily due to cancelled bookings resulting from COVID-19, as well as the closure of the Wilhelmina Studios division in the fourth quarter of 2019.

License Fees and Other Income

License fees and other income include franchise revenues from independently owned model agencies that use the Wilhelmina trademark and various services provided by the Company. License fees were decreased by 35.3% and 54.3% for the three and nine months ended September 30, 2020, when compared to three and nine months ended September 30, 2019. The year to date decrease was primarily due to the timing of income from licensing agreements.

Gross Profit Margin

Gross profit margin increased by 120 basis points for the three months ended September 30, 2020, when compared to the three months ended September 2019, primarily due to a reduction in travel related model costs in 2020. Gross profit margin decreased by 80 basis points for the nine months ended September 30, 2020, when compared to the nine months ended September 30, 2019 primarily due to a larger percentage of consolidated revenue from the Aperture division in 2020, which is lower margin than traditional core model bookings.

Salaries and Service Costs

Salaries and service costs consist of payroll related costs and T&E required to deliver the Company’s services to its clients and talents. The 49.4% and 28.4% decreases in salaries and service costs during the three and nine months ended September 30, 2020, when compared to the three and nine months ended September 30, 2019, were primarily the result of the closure of the Wilhelmina Studios division during the fourth quarter of 2019, employee layoffs in July 2020, temporary reductions in staff salaries, open positions for two executives that resigned in January 2020 and a reduction in share based payment expense.

Office and General Expenses

Office and general expenses consist of office and equipment rents, advertising and promotion, insurance expenses, administration and technology cost. The decrease in office and general expenses of 23.5% and 15.2% for the three and nine months ended September 30, 2020, when compared to the three and nine months ended September 30, 2019, were primarily due to reduced legal fees, rent expense, computer expense, utilities, postage, and other office expenses, partially offset by an increase in bad debt expense.

Amortization and Depreciation

Amortization and depreciation expense is incurred with respect to certain assets, including computer hardware, software, office equipment, furniture, and certain intangibles. Amortization and depreciation expense was relatively unchanged for the three and nine months ended September 30, 2020 compared to the three and nine months ended September 30, 2019. Fixed asset purchases (mostly related to technology and computer equipment) totaled approximately $2 thousand and $90 thousand during the three and nine months ended September 30, 2020, compared to $97 thousand and $304 thousand for the three and nine months ended September 30, 2019.

Goodwill Impairment

No goodwill impairment charges were incurred during the three months ended September 30, 2020 and 2019. The Company incurred $0.8 million of goodwill impairment during the nine months ended September 30, 2020, compared to none during the nine months ended September 30, 2019, due to the Company’s first quarter 2020 impairment test indicating that the carrying value of goodwill exceeded the estimated fair value.

Corporate Overhead

Corporate overhead expenses include director and executive officer compensation, legal, audit and professional fees, corporate office rent and travel. Corporate overhead decreased by 42.2% and 17.0% for the three and nine months ended September 30, 2020, compared to the three and nine months ended September 30, 2019, primarily due to lower corporate travel costs, and temporary reductions in fees to the Company’s Board of Directors..

Operating Income and Loss and Operating Margin

Operating income of $114 thousand and operating margin of 1.1% for the three months ended September 30, 2020 compared to operating loss of $149 thousand and negative operating margin of 0.9% for the three months ended September 30, 2019, due to decreased operating expenses resulting from costs savings initiatives during 2020, partially offset by lower revenue net of model costs. Operating loss of $4.7 million and negative operating margin of 15.7% for the nine months ended September 30, 2020 compared to operating income of $488 thousand and positive operating margin of 0.9% for the nine months ended September 30, 2019 due to decreased revenue net of model costs, partially offset by lower operating expenses.

Foreign Currency Exchange

The Company realized gain of $14 thousand and $65 thousand from foreign currency exchange during the three and nine months ended September 30, 2020, and gain of $3 thousand and $0 from foreign currency exchange during the three months ended September 30, 2019. Foreign currency gain and loss is due to fluctuations in currencies from Great Britain, Europe, and Latin America.

Interest Expense

Interest expense for the three and nine months ended September 30, 2020 and September 30, 2019 was primarily attributable to accrued interest on term loans drawn during 2016 and 2018. See, “Liquidity and Capital Resources.”

Income and Loss before Income Taxes

Income before income taxes of $0.1 million for the three months ended September 30, 2020 compared to loss before income taxes of $0.2 million for the three months ended September 30, 2019 primarily due to the increase in operating income. Loss before income taxes of $4.7 million for the nine months ended September 30, 2020 compared to income before income taxes of $0.4 million for the nine months ended September 30, 2019 due to the decrease in operating income.

Income Taxes

Generally, the Company’s combined effective tax rate is high relative to reported net income as a result of certain valuation allowances on deferred tax assets, amortization expense, foreign taxes, and corporate overhead not being deductible and income being attributable to certain states in which it operates. The Company operates in four states, which have relatively high tax rates: California, New York, Illinois, and Florida. The Company had income tax expense of $85 thousand and $0.7 million for the three and nine months ended September 30, 2020, compared to income tax benefit of $7 thousand and income tax expense of $0.2 million for the three and nine months ended September 30, 2019. As of September 30, 2020, due primarily to the effects of the COVID-19 pandemic on its business, the Company believes it is more likely than not that the benefit from deferred tax assets will not be realized and has established a $1.3 million valuation allowance against its deferred tax assets. The Company recorded income tax expense for the first nine months of 2020 despite losses before income taxes due primarily to the valuation allowance recorded against deferred tax assets in the first quarter of 2020.

Net Income and Loss

The Company had net income of $22 thousand for the three months ended September 30, 2020 compared to net loss of $0.2 million for the three months ended September 30, 2019, as a result of the increased income before taxes partially offset by increased income tax expense. The Company had net loss of $5.3 million for the nine months ended September 30, 2020 compared to net income of $0.2 million for the nine months ended September 30, 2019, primarily as a result of the combined impact of decreased income before taxes and increased income tax expense.

Liquidity and Capital Resources

The Company’s cash balance decreased to $5.0 million at September 30, 2020 from $7.0 million at December 31, 2019. The cash balances decreased as a result of $3.2 million net cash used in operating activities, $0.1 million net cash used in investing activities, and $0.1 million negative effect of foreign currency translation, partially offset by $1.3 million cash provided by financing activities.

Net cash used in operating activities of $3.2 million was primarily the result of the net loss and decreases in amounts due to models, lease liabilities, accounts payable and accrued liabilities, partially offset by decreases in accounts receivable and right of use assets. The $0.1 million of cash used in investing activities was attributable to purchases of property and equipment, including software and computer equipment. The $1.3 million of cash from financing activities was primarily attributable to receipt of $2.0 million of PPP loans, partially offset by $0.6 million of principal payments on the Company’s Amegy Bank term loans and payments on finance leases.

The Company’s primary liquidity needs are for working capital associated with performing services under its client contracts and servicing its term loans. Generally, the Company incurs significant operating expenses with payment terms shorter than its average collections on billings. The COVID-19 pandemic has had an impact on the Company’s cash flows during the nine months ended September 30, 2020, primarily due to reduced bookings and modeling jobs and delayed payments from customers. The Company has taken actions to address the impact of COVID-19 by reducing expenses and has the ability to implement more significant cost savings measures if the current limitations on non-essential work persist for an extended period.

Amegy Bank Credit Agreement

Paycheck Protection Program Loan

As of September 30, 2020, a total of $2.0 million was outstanding on the PPP Loans.

Off-Balance Sheet Arrangements

As of September 30, 2020, the Company had outstanding a $0.2 million irrevocable standby letter of credit under the revolving credit facility with Amegy Bank. The letter of credit serves as security under the lease relating to the Company’s office space in New York City that expires February 2021.

Effect of Inflation

Inflation has not historically been a material factor affecting the Company’s business. General operating expenses, such as salaries, employee benefits, insurance and occupancy costs are subject to normal inflationary pressures.

Critical Accounting Policies

Basis of Presentation

The consolidated financial statements include the accounts of Wilhelmina and its wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation.

Revenue Recognition

On January 1, 2018, the Company adopted the requirements of Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”). ASC 606 establishes a principle for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services.

Our revenues are derived primarily from fashion model and artist bookings, and representation of social media influencers and actors for commercials, film, and television. Our performance obligations are primarily satisfied at a point in time when the talent has completed the contractual requirements.

A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The performance obligations for most of the Company’s core modeling bookings are satisfied on the day of the event, and the “day rate” total fee is agreed in advance when the customer books the model for a particular date. For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation based on the estimated relative standalone selling price.

Model Costs

Model costs include amounts owed to talent, including taxes required to be withheld and remitted directly to taxing authorities, commissions owed to other agencies, and related costs such as those paid for photography. Costs are accrued in the period in which the event takes place consistent with when the revenue is recognized. The Company typically enters into contractual agreements with models under which the Company is obligated to pay talent upon collection of fees from the customer.

Stock Based Compensation

Stock-based compensation expense is estimated at the grant date based on the award’s fair value as calculated by the Black-Scholes option pricing model and is recognized on a straight line basis as an expense over the requisite service period, which is generally the vesting period. The determination of the fair value of stock-based awards on the date of grant using an option pricing model is affected by our stock price as well as assumptions regarding a number of complex and subjective variables. These variables include the estimated volatility over the expected term of the awards, actual and projected employee stock option exercise behaviors, risk-free interest rates, estimated forfeitures and expected dividends.

Income Taxes

We are subject to income taxes in the United States, the United Kingdom, and numerous local jurisdictions.

Deferred tax assets are recognized for unused tax losses, unused tax credits, and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Unused tax loss carry-forwards are reviewed at each reporting date and a valuation allowance is established if it is doubtful we will generate sufficient future taxable income to utilize the loss carry-forwards.

In determining the amount of current and deferred income tax, we take into account whether additional taxes, interest, or penalties may be due. Although we believe that we have adequately reserved for our income taxes, we can provide no assurance that the final tax outcome will not be materially different. To the extent that the final tax outcome is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on our financial condition and operating results.

Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable are accounted for at net realizable value, do not bear interest and are short-term in nature. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability to collect on accounts receivable. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and a credit to the allowance. Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the allowance and a credit to accounts receivable. The Company generally does not require collateral.

Goodwill and Intangible Asset Impairment Testing

The Company performs impairment testing at least annually and more frequently if events and circumstances indicate that an asset might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the reporting unit’s fair value. In accordance with ASU 2017-03, effective January 1, 2020, only a one-step qualitative impairment test is performed, whereby a goodwill impairment loss will be measured as the excess of a reporting unit’s carrying amount over its fair value. If the carrying amount of the reporting unit’s goodwill exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill.

Whenever events or circumstances change, entities have the option to first make a qualitative evaluation about the likelihood of goodwill impairment. If impairment is deemed more likely than not, management would perform the goodwill impairment test. Otherwise, the goodwill impairment test is not required. In assessing the qualitative factors, the Company assesses relevant events and circumstances that may impact the fair value and the carrying amount of the reporting unit. The identification of relevant events and circumstances and how these may impact a reporting unit’s fair value or carrying amount involve significant judgments and assumptions. The judgment and assumptions include the identification of macroeconomic conditions, industry and market considerations, overall financial performance, Company specific events and share price trends, an assessment of whether each relevant factor will impact the impairment test positively or negatively, and the magnitude of any such impact.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk.

Not required for smaller reporting company

Item 4.

Controls and Procedures.

The Company maintains disclosure controls and procedures designed to ensure that information it is required to disclose in the reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. The Company’s disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in the reports filed or submitted under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

The Company’s management, including the Company’s principal executive officer and principal financial officer have evaluated the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based on such evaluation, the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report.

During the most recent fiscal quarter, there have been no changes in the Company’s internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings.

By Order Dated May 8, 2020 (the “Class Certification Order”), the Court denied class certification in the Pressley case, denied class certification with respect to the breach of contract and alleged unpaid usage claims, granted class certification as to the New York Labor Law causes of action asserted by Vretman, Palomares and Trotter, and declined to rule on Wilhelmina’s motions for summary judgment, denying them without prejudice to be re-filed at a later date. On June 12, 2020, the Plaintiffs in both the Shanklin and Pressley actions filed Notices of Appeal to the Appellate Division., First Department, from those portions of the Class Certification Order on which Wilhelmina prevailed, and Little also filed a motion for reargument of the denial of her motion for class certification. On June 22, 2020, Wilhelmina filed Notices of Cross-Appeal from those portions of the Class Certification order that granted class Certification and denied summary judgement. Wilhelmina also opposed Little’s motion for reargument, and that motion is fully briefed. The Court has directed the parties to non-binding mediation and that process is underway.

The Company believes the claims asserted in the Shanklin Litigation and Pressley Litigation are without merit and intends to continue to vigorously defend the actions.

Item 1.A.

Risk Factors.

Not required for smaller reporting company.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

During 2012, the Board of Directors authorized a stock repurchase program whereby the Company could repurchase up to 500,000 shares of its outstanding common stock. During 2013, the Board of Directors renewed and extended the Company’s share repurchase authority to enable it to repurchase up to an aggregate of 1,000,000 shares of common stock. In 2016, the Board of Directors increased by an additional 500,000 shares the number of shares of the Company’s common stock which may be repurchased under its stock repurchase program to an aggregate of 1,500,000 shares. The shares may be repurchased from time to time in the open market or through privately negotiated transactions at prices the Company deems appropriate. The program does not obligate the Company to acquire any particular amount of common stock and may be modified or suspended at any time at the Company’s discretion. The Company did not make any purchases pursuant to the stock repurchase program during the quarter ended September 30, 2020.

Item 3.

Defaults Upon Senior Securities.

None.

Item 4.

Mine Safety Disclosures.

Not applicable.

Item 5.

Other Information.

The foregoing description of the Fifteenth Amendment is qualified in its entirety by reference to the copy thereof filed as an exhibit hereto and incorporated herein by this reference.

Item 6.

Exhibits.

The following is a list of exhibits filed as part of this Form 10-Q:

Exhibit No.	Description

3.1	Restated Certificate of Incorporation of Wilhelmina International, Inc. (incorporated by reference from Exhibit 3.1 to Form S-1/A, filed January 30, 2012).
3.2	Certificate of Amendment of the Restated Certificate of Incorporation of Wilhelmina International, Inc. (incorporated by reference from Exhibit 3.1 to the Form 8-K, filed July 15, 2014).
3.3	Certificate of Amendment of the Restated Certificate of Incorporation of Wilhelmina International, Inc. (incorporated by reference from Exhibit 3.1 to Form 8-K filed July 12, 2017).
3.4	Amended and Restated Bylaws of Wilhelmina International, Inc. (incorporated by reference from Exhibit 3.2 to Form 8-K, filed May 24, 2011).
4.1	Form of Stock Certificate of Common Stock of Billing Concepts Corp. (incorporated by reference from Exhibit 4.1 to Form 10-Q, filed May 15, 1998)
10.1	Fifteenth Amendment to Credit Agreement dated November 10, 2020, by and among Wilhelmina International, Inc., ZB, N.A. dba Amegy Bank and the guarantors signatory thereto *
31.1	Certification of Principal Executive Officer in accordance with Section 302 of the Sarbanes-Oxley Act. *
31.2	Certification of Principal Financial Officer in accordance with Section 302 of the Sarbanes-Oxley Act. *
32.1	Certification of Principal Executive Officer in accordance with Section 906 of the Sarbanes-Oxley Act. *
32.2	Certification of Principal Financial Officer in accordance with Section 906 of the Sarbanes-Oxley Act. *
101.INS	XBRL Instance Document *
101.SCH	XBRL Taxonomy Extension Schema *
101.CAL	XBRL Taxonomy Extension Calculation Linkbase *
101.DEF	XBRL Taxonomy Extension Definition Linkbase *
101.LAB	XBRL Taxonomy Extension Label Linkbase *
101.PRE	XBRL Taxonomy Extension Presentation Linkbase *

________________

* Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	WILHELMINA INTERNATIONAL, INC.
	(Registrant)


Date: November 12, 2020	By:	/s/ James A. McCarthy
	Name:	James A. McCarthy
	Title:	Chief Financial Officer (principal financial officer)

EX-10.1 2 exh_101.htm EXHIBIT 10.1

Exhibit 10.1

FIFTEENTH AMENDMENT TO CREDIT AGREEMENT

This FIFTEENTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made effective and executed as of November 10, 2020, by and among WILHELMINA INTERNATIONAL, INC., a Delaware corporation (“Borrower”), ZIONS BANCORPORATION, N.A. dba AMEGY BANK (“Bank”), and each of the Guarantors set forth on the signature pages hereof (each a “Guarantor”, and collectively the “Guarantors”).

RECITALS

A. Borrower and Bank entered into that certain Credit Agreement dated as of April 20, 2011, as amended by that certain First Amendment to Credit Agreement dated as of January 1, 2012, that certain Second Amendment to Credit Agreement dated as of October 24, 2012, that certain Third Amendment to Credit Agreement dated as of July 31, 2014, that certain Fourth Amendment to Credit Agreement dated effective October 24, 2015, that certain Fifth Amendment to Credit Agreement dated effective May 13, 2016, that certain Sixth Amendment to Credit Agreement and First Amendment to Line of Credit Note dated effective November 9, 2016, that certain Seventh Amendment to Credit Agreement dated effective May 4, 2017, that certain Eighth Amendment to Credit Agreement and Waiver dated effective August 1, 2017, that certain Ninth Amendment to Credit Agreement and Second Amendment to Line of Credit Note dated effective October 24, 2017, that certain Tenth Amendment to Credit Agreement dated effective July 12, 2018, that certain Eleventh Amendment to Credit Agreement and Third Amendment to Line of Credit Note dated effective October 24, 2018, that certain Twelfth Amendment to Credit Agreement and Fourth Amendment to Line of Credit Note dated effective October 24, 2019, that certain Thirteenth Amendment to Credit Agreement dated effective March 26, 2020, and that certain Fourteenth Amendment to Credit Agreement dated effective May 12, 2020 (as amended, the “Credit Agreement”).

B. In connection with the Credit Agreement, Borrower executed and delivered to Bank (i) that certain Line of Credit Promissory Note dated April 20, 2011, in the stated principal amount of $500,000.00, as amended and restated by that certain Amended and Restated Line of Credit Promissory Note dated as of January 1, 2012, in the stated principal amount of $1,500,000.00, as amended and restated by that certain Second Amended and Restated Line of Credit Promissory Note dated as of October 24, 2012, in the stated principal amount of $5,000,000.00, as amended and restated by that certain Third Amended and Restated Line of Credit Promissory Note dated as of October 24, 2015, in the stated principal amount of $4,000,000.00, as amended by that certain Sixth Amendment to Credit Agreement and First Amendment to Line of Credit Note dated effective November 9, 2016, that certain Ninth Amendment to Credit Agreement and Second Amendment to Line of Credit Note dated effective October 24, 2017, that certain Eleventh Amendment to Credit Agreement and Third Amendment to Line of Credit Note dated effective October 24, 2018, and that certain Twelfth Amendment to Credit Agreement and Fourth Amendment to Line of Credit Note dated effective October 24, 2019 (as amended and restated, the “Line of Credit Note”), (ii) that certain Promissory Note dated effective October 24, 2015, in the stated principal amount of $3,000,000.00 (the “Term Note”), and (iii) that certain Promissory Note dated effective July 12, 2018, in the stated principal amount of $1,000,000.00 (the “Second Term Note”).

C. In connection with the Credit Agreement, (i) Guarantors (other than Artists at Wilhelmina LLC, Wilhelmina Licensing (Texas) LLC, and Wilhelmina Artist Management LLC, a Delaware limited liability company) executed and delivered to Bank that certain Unlimited Guaranty dated April 20, 2011, (ii) Artists at Wilhelmina LLC (formerly known as Wilhelmina Creative, LLC) and Wilhelmina Licensing (Texas) LLC executed and delivered to Bank those certain Unlimited Guaranties dated effective October 24, 2015, and (iii) Wilhelmina Artist Management LLC, a Delaware limited liability company, executed and delivered to Bank that certain Unlimited Guaranty dated effective November 9, 2016 (the Unlimited Guaranties referenced in items (i) through (iii) preceding, collectively, the “Guaranty Agreements”).

D. In connection with the Credit Agreement, (i) Borrower and Guarantors (other than Wilhelmina Licensing (Texas) LLC, Artists at Wilhelmina LLC, and Wilhelmina Artist Management LLC, a Delaware limited liability company) executed and delivered to Bank that certain Pledge and Security Agreement dated as of April 20, 2011, as amended from time to time, (ii) Wilhelmina Licensing (Texas) LLC executed and delivered to Bank that certain Pledge and Security Agreement dated effective as of October 24, 2015, as amended from time to time, (iii) Artists at Wilhelmina LLC executed and delivered to Bank that certain Pledge and Security Agreement dated effective as of October 24, 2015, as amended from time to time, and (iv) Wilhelmina Artist Management LLC, a Delaware limited liability company, executed and delivered to Bank that certain Pledge and Security Agreement dated effective on or about November 9, 2016, as amended from time to time (collectively, the “Security Documents” and each a “Security Document”).

E. Borrower has requested Bank to (i) waive the Existing Defaults (as defined below), and (ii) make certain other amendments to the Credit Agreement, all as more fully set forth herein, and Bank has agreed to the same upon the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows:

ARTICLE I
Definitions

Section 1.1. Definitions. Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall have the same meaning as assigned to them in the Credit Agreement, as amended hereby.

ARTICLE II
Amendments

Section 2.1. Amendments to Credit Agreement.

(a) The first sentence in Subsection 4.9(a) of the Credit Agreement is hereby amended and restated in its entirety to hereafter read as follows:

“(a) Minimum Tangible Net Worth. Minimum Tangible Net Worth of not less than $1,500,000.00 on a quarterly basis, determined as of each fiscal quarter end, commencing with the fiscal quarter ending December 31, 2021 and continuing for each fiscal quarter thereafter.”

For the avoidance of doubt, all of the definitions set forth in Section 4.9(a) of the Credit Agreement shall remain unchanged.

(b) The first sentence in Subsection 4.9(b) of the Credit Agreement is hereby amended and restated in its entirety to hereafter read as follows:

“(b) Fixed Charge Coverage Ratio. Fixed Charge Coverage Ratio, tested at the end of each fiscal quarter of Borrower, of not less than 1.25 to 1.0 for the fiscal quarter ending December 31, 2020 and for each fiscal quarter thereafter.”

For the avoidance of doubt, all of the definitions set forth in Section 4.9(b) of the Credit Agreement shall remain unchanged (except as expressly set forth below).

(c) The definition of “Fixed Charge Coverage Ratio” in Subsection 4.9(b) of the Credit Agreement is hereby amended and restated in its entirety to hereafter read as follows:

“‘Fixed Charge Coverage Ratio’ means, with respect to the Loan Parties and on the date of calculation, the ratio of (a) EBITDA plus (i) operating lease payments, plus (ii) non-cash impairment charges, minus (iii) non-financed capital expenditures, minus (iv) dividends and distributions, minus (v) cash taxes, minus (vi) non-financed amounts paid by Borrower to purchase or acquire any of its equity interests to (b) the sum of (i) Debt Service plus (ii) operating lease payments. The Fixed Charge Coverage Ratio shall be determined based on (1) the 6-month period then ending, for the fiscal quarter ending December 31, 2020, (2) the 9-month period then ending, for the fiscal quarter ending March 31, 2021, and (3) the 12-month period then ending, for the fiscal quarter ending June 30, 2021 and for each fiscal quarter thereafter. For purposes of determining the Fixed Charge Coverage Ratio hereunder, the payoff of the Term Note shall be excluded from Debt Service.”

Section 2.2. Waiver. Borrower has failed to be in compliance with Subsections 4.9(a) and 4.9(b) of the Credit Agreement for the fiscal quarter ending September 30, 2020 (collectively, the “Existing Defaults”). Borrower acknowledges and agrees that the Existing Defaults constitute Events of Default. Subject to Borrower’s and each Guarantor’s compliance with the terms and conditions of this Amendment and the other Loan Documents, including without limitation the complete satisfaction of the conditions precedent set forth in this Amendment, Bank hereby waives the Existing Defaults. Except for the waiver expressly set forth in this Section 2.2, nothing contained herein shall otherwise be deemed a consent to any violation of, or a waiver of compliance with, any term, provision, or condition set forth in any of the Loan Documents or a consent to or waiver of any other or future violations, breaches, Defaults, or Events of Default. The waiver set forth above in this Section 2.2 is made only with respect to Subsections 4.9(a) and 4.9(b) of the Credit Agreement for the fiscal quarter ending September 30, 2020, and said waiver shall not apply to any other provisions or measurement periods.

ARTICLE III
Conditions Precedent

Section 3.1. Conditions. The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent, unless specifically waived by the Bank:

(a) The following instruments shall have been duly and validly executed and delivered to Bank by the parties thereto, all in form, scope and content satisfactory to the Bank:

(i) this Amendment executed by Borrower and Guarantors; and

(ii) resolutions of the Board of Directors (or other governing body) of Borrower and each Guarantor certified by the Secretary or an Assistant Secretary (or other custodian of records of each such entity) which authorize the execution, delivery, and performance by Borrower and each Guarantor of this Amendment and the other Loan Documents to be executed in connection herewith.

(b) The representations and warranties contained herein, in the Credit Agreement, as amended hereby, and in each other Loan Document, as amended hereby, shall be true and correct as of the date hereof, as if made on the date hereof, except to the extent such representations and warranties relate to an earlier date.

(c) No Event of Default shall have occurred and be continuing and no Default shall exist, unless such Event of Default or Default has been specifically waived in writing by Bank.

(d) All corporate proceedings taken in connection with the transactions contemplated by this Amendment and all documents, instruments and other legal matters incident thereto, shall be satisfactory to Bank and its legal counsel.

(e) There shall have been no material adverse change in the condition (financial or otherwise) of Borrower or any Guarantor since July 12, 2018.

ARTICLE IV
Ratifications, Representations, Warranties

Section 4.1. Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement and except as expressly modified and superseded by this Amendment, the terms and provisions of the Credit Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force and effect. Borrower and Guarantors agree that the Credit Agreement, as amended hereby, and the other Loan Documents, as amended hereby, shall continue to be legal, valid, binding obligations of Borrower and Guarantors, enforceable against Borrower and Guarantors in accordance with their respective terms.

Section 4.2. Renewal of Security Interests. Each of Borrower and Guarantors hereby renews, regrants and affirms the liens and security interests created and granted in the Credit Agreement and in all other Loan Documents (including, without limitation, the Security Documents, as amended), to secure the prompt payment of all indebtedness and obligations of Borrower and each Guarantor under the Loan Documents as amended by the terms hereof, including without limitation any Letter of Credit Liabilities, the Line of Credit, and the Second Term Loan. Each of Borrower and Guarantors agree that this Amendment shall in no manner affect or impair the liens and security interests securing the indebtedness of Borrowers and Guarantors to Bank and that such liens and security interests shall not in any manner be waived, the purposes of this Amendment being to modify the Credit Agreement as herein provided, and to carry forward all liens and security interests securing same, which are acknowledged by Borrower and Guarantors to be valid and subsisting.

Section 4.3. Representations and Warranties. Borrower and Guarantors hereby represent and warrant to Bank as follows:

(a) The execution, delivery and performance of this Amendment and any and all other Loan Documents executed and delivered in connection herewith have been authorized by all requisite corporate action on the part of Borrower and each Guarantor and do not and will not conflict with or violate any provision of any applicable laws, rules, regulations or decrees, the organizational documents of Borrower or any Guarantor, or any agreement, document, judgment, license, order or permit applicable to or binding upon Borrower or any Guarantor or their respective assets. No consent, approval, authorization or order of, and no notice to or filing with, any court or governmental authority or third person is required in connection with the execution, delivery or performance of this Amendment or to consummate the transactions contemplated hereby;

(b) The representations and warranties contained in the Credit Agreement, as amended hereby, and the other Loan Documents, as amended hereby, are true and correct in all material respects on and as of the date hereof as though made on and as of the date hereof, except to the extent such representations and warranties relate to an earlier date;

(c) No Event of Default under the Credit Agreement or any Loan Document has occurred and is continuing, except to the extent waived in writing by Bank;

(d) Borrower and Guarantors are in full compliance with all covenants and agreements contained in the Credit Agreement, as amended hereby, and the other Loan Documents to which each is a party, each as amended hereby, except to the extent waived in writing by Bank;

(e) Neither Borrower nor any Guarantor has amended any of its organizational documents since the date of the original execution of the Credit Agreement; and

(f) As of November 4, 2020, the unpaid principal amount of the Line of Credit Note was $0.00, the unpaid principal amount of the Second Term Note was $758,499.00, and the aggregate Letter of Credit Liabilities were $221,743.00, which amounts are unconditionally owed by Borrower to Bank without offset, defense or counterclaim of any kind or nature whatsoever.

Section 4.4. Guarantors’ Consent and Ratification. Each Guarantor hereby consents and agrees to the terms of this Amendment, and agrees that the Guaranty Agreement to which it is a party shall remain in full force and effect and shall continue to be the legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms. Furthermore, each Guarantor hereby agrees and acknowledges that (a) the Guaranty Agreements are Loan Documents, (b) the Guaranty Agreements are not subject to any claims, defenses or offsets, (c) nothing contained in this Amendment or any other Loan Document shall adversely affect any right or remedy of Bank under the Guaranty Agreements, (d) the execution and delivery of this Amendment shall in no way reduce, impair or discharge any obligations of any Guarantor pursuant to the Guaranty Agreements and shall not constitute a waiver by Bank against any Guarantor, (e) by virtue hereof and by virtue of the Guaranty Agreements, each Guarantor hereby guarantees to Bank the prompt and full payment and full and faithful performance by the Borrower of the entirety of the Guaranteed Indebtedness (as defined in the Guaranty Agreements) including, without limitation, all amounts owing under the Line of Credit Note, the Term Note, the Second Term Note, and all Letter of Credit Liabilities, (f) no Guarantor’s consent is required to the effectiveness of this Amendment, and (g) no consent by any Guarantor is required for the effectiveness of any future amendment, modification, forbearance or other action with respect to the Credit Agreement or any present or future Loan Document.

ARTICLE V
Miscellaneous

Section 5.1. Survival of Representations and Warranties. All representations and warranties made in the Credit Agreement or any other Loan Document, including without limitation, any Loan Document furnished in connection with this Amendment, shall survive the execution and delivery of this Amendment and the other Loan Documents, and no investigation by Bank or any closing shall affect such representations and warranties or the right of Bank to rely thereon.

Section 5.2. Reference to Credit Agreement. Each of the Loan Documents, including the Credit Agreement, and any and all other agreements, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement, as amended hereby, are hereby amended so that any reference in such Loan Documents to the Credit Agreement or any of the Loan Documents shall mean a reference to the Credit Agreement or such Loan Documents in each case as amended hereby.

Section 5.3. Expenses of Bank. As provided in the Credit Agreement, Borrower agrees to pay on demand all reasonable costs and expenses incurred by Bank in connection with the preparation, negotiation and execution of this Amendment and the other Loan Documents executed pursuant hereto and any and all amendments, modifications, and supplements hereto, including, without limitation, the reasonable costs and fees of Bank’s legal counsel, and all reasonable costs and expenses incurred by Bank in connection with the enforcement or preservation of any rights under the Credit Agreement, as amended hereby, and any other Loan Document, as amended hereby, including, without limitation, the reasonable costs and fees of Bank’s legal counsel.

Section 5.4. RELEASE. BORROWER AND EACH GUARANTOR HEREBY VOLUNTARILY AND KNOWINGLY RELEASE AND FOREVER DISCHARGE BANK, ITS DIRECTORS, OFFICERS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN. ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS EXECUTED, WHICH BORROWER AND ANY GUARANTOR MAY NOW OR HEREAFTER HAVE AGAINST BANK, ITS DIRECTORS, OFFICERS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY LOAN, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE LOAN DOCUMENTS, AND NEGOTIATIONS FOR AND EXECUTION OF THE LOAN DOCUMENTS.

Section 5.5. Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

Section 5.6. GOVERNING LAW. THIS AMENDMENT SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.

Section 5.7. Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of the parties hereto and their respective successors, assigns, heirs, executors, and legal representatives, except that none of the parties hereto other than Bank may assign or transfer any of its rights or obligations hereunder without the prior written consent of Bank.

Section 5.8. WAIVER OF TRIAL BY JURY. THE PARTIES HERETO AGREE THAT NO PARTY SHALL REQUEST A TRIAL BY JURY IN THE EVENT OF LITIGATION BETWEEN THEM CONCERNING THE LOAN DOCUMENTS OR ANY CLAIMS OR TRANSACTIONS IN CONNECTION THEREWITH, IN EITHER A STATE OR FEDERAL COURT, THE RIGHT TO TRIAL BY JURY BEING EXPRESSLY WAIVED BY BANK, BORROWER AND GUARANTORS. EACH OF BANK, BORROWER AND GUARANTORS ACKNOWLEDGES THAT SUCH WAIVER IS MADE WITH FULL KNOWLEDGE AND UNDERSTANDING OF THE NATURE OF THE RIGHTS AND BENEFITS WAIVED HEREBY, AND WITH THE BENEFIT OF ADVICE OF COUNSEL OF ITS CHOOSING.

Section 5.9. Counterparts. This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument.

Section 5.10. Descriptive Headings. The captions in this Amendment are for convenience only and shall not define or limit the provisions hereof.

Section 5.11. ENTIRE AGREEMENT. THIS AMENDMENT, THE CREDIT AGREEMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED AND DELIVERED IN CONNECTION WITH AND PURSUANT TO THIS AMENDMENT AND THE CREDIT AGREEMENT REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. PURSUANT TO SUBSECTION 26.02(c) OF THE TEXAS BUSINESS AND COMMERCE CODE, THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE DETERMINED SOLELY FROM THE LOAN DOCUMENTS, AND ANY PRIOR ORAL AGREEMENTS BETWEEN THE PARTIES ARE SUPERSEDED BY AND MERGED INTO THE LOAN DOCUMENTS.

Section 5.12. Arbitration. All disputes, claims, and controversies arising from this Amendment shall be arbitrated in accordance with Section 7.15 of the Credit Agreement.

[Remainder of Page Intentionally Left Blank]

EXECUTED as of the date first written above.

	BORROWER:

	WILHELMINA INTERNATIONAL, INC.,
	a Delaware corporation

	By:	/s/ James McCarthy
		James McCarthy
		Chief Financial Officer


	GUARANTORS:

	WILHELMINA LICENSING LLC,
	a Delaware limited liability company


	By:	/s/ James McCarthy
		James McCarthy
		Chief Financial Officer


	WILHELMINA LICENSING (TEXAS) LLC,
	a Texas limited liability company


	By:	/s/ James McCarthy
		James McCarthy
		Chief Financial Officer


	WILHELMINA FILM & TV PRODUCTIONS LLC, a Delaware limited liability company


	By:	/s/ James McCarthy
		James McCarthy
		Chief Financial Officer


	WILHELMINA ARTIST MANAGEMENT LLC, a New York limited liability company


	By:	/s/ James McCarthy
		James McCarthy
		Chief Financial Officer

[Signatures Continue on Next Page]

	WILHELMINA-MIAMI, INC.,
	a Florida corporation


	By:	/s/ James McCarthy
		James McCarthy
		Chief Financial Officer


	WILHELMINA INTERNATIONAL, LTD.,
	a New York corporation


	By:	/s/ James McCarthy
		James McCarthy
		Chief Financial Officer


	WILHELMINA WEST, INC.,
	a California corporation


	By:	/s/ James McCarthy
		James McCarthy
		Chief Financial Officer


	WILHELMINA MODELS, INC.,
	a New York corporation


	By:	/s/ James McCarthy
		James McCarthy
		Chief Financial Officer



	LW1, INC.,
	a California corporation


	By:	/s/ James McCarthy
		James McCarthy
		Chief Financial Officer

[Signatures Continue on Next Page]

	ARTISTS AT WILHELMINA LLC,
	a Florida limited liability company
	(formerly known as Wilhelmina Creative, LLC)


	By:	/s/ James McCarthy
		James McCarthy
		Chief Financial Officer

	WILHELMINA ARTIST MANAGEMENT LLC,
	a Delaware limited liability company


	By:	/s/ James McCarthy
		James McCarthy
		Chief Financial Officer

[Signatures Continue on Next Page]

	BANK:

	ZIONS BANCORPORATION, N.A. dba AMEGY BANK

	By:	/s/ Nicholas J. Diaz
		Nicholas J. Diaz
		Executive Vice President

EX-31.1 3 exh_311.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Mark E. Schwarz, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Wilhelmina International, Inc. for the quarterly period ended September 30, 2020;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

November 12, 2020

/s/ Mark E. Schwarz

Name:

Mark E. Schwarz

Title:

Executive Chairman

(principal executive officer)

EX-31.2 4 exh_312.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, James A. McCarthy, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Wilhelmina International, Inc. for the quarterly period ended September 30, 2020;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

November 12, 2020

/s/ James A. McCarthy

Name:

James A. McCarthy

Title:

Chief Financial Officer

(principal financial officer)

EX-32.1 5 exh_321.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Wilhelmina International, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark E. Schwarz, Executive Chairman of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the periods presented.

November 12, 2020

/s/ Mark E. Schwarz

Name:

Mark E. Schwarz

Title:

Executive Chairman

(principal executive officer)

EX-32.2 6 exh_322.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Wilhelmina International, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James A. McCarthy, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the presented.

November 12, 2020

/s/ James A. McCarthy

Name:

James A. McCarthy

Title:

Chief Financial Officer

(principal financial officer)

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font: inherit;">2.</div>  Business </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The primary business of Wilhelmina is fashion model management. These business operations are headquartered in New York City. The Company's predecessor was founded in <div style="display: inline; font-style: italic; font: inherit;">1967</div> by Wilhelmina Cooper, a renowned fashion model, and became <div style="display: inline; font-style: italic; font: inherit;">one</div> of the oldest, best known, and largest fashion model management companies in the world. Since its founding, Wilhelmina has grown to include operations located in Los Angeles, Miami, Chicago and London, as well as a network of licensees in various local markets in the U.S. and internationally. Wilhelmina provides traditional, full-service fashion model and talent management services, specializing in the representation and management of models, entertainers, artists, athletes and other talent, to various clients, including retailers, designers, advertising agencies, print and electronic media and catalog companies.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><div style="display: inline; font-weight: bold;">COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> Pandemic</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On <div style="display: inline; font-style: italic; font: inherit;"> March 11, 2020, </div>the World Health Organization declared the outbreak of novel coronavirus (COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div>) as a pandemic, which has spread rapidly throughout the United States and the world. The Company's revenues are heavily dependent on the level of economic activity in the United States and the United Kingdom, particularly in the fashion, advertising and publishing industries, all of which have been negatively impacted by the pandemic and <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> recover as quickly as other sectors of the economy. There have been mandates from federal, state, and local authorities requiring forced closures of non-essential businesses. As a result, beginning in <div style="display: inline; font-style: italic; font: inherit;"> March 2020, </div>the Company has seen a significant reduction in customer bookings, resulting in a negative impact to revenue and earnings. During the <div style="display: inline; font-style: italic; font: inherit;">third</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020,</div> bookings increased from the preceding months, but remained significantly below pre-pandemic levels.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In addition to reduced revenue, business operations have been adversely affected by reductions in productivity, limitations on the ability of customers to make timely payments, disruptions in talents' ability to travel to needed locations, and supply chain disruptions impeding clothing or footwear wardrobe from reaching destinations for photoshoots and other bookings. Many of the Company's customers are large retail and fashion companies, which have had to close stores in the United States and internationally due to orders from local authorities to help slow the spread of COVID-<div style="display: inline; font-style: italic; font: inherit;">19.</div> Some of these customers have filed for bankruptcy in <div style="display: inline; font-style: italic; font: inherit;">2020</div> and others <div style="display: inline; font-style: italic; font: inherit;"> may </div>be unable to pay amounts already owed to the Company, resulting in increased future bad debt expense. These customers also <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> emerge from the pandemic with the financial ability, or need, to purchase Wilhelmina's services to the extent that they did in previous years. Some of our model talent have been quarantined with family far from the major cities where Wilhelmina's offices are located, and also away from where most modeling jobs take place. Many U.S. and international airlines have decreased their flight schedules which, as economic activities resumes and clients increase booking requests, <div style="display: inline; font-style: italic; font: inherit;"> may </div>make it difficult for our talent to be available when and where they are needed. While these disruptions are currently expected to be temporary, there continues to be uncertainty around the duration.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Postponed and cancelled bookings related to the pandemic contributed significantly to reduced revenues and increased operating losses during the <div style="display: inline; font-style: italic; font: inherit;">first</div> <div style="display: inline; font-style: italic; font: inherit;">nine</div> months of <div style="display: inline; font-style: italic; font: inherit;">2020.</div> Although some clients increased activity and bookings during the <div style="display: inline; font-style: italic; font: inherit;">third</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020,</div> rising COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> infection rates in cities where Wilhelmina operates could lead to a slower economic recovery in those markets, and possible additional business closings or local mandates that could slow the recovery in our operations there. Since Wilhelmina extends customary payment terms to its clients, even as bookings resume, there is likely to be a lag before significant cash collections return. In the meantime, the Company continues to have significant employee, office rent, and other expenses.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </div>  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; background-color: white">Reduced outstanding accounts receivable available as collateral under the Company's credit agreement with Amegy Bank has limited access to additional financing. Net losses in recent periods have also impacted compliance with the financial covenants under the Amegy Bank credit agreement, further impeding the Company's ability to obtain additional financing. Since the pandemic began, many stock markets, including Nasdaq Capital Market where Wilhelmina's common stock is listed, have been volatile. A further decline in the Company's stock price would reduce our market capitalization and could require additional goodwill or intangible asset impairment writedowns.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The Company has taken the following actions to address the impact of COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> and the current recessionary environment, in order to efficiently manage the business and maintain adequate liquidity and maximum flexibility:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </div> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; background-color: white; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="text-align: left; width: 24px; vertical-align: top"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">In <div style="display: inline; font-style: italic; font: inherit;"> April 2020, </div>obtained approximately <div style="display: inline; font-style: italic; font: inherit;">$2.0</div> million in loans under the Paycheck Protection Program (the “PPP”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) administered by the U.S. Small Business Administration (“SBA”).</div></td> </tr> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="text-align: left; width: 24px; vertical-align: top"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Eliminated discretionary travel and entertainment expenses.</div></td> </tr> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="text-align: left; width: 24px; vertical-align: top"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Suspended share repurchases.</div></td> </tr> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="text-align: left; width: 24px; vertical-align: top"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Did <div style="display: inline; font-style: italic; font: inherit;">not</div> renew the leases on <div style="display: inline; font-style: italic; font: inherit;">three</div> New York City model apartments when the terms ended in <div style="display: inline; font-style: italic; font: inherit;"> June </div>and <div style="display: inline; font-style: italic; font: inherit;"> August, 2020.</div></div></td> </tr> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="text-align: left; width: 24px; vertical-align: top"> -</td> <td> Suspended efforts to fill <div style="display: inline; font-style: italic; font: inherit;">two</div> highly compensated executive roles following the resignation of the Company's Chief Executive Officer and Vice President in early <div style="display: inline; font-style: italic; font: inherit;">2020.</div></td> </tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: left; vertical-align: top"> -</td> <td>Obtained from the landlord of the Company's New York City office a deferral of <div style="display: inline; font-style: italic; font: inherit;">$41</div> thousand in <div style="display: inline; font-style: italic; font: inherit;"> July 2020 </div>rent until <div style="display: inline; font-style: italic; font: inherit;"> January 2021.</div></td> </tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: left; vertical-align: top"> -</td> <td>Negotiated discounts with various vendors and service providers, in effect through the remainder of <div style="display: inline; font-style: italic; font: inherit;">2020.</div></td> </tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: left; vertical-align: top">- </td> <td>Effective <div style="display: inline; font-style: italic; font: inherit;"> July 1, 2020, </div>implemented layoffs of approximately <div style="display: inline; font-style: italic; font: inherit;">36%</div> of its staff, including employees at each of the Company's <div style="display: inline; font-style: italic; font: inherit;">five</div> offices, and effected temporary salary reductions for the remaining staff. The salary reductions are expected to return to full salaries when business conditions improve.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If the quarantines and limitations on non-essential work are re-implemented, or persist for an extended period, the Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>need to implement additional cost savings measures.</div></div>

4952000

6993000

6748000

4952000

5521000

-2041000

-1227000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font: inherit;">6.</div>  Commitments and Contingencies</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On <div style="display: inline; font-style: italic; font: inherit;"> October 24, 2013, </div>a putative class action lawsuit was brought against the Company by former Wilhelmina model Alex Shanklin and others, including Louisa Raske, Carina Vretman, Grecia Palomares and Michelle Griffin Trotter (the “Shanklin Litigation”), in New York State Supreme Court (New York County) by the same lead counsel who represented plaintiffs in a prior, now-dismissed action brought by Louisa Raske (the “Raske Litigation”).  The claims in the Shanklin Litigation initially included breach of contract and unjust enrichment allegations arising out of matters similar to the Raske Litigation, such as the handling and reporting of funds on behalf of models and the use of model images.  Other parties named as defendants in the Shanklin Litigation include other model management companies, advertising firms, and certain advertisers.  On <div style="display: inline; font-style: italic; font: inherit;"> January 6, 2014, </div>the Company moved to dismiss the Amended Complaint in the Shanklin Litigation for failure to state a claim upon which relief can be granted and other grounds, and other defendants also filed motions to dismiss.  On <div style="display: inline; font-style: italic; font: inherit;"> August 11, 2014, </div>the court denied the motion to dismiss as to Wilhelmina and other of the model management defendants.  Separately, on <div style="display: inline; font-style: italic; font: inherit;"> March 3, 2014, </div>the judge assigned to the Shanklin Litigation wrote the Office of the New York Attorney General bringing the case to its attention, generally describing the claims asserted therein against the model management defendants, and stating that the case <div style="display: inline; font-style: italic; font: inherit;"> “may </div>involve matters in the public interest.” The judge's letter also enclosed a copy of his decision in the Raske Litigation, which dismissed that case. </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Plaintiffs retained substitute counsel, who filed a Second and then Third Amended Complaint. Plaintiffs' Third Amended Complaint asserts causes of action for alleged breaches of the plaintiffs' management contracts with the defendants, conversion, breach of the duty of good faith and fair dealing, and unjust enrichment.  The Third Amended Complaint also alleges that the plaintiff models were at all relevant times employees, and <div style="display: inline; font-style: italic; font: inherit;">not</div> independent contractors, of the model management defendants, and that defendants violated the New York Labor Law in several respects, including, among other things, by allegedly failing to pay the models the minimum wages and overtime pay required thereunder, <div style="display: inline; font-style: italic; font: inherit;">not</div> maintaining accurate payroll records, and <div style="display: inline; font-style: italic; font: inherit;">not</div> providing plaintiffs with full explanations of how their wages and deductions therefrom were computed.  The Third Amended Complaint seeks certification of the action as a class action, damages in an amount to be determined at trial, plus interest, costs, attorneys' fees, and such other relief as the court deems proper.  On <div style="display: inline; font-style: italic; font: inherit;"> October 6, 2015, </div>Wilhelmina filed a motion to dismiss as to most of the plaintiffs' claims.  The Court entered a decision granting in part and denying in part Wilhelmina's motion to dismiss on <div style="display: inline; font-style: italic; font: inherit;"> May 26, 2017.  </div>The Court (i) dismissed <div style="display: inline; font-style: italic; font: inherit;">three</div> of the <div style="display: inline; font-style: italic; font: inherit;">five</div> New York Labor Law causes of action, along with the conversion, breach of the duty of good faith and fair dealing and unjust enrichment causes of action, in their entirety, and (ii) permitted only the breach of contract causes of action, and some plaintiffs' remaining <div style="display: inline; font-style: italic; font: inherit;">two</div> New York Labor Law causes of action to continue, within a limited time frame.  The plaintiffs and Wilhelmina each appealed, and the decision was affirmed on <div style="display: inline; font-style: italic; font: inherit;"> May 24, 2018. </div>On <div style="display: inline; font-style: italic; font: inherit;"> August 16, 2017, </div>Wilhelmina timely filed its Answer to the Third Amended Complaint.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On <div style="display: inline; font-style: italic; font: inherit;"> June 6, 2016, </div>another putative class action lawsuit was brought against the Company by former Wilhelmina model Shawn Pressley and others, including Roberta Little (the “Pressley Litigation”), in New York State Supreme Court (New York County) by the same counsel representing the plaintiffs in the Shanklin Litigation, and asserting identical, although more recent, claims as those in the Shanklin Litigation.  The Amended Complaint, asserting essentially the same types of claims as in the Shanklin action, was filed on <div style="display: inline; font-style: italic; font: inherit;"> August 16, 2017.  </div>Wilhelmina filed a motion to dismiss the Amended Complaint on <div style="display: inline; font-style: italic; font: inherit;"> September 29, 2017, </div>which was granted in part and denied in part on <div style="display: inline; font-style: italic; font: inherit;"> May 10, 2018.  </div>Some New York Labor Law and contract claims remain in the case.  Pressley has withdrawn from the case, leaving Roberta Little as the sole remaining named plaintiff in the Pressley Litigation.  On <div style="display: inline; font-style: italic; font: inherit;"> July 12, 2019, </div>the Company filed its Answer and Counterclaim against Little.</div>   <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On <div style="display: inline; font-style: italic; font: inherit;"> May 1, 2019, </div>the Plaintiffs in the Shanklin Litigation (except Raske) and the Pressley Litigation filed motions for class certification on their contract claims and the remaining New York Labor Law Claims. On <div style="display: inline; font-style: italic; font: inherit;"> July 12, 2019, </div>Wilhelmina filed its opposition to the motions for class certification and filed a cross-motion for summary judgment against Shanklin, Vretman, Palomares, Trotter and Little, and a motion for summary judgment against Raske. </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By Order Dated <div style="display: inline; font-style: italic; font: inherit;"> May 8, 2020 (</div>the “Class Certification Order”), the Court denied class certification in the Pressley case, denied class certification with respect to the breach of contract and alleged unpaid usage claims, granted class certification as to the New York Labor Law causes of action asserted by Vretman, Palomares and Trotter, and declined to rule on Wilhelmina's motions for summary judgment, denying them without prejudice to be re-filed at a later date. On <div style="display: inline; font-style: italic; font: inherit;"> June 12, 2020, </div>the Plaintiffs in both the Shanklin and Pressley actions filed Notices of Appeal to the Appellate Division, First Department, from those portions of the Class Certification Order on which Wilhelmina prevailed, and Little also filed a motion for reargument of the denial of her motion for class certification. On <div style="display: inline; font-style: italic; font: inherit;"> June 22, 2020, </div>Wilhelmina filed Notices of Cross-Appeal from those portions of the Class Certification order that granted class Certification and denied summary judgement. Wilhelmina also opposed Little's motion for reargument, and that motion is fully briefed. The Court has directed the parties to non-binding mediation and that process is underway.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company believes the claims asserted in the Shanklin Litigation and Pressley Litigation are without merit and intends to continue to vigorously defend the actions.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the legal proceedings disclosed herein, the Company is also engaged in various legal proceedings that are routine in nature and incidental to its business. <div style="display: inline; font-style: italic; font: inherit;">None</div> of these routine proceedings, either individually or in the aggregate, are believed likely, in the Company's opinion, to have a material adverse effect on its consolidated financial position or its results of operations.</div></div>

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12534000

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200000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font: inherit;">5.</div>  Debt</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The Company has a credit agreement with Amegy Bank which provides a <div style="display: inline; font-style: italic; font: inherit;">$4.0</div> million revolving line of credit and previously provided up to a <div style="display: inline; font-style: italic; font: inherit;">$3.0</div> million term loan which could be drawn through <div style="display: inline; font-style: italic; font: inherit;"> October 24, 2016. </div>Amounts outstanding under the term loan reduce the availability under the revolving line of credit. The revolving line of credit is also subject to a borrowing base derived from <div style="display: inline; font-style: italic; font: inherit;">80%</div> of eligible accounts receivable (as defined) and the Company's minimum net worth covenant of <div style="display: inline; font-style: italic; font: inherit;">$20.0</div> million. The revolving line of credit bears interest at prime plus <div style="display: inline; font-style: italic; font: inherit;">0.50%</div> payable monthly. As of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020, </div>the Company had a <div style="display: inline; font-style: italic; font: inherit;">$0.2</div> million irrevocable standby letter of credit outstanding under the revolving line of credit.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On <div style="display: inline; font-style: italic; font: inherit;"> August 16, 2016, </div>the Company drew <div style="display: inline; font-style: italic; font: inherit;">$2.7</div> million of the term loan and used the proceeds to fund the purchase of shares of its common stock in a private transaction. The term loan bore interest at <div style="display: inline; font-style: italic; font: inherit;">4.5%</div> per annum and was payable in monthly payments of interest only until <div style="display: inline; font-style: italic; font: inherit;"> November, 2016, </div>followed by <div style="display: inline; font-style: italic; font: inherit;">47</div> equal monthly payments of principal and interest computed on a <div style="display: inline; font-style: italic; font: inherit;">60</div>-month amortization schedule. The <div style="display: inline; font-style: italic; font: inherit;">$0.6</div> million final payment of principal and interest was paid on <div style="display: inline; font-style: italic; font: inherit;"> October 28, 2020.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On <div style="display: inline; font-style: italic; font: inherit;"> July 16, 2018, </div>the Company amended its Credit Agreement with Amegy Bank to provide for an additional term loan of up to <div style="display: inline; font-style: italic; font: inherit;">$1.0</div> million that could be drawn by the Company through <div style="display: inline; font-style: italic; font: inherit;"> July 12, 2019, </div>for the purpose of repurchases of its common stock. The additional term loan is evidenced by a promissory note bearing interest at <div style="display: inline; font-style: italic; font: inherit;">5.15%</div> per annum and payable in monthly installments of interest only through <div style="display: inline; font-style: italic; font: inherit;"> July 12, 2019. </div>Thereafter, the note is payable in monthly installments sufficient to fully amortize the outstanding principal balance in <div style="display: inline; font-style: italic; font: inherit;">60</div> months with the balance of principal and accrued interest due on <div style="display: inline; font-style: italic; font: inherit;"> July 12, 2023.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Amounts outstanding under the additional term loan further reduce the availability under the Company's revolving line of credit with Amegy Bank. On <div style="display: inline; font-style: italic; font: inherit;"> August 1, 2018, </div>the Company drew <div style="display: inline; font-style: italic; font: inherit;">$0.7</div> million of the additional term loan and used the proceeds to fund the purchase of <div style="display: inline; font-style: italic; font: inherit;">100,000</div> shares of its common stock in a private transaction. On <div style="display: inline; font-style: italic; font: inherit;"> December 12, 2018, </div>the Company drew <div style="display: inline; font-style: italic; font: inherit;">$0.3</div> million of the additional term loan and used the proceeds to partially fund a purchase of <div style="display: inline; font-style: italic; font: inherit;">50,000</div> shares of its common stock in a private transaction. As of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020, </div>a total of <div style="display: inline; font-style: italic; font: inherit;">$1.4</div> million was outstanding on the <div style="display: inline; font-style: italic; font: inherit;">two</div> Amegy Bank term loans, of which <div style="display: inline; font-style: italic; font: inherit;">$0.6</div> million was repaid on <div style="display: inline; font-style: italic; font: inherit;"> October 28, 2020..</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Reduced outstanding accounts receivable available as collateral under the Company's credit agreement with Amegy Bank has limited access to additional financing. Net losses in recent periods have also impacted compliance with the financial covenants under the Amegy Bank credit agreement, further impeding the Company's ability to obtain additional financing. On <div style="display: inline; font-style: italic; font: inherit;"> March 26, 2020, </div>the Company entered into a Thirteenth Amendment to Credit Agreement (the “Thirteenth Amendment”) with Amegy Bank. The Thirteenth Amendment amended the minimum net worth covenant to require the Company to maintain tangible net worth (as defined therein) of <div style="display: inline; font-style: italic; font: inherit;">$4.0</div> million, determined on a quarterly basis. Under the Thirteenth Amendment, Amegy Bank also waived an existing default caused by the Company's failure to satisfy the old minimum net worth covenant as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019. </div>On <div style="display: inline; font-style: italic; font: inherit;"> May 12, 2020, </div>the Company entered into a Fourteenth Amendment to Credit Agreement (the “Fourteenth Amendment”) with Amegy Bank. The Fourteenth Amendment amended the line of credit to reduce the maximum borrowing capacity to <div style="display: inline; font-style: italic; font: inherit;">$3.0</div> million. Under the Fourteenth Amendment, Amegy Bank also waived an existing default caused by the Company's failure to satisfy both the minimum fixed charge coverage ratio through <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020 </div>and minimum tangible net worth as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020. </div>The Company obtained waivers from Amegy Bank of its failures to satisfy the fixed charge coverage ratio, the minimum tangible net worth, and the borrowing base for the quarters ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020. </div>On <div style="display: inline; font-style: italic; font: inherit;"> November 10, 2020, </div>the Company entered into a Fifteenth Amendment to Credit Agreement (the “Fifteenth Amendment”) with Amegy Bank. The Fifteenth Amendment waived the minimum tangible net worth covenant until <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2021, </div>after which a minimum tangible net worth of <div style="display: inline; font-style: italic; font: inherit;">$1.5</div> million will be required. The Fifteenth Amendment also revised the calculation of the fixed charge coverage ratio such that it will be tested at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>based on the preceding <div style="display: inline; font-style: italic; font: inherit;">six</div> month period, tested at <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>based on the preceding <div style="display: inline; font-style: italic; font: inherit;">nine</div> month period, and tested at <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2021 </div>and subsequent periods using a <div style="display: inline; font-style: italic; font: inherit;">twelve</div> month rolling period.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On <div style="display: inline; font-style: italic; font: inherit;"> April 15, 2020, </div>Wilhelmina International, Ltd. (the “Borrower”), a wholly-owned subsidiary of the Company, executed a Business Loan Agreement and a Promissory Note each dated <div style="display: inline; font-style: italic; font: inherit;"> April 13, 2020 (</div>collectively, the “Sub PPP Loan Documents”), with respect to a loan in the amount of <div style="display: inline; font-style: italic; font: inherit;">$1.8</div> million (the “Sub PPP Loan”) from Amegy Bank. The Sub PPP Loan was obtained pursuant to the PPP. The Sub PPP Loan matures on <div style="display: inline; font-style: italic; font: inherit;"> April 13, 2022 </div>and bears interest at a rate of <div style="display: inline; font-style: italic; font: inherit;">1.00%</div> per annum. The Sub PPP Loan is payable in <div style="display: inline; font-style: italic; font: inherit;">18</div> equal monthly payments of <div style="display: inline; font-style: italic; font: inherit;">$104</div> thousand commencing <div style="display: inline; font-style: italic; font: inherit;"> November 13, 2020.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </div>  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On <div style="display: inline; font-style: italic; font: inherit;"> April 18, 2020, </div>the Company executed a Business Loan Agreement and a Promissory Note each dated <div style="display: inline; font-style: italic; font: inherit;"> April 17, 2020 (</div>collectively, the “Parent PPP Loan Documents”), with respect to a loan in the amount of <div style="display: inline; font-style: italic; font: inherit;">$128</div> thousand (the “Parent PPP Loan”) from Amegy Bank. The Parent PPP Loan was also obtained pursuant to the PPP. The Parent PPP Loan matures on <div style="display: inline; font-style: italic; font: inherit;"> April 17, 2022 </div>and bears interest at a rate of <div style="display: inline; font-style: italic; font: inherit;">1.00%</div> per annum. The Parent PPP Loan is payable in <div style="display: inline; font-style: italic; font: inherit;">18</div> equal monthly payments of <div style="display: inline; font-style: italic; font: inherit;">$7</div> thousand commencing <div style="display: inline; font-style: italic; font: inherit;"> November 13, 2020.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Both the Sub PPP Loan and the Parent PPP Loan (collectively, the “PPP Loans”) <div style="display: inline; font-style: italic; font: inherit;"> may </div>be prepaid at any time prior to maturity with <div style="display: inline; font-style: italic; font: inherit;">no</div> prepayment penalties. Both the Sub PPP Loan Documents and the Parent PPP Loan Documents contain various provisions related to the PPP, as well customary representations, warranties, covenants, events of default and other provisions. Neither of the PPP Loans is secured by either the Borrower or the Company, and both are guaranteed by the SBA. All or a portion of the PPP Loans <div style="display: inline; font-style: italic; font: inherit;"> may </div>be forgiven by the SBA upon application by the Borrower or the Company, respectively, accompanied by documentation of expenditures in accordance with the SBA requirements under the PPP. In the event all or any portion of the PPP Loans is forgiven, the amount forgiven is applied to outstanding principal, and would be recorded as income, net of any tax effect.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020, </div>a total of <div style="display: inline; font-style: italic; font: inherit;">$2.0</div> million was outstanding on the PPP Loans.</div></div>

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627000

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297000

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886000

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font: inherit;">10.</div>  Goodwill</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">During the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020,</div> the Company determined that recent declines in revenue, COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> impacts on its retail clients, and declines in its stock price triggered the requirement for goodwill impairment testing. The results of the impairment test indicated that the carrying value of goodwill exceeded its estimated fair value. As a result, during <div style="display: inline; font-style: italic; font: inherit;"> March 2020, </div>the Company recorded an impairment charge of <div style="display: inline; font-style: italic; font: inherit;">$0.8</div> million related to its goodwill. <div style="display: inline; font-style: italic; font: inherit;">No</div> asset impairment charges were incurred during the <div style="display: inline; font-style: italic; font: inherit;">third</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020.</div> Further declines in the Company's stock price could result in additional goodwill impairment charges.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><div style="display: inline; font-style: italic; font: inherit;">No</div> asset impairment charges were incurred during the <div style="display: inline; font-style: italic; font: inherit;">first</div> <div style="display: inline; font-style: italic; font: inherit;">nine</div> months of <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div></div>

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15908000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font: inherit;">11.</div>  Subsequent Events</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; background-color: yellow"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On <div style="display: inline; font-style: italic; font: inherit;"> November 10, 2020, </div>the Company entered into a Fifteenth Amendment to Credit Agreement (the “Fifteenth Amendment”) with Amegy Bank. The Fifteenth Amendment waived the minimum tangible net worth covenant until <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2021, </div>after which a minimum tangible net worth of <div style="display: inline; font-style: italic; font: inherit;">$1.5</div> million will be required. The Fifteenth Amendment also revised the calculation of the fixed charge coverage ratio such that it will be tested at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>based on the preceding <div style="display: inline; font-style: italic; font: inherit;">six</div> month period, tested at <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>based on the preceding <div style="display: inline; font-style: italic; font: inherit;">nine</div> month period, and tested at <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2021 </div>and subsequent periods using a <div style="display: inline; font-style: italic; font: inherit;">twelve</div> month rolling period.</div></div>

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1314694

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6352000

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24000

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54000

19000

1300000

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2020	Nov. 12, 2020
Document Information [Line Items]
Entity Registrant Name	Wilhelmina International, Inc.
Entity Central Index Key	0001013706
Trading Symbol	whlm
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)		5,157,344
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Title of 12(b) Security	Common Stock, $0.01 par value

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Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 4,952	$ 6,993
Accounts receivable, net of allowance for doubtful accounts of $1,766 and $1,423, respectively	6,992	9,441
Prepaid expenses and other current assets	167	243
Total current assets	12,111	16,677
Property and equipment, net of accumulated depreciation of $5,113 and $4,300, respectively	1,202	1,925
Right of use assets-operating	833	1,261
Right of use assets-finance	242	316
Trademarks and trade names with indefinite lives	8,467	8,467
Other intangibles with finite lives, net of accumulated amortization of$8,737 and $8,737, respectively	0	0
Goodwill	7,547	8,347
Other assets	91	115
TOTAL ASSETS	30,493	37,108
Current liabilities:
Accounts payable and accrued liabilities	2,946	3,815
Due to models	5,741	7,495
Lease liabilities – operating, current	678	1,055
Lease liabilities – finance, current	90	94
Term loans – current	2,039	1,257
Total current liabilities	11,494	13,716
Long term liabilities:
Net deferred income tax liability	1,352	725
Lease liabilities – operating, non-current	207	328
Lease liabilities – finance, non-current	161	225
Term loans – non-current	1,371	743
Total long term liabilities	3,091	2,021
Total liabilities	14,585	15,737
Shareholders’ equity:
Common stock, $0.01 par value, 9,000,000 shares authorized; 6,472,038 shares issued at September 30, 2020 and December 31, 2019	65	65
Treasury stock, 1,314,694 and 1,309,861 shares at September 30, 2020 and December 31, 2019, at cost	(6,371)	(6,352)
Additional paid-in capital	88,484	88,471
Accumulated deficit	(66,153)	(60,815)
Accumulated other comprehensive (loss) income	(117)	2
Total shareholders’ equity	15,908	21,371
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 30,493	$ 37,108

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Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accounts receivable, allowance for doubtful accounts	$ 1,766	$ 1,423
Property and equipment, accumulated depreciation	5,113	4,300
Other intangibles, accumulated amortization	$ 8,737	$ 8,737
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	9,000,000	9,000,000
Common stock, shares issued (in shares)	6,472,038	6,472,038
Treasury stock, shares (in shares)	1,314,694	1,309,861

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Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Revenues	$ 10,545	$ 17,241	$ 29,625	$ 57,245
Model costs	7,544	12,534	21,547	41,166
Revenues, net of model costs	3,001	4,707	8,078	16,079
Operating expenses:
Salaries and service costs	1,651	3,266	7,566	10,571
Office and general expenses	797	1,042	2,799	3,301
Amortization and depreciation	294	297	886	885
Goodwill impairment	0	0	800	0
Corporate overhead	145	251	692	834
Total operating expenses	2,887	4,856	12,743	15,591
Operating income (loss)	114	(149)	(4,665)	488
Other expense (income):
Foreign exchange gain	(14)	(3)	(65)
Interest expense	21	27	71	89
Total other expense, net	7	24	6	89
Income (loss) before provision for income taxes	107	(173)	(4,671)	399
Current	(56)	(47)	(40)	(200)
Deferred	(29)	54	(627)	(23)
(Provision) benefit for income taxes, net	(85)	7	(667)	(223)
Net income (loss)	22	(166)	(5,338)	176
Other comprehensive income (loss):
Foreign currency translation income (loss)	120	(76)	(119)	(107)
Total comprehensive income (loss)	$ 142	$ (242)	$ (5,457)	$ 69
Basic net income (loss) per common share (in dollars per share)	$ 0	$ (0.03)	$ (1.03)	$ 0.03
Diluted net income (loss) per common share (in dollars per share)	$ 0	$ (0.03)	$ (1.03)	$ 0.03
Weighted average common shares outstanding-basic (in shares)	5,157	5,176	5,158	5,189
Weighted average common shares outstanding-diluted (in shares)	5,157	5,176	5,158	5,189
Service [Member]
Revenues:
Revenues	$ 10,534	$ 17,224	$ 29,604	$ 57,199
License Fees and Other [Member]
Revenues:
Revenues	$ 11	$ 17	$ 21	$ 46

XML 17 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balances (in shares) at Dec. 31, 2018	6,472,000	(1,264,000)
Balances at Dec. 31, 2018	$ 65	$ (6,093)	$ 88,255	$ (56,029)	$ (93)	$ 26,105
Share based payment expense			64			64
Net income (loss) to common shareholders				(109)		(109)
Purchases of treasury stock (in shares)		(4,000)
Purchases of treasury stock		$ (24)				(24)
Foreign currency translation					28	28
Balances (in shares) at Mar. 31, 2019	6,472,000	(1,268,000)
Balances at Mar. 31, 2019	$ 65	$ (6,117)	88,319	(56,138)	(65)	26,064
Balances (in shares) at Dec. 31, 2018	6,472,000	(1,264,000)
Balances at Dec. 31, 2018	$ 65	$ (6,093)	88,255	(56,029)	(93)	26,105
Net income (loss) to common shareholders						176
Foreign currency translation						(107)
Balances (in shares) at Sep. 30, 2019	6,472,000	(1,302,000)
Balances at Sep. 30, 2019	$ 65	$ (6,320)	88,420	(55,853)	(200)	26,112
Balances (in shares) at Mar. 31, 2019	6,472,000	(1,268,000)
Balances at Mar. 31, 2019	$ 65	$ (6,117)	88,319	(56,138)	(65)	26,064
Share based payment expense			52			52
Net income (loss) to common shareholders				451		451
Purchases of treasury stock (in shares)		(25,000)
Purchases of treasury stock		$ (149)				(149)
Foreign currency translation					(59)	(59)
Balances (in shares) at Jun. 30, 2019	6,472,000	(1,293,000)
Balances at Jun. 30, 2019	$ 65	$ (6,266)	88,371	(55,687)	(124)	26,359
Share based payment expense			49			49
Net income (loss) to common shareholders				(166)		(166)
Purchases of treasury stock (in shares)		(9,000)
Purchases of treasury stock		$ (54)				(54)
Foreign currency translation					(76)	(76)
Balances (in shares) at Sep. 30, 2019	6,472,000	(1,302,000)
Balances at Sep. 30, 2019	$ 65	$ (6,320)	88,420	(55,853)	(200)	26,112
Balances (in shares) at Dec. 31, 2019	6,472,000	(1,310,000)
Balances at Dec. 31, 2019	$ 65	$ (6,352)	88,471	(60,815)	2	21,371
Share based payment expense			6			6
Net income (loss) to common shareholders				(2,660)		(2,660)
Purchases of treasury stock (in shares)		(5,000)
Purchases of treasury stock		$ (19)				(19)
Foreign currency translation					(234)	(234)
Balances (in shares) at Mar. 31, 2020	6,472,000	(1,315,000)
Balances at Mar. 31, 2020	$ 65	$ (6,371)	88,477	(63,475)	(232)	18,464
Balances (in shares) at Dec. 31, 2019	6,472,000	(1,310,000)
Balances at Dec. 31, 2019	$ 65	$ (6,352)	88,471	(60,815)	2	21,371
Net income (loss) to common shareholders						$ (5,338)
Purchases of treasury stock (in shares)						(4,833)
Purchases of treasury stock						$ (20)
Foreign currency translation						(119)
Balances (in shares) at Sep. 30, 2020	6,472,000	(1,315,000)
Balances at Sep. 30, 2020	$ 65	$ (6,371)	88,484	(66,153)	(117)	15,908
Balances (in shares) at Mar. 31, 2020	6,472,000	(1,315,000)
Balances at Mar. 31, 2020	$ 65	$ (6,371)	88,477	(63,475)	(232)	18,464
Share based payment expense			4			4
Net income (loss) to common shareholders				(2,700)		(2,700)
Purchases of treasury stock (in shares)
Purchases of treasury stock
Foreign currency translation					(5)	(5)
Balances (in shares) at Jun. 30, 2020	6,472,000	(1,315,000)
Balances at Jun. 30, 2020	$ 65	$ (6,371)	88,481	(66,175)	(237)	15,763
Share based payment expense			3			3
Net income (loss) to common shareholders				22		22
Purchases of treasury stock (in shares)
Purchases of treasury stock
Foreign currency translation					120	120
Balances (in shares) at Sep. 30, 2020	6,472,000	(1,315,000)
Balances at Sep. 30, 2020	$ 65	$ (6,371)	$ 88,484	$ (66,153)	$ (117)	$ 15,908

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

XML 18 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net (loss) income:	$ (5,338)	$ 176
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Amortization and depreciation	886	885
Goodwill impairment	800	0
Share based payment expense	13	165
Deferred income taxes	627	23
Bad debt expense (recovery)	131	(1)
Changes in operating assets and liabilities:
Accounts receivable	2,318	(181)
Prepaid expenses and other current assets	76	(77)
Right of use assets-operating	428	802
Other assets	24	1
Due to models	(1,754)	31
Lease liabilities-operating	(498)	(854)
Accounts payable and accrued liabilities	(869)	(1,038)
Net cash used in operating activities	(3,156)	(68)
Cash flows used in investing activities:
Purchases of property and equipment	(90)	(304)
Net cash used in investing activities	(90)	(304)
Cash flows used in financing activities:
Purchases of treasury stock	(19)	(227)
Proceeds from term loans	1,975
Payments on finance leases	(67)	(83)
Payment on term loans	(565)	(438)
Net cash provided by (used in) financing activities	1,324	(748)
Foreign currency effect on cash flows:	(119)	(107)
Net change in cash and cash equivalents:	(2,041)	(1,227)
Cash and cash equivalents, beginning of period	6,993	6,748
Cash and cash equivalents, end of period	4,952	5,521
Supplemental disclosures of cash flow information:
Cash paid for interest	64	88
Cash paid for income taxes	$ 14	$ 5

XML 19 R7.htm IDEA: XBRL DOCUMENT

Note 1 - Basis of Presentation	9 Months Ended
Note 1 - Basis of Presentation	Sep. 30, 2020
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1. Basis of Presentation The interim consolidated financial statements included herein have been prepared by Wilhelmina International, Inc. (together with its subsidiaries, "Wilhelmina" or the "Company") without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Although certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to those rules and regulations, all adjustments considered necessary in order to make the consolidated financial statements not misleading have been included. In the opinion of the Company's management, the accompanying interim unaudited consolidated financial statements reflect all adjustments, of a normal recurring nature, that are necessary for a fair presentation of the Company's consolidated balance sheets, statements of operations and comprehensive income (loss), statements of shareholders' equity, and statements of cash flows for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10 -K for the fiscal year ended December 31, 2019. Results of operations for the interim periods are not necessarily indicative of results that may be expected for any other interim periods or the full fiscal year.

XML 20 R8.htm IDEA: XBRL DOCUMENT

Note 2 - Business

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Basis of Accounting [Text Block]

Note

Business

The primary business of Wilhelmina is fashion model management. These business operations are headquartered in New York City. The Company's predecessor was founded in

1967

by Wilhelmina Cooper, a renowned fashion model, and became

one

of the oldest, best known, and largest fashion model management companies in the world. Since its founding, Wilhelmina has grown to include operations located in Los Angeles, Miami, Chicago and London, as well as a network of licensees in various local markets in the U.S. and internationally. Wilhelmina provides traditional, full-service fashion model and talent management services, specializing in the representation and management of models, entertainers, artists, athletes and other talent, to various clients, including retailers, designers, advertising agencies, print and electronic media and catalog companies.

COVID-

Pandemic

March 11, 2020,

the World Health Organization declared the outbreak of novel coronavirus (COVID-

) as a pandemic, which has spread rapidly throughout the United States and the world. The Company's revenues are heavily dependent on the level of economic activity in the United States and the United Kingdom, particularly in the fashion, advertising and publishing industries, all of which have been negatively impacted by the pandemic and

may

not

recover as quickly as other sectors of the economy. There have been mandates from federal, state, and local authorities requiring forced closures of non-essential businesses. As a result, beginning in

March 2020,

the Company has seen a significant reduction in customer bookings, resulting in a negative impact to revenue and earnings. During the

third

quarter of

2020,

bookings increased from the preceding months, but remained significantly below pre-pandemic levels.

19.

Some of these customers have filed for bankruptcy in

2020

and others

may

be unable to pay amounts already owed to the Company, resulting in increased future bad debt expense. These customers also

may

not

emerge from the pandemic with the financial ability, or need, to purchase Wilhelmina's services to the extent that they did in previous years. Some of our model talent have been quarantined with family far from the major cities where Wilhelmina's offices are located, and also away from where most modeling jobs take place. Many U.S. and international airlines have decreased their flight schedules which, as economic activities resumes and clients increase booking requests,

may

make it difficult for our talent to be available when and where they are needed. While these disruptions are currently expected to be temporary, there continues to be uncertainty around the duration.

Postponed and cancelled bookings related to the pandemic contributed significantly to reduced revenues and increased operating losses during the

first

nine

months of

2020.

Although some clients increased activity and bookings during the

third

quarter of

2020,

rising COVID-

infection rates in cities where Wilhelmina operates could lead to a slower economic recovery in those markets, and possible additional business closings or local mandates that could slow the recovery in our operations there. Since Wilhelmina extends customary payment terms to its clients, even as bookings resume, there is likely to be a lag before significant cash collections return. In the meantime, the Company continues to have significant employee, office rent, and other expenses.

Reduced outstanding accounts receivable available as collateral under the Company's credit agreement with Amegy Bank has limited access to additional financing. Net losses in recent periods have also impacted compliance with the financial covenants under the Amegy Bank credit agreement, further impeding the Company's ability to obtain additional financing. Since the pandemic began, many stock markets, including Nasdaq Capital Market where Wilhelmina's common stock is listed, have been volatile. A further decline in the Company's stock price would reduce our market capitalization and could require additional goodwill or intangible asset impairment writedowns.

The Company has taken the following actions to address the impact of COVID-

and the current recessionary environment, in order to efficiently manage the business and maintain adequate liquidity and maximum flexibility:

	-	In April 2020, obtained approximately $2.0 million in loans under the Paycheck Protection Program (the “PPP”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) administered by the U.S. Small Business Administration (“SBA”).
	-	Eliminated discretionary travel and entertainment expenses.
	-	Suspended share repurchases.
	-	Did not renew the leases on three New York City model apartments when the terms ended in June and August, 2020.
	-	Suspended efforts to fill two highly compensated executive roles following the resignation of the Company's Chief Executive Officer and Vice President in early 2020.
	-	Obtained from the landlord of the Company's New York City office a deferral of $41 thousand in July 2020 rent until January 2021.
	-	Negotiated discounts with various vendors and service providers, in effect through the remainder of 2020.
	-	Effective July 1, 2020, implemented layoffs of approximately 36% of its staff, including employees at each of the Company's five offices, and effected temporary salary reductions for the remaining staff. The salary reductions are expected to return to full salaries when business conditions improve.

If the quarantines and limitations on non-essential work are re-implemented, or persist for an extended period, the Company

may

need to implement additional cost savings measures.

XML 21 R9.htm IDEA: XBRL DOCUMENT

Note 3 - New Accounting Standards	9 Months Ended
Note 3 - New Accounting Standards	Sep. 30, 2020
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	Note 3. New Accounting Standards In June 2016, the FASB issued ASU No. 2016 - 13, “Financial Instruments - Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments ” (“ASU 2016 - 13” ) which amends the FASB's prior guidance on the impairment of financial instruments. The ASU adds to GAAP an impairment model (known as the “current expected credit loss model”) that is based on expected losses rather than incurred losses. ASU 2016 - 13 becomes effective for the Company for annual reporting periods ending after December 15, 2022, including interim periods within those fiscal years. The adoption of ASU 2016 - 13 is not expected to have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU No. 2017 - 03 “Intangibles-Goodwill and Other (Topic 350 ): Simplifying the Test for Goodwill Impairment” (“ASU 2017 - 03” ) effective for periods beginning after December 15, 2019. The ASU requires only a one -step qualitative impairment test, whereby a goodwill impairment loss will be measured as the excess of a reporting unit's carrying amount over its fair value. It eliminates Step 2 of the prior two -step goodwill impairment test, under which a goodwill impairment loss was measured by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. The adoption of ASU No. 2017 - 03 did not have a material impact on the results of the Company's goodwill impairment testing procedures. In November 2018, the FASB issued ASU No. 2018 - 19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses” (“ASU 2018 - 19” ), which clarifies that receivables arising from operating leases are not within the scope of the credit losses standard but rather should be accounted for in accordance with the lease standard. ASU 2018 - 19 became effective for the Company for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The adoption of ASU 2018 - 19 did not have a material impact on the Company's consolidated financial statements. In December 2019, the FASB issued ASU No. 2019 - 12, “ Income Taxes (Topic 740 ): Simplifying the Accounting for Income Taxes ”. The standard includes multiple key provisions, including removal of certain exceptions to ASC 740, Income Taxes , and simplification in several other areas such as accounting for a franchise tax that is partially based on income. ASU 2019 - 12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently assessing the impact of adopting this standard but does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

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Note 4 - Foreign Currency Translation	9 Months Ended
Note 4 - Foreign Currency Translation	Sep. 30, 2020
Notes to Financial Statements
Foreign Currency Disclosure [Text Block]	Note 4. Foreign Currency Translation The functional currency of our subsidiary in the United Kingdom is the British Pound. Assets and liabilities are translated into U.S. dollars at the exchange rates in effect at each balance sheet date, revenues and expenses are translated at average monthly exchange rates, and resulting translation gains or losses are accumulated in other comprehensive income as a separate component of shareholders' equity.

XML 23 R11.htm IDEA: XBRL DOCUMENT

Note 5 - Debt	9 Months Ended
Note 5 - Debt	Sep. 30, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 5. Debt The Company has a credit agreement with Amegy Bank which provides a $4.0 million revolving line of credit and previously provided up to a $3.0 million term loan which could be drawn through October 24, 2016. Amounts outstanding under the term loan reduce the availability under the revolving line of credit. The revolving line of credit is also subject to a borrowing base derived from 80% of eligible accounts receivable (as defined) and the Company's minimum net worth covenant of $20.0 million. The revolving line of credit bears interest at prime plus 0.50% payable monthly. As of September 30, 2020, the Company had a $0.2 million irrevocable standby letter of credit outstanding under the revolving line of credit. On August 16, 2016, the Company drew $2.7 million of the term loan and used the proceeds to fund the purchase of shares of its common stock in a private transaction. The term loan bore interest at 4.5% per annum and was payable in monthly payments of interest only until November, 2016, followed by 47 equal monthly payments of principal and interest computed on a 60 -month amortization schedule. The $0.6 million final payment of principal and interest was paid on October 28, 2020. On July 16, 2018, the Company amended its Credit Agreement with Amegy Bank to provide for an additional term loan of up to $1.0 million that could be drawn by the Company through July 12, 2019, for the purpose of repurchases of its common stock. The additional term loan is evidenced by a promissory note bearing interest at 5.15% per annum and payable in monthly installments of interest only through July 12, 2019. Thereafter, the note is payable in monthly installments sufficient to fully amortize the outstanding principal balance in 60 months with the balance of principal and accrued interest due on July 12, 2023. Amounts outstanding under the additional term loan further reduce the availability under the Company's revolving line of credit with Amegy Bank. On August 1, 2018, the Company drew $0.7 million of the additional term loan and used the proceeds to fund the purchase of 100,000 shares of its common stock in a private transaction. On December 12, 2018, the Company drew $0.3 million of the additional term loan and used the proceeds to partially fund a purchase of 50,000 shares of its common stock in a private transaction. As of September 30, 2020, a total of $1.4 million was outstanding on the two Amegy Bank term loans, of which $0.6 million was repaid on October 28, 2020.. Reduced outstanding accounts receivable available as collateral under the Company's credit agreement with Amegy Bank has limited access to additional financing. Net losses in recent periods have also impacted compliance with the financial covenants under the Amegy Bank credit agreement, further impeding the Company's ability to obtain additional financing. On March 26, 2020, the Company entered into a Thirteenth Amendment to Credit Agreement (the “Thirteenth Amendment”) with Amegy Bank. The Thirteenth Amendment amended the minimum net worth covenant to require the Company to maintain tangible net worth (as defined therein) of $4.0 million, determined on a quarterly basis. Under the Thirteenth Amendment, Amegy Bank also waived an existing default caused by the Company's failure to satisfy the old minimum net worth covenant as of December 31, 2019. On May 12, 2020, the Company entered into a Fourteenth Amendment to Credit Agreement (the “Fourteenth Amendment”) with Amegy Bank. The Fourteenth Amendment amended the line of credit to reduce the maximum borrowing capacity to $3.0 million. Under the Fourteenth Amendment, Amegy Bank also waived an existing default caused by the Company's failure to satisfy both the minimum fixed charge coverage ratio through March 31, 2020 and minimum tangible net worth as of March 31, 2020. The Company obtained waivers from Amegy Bank of its failures to satisfy the fixed charge coverage ratio, the minimum tangible net worth, and the borrowing base for the quarters ended June 30, 2020 and September 30, 2020. On November 10, 2020, the Company entered into a Fifteenth Amendment to Credit Agreement (the “Fifteenth Amendment”) with Amegy Bank. The Fifteenth Amendment waived the minimum tangible net worth covenant until December 31, 2021, after which a minimum tangible net worth of $1.5 million will be required. The Fifteenth Amendment also revised the calculation of the fixed charge coverage ratio such that it will be tested at December 31, 2020 based on the preceding six month period, tested at March 31, 2021 based on the preceding nine month period, and tested at June 30, 2021 and subsequent periods using a twelve month rolling period. On April 15, 2020, Wilhelmina International, Ltd. (the “Borrower”), a wholly-owned subsidiary of the Company, executed a Business Loan Agreement and a Promissory Note each dated April 13, 2020 ( collectively, the “Sub PPP Loan Documents”), with respect to a loan in the amount of $1.8 million (the “Sub PPP Loan”) from Amegy Bank. The Sub PPP Loan was obtained pursuant to the PPP. The Sub PPP Loan matures on April 13, 2022 and bears interest at a rate of 1.00% per annum. The Sub PPP Loan is payable in 18 equal monthly payments of $104 thousand commencing November 13, 2020. On April 18, 2020, the Company executed a Business Loan Agreement and a Promissory Note each dated April 17, 2020 ( collectively, the “Parent PPP Loan Documents”), with respect to a loan in the amount of $128 thousand (the “Parent PPP Loan”) from Amegy Bank. The Parent PPP Loan was also obtained pursuant to the PPP. The Parent PPP Loan matures on April 17, 2022 and bears interest at a rate of 1.00% per annum. The Parent PPP Loan is payable in 18 equal monthly payments of $7 thousand commencing November 13, 2020. Both the Sub PPP Loan and the Parent PPP Loan (collectively, the “PPP Loans”) may be prepaid at any time prior to maturity with no prepayment penalties. Both the Sub PPP Loan Documents and the Parent PPP Loan Documents contain various provisions related to the PPP, as well customary representations, warranties, covenants, events of default and other provisions. Neither of the PPP Loans is secured by either the Borrower or the Company, and both are guaranteed by the SBA. All or a portion of the PPP Loans may be forgiven by the SBA upon application by the Borrower or the Company, respectively, accompanied by documentation of expenditures in accordance with the SBA requirements under the PPP. In the event all or any portion of the PPP Loans is forgiven, the amount forgiven is applied to outstanding principal, and would be recorded as income, net of any tax effect. As of September 30, 2020, a total of $2.0 million was outstanding on the PPP Loans.

XML 24 R12.htm IDEA: XBRL DOCUMENT

Note 6 - Commitments and Contingencies	9 Months Ended
Note 6 - Commitments and Contingencies	Sep. 30, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 6. Commitments and Contingencies On October 24, 2013, a putative class action lawsuit was brought against the Company by former Wilhelmina model Alex Shanklin and others, including Louisa Raske, Carina Vretman, Grecia Palomares and Michelle Griffin Trotter (the “Shanklin Litigation”), in New York State Supreme Court (New York County) by the same lead counsel who represented plaintiffs in a prior, now-dismissed action brought by Louisa Raske (the “Raske Litigation”). The claims in the Shanklin Litigation initially included breach of contract and unjust enrichment allegations arising out of matters similar to the Raske Litigation, such as the handling and reporting of funds on behalf of models and the use of model images. Other parties named as defendants in the Shanklin Litigation include other model management companies, advertising firms, and certain advertisers. On January 6, 2014, the Company moved to dismiss the Amended Complaint in the Shanklin Litigation for failure to state a claim upon which relief can be granted and other grounds, and other defendants also filed motions to dismiss. On August 11, 2014, the court denied the motion to dismiss as to Wilhelmina and other of the model management defendants. Separately, on March 3, 2014, the judge assigned to the Shanklin Litigation wrote the Office of the New York Attorney General bringing the case to its attention, generally describing the claims asserted therein against the model management defendants, and stating that the case “may involve matters in the public interest.” The judge's letter also enclosed a copy of his decision in the Raske Litigation, which dismissed that case. Plaintiffs retained substitute counsel, who filed a Second and then Third Amended Complaint. Plaintiffs' Third Amended Complaint asserts causes of action for alleged breaches of the plaintiffs' management contracts with the defendants, conversion, breach of the duty of good faith and fair dealing, and unjust enrichment. The Third Amended Complaint also alleges that the plaintiff models were at all relevant times employees, and not independent contractors, of the model management defendants, and that defendants violated the New York Labor Law in several respects, including, among other things, by allegedly failing to pay the models the minimum wages and overtime pay required thereunder, not maintaining accurate payroll records, and not providing plaintiffs with full explanations of how their wages and deductions therefrom were computed. The Third Amended Complaint seeks certification of the action as a class action, damages in an amount to be determined at trial, plus interest, costs, attorneys' fees, and such other relief as the court deems proper. On October 6, 2015, Wilhelmina filed a motion to dismiss as to most of the plaintiffs' claims. The Court entered a decision granting in part and denying in part Wilhelmina's motion to dismiss on May 26, 2017. The Court (i) dismissed three of the five New York Labor Law causes of action, along with the conversion, breach of the duty of good faith and fair dealing and unjust enrichment causes of action, in their entirety, and (ii) permitted only the breach of contract causes of action, and some plaintiffs' remaining two New York Labor Law causes of action to continue, within a limited time frame. The plaintiffs and Wilhelmina each appealed, and the decision was affirmed on May 24, 2018. On August 16, 2017, Wilhelmina timely filed its Answer to the Third Amended Complaint. On June 6, 2016, another putative class action lawsuit was brought against the Company by former Wilhelmina model Shawn Pressley and others, including Roberta Little (the “Pressley Litigation”), in New York State Supreme Court (New York County) by the same counsel representing the plaintiffs in the Shanklin Litigation, and asserting identical, although more recent, claims as those in the Shanklin Litigation. The Amended Complaint, asserting essentially the same types of claims as in the Shanklin action, was filed on August 16, 2017. Wilhelmina filed a motion to dismiss the Amended Complaint on September 29, 2017, which was granted in part and denied in part on May 10, 2018. Some New York Labor Law and contract claims remain in the case. Pressley has withdrawn from the case, leaving Roberta Little as the sole remaining named plaintiff in the Pressley Litigation. On July 12, 2019, the Company filed its Answer and Counterclaim against Little. On May 1, 2019, the Plaintiffs in the Shanklin Litigation (except Raske) and the Pressley Litigation filed motions for class certification on their contract claims and the remaining New York Labor Law Claims. On July 12, 2019, Wilhelmina filed its opposition to the motions for class certification and filed a cross-motion for summary judgment against Shanklin, Vretman, Palomares, Trotter and Little, and a motion for summary judgment against Raske. By Order Dated May 8, 2020 ( the “Class Certification Order”), the Court denied class certification in the Pressley case, denied class certification with respect to the breach of contract and alleged unpaid usage claims, granted class certification as to the New York Labor Law causes of action asserted by Vretman, Palomares and Trotter, and declined to rule on Wilhelmina's motions for summary judgment, denying them without prejudice to be re-filed at a later date. On June 12, 2020, the Plaintiffs in both the Shanklin and Pressley actions filed Notices of Appeal to the Appellate Division, First Department, from those portions of the Class Certification Order on which Wilhelmina prevailed, and Little also filed a motion for reargument of the denial of her motion for class certification. On June 22, 2020, Wilhelmina filed Notices of Cross-Appeal from those portions of the Class Certification order that granted class Certification and denied summary judgement. Wilhelmina also opposed Little's motion for reargument, and that motion is fully briefed. The Court has directed the parties to non-binding mediation and that process is underway. The Company believes the claims asserted in the Shanklin Litigation and Pressley Litigation are without merit and intends to continue to vigorously defend the actions. In addition to the legal proceedings disclosed herein, the Company is also engaged in various legal proceedings that are routine in nature and incidental to its business. None of these routine proceedings, either individually or in the aggregate, are believed likely, in the Company's opinion, to have a material adverse effect on its consolidated financial position or its results of operations.

XML 25 R13.htm IDEA: XBRL DOCUMENT

Note 7 - Income Taxes	9 Months Ended
Note 7 - Income Taxes	Sep. 30, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 7. Income Taxes Generally, the Company's combined effective tax rate is high relative to reported net income as a result of valuation allowances on deferred tax assets, certain amortization expense, stock based compensation, and corporate overhead not being deductible and income being attributable to certain states in which it operates. In recent years, the majority of taxes paid by the Company were state and foreign taxes, not federal U.S. taxes. The Company operates in four states which have relatively high tax rates: California, New York, Illinois, and Florida. Realization of net operating loss carryforwards, foreign tax credits, and other deferred tax temporary differences are contingent upon future taxable earnings. The Company's deferred tax assets are reviewed for expected utilization by assessing the available positive and negative factors surrounding recoverability, including projected future taxable income, tax-planning strategies, and results of recent operations. A valuation allowance is recorded when it is more likely than not that a deferred tax asset will not be realized. As of September 30, 2020, due primarily to the effects of the COVID- 19 pandemic on its business, the Company believes it is more likely than not that the benefit from deferred tax assets will not be realized. During the nine months ended September 30, 2020, the Company recorded a $1.3 valuation allowance on its deferred tax assets and released a $0.3 million valuation allowance on deferred tax assets relating to the forfeiture of stock options held by the Company's former Chief Executive Officer. At September 30, 2020, the Company maintained a $1.3 million valuation allowance against its deferred tax assets. The Company will continue to assess the assumptions used to determine the amount of the valuation allowance and may adjust the valuation allowance in future periods based on changes in estimated future income and other factors.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

XML 26 R14.htm IDEA: XBRL DOCUMENT

Note 8 - Treasury Stock	9 Months Ended
Note 8 - Treasury Stock	Sep. 30, 2020
Notes to Financial Statements
Treasury Stock [Text Block]	Note 8. Treasury Shares During 2012, the Board of Directors authorized a stock repurchase program whereby the Company could repurchase up to 500,000 shares of its outstanding common stock. During 2013, the Board of Directors renewed and extended the Company's share repurchase authority to enable it to repurchase up to an aggregate of 1,000,000 shares of common stock. In 2016, the Board of Directors increased by an additional 500,000 shares the number of shares of the Company's common stock that may be repurchased under its stock repurchase program to an aggregate of 1,500,000 shares. The shares may be repurchased from time to time in the open market or through privately negotiated transactions at prices the Company deems appropriate. The program does not obligate the Company to acquire any particular amount of common stock and may be modified or suspended at any time at the Company's discretion. From 2012 through September 30, 2020, the Company repurchased 1,314,694 shares of common stock at an average price of approximately $4.85 per share, for a total of approximately $6.4 million in repurchases under the stock repurchase program. During the first nine months of 2020, 4,833 shares were repurchased under the stock repurchase program for approximately $20 thousand. The repurchase of an additional 185,306 shares is presently authorized under the stock repurchase program. Due to COVID- 19, the Company has temporarily suspended further share repurchases to preserve liquidity.

XML 27 R15.htm IDEA: XBRL DOCUMENT

Note 9 - Related Parties	9 Months Ended
Note 9 - Related Parties	Sep. 30, 2020
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. 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 $22.5 thousand for the nine months ended both September 30, 2020 and 2019. The Company did not owe NCM any amounts under the services agreement as of September 30, 2020.

XML 28 R16.htm IDEA: XBRL DOCUMENT

Note 10 - Goodwill	9 Months Ended
Note 10 - Goodwill	Sep. 30, 2020
Notes to Financial Statements
Goodwill Disclosure [Text Block]	Note 10. Goodwill During the first quarter of 2020, the Company determined that recent declines in revenue, COVID- 19 impacts on its retail clients, and declines in its stock price triggered the requirement for goodwill impairment testing. The results of the impairment test indicated that the carrying value of goodwill exceeded its estimated fair value. As a result, during March 2020, the Company recorded an impairment charge of $0.8 million related to its goodwill. No asset impairment charges were incurred during the third quarter of 2020. Further declines in the Company's stock price could result in additional goodwill impairment charges. No asset impairment charges were incurred during the first nine months of 2019.

XML 29 R17.htm IDEA: XBRL DOCUMENT

Note 11 - Subsequent Events	9 Months Ended
Note 11 - Subsequent Events	Sep. 30, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	Note 11. Subsequent Events On November 10, 2020, the Company entered into a Fifteenth Amendment to Credit Agreement (the “Fifteenth Amendment”) with Amegy Bank. The Fifteenth Amendment waived the minimum tangible net worth covenant until December 31, 2021, after which a minimum tangible net worth of $1.5 million will be required. The Fifteenth Amendment also revised the calculation of the fixed charge coverage ratio such that it will be tested at December 31, 2020 based on the preceding six month period, tested at March 31, 2021 based on the preceding nine month period, and tested at June 30, 2021 and subsequent periods using a twelve month rolling period.

XML 30 R18.htm IDEA: XBRL DOCUMENT

Note 2 - Business (Details Textual) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Apr. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Jul. 31, 2020	Jul. 01, 2020
Proceeds from Issuance of Long-term Debt, Total		$ 1,975
Covid 19 [Member]
Cash Rent Payments Deferred in Connection With COVID-19				$ 41
Percentage of Staff Laid Off					36.00%
Paycheck Protection Program CARES Act [Member]
Proceeds from Issuance of Long-term Debt, Total	$ 2,000

XML 31 R19.htm IDEA: XBRL DOCUMENT

Note 5 - Debt (Details Textual)								1 Months Ended	9 Months Ended		105 Months Ended
Note 5 - Debt (Details Textual)	Oct. 28, 2020 USD ($)	Apr. 18, 2020 USD ($)	Apr. 15, 2020 USD ($)	Dec. 12, 2018 USD ($) shares	Aug. 01, 2018 USD ($) shares	Oct. 24, 2016 USD ($)	Aug. 16, 2016 USD ($)	Apr. 30, 2020 USD ($)	Sep. 30, 2020 USD ($) shares	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) shares	Nov. 10, 2020 USD ($)	May 12, 2020 USD ($)	Mar. 26, 2020 USD ($)	Jul. 16, 2018 USD ($)
Proceeds from Issuance of Long-term Debt, Total									$ 1,975,000
Treasury Stock, Shares, Acquired (in shares) \| shares				50,000	100,000				4,833		1,314,694
Paycheck Protection Program Loan and Monthly Payments		$ 7,000
Proceeds from Parent Paycheck Protection Program Under CARES Act		$ 128,000
Wilhelmina International LTD [Member]
Proceeds from Sub Paycheck Protection Program Under CARES Act			$ 1,800
Paycheck Protection Program Loan and Monthly Payments			$ 104,000
Paycheck Protection Program CARES Act [Member]
Proceeds from Issuance of Long-term Debt, Total								$ 2,000,000
Long-term Debt, Total									$ 2,000,000		$ 2,000,000
Amegy [Member] \| Subsequent Event [Member] \| Term Loan [Member]
Repayments of Debt	$ 600,000
Amegy [Member] \| Term Loan [Member] \| Subsequent Event [Member]
Repayments of Debt	$ 600,000
Amegy [Member] \| Credit Agreement After Fifth Amendment [Member] \| Revolving Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity						$ 4,000,000
Debt Agreement, Borrowing Base Percentage of Collateral Modified From						80.00%
Debt Agreement, Covenant Compliance, Minimum Net Worth						$ 20,000,000
Amegy [Member] \| Credit Agreement After Fifth Amendment [Member] \| Revolving Credit Facility [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate						0.50%
Amegy [Member] \| Credit Agreement After Fifth Amendment [Member] \| Term Loan [Member]
Debt Agreement, Maximum Borrowing Capacity						$ 3,000,000
Proceeds from Issuance of Long-term Debt, Total							$ 2,700,000
Debt Instrument, Interest Rate, Stated Percentage							4.50%
Long-term Debt, Number of Monthly Payments, Principal and Interest							47
Amegy [Member] \| Credit Agreement After Fifth Amendment [Member] \| Standby Letters of Credit [Member]
Long-term Line of Credit, Total									200,000		200,000
Amegy [Member] \| Tenth Amendment to Credit Agreement [Member] \| Term Loan [Member]
Debt Agreement, Maximum Borrowing Capacity															$ 1,000,000
Proceeds from Issuance of Long-term Debt, Total				$ 300,000	$ 700,000
Debt Instrument, Interest Rate, Stated Percentage															5.15%
Long-term Debt, Total									$ 1,400,000		$ 1,400,000
Amegy [Member] \| Thirteenth Amendment to Credit Agreement [Member] \| Revolving Credit Facility [Member]
Debt Agreement, Covenant Compliance, Minimum Net Worth													$ 3,000,000	$ 4,000,000
Amegy [Member] \| Credit Agreement Fifteenth Amendment [Member] \| Revolving Credit Facility [Member] \| Subsequent Event [Member]
Debt Agreement, Covenant Compliance, Minimum Net Worth												$ 1,500,000

XML 32 R20.htm IDEA: XBRL DOCUMENT

Note 7 - Income Taxes (Details Textual) $ in Millions	9 Months Ended
Note 7 - Income Taxes (Details Textual) $ in Millions	Sep. 30, 2020 USD ($)
Number of States in which Entity Operates	4
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 1.3
Deferred Tax Assets, Valuation Allowance, Total	1.3
Share-based Payment Arrangements [Member]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ (0.3)

XML 33 R21.htm IDEA: XBRL DOCUMENT

Note 8 - Treasury Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended						9 Months Ended	12 Months Ended	105 Months Ended
	Dec. 12, 2018	Aug. 01, 2018	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Dec. 31, 2016	Sep. 30, 2020	Dec. 31, 2013	Dec. 31, 2012
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares)										1,500,000		1,000,000	500,000
Stock Repurchase Program, Additional Shares Authorized (in shares)										500,000
Treasury Stock, Shares, Acquired (in shares)	50,000	100,000							4,833		1,314,694
Treasury Stock Acquired, Average Cost Per Share (in dollars per share)											$ 4.85
Treasury Stock, Value, Acquired, Cost Method					$ 19	$ 54	$ 149	$ 24	$ 20		$ 6,400
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)			185,306						185,306		185,306

XML 34 R22.htm IDEA: XBRL DOCUMENT

Note 9 - Related Parties (Details Textual) - USD ($)	9 Months Ended
Note 9 - Related Parties (Details Textual) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
NCM [Member]
Due to Related Parties, Current, Total	$ 0
Services Agreements [Member]
Related Party Transaction, Monthly Rent	2,500
Related Party Transaction, Expenses from Transactions with Related Party	$ 22.50	$ 22,500

XML 35 R23.htm IDEA: XBRL DOCUMENT

Note 10 - Goodwill (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill, Impairment Loss	$ 800	$ 0	$ 0	$ 800	$ 0

XML 36 R24.htm IDEA: XBRL DOCUMENT

Note 11 - Subsequent Events (Details Textual)	Nov. 10, 2020 USD ($)
Subsequent Event [Member] \| Amegy [Member] \| Credit Agreement Fifteenth Amendment [Member] \| Revolving Credit Facility [Member]
Debt Agreement, Covenant Compliance, Minimum Net Worth	$ 1,500,000

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