Wilhelmina International, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Wilhelmina International, Inc. has filed its Q1 2024 10-Q report, detailing financial positions and historical company information.</b>

AI Summary

Wilhelmina International, Inc. (WHLM) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Filing is a 10-Q for Wilhelmina International, Inc. for the period ending March 31, 2024. The company was formerly known as NEW CENTURY EQUITY HOLDINGS CORP, BILLING CONCEPTS CORP, and BILLING INFORMATION CONCEPTS CORP. The company's principal business address is 200 Crescent Court, Suite 1400, Dallas, TX 75201. The filing includes data related to common stock, treasury stock, additional paid-in capital, retained earnings, and comprehensive income for various periods. Financial data includes fair value inputs for cash and money market funds as of March 31, 2024, and December 31, 2023.

Why It Matters

For investors and stakeholders tracking Wilhelmina International, Inc., this filing contains several important signals. This filing provides a snapshot of Wilhelmina International's financial health and equity structure as of the end of the first quarter of 2024. Understanding the historical company names and the detailed equity components is crucial for investors tracking the company's evolution and financial reporting.

Risk Assessment

Risk Level: low — Wilhelmina International, Inc. shows low risk based on this filing. The filing is a standard 10-Q report, which typically contains routine financial information and does not indicate any immediate or significant risks.

Analyst Insight

Review the detailed financial statements and equity component breakdowns within the 10-Q to assess the company's current financial standing and historical changes.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-15 — Filing Date (10-Q filing)
• 2024-01-01 — Quarter Start Date (10-Q filing)
• 2023-03-31 — Prior Year Period End Date (10-Q filing)

Key Players & Entities

• Wilhelmina International, Inc. (company) — Filer name
• NEW CENTURY EQUITY HOLDINGS CORP (company) — Former company name
• BILLING CONCEPTS CORP (company) — Former company name
• BILLING INFORMATION CONCEPTS CORP (company) — Former company name
• 200 Crescent Court, Suite 1400, Dallas, TX 75201 (company) — Business address

FAQ

Industry Context

The filing pertains to Wilhelmina International, Inc., operating within the services sector, specifically management consulting services (SIC 8742).

Regulatory Implications

This is a standard 10-Q filing under the Securities Exchange Act of 1934, requiring public companies to report quarterly financial information.

What Investors Should Do

1. Analyze the balance sheet and equity sections for changes in financial position.
2. Note any disclosures regarding former company names and their significance.
3. Examine fair value measurements for cash and money market funds.

Key Dates

• 2024-03-31: Quarterly Period End — Financial data reported as of this date.
• 2024-05-15: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value WHLM Nasdaq Capital Market
• $2.5 thousand — facilities on a month-to-month basis at $2.5 thousand per month, pursuant to a services agree

Filing Documents

• wilhelmina_i10q-033124.htm (10-Q) — 394KB
• wilhelmina_ex3101.htm (EX-31.1) — 11KB
• wilhelmina_ex3102.htm (EX-31.2) — 12KB
• wilhelmina_ex3201.htm (EX-32.1) — 4KB
• wilhelmina_ex3202.htm (EX-32.2) — 4KB
• 0001683168-24-003431.txt (&nbsp;) — 2132KB
• whlm-20240331.xsd (EX-101.SCH) — 13KB
• whlm-20240331_cal.xml (EX-101.CAL) — 39KB
• whlm-20240331_def.xml (EX-101.DEF) — 31KB
• whlm-20240331_lab.xml (EX-101.LAB) — 194KB
• whlm-20240331_pre.xml (EX-101.PRE) — 142KB
• wilhelmina_i10q-033124_htm.xml (XML) — 141KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flow for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 11 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19 Item 4.

Controls and Procedures

Controls and Procedures 19 PART II OTHER INFORMATION 20 Item 1.

Legal Proceedings

Legal Proceedings 20 Item 1.A.

Risk Factors

Risk Factors 21 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21 Item 3. Defaults Upon Senior Securities 21 Item 4. Mine Safety Disclosures 21 Item 5. Other Information 21 Item 6. Exhibits 22

SIGNATURES

SIGNATURES 23 2 PART I FINANCIAL INFORMATION

Consolidated Financial Statements

Item 1. Consolidated Financial Statements WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 4,734 $ 6,117 Short term investments 6,670 6,596 Accounts receivable, net of allowance for doubtful accounts of $ 1,777 and $ 1,901 , respectively 8,585 8,505 Prepaid expenses and other current assets 228 203 Total current assets 20,217 21,421 Property and equipment, net of accumulated depreciation of $ 568 and $ 534 , respectively 291 320 Right of use assets-operating 3,285 3,457 Right of use assets-finance 143 152 Trademarks and trade names with indefinite lives 8,467 8,467 Goodwill 7,547 7,547 Other assets 301 301 TOTAL ASSETS $ 40,251 $ 41,665 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 3,722 $ 3,941 Due to models 6,528 7,645 Lease liabilities – operating, current 727 712 Lease liabilities – finance, current 33 32 Total current liabilities 11,010 12,330 Long term liabilities: Deferred income tax, net 1,261 1,215 Lease liabilities – operating, non-current 2,898 3,102 Lease liabilities – finance, non-current 114 122 Total long term liabilities 4,273 4,439 Total liabilities 15,283 16,769 Shareholders' equity: Common stock, $ 0.01 par value, 9,000,000 shares authorized; 6,472,038 shares issued at March 31, 2024 and December 31, 2023 65 65 Treasury stock, 1,314,694 shares at March 31, 2024 and December 31, 2023, at cost ( 6,371 ) ( 6,371 ) Additional paid-in capital 88,865 88,854 Accumulated deficit ( 57,185 ) ( 57,276 ) Accumulated other comprehensive loss ( 406 ) ( 376 ) Total shareholders' equity 24,968 24,896 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 40,251 $ 41,665 The accompanying notes are an integral part of

financial statements not misleading have been included. In the opinion of the Company's management, the accompanying

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, statements of shareholders' equity, and cash flows for the periods presented. These interim unaudited consolidated financial Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023. 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 Activity 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, and London, as well as a network of licensees. Wilhelmina provides traditional, full-service fashion model and talent management services, specializing in the representation and management of models, entertainers, athletes and other talent, to various clients, including retailers, designers, advertising agencies, print and electronic media and catalog companies. Note 3. 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. Results of operations are translated using the weighted average exchange rates duri

Management's Discussion and Analysis of Financial Condition and Results of Operations

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 months ended March 31, 2024 and 2023. 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, 2023.

Forward-Looking Statements

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 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 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 ope

View Full Filing

View this 10-Q filing on SEC EDGAR