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Basis Of Presentation (Policy)
3 Months Ended
Mar. 31, 2014
Basis Of Presentation [Abstract]  
Expiring Debt And Liquidity Requirements

Expiring Debt and Liquidity Requirements

Expiring Long-Term Debt

The term of our Australian NAB Corporate Term Loan matures on June 30, 2014.  Accordingly, the outstanding balance of this debt of $56.8 million (AUS$61.2 million) is classified as current on our March 31, 2014 balance sheet.  The Australian NAB Corporate Term Loan is secured by the majority of our theater and entertainment-themed retail center (“ETRC”) properties in Australia. 

The term of our US Cinema 1, 2, 3 Term Loan matures on June 27, 2014.  Accordingly, the outstanding balance of this debt of $15.0 million is classified as current on our March 31, 2014 balance sheet.

Additionally, the New Zealand Westpac loan of $24.3 million (NZ $28.0 million) matures on March 31, 2015 therefore as of March 31, 2014 the loan has been reclassified to current.

We are currently in the process of renegotiating these loans with our current lenders while also seeking possible replacement loans with other lenders.  While no assurances can be given that we will be successful, we currently anticipate that these loans will either be extended or replaced prior to their maturities.

 

Tax Settlement Liability

In accordance with the agreement between the U.S. Internal Revenue Service and our subsidiary, Craig Corporation, it is obligated to pay $290,000 per month, $3.5 million per year, in settlement of its tax liability for the tax year ended June 30, 1997.

For the abovementioned liabilities, we believe that we have the required liquidity to meet the obligations either through the extension or replacement of maturing debt or the generation of cash from our operating activities.  Together with our $33.6 million of cash and cash equivalents, we expect to meet our anticipated short-term working capital requirements for the next twelve months.

Marketable Securities

Marketable Securities

We had investments in marketable securities of $58,000 and $55,000 at March 31, 2014 and December 31, 2013, respectively.  We account for these investments as available for sale investments.  We assess our investment in marketable securities for other-than-temporary impairments in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 320-10 for each applicable reporting period.  These investments have a cumulative gain of $9,000 included in accumulated other comprehensive income at March 31, 2014.  For the three months ended March 31, 2014, our net unrealized gain (loss) on marketable securities was $1,000.  For the three months ended March 31, 2013, our net unrealized gain (loss) on marketable securities was ($1,000).  During the three months ended March 31, 2014 and 2013, we did not buy or sell any marketable securities.

Deferred Leasing Costs

Deferred Leasing Costs

We amortize direct costs incurred in connection with obtaining tenants for our properties over the respective term of the lease on a straight-line basis.

Deferred Financing Costs

Deferred Financing Costs

We amortize direct costs incurred in connection with obtaining financing over the term of the loan using the effective interest method, or the straight-line method, if the result is not materially different.  In addition, interest on loans with increasing interest rates and scheduled principal pre-payments, is also recognized using the effective interest method.

Accounting Pronouncements Adopted During 2014

Accounting Pronouncements Adopted During 2014

No new pronouncements were adopted during the three months ended March 31, 2014.

New Accounting Pronouncements

New Accounting Pronouncements

In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." The amendments in this update change the requirements for reporting discontinued operations. A discontinued operation may include a component of an entity or a group of components of an entity, or a business or nonprofit activity.  A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results and when the component or group of components meets the criteria to be classified as held for sale, is disposed by sale or is disposed of by other than by sale (for example, by abandonment or in a distribution to owners in a spinoff).  ASU 2014-8 is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014.  The Company is currently evaluating the impact of this standard on its consolidated financial statements.