View Filing Data

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2014	Aug. 08, 2014
Document Information [Line Items]
Entity Registrant Name	XCel Brands, Inc.
Entity Central Index Key	0001083220
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	XELB
Entity Common Stock, Shares Outstanding		12,025,704
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2014
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2014

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2014	Dec. 31, 2013
Current Assets:
Cash and cash equivalents	$ 5,107,000	$ 7,461,000
Accounts receivable, net	4,769,000	3,541,000
Inventory	440,000	70,000
Prepaid expenses	520,000	477,000
Total current assets	10,836,000	11,549,000
Property and Equipment:
Leasehold improvements, furniture and equipment	2,370,000	1,922,000
Less: accumulated depreciation	987,000	769,000
Total property and equipment	1,383,000	1,153,000
Other Assets:
Trademarks and other intangibles, net	69,826,000	45,308,000
Goodwill	12,371,000	12,371,000
Deferred finance costs, net	404,000	199,000
Other assets	305,000	344,000
Total other assets	82,906,000	58,222,000
Total Assets	95,125,000	70,924,000
Current Liabilities:
Accounts payable and accrued expenses	2,245,000	1,289,000
Deferred revenue	919,000	491,000
Other current liabilities	2,361,000	66,000
Current portion of long-term debt	1,875,000	565,000
Total current liabilities	7,400,000	2,411,000
Long-Term Liabilities:
Long-term debt, less current portion	39,120,000	24,161,000
Deferred tax liabilities	8,105,000	8,918,000
Other long-term liabilities	52,000	57,000
Total long-term liabilities	47,277,000	33,136,000
Total Liabilities	54,677,000	35,547,000
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $.001 par value, 25,000,000 shares authorized, 12,000,704 and 10,005,509 issued and outstanding at June 30, 2014 and December 31, 2013, respectively	12,000	10,000
Paid-in capital	36,458,000	30,843,000
Retained earnings	3,978,000	4,524,000
Total stockholders' equity	40,448,000	35,377,000
Total Liabilities and Stockholders' Equity	$ 95,125,000	$ 70,924,000

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2014	Dec. 31, 2013
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	12,000,704	10,005,509
Common stock, shares outstanding	12,000,704	10,005,509

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues
Net licensing revenue	$ 5,626,000	$ 2,885,000	$ 8,729,000	$ 5,788,000
Design and service fee revenue	438,000	289,000	875,000	574,000
Net retail sales	120,000	32,000	146,000	32,000
Total revenues	6,184,000	3,206,000	9,750,000	6,394,000
Cost of goods sold	79,000	13,000	112,000	13,000
Gross profit	6,105,000	3,193,000	9,638,000	6,381,000
Operating expenses
Salaries, benefits and employment taxes	2,620,000	1,502,000	4,722,000	3,067,000
Other design and marketing costs	181,000	88,000	356,000	286,000
Other selling, general and administrative expenses	856,000	550,000	1,599,000	1,154,000
Stock-based compensation	1,820,000	2,292,000	3,387,000	2,357,000
Depreciation and amortization	256,000	224,000	491,000	441,000
Total operating expenses	5,733,000	4,656,000	10,555,000	7,305,000
Other expenses (income)
Gain on reduction of contingent obligation	(600,000)	0	(600,000)	0
Total other expenses (income)	(600,000)	0	(600,000)	0
Operating income (loss)	972,000	(1,463,000)	(317,000)	(924,000)
Interest and finance expense
Interest expense - term debt	226,000	273,000	370,000	549,000
Other interest and finance charges	183,000	247,000	277,000	489,000
Total interest and finance expense	409,000	520,000	647,000	1,038,000
Income (loss) before income taxes	563,000	(1,983,000)	(964,000)	(1,962,000)
Provision (benefit) for income taxes	154,000	(787,000)	(418,000)	(779,000)
Net income (loss)	$ 409,000	$ (1,196,000)	$ (546,000)	$ (1,183,000)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.03	$ (0.13)	$ (0.05)	$ (0.14)
Diluted (in dollars per share)	$ 0.03	$ (0.13)	$ (0.05)	$ (0.14)
Weighted average number of common shares outstanding:
Basic (in shares)	11,713,813	9,138,085	11,274,503	8,243,999
Diluted (in shares)	12,710,184	9,138,085	11,274,503	8,243,999

Unaudited Condensed Consolidated Statement of Stockholders' Equity - 6 months ended Jun. 30, 2014 - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]
Balances at Dec. 31, 2013	$ 35,377,000	$ 10,000	$ 30,843,000	$ 4,524,000
Balances (in shares) at Dec. 31, 2013		10,005,509
Shares issued to employees and directors in connection with restricted stock grants, net of forfeitures	1,000	$ 1,000	0	0
Shares issued to employees and directors in connection with restricted stock grants, net of forfeitures (in shares)		1,428,850
Issuance of Common Stock in connection with asset acquisition	2,286,000	$ 1,000	2,285,000	0
Issuance of Common Stock in connection with asset acquisition (in shares)		571,429
Compensation expense in connection with stock options, warrant and restricted stock	3,387,000	$ 0	3,387,000	0
Shares repurchased on vesting of restricted stock	(63,000)	$ 0	(63,000)	0
Shares repurchased on vesting of restricted stock (in shares)		(15,750)
Shares issued on exercise of stock options	6,000	$ 0	6,000	0
Shares issued on exercise of stock options (in shares)		10,666
Net loss for the six months ended June 30, 2014	(546,000)	$ 0	0	(546,000)
Balances at Jun. 30, 2014	$ 40,448,000	$ 12,000	$ 36,458,000	$ 3,978,000
Balances (in shares) at Jun. 30, 2014		12,000,704

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities
Net loss	$ (546,000)	$ (1,183,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense	491,000	441,000
Amortization of deferred finance costs	34,000	60,000
Stock-based compensation	3,387,000	2,357,000
Allowance for doubtful accounts	0	4,000
Amortization of seller notes discount	233,000	289,000
Amortization of senior note discount	0	119,000
Deferred income tax benefit	(812,000)	(920,000)
Gain on reduction of contingent obligations	(600,000)	0
Changes in operating assets and liabilities:
Accounts receivable	(1,228,000)	(295,000)
Inventory	(370,000)	(97,000)
Prepaid expenses and other assets	(4,000)	32,000
Accounts payable and accrued expenses	920,000	(204,000)
Deferred revenue	457,000	(41,000)
Other liabilities	106,000	21,000
Net cash provided by operating activities	2,068,000	583,000
Cash flows used in investing activities
Cash consideration for the acquisition of the Ripka Brand	(12,363,000)	0
Purchase of property and equipment	(448,000)	(215,000)
Increase in long-term security deposit	0	(8,000)
Net cash used in investing activities	(12,811,000)	(223,000)
Cash flows provided by financing activities
Proceeds from term debt related to the Ripka Brand	9,000,000	0
Proceeds from issuance of Common Stock and warrants	0	5,000,000
Proceeds from issuance of Common Stock on exercise of stock options	6,000	0
Shares repurchased on vesting of restricted stock	(63,000)	0
Payment of contingent obligation	(315,000)	0
Payment of deferred finance costs	(239,000)	0
Payment of expenses related to issuance of Common Stock	0	(292,000)
Repayment of long-term debt	0	(675,000)
Repayment of lease obligation	0	(3,000)
Net cash provided by financing activities	8,389,000	4,030,000
Net (decrease) increase in cash and cash equivalents	(2,354,000)	4,390,000
Cash and cash equivalents, beginning of period	7,461,000	3,929,000
Cash and cash equivalents, end of period	5,107,000	8,319,000
Supplemental disclosure of non-cash activities:
Issuance of Notes payable as partial consideration in the acquisition of the Ripka Brand (net of debt discount - see Note 6)	4,165,000	0
Issuance of Common Stock in connection with the acquisition of the Ripka Brand	2,286,000	0
Contingent obligations relating to the acquisition of the Ripka Brand	3,786,000	0
Supplemental disclosure of cash flow information:
Cash paid during the period for income taxes	58,000	227,000
Cash paid during the period for interest	$ 343,000	$ 562,000

Nature of Operations, Background and Basis of Presentation

6 Months Ended

Jun. 30, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Nature of Operations, Background and Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management of Xcel Brands, Inc., (“Xcel”, the "Company", “we”, “us”, or “our”), all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation have been included. The Condensed Consolidated Balance Sheet as of December 31, 2013 has been derived from audited consolidated financial statements. Operating results for the three months (the “Current Quarter”) and six months (the “Current Six Months”) ended June 30, 2014 are not necessarily indicative of the results that may be expected for a full fiscal year.

The Company engages in the design, licensing, marketing and retail sales of consumer brands, including the Isaac Mizrahi Brand and certain rights of the Liz Claiborne New York Brand (“LCNY”) and the Judith Ripka Brand (the “Ripka Brand”), which we acquired on April 3, 2014. The Company operates in two segments – (1) Design and Licensing and (2) our Retail Business.

Our Design and Licensing business operates in a “working capital light” business model, wherein we license our brands to third parties, provide certain design services, and generate royalty and design and service fee revenues through licensing and other agreements with wholesale manufacturers, sourcing and design companies, and retailers. This includes licensing our own brands for promotion and distribution through an Omnichannel retail sales strategy including distribution through Direct-Response Television (i.e. QVC, Inc. (“QVC”) and The Shopping Channel), the internet, and traditional bricks-and-mortar retail channels. The Isaac Mizrahi Brand and LCNY brand are licensed through our wholly-owned subsidiary IM Brands, LLC (“IM Brands”) (the “Isaac Mizrahi Business”) and the Ripka Brand is licensed through our wholly-owned subsidiary, JR Licensing, LLC (“JR Licensing”).

The Company’s Retail Business operates through its wholly-owned subsidiary, IMNY Retail Management, LLC (“Retail Management”), and was launched in June 2013 opening the Company’s first retail store located in Southampton, New York (the “Southampton Store”). The Company opened its second retail store, an outlet store, located near Atlanta, GA (the “Georgia Store”), on March 2, 2014. Also, Retail Management launched its e-commerce platform in May 2014.

For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

Certain reclassifications have been made to the prior period condensed consolidated financial statements to conform to the current period presentation.

Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers” (ASU 201-09). ASU 201-09 provides guidance for revenue recognition and affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry-specific guidance. The core principle of ASU 2014-09 is the recognition of revenue when a company transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, companies will need to use more judgment and make more estimates than under the current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016 and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Early adoption is not permitted. The Company is currently evaluating the method and impact the adoption of ASU 2014-09 will have on the Company’s condensed consolidated financial statements and disclosures.

In June 2014, the FASB issued ASU No. 2014-12, “Compensation - Stock Compensation” (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period (“ASU 2014-12”). ASU 2014-12 affects entities that grant their employees share-based payments in which terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the method and impact the adoption of ASU 2014-12 will have on the Company’s condensed consolidated financial statements and disclosures.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

+ Details

Acquisition of the Judith Ripka Trademarks

6 Months Ended

Jun. 30, 2014

Asset Acquisition [Abstract]

Asset Acquisition [Text Block]

Acquisition of the Judith Ripka Trademarks

On April 3, 2014, JR Licensing entered into an asset purchase agreement dated April 1, 2014 (the “Purchase Agreement”) with Judith Ripka Berk (“Ms. Ripka”), an individual, and certain companies owned by Ms. Ripka including Judith Ripka Creations (collectively “Ripka”), pursuant to which JR Licensing purchased from Ripka, the Ripka Brand, including the Judith Ripka and Judith Ripka Sterling trademarks and other intellectual property rights. On April 3, 2014, the closing date of the acquisition, the Company paid Ripka $12.0 million in cash, $6.0 million through the issuance of interest free notes payable (the “JR Seller Notes”) (see Note 6) and the issuance of 571,429 shares of the Company’s stock. The Company is also obligated to pay to Ripka $1.0 million and $1.2 million in cash or shares of the Company’s Common Stock on October 1, 2014 and April 1, 2015, respectively. In addition, the Company agreed to pay Ripka additional contingent consideration of up to $5 million in aggregate, payable in cash or shares of the Company’s Common Stock (see Note 6).

Concurrent with the acquisition of the Ripka Brand, the Company entered into (i) a license agreement with QVC that provides for a royalty to be paid to the Company by QVC based on net sales of products under the Ripka Brand (the “QVC Ripka Agreement”), and (ii) a license with an affiliate of Ripka that will design, source, market, and promote products under the Ripka Brand to wholesale accounts, through an e-commerce site which Xcel will operate, and through Ripka owned retail stores (the “Wholesale Business”). The license with the Wholesale Business provides for a royalty payable to the Company based on its wholesale sale of products under the Ripka Brand. The Company issued to QVC a warrant (the “QVC Warrant”) to purchase a number of shares of our Common Stock equal to (i) 4.75% of the number of shares of common stock of Xcel issued and outstanding on the date the QVC Warrant becomes exercisable less (ii) 571,429 shares of our Common Stock (subject to adjustment in the event of a stock split, combination, or stock dividend). The QVC Warrant is exercisable at a price of $.001 per share and becomes exercisable only upon Ms. Ripka becoming obligated to make a specified payment to QVC under the QVC Ripka Agreement and remains exercisable until such obligation is satisfied in full. Management has determined that the probability of the warrants becoming exercisable is highly unlikely and, therefore, no value was assigned to them as of June 30, 2014.

Concurrent with the acquisition of the Ripka Brand, JR Licensing entered into a $9 million, 5-year term loan with Bank of Hapoalim (“BHI”) and amended the existing IM Term Loan, as more fully described in Note 6.

On April 1, 2014, the Company entered into a three-year employment agreement with Ms. Ripka such that she will serve as the Chief Design Officer of the Judith Ripka brand and perform duties and obligations under agreements with the Company’s licensees or any other third party pursuant to which Ms. Ripka has agreed to, and is obligated to, perform personal services. Thereafter, the agreement will renew automatically for one-year periods, unless either party gives written notice of intent to terminate at least 30 days prior to such termination. Ms. Ripka’s base salary is $750,000 per annum, and Ms. Ripka is entitled to other benefits including (a) non-accountable expenses of $114,000 per year, (b) $1,000 per month for rent for her Florida office, (c) the employment of a personal assistant, and (d) first class travel expenses.

Ms. Ripka is also eligible to receive an annual cash bonus for each calendar year during the term of her employment (or any partial fiscal year during the term), equal to ten percent (10%) of the direct response television royalty income during such calendar year in excess of $6 million.

The Ripka Brand acquisition was accounted for as an asset purchase. The aggregate purchase price was allocated to the following assets based on the fair market value of the assets on the date of acquisition:

Allocated to:
Trademarks	$	24,600,000
Copyrights & other intellectual property		190,000
Total acquisition price	$	24,790,000

The following represents the aggregate purchase price of $24.8 million, including legal and other fees of $0.39 million:

Cash paid	$	11,975,000
Installment payment due October 1, 2014		1,000,000
Installment payment due April 1, 2015		1,190,000
JR Seller Notes (at fair value, see Note 6)		4,165,000
Fair value of common stock issued (571,429 shares)		2,286,000
Ripka Earn-Out obligation (at fair value, see Note 6)		3,786,000
Direct transaction expenses		388,000
Total consideration	$	24,790,000

Trademarks, Goodwill and Other Intangibles

6 Months Ended

Jun. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

Trademarks, Goodwill and Other Intangibles

Trademarks and other intangibles, net consist of the following:

	June 30, 2014		December 31, 2013
Trademarks	$	69,100,000	$	44,500,000
Licensing agreements		2,000,000		2,000,000
Copyrights & other intellectual property		190,000		–
Accumulated amortization		(1,464,000)		(1,192,000)
Net carrying amount	$	69,826,000	$	45,308,000

Amortization expense for intangible assets for the Current Quarter and the quarter ended June 30, 2013 (the “Prior Year Quarter”) was $139,000 and $132,000, respectively. Amortization expense for intangible assets for the Current Six Months and the six months ended June 30, 2013 (the “Prior Year Six Months”) was $272,000 and $263,000, respectively. The trademarks of the Ripka Brand and the Isaac Mizrahi Brand and related goodwill have been determined to have an indefinite useful life and accordingly, consistent with ASC Topic 350, no amortization has been recorded in the Company's unaudited condensed consolidated statements of operations.

As of June 30, 2014, the Company had $12,371,000 of goodwill relating to the acquisition of the Isaac Mizrahi Business. There was no change in goodwill during the Current Six Months.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Significant Contracts

6 Months Ended

Jun. 30, 2014

Significant Contracts [Abstract]

Significant Contracts [Text Block]

Significant Contracts

QVC Agreements

In connection with the Company’s agreements with QVC, they are required to pay us fees based primarily on a percentage of its net sales of Isaac Mizrahi and Ripka branded merchandise. QVC royalty revenue represents a significant portion of the Company’s total revenues. Royalties from QVC totaled $4,316,000 and $1,992,000 for the Current Quarter and the Prior Year Quarter, respectively, representing 70% and 62% of the Company’s total revenues each quarter, respectively. Royalties from QVC totaled $6,605,000 and $3,984,000 for the Current Six Months and the Prior Year Six Months, respectively, representing 68% and 62% of the Company’s total revenues, respectively. As of June 30, 2014 and December 31, 2013, the Company had receivables from QVC of $3,165,000 and $2,060,000, representing 66% and 58% of the Company’s receivables, respectively. The June 30, 2014 and December 31, 2013 QVC receivables include $1,256,000 and $152,000 of earned revenue that has been accrued but not billed as of each date, respectively.

Debt

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Debt

The Company’s net carrying amount of debt is comprised of the following:

	June 30, 2014		December 31, 2013
IM Term Loan	$	13,000,000	$	13,000,000
JR Term Loan		9,000,000		–
IM Seller Note		5,203,000		5,045,000
JR Seller Notes		4,240,000		–
Contingent obligation – IM Seller		5,766,000		6,681,000
Contingent obligation – JR Seller		3,786,000		–
Total		40,995,000		24,726,000
Current portion		1,875,000		565,000
Total long-term debt	$	39,120,000	$	24,161,000

IM Term Loan

On August 1, 2013, IM Brands entered into a $13.0 million 5-year term loan with BHI (the “IM Term Loan”). On April 3, 2014, in connection with entering into the JR Term Loan (as defined below) and the Ripka Brand acquisition, the Company amended the IM Term Loan. The IM Term Loan is secured by all of the assets of IM Brands and the Company’s membership interest in IM Brands and bears interest at an annual fixed rate of 4.44%, payable quarterly in arrears each calendar quarter. The obligations under the IM Term Loan are also guaranteed by the Company. Scheduled principal payments are as follows:

Date of Payment	Amount of Principal Payment

October 1, 2014, January 1, 2015, April 1, 2015 and July 1, 2015	$	250,000
October 1, 2015, January 1, 2016, April 1, 2016 and July 1, 2016	$	625,000
October 1, 2016, January 1, 2017, April 1, 2017 and July 1, 2017	$	750,000
October 1, 2017, January 1, 2018 and April 1, 2018	$	875,000
July 1, 2018	$	3,875,000

In addition, on and after January 1, 2015, IM Brands shall repay an amount equal to fifty percent (50%) of Cash Flow Recapture (as defined below) until such time as principal payments received by BHI for the IM Term Loan and the JR Term Loan (as defined below) are equal to or greater than $1 million in the aggregate (other than a result of scheduled payments), thereafter IM Brands will then begin to repay twenty percent (20%). Cash Flow Recapture shall mean for any fiscal period, cash provided by operating activities for such period less (a) capital expenditures not made through the incurrence of indebtedness less (b) all interest and principal (including indebtedness owed for the IM Term Loan) paid or payable during such period less (c) all income tax payments made during such period.

Financial Covenants. The Company is required to maintain minimum fixed charge ratio and liquidity covenants and other non-monetary covenants, including reporting requirements and trademark preservation in accordance with the terms and conditions of the IM Term Loan. In addition,:

	·	Minimum EBITDA (as defined in the BHI loan documents) of IM Brands shall not be less than $6,000,000 for the fiscal year ending December 31, 2014, not less than $9,000,000 for the fiscal year ending December 31, 2015, not less than $11,000,000 for the fiscal year ending December 31, 2016 and not less than $12,500,000 for the fiscal year ending December 31, 2017 and each fiscal year end thereafter. EBITDA for IM Brands shall exclude allocated corporate overhead;

	·	Minimum EBITDA of the Company shall not be less than $5,500,000 for the fiscal year ending December 31, 2014, not less than $7,500,000 for the fiscal year ending December 31, 2015, not less than $11,000,000 for the fiscal year ending on December 31, 2016 and not less than $12,000,000 for fiscal year ending December 31, 2017 and each fiscal year end thereafter;

	·	Capital expenditures of the Company and its Subsidiaries on a consolidated basis in any fiscal year shall not exceed $1.3 million;

	·	$31 million of minimum net worth to be maintained by the Company at all times;

	·	$3 million of minimum liquidity covenants to be maintained by the Company at all times.

As of June 30, 2014, the Company and IM Brands were in full compliance with all of the covenants under the IM Term Loan.

JR Term Loan

On April 3, 2014, the Company entered into a $9 million 5-year term loan with BHI (the “JR Term Loan”). The JR Term Loan is secured by all of the assets of JR Licensing and a guarantee from Xcel secured by a pledge of Xcel’s membership interest in JR Licensing and by a guarantee from IM Brands, secured by a pledge of all of IM Brands’ assets. The JR Term Loan bears interest at an annual variable rate of either, LIBOR plus 3.5% or Prime plus 0.50%, at JR Licensing’s option, payable, if the JR Term Loan is bearing interest based on LIBOR, on the last business day of the applicable interest period and, if the JR Term Loan is bearing interest based on Prime, quarterly in arrears on the first day of each calendar quarter. Scheduled quarterly principal payments are as follows:

Date of Payment	Amount of Principal Payment

April 1, 2015, July 1, 2015, October 1, 2015 and January 1, 2016	$	375,000
April 1, 2016, July 1, 2016, October 1, 2016 and January 1, 2017	$	625,000
April 1, 2017, July 1, 2017, October 1, 2017 and January 1, 2018	$	750,000
April 1, 2018, July 1, 2018, October 1, 2018 and January 1, 2019	$	500,000

In addition, JR Licensing shall prepay the outstanding amount of the JR Term Loan from excess cash flow (the “JR Cash Flow Recapture”) for each fiscal year commencing with the year ending December 31, 2015 in arrears in an amount equal to fifty percent (50%) of such JR Cash Flow Recapture. JR Cash Flow Recapture shall mean for any fiscal period, cash provided by operating activities for such period less (a) capital expenditures not made through the incurrence of indebtedness less (b) all interest and principal (including indebtedness owed for the JR Loan) paid or payable during such period less (c) the portion of the holdback amount paid or payable pursuant to the Purchase Agreement during such period less (d) payments made during such period by JR Licensing to Xcel equal to the estimated tax liability of Xcel resulting from any taxable income (net of losses, including for prior years to the extent permitted to be deducted) of JR Licensing. JR Licensing also executed a guaranty of the IM term Loan, secured by a pledge of all of JR Licensing’s assets.

Financial Covenants. The Company is required to maintain;

	·	minimum fixed charge ratio (as defined in the BHI loan documents), of 1.20 to 1.00 for the periods ending on or prior to December 31, 2015 and not less than 1.10 to 1.00 for periods commencing on and after March 31, 2016;

	·	minimum EBITDA (as defined in the BHI loan documents), not be less than $5,500,000 for the fiscal year ending December 31, 2014, not less than $7,500,000 for the fiscal year ending December 31, 2015, not less than $11,000,000 for the fiscal year ending on December 31, 2016 and not less than $12,000,000 for fiscal year ending December 31, 2017 and each fiscal year end thereafter;

	·	Capital expenditures on a consolidated basis in any fiscal year shall not exceed $1.3 million;

	·	$31 million of minimum net worth to be maintained at all times;

	·	$3 million of minimum liquidity covenants to be maintained at all times; and

	·	other non-monetary covenants, including reporting requirements and trademark preservation in accordance with the terms and conditions of the JR Term Loan.

In addition, JR Licensing is required to maintain minimum EBITDA of $3 million for the fiscal year ending December 31, 2014, not less than $4 million for the fiscal year ending December 31, 2015 and not less than $5 million for the fiscal year ending December 31, 2016 and each fiscal year end thereafter. EBITDA for JR licensing shall exclude allocated corporate overhead. As of June 30, 2014, the Company and JR Licensing were in full compliance with all of the covenants under the JR Term Loan.

IM Seller Note

On September 29, 2011, as part of the consideration for the purchase of the Isaac Mizrahi Business, the Company issued to IM Ready-Made, LLC (“IM Ready”) a promissory note (the “IM Seller Note”) in the principal amount of $7,377,000. The stated interest rate of the IM Seller Note is 0.25%. Management determined that this rate was below the Company’s expected borrowing rate, which was then estimated at 9.25%. Therefore, the Company discounted the IM Seller Note by $1,740,000 using a 9.0% imputed annual interest rate, resulting in an initial value of $5,637,000. Also on September 29, 2011, the Company prepaid $123,000 of interest on the IM Seller Note. The imputed interest amount is being amortized over the term of the IM Seller Note and recorded as other interest and finance expense on the Company’s unaudited condensed consolidated statements of operations.

On December 24, 2013, the IM Seller Note was amended (1) revising the Maturity Date to September 30, 2016 (the “Amended Maturity Date”), (2) revising the Subsequent Maturity Date to September 30, 2018 (the “Amended Subsequent Maturity Date”), (3) providing the Company with a prepayment right with its Common Stock, subject to remitting in cash the required cash payments set forth below and a minimum Common Stock price of $4.50 per share and (4) requiring interim scheduled payments. Scheduled principal payments (including amortization of imputed interest) are as follows:

Payment Date	Payment Amount		Amount Payable in Cash (i)		Amount Payable in Cash with Restrictions (ii)		Amount Payable in Stock (iii)
December 24, 2013	$	1,500,000	$	1,500,000	$	–		–
January 31, 2015	$	750,000	$	500,000	$	250,000		250,000
January 31, 2016	$	750,000	$	–	$	750,000		750,000
September 30, 2016	$	4,377,432	$	–	$	–		4,377,432

	(i)	$1,500,000 was paid prior to December 31, 2013.
	(ii)	Amounts payable in cash with restrictions are subject to BHI approving the cash payment. If BHI does not approve the cash payment, the amount shall be payable in shares of Common Stock subject to the provisions described above.
	(iii)	This includes the last payment on the Amended Maturity Date and may include amounts payable in cash with restrictions whereby BHI provides approval and the amount would be paid with the Company’s Common Stock. Amounts payable with the Company’s Common Stock shall be subject to the provisions described above.

The stated interest rate of the IM Seller Note remains at 0.25%. Management has determined that the Company’s expected borrowing rate as of the date of the amendment was 6.44%. Based on the revised payment schedule and the change in the Company’s expected borrowing rate, the Company has increased the IM Seller Note discount by $337,000, and accordingly reduced the carrying value of the IM Seller Note. Management has determined that the amendment to the IM Seller Note was in conjunction with an amendment to the contingent obligation to IM Ready (the “Earn-out Obligation”) and the reduction to the carrying value of the Seller Note was recorded as part of the gain on reduction of contingent obligations in the Company’s December 31, 2013 consolidated statement of operations.

For the Current Quarter and the Prior Year Quarter, the Company incurred interest expense of $85,000 and $156,000, respectively, which includes amortization of the discount on the IM Seller Note of $80,000 and $146,000, respectively. For the Current Six Months and the Prior Year Six Months, the Company incurred interest expense of $168,000 and $310,000, respectively, which includes amortization of the discount on the IM Seller Note of $158,000 and $389,000, respectively. The IM Seller Note balance, net of discount, at June 30, 2014 and December 31, 2013 was $5,203,000 and $5,045,000, respectively.

JR Seller Notes

On April 3, 2014, as part of the consideration for the purchase of the Ripka Brand, JR Licensing issued to Ripka $6.0 million principal amount JR Seller Notes. The JR Seller Notes have a term of five years from the date of issuance, are payable in cash or shares of Xcel Common Stock valued at the time of payment, at the Company’s option, and with a floor price of $7.00 per share if paid in stock, with Ripka having certain rights to extend the maturity of the JR Seller Notes in the event the Company’s stock is trading at a price of less than $7.00 per share.

Management determined that its expected borrowing rate is estimated to be 7.33% and has, therefore, discounted the JR Seller Notes by $1,835,000 using a 7.33% imputed annual interest rate, resulting in an initial value of $4,165,000. The imputed interest amount is being amortized over the term of the JR Seller Notes and recorded as other interest and finance expense on the Company’s unaudited condensed consolidated statements of operations.

For the Current Quarter and the Current Six Months, the Company incurred interest expense of $75,000 which consists solely of amortization of the discount on the JR Seller Notes. The JR Seller Notes balance, net of discount, at June 30, 2014 was $4,240,000.

Contingent Obligations

IM Earn-out obligation

IM Ready may earn additional shares of Common Stock with a value of up to $7,500,000 (the “Earn-Out Value”) for the 12-month period ending September 30, 2015, with the number of shares to be issued based upon the greater of (i) $4.50 per share and (ii) the average stock price for the last twenty days in such period, and with such earn-out payment contingent upon the Isaac Mizrahi Business achieving the net royalty income target set forth below (the “Earn-Out Obligation”). On December 24, 2013, the Company and IM Ready amended the terms of the Earn-Out Obligation and eliminated the additional consideration for the fiscal year ending September 30, 2014 and the Company made a one-time cash payment of $315,000 to IM Ready in March 2014. The Earn-Out Obligation is recorded as $3.0 million and $3.6 million long-term debt at June 30, 2014 and December 31, 2013, respectively, and $0.3 million as a current liability at December 31, 2013, on the condensed consolidated balance sheets.

The additional $0.6 million reduction was recorded as a gain on reduction of contingent obligations in the Company’s unaudited condensed consolidated statements of operations in the Current Quarter and the Current Six Months. The reduction in the Earn-Out Obligation was based primarily on a revision of projected future net royalty income related to the Isaac Mizrahi Brand within the earn-out period. The recorded earn-out obligation was reduced as a result of the timing of projected future net royalty income of the Isaac Mizrahi Business, therefore diminishing the probability of achieving the remaining royalty target. This adjustment resulted from the Company having better visibility in its 2015 royalties given current Isaac Mizrahi Brand product sales information.

Any future change in the Earn-Out Obligation will result in an expense or income in the period in which it is determined the fair market value of the carrying value has changed. The royalty targets and percentage of the potential earn-out value are as follows:

ROYALTY TARGET PERIOD	ROYALTY TARGET		EARN-OUT VALUE

Royalty Target Period (October 1, 2014 to September 30, 2015)	$	24,000,000	$	7,500,000

IM Ready will receive a percentage of the Earn-Out Value based upon the percentage of the actual net royalty income of the Isaac Mizrahi Business to the royalty target as set forth below.

APPLICABLE PERCENTAGE	% OF EARN-OUT VALUE EARNED
Less than 76%	0	%
76% up to 80%	40	%
80% up to 90%	70	%
90% up to 95%	80	%
95% up to 100%	90	%
100% or greater	100	%

The Earn-Out Value is payable solely in stock. In accordance with ASC Topic 480, “Distinguishing Liabilities from Equity” (“ASC Topic 480”), the earn-out obligation is treated as a liability in the accompanying condensed consolidated balance sheets because of the variable number of shares payable under the agreement.

IM QVC Earn-Out

The Company is obligated to pay IM Ready $2.8 million, payable in cash or Common Stock, at the Company’s option, contingent upon IM Brands receiving aggregate net royalty income of at least $2.5 million from QVC in the twelve-month period ending September 30, 2015 with such stock based upon the greater of (x) $4.50 per share, and (y) the average stock price for the last twenty days prior to the time of such issuance (the “QVC Earn-Out’). Management has determined that it is probable that the $2.5 million in net royalty income from QVC will be met. In accordance with ASC Topic 480 "Distinguishing Liabilities from Equity", the QVC Earn-Out obligation is treated as a liability in the accompanying condensed consolidated balance sheets because of the variable number of shares payable under the agreement. Management will assess no less frequently than each reporting period the status of this contingent obligation. Any change in the expected obligation will result in an expense or income in the period in which it is determined fair market value has changed.

Ripka Earn-Out

In connection with the purchase of the Ripka Brand, the Company agreed to pay Ripka additional consideration of up to $5 million in aggregate (the “Ripka Earn-Out”), payable in cash or shares of the Company’s Common Stock based on the fair market value of our Common Stock at the time of payment, and with a floor of $7.00 per share, based on the Ripka Brand achieving in excess of $1 million of net royalty income during each of the 12-month periods beginning on October 1, 2015 and ending on October 1, 2018, less the sum of all earn out payments for any prior earn-out period. Net royalty income shall not include any revenues generated by direct-response television sales or any revenue accelerated as a result of termination. The Ripka Earn-Out of $3.79 million is recorded as long-term debt at June 30, 2014 on the condensed consolidated balance sheets based on the difference between the fair value of the assets of the Ripka Brand acquired and the total consideration paid.

In accordance with ASC Topic 480, the earn-out obligation is treated as a liability in the accompanying condensed consolidated balance sheets because of the variable number of shares payable under the agreement.

As of June 30, 2014 and December 31, 2013, total contingent obligations were $9.6 million and $6.7 million, respectively.

Stockholders' Equity

6 Months Ended

Jun. 30, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

7.	Stockholders’ Equity

2011 Equity Incentive Plan

The Company’s 2011 Equity Incentive Plan, as amended and restated (the “Plan”) is designed and utilized to enable the Company to offer its employees, officers, directors, consultants and others whose past, present and/or potential contributions to the Company have been, are or will be important to the success of the Company, an opportunity to acquire a proprietary interest in the Company. A total of 5,000,000 shares of common stock are eligible for issuance under the Plan. The Plan provides for the grant of any or all of the following types of awards: stock options, restricted stock, deferred stock, stock appreciation rights and other stock-based awards. The Plan is administered by the Board, or, at the Board's discretion, a committee of the Board.

On April 1, 2013, the Company issued to management 1,270,000 shares of restricted stock. The vesting date of 1,075,000 shares of restricted stock is September 20, 2014, provided, however, that each such grantee has the right to extend the vesting date by six-month increments in his sole discretion, prior to the date the restrictions would lapse. The remaining 195,000 shares of restricted stock will vest evenly over 2 years, whereby 50% shall vest on September 30, 2014 and 50% shall vest on March 31, 2015. Notwithstanding the foregoing, each grantee may extend the first anniversary of all or a portion of the Restricted Shares by six months and, thereafter one or more times may further extend such date with respect to all or a portion of the Restricted Shares until the next following September 30th or March 31st, as the case may be, by providing written notice of such election to extend such date with respect to all or a portion of the Restricted Shares prior to such date.

On April 1, 2013, the Company issued to non-management directors 100,000 shares of restricted stock. The shares of restricted stock will vest evenly over two years, whereby 50% shall vest on September 30, 2014 and 50% shall vest on March 31, 2015. Notwithstanding the foregoing, each grantee may extend the first anniversary of all or a portion of the Restricted Shares by six months and, thereafter one or more times may further extend such date with respect to all or a portion of the Restricted Shares until the next following September 30th or March 31st, as the case may be, by providing written notice of such election to extend such date with respect to all or a portion of the Restricted Shares prior to such date.

On May 1, 2013, the Company issued to non-executive employees 29,750 shares of restricted stock. The shares of restricted stock will vest evenly over 2 years, whereby 50% shall vest on April 30, 2014 and 50% shall vest on April 30, 2015.

On January 1, 2014, the Company issued to a member of management and a key employee an aggregate of 825,000 shares of restricted stock. The vesting date for 550,000 shares of restricted stock is July 1, 2014, and the remaining 275,000 shall vest evenly over the periods ending September 30, 2014, 2015 and 2016, provided, however, that each such grantee has the right to extend the vesting dates by six-month increments in their sole discretion, prior to the date the restrictions would lapse.

On January 1, 2014, the Company granted options to purchase an aggregate of 50,000 shares of Common Stock to a non-executive employee of the Company. The exercise price per share of the options is $5.00 per share, and 50% of the options will vest on each of the first and second anniversaries of the grant date.

On April 1, 2014, the Company issued to non-management directors 50,000 shares of restricted stock. The shares of restricted stock will vest evenly over two years, whereby 50% shall vest on March 31, 2015 and 50% shall vest on March 31, 2016. Notwithstanding the foregoing, each grantee may extend the first anniversary of all or a portion of the Restricted Shares by six months and, thereafter one or more times may further extend such date with respect to all or a portion of the Restricted Shares until the next following September 30th or March 31st, as the case may be, by providing written notice of such election to extend such date with respect to all or a portion of the Restricted Shares prior to such date.

On May 15, 2014, the Company issued to certain executives and employees 557,475 shares of restricted stock. The shares of restricted stock will vest evenly over two years, whereby 50% shall vest on March 31, 2015 and 50% shall vest on March 31, 2016. Notwithstanding the foregoing, each grantee may extend the first anniversary of all or a portion of the Restricted Shares by six months and, thereafter one or more times may further extend such date with respect to all or a portion of the Restricted Shares until the next following September 30th or March 31st, as the case may be, by providing written notice of such election to extend such date with respect to all or a portion of the Restricted Shares prior to such date.

On May 15, 2014, the Company granted options to purchase an aggregate of 50,000 shares of Common Stock to a non-executive employee of the Company. The exercise price per share of the options is $7.50 per share, and 50% of the options will vest on each of May 31, 2015 and 2016.

Stock Options and Warrants

The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility.

The fair value for all options and warrants was estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions:

Expected Volatility (i)	24-30	%
Expected Dividend Yield	0	%
Expected Life (Term) (ii)	2 – 3 years
Risk-Free Interest Rate	0.50% - 0.60	%

The options that the Company granted under the Plan expire at various times, either five, seven or ten years from the date of grant, depending on the particular grant.

	(i)	Due to the Company’s limited trading activity, the Company used the average volatility of similar companies in its industry.
	(ii)	Due to the Company’s limited history, the expected life of options was calculated using the ‘simplified method’ in accordance with Staff Accounting Bulletin (“SAB”) Topic 14.02 in accordance with SAB 110.

Stock Options

A summary of the Company’s stock options for the Current Six Months is as follows:

			Weighted Average
	Options		Exercise Price
Outstanding at January 1, 2014		343,125	$	4.11
Granted		100,000		6.25
Canceled		–		–
Exercised		(19,000)		3.58
Expired/Forfeited		(13,500)		3.00
Outstanding at June 30, 2014		410,625	$	5.06
Exercisable at June 30, 2014		310,625	$	4.68

Compensation expense related to stock option grants for the Current Quarter and the Prior Year Quarter was $10,000 and $20,000, respectively. Compensation expense related to stock option grants for the Current Six Months and the Prior Year Six Months was $19,000 and $39,000, respectively. Compensation expense related to stock options is reported as stock-based compensation under operating expenses in the unaudited condensed consolidated statements of operations. An additional amount of $86,000 is expected to be expensed over a period of 23 months from July 1, 2014 through May 31, 2016.

The preceding table does not include options to purchase 576 shares of Common Stock for $728 per share issued under the Company’s former equity plan. The Company does not expect to issue any equity awards under this plan.

Warrants

A summary of the Company’s warrants for the Current Six Months is as follows:

			Weighted-Average
	Warrants		Exercise Price
Outstanding at January 1, 2014		1,469,543	$	3.05
Granted		–		–
Canceled		–		–
Exercised		–		–
Expired/Forfeited		–		–
Outstanding at June 30, 2014 and expected to vest		1,469,543	$	3.05
Exercisable at June 30, 2014		1,457,043	$	3.03

Compensation expense related to warrants for the Current Quarter and the Prior Year Quarter was $0 and $11,000, respectively. Compensation expense related to warrants for the Current Six Months and the Prior Year Six Months was $0 and $22,000, respectively. Compensation expense related to warrants in the Prior Year Quarter and Prior Year Six Months is reported as stock-based compensation under operating expenses in the unaudited condensed consolidated statements of operations.

The Company values other warrants issued to non-employees at the commitment date at the fair market value of the instruments issued, a measure which is more readily available than the fair market value of services rendered, using the Black-Scholes model. The fair market value of the instruments issued is expensed over the vesting period.

Compensation expense related to warrants in connection with a licensing agreement is amortized over the 5-year initial term of the license agreement and is recorded as a discount to licensing revenues. The stock-based licensing revenue-discount for the Current Quarter and the Prior Year Quarter was $1,000 in each quarter. The stock-based licensing revenue-discount for the Current Six Months and the Prior Year Six Months was $2,000 in each period. An additional amount of $10,000 is expected to be amortized over a period of 27 months from July 1, 2014 through September 30, 2016.

In October 2013, the Company issued to Adam Dweck (“AD”) who is an Executive Vice President of Earthbound, LLC (“Earthbound”) and the son of Jack Dweck, who is a principal of Earthbound and was on the Company’s board of directors through June 26, 2014 (see Note 11, Related Party Transactions), warrants to purchase 25,000 shares of common stock with an exercise price of $5.00 per share and a term expiring August 2, 2016. The 12,500 warrants are subject to AD generating $0.5 million of accumulated royalties and additional Warrants to purchase 12,500 shares of Common Stock at an exercise price of $5.00 per share, subject to AD generating $1.0 million of accumulated royalties. To date, AD has reached the first milestone of $0.5 million sourced royalties and the Company deems it likely that AD will reach the second milestone of $1.0 million of AD sourced royalties by August 2, 2016. Compensation expense related to warrants in connection with the licensing agreement is amortized over the expected period in which the royalty targets will be met and is recorded as a royalty commission expense and netted with licensing revenues. The stock-based commission expense for the Current Quarter and the Prior Year Quarter was $0. The stock-based commission expense for the Current Six Months and the Prior Year Six Months was $1,000 and $0, respectively. No additional amount is expected to be amortized after June 30, 2014.

Restricted Stock

Compensation cost for restricted stock is measured using the fair value of the Company’s Common Stock at the date the common stock is granted. The compensation cost, net of projected forfeitures, is recognized over the period between the grant date and the date any restrictions lapse, with compensation cost for grants with a graded vesting schedule recognized using the treasury method. The restrictions do not affect voting and dividend rights.

A summary of the Company’s restricted stock for the Current Six Months is as follows:

	Restricted Shares		Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2014		2,026,554	$	3.59
Granted		1,432,475		5.36
Canceled		–		–
Vested		(47,500)		3.86
Expired/Forfeited		(3,625)		3.86
Outstanding at June 30, 2014		3,407,904	$	4.33

Compensation expense related to restricted stock grants for the Current Quarter and Prior Year Quarter was $1,810,000 and $2,261,000, respectively. Compensation expense related to restricted stock grants for the Current Six Months and Prior Year Six Months was $3,368,000 and $2,296,000, respectively. Compensation expense related to restricted stock grants is reported as stock-based compensation under operating expenses in the unaudited condensed consolidated statements of operations. An additional amount of $5,205,000 is expected to be amortized over a period of 27 months from July 1, 2014 through September 2016.

Shares Available Under the Company’s 2011 Equity Incentive Plan

At June 30, 2014 there were 596,158 common shares available for issuance under the Company’s 2011 Equity Incentive Plan.

Shares Reserved for Issuance

At June 30, 2014, there were 2,476,902 common shares reserved for issuance pursuant to warrants, stock options and availability for issuance under the Company’s 2011 Equity Incentive Plan.

Dividends

The Company has not paid any dividends to date.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
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-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
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-Number 210
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Earnings Per Share

Basic earnings per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS gives effect to all potentially dilutive common shares outstanding during the period, including stock options and warrants, using the treasury stock method, and convertible debt, using the if-converted method. Diluted EPS excludes all potentially dilutive shares of common stock if their effect is anti-dilutive.

Shares used in calculating basic and diluted income (loss) per share are as follows:

	Three Months Ended June 30,			Six Months Ended June 30,
		2014	2013		2014	2013
Basic		11,713,813	9,138,085		11,274,503	8,243,999
Effect of exercise of warrants		866,548	–		–	–
Effect of exercise of stock options		129,823	–		–	–
Diluted		12,710,184	9,138,085		11,274,503	8,243,999

The computation of basic and diluted EPS excludes the common stock equivalents of the following potentially dilutive securities because their inclusion would be anti-dilutive:

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Stock options and warrants		50,000		583,084		771,916		583,084

Income Tax

6 Months Ended

Jun. 30, 2014

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

9.	Income Tax

The effective income tax rate for the Current Quarter and the Prior Year Quarter was approximately 27% and 40%, respectively, resulting in a $0.15 million income tax expense and ($0.79) million income tax benefit, respectively. The effective income tax rate for the Current Six Months and the Prior Year Six Months was approximately 43% and 40%, respectively, resulting in a $0.42 million and $0.78 million income tax benefit, respectively. During the Current Quarter, the Company recorded a $0.6 million gain on the reduction of contingent obligations related to the acquisition of the Isaac Mizrahi Brand. This gain is not subject to tax and was treated as a discrete item occurring in the Current Quarter and the Current Six Months (See Note 6, Debt).

Segment Information

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

10.

Segment Information

Since the Company opened its first retail store in June 2013, it operates in two segments - (1) design and licensing and (2) retail, which are based on its business activities and organization. The operating segments are segments of the Company for which separate discrete financial information is available and for which operating results are evaluated regularly by the chief operating decision makers, made up of the Company’s executive management team, in deciding how to allocate resources, as well as in assessing performance. The primary key performance indicators are net sales or revenue (in the case of licensing and design fees) and operating income for each segment. The design and licensing segment includes royalties earned on licensed products and use of the Company’s trademarks, and rights granted to third parties for the right to sell the Company’s products and related design and other service fees. The retail segment represents sales of the Company’s branded products through its retail stores. All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance. Corporate overhead expenses are allocated to the segments based upon specific usage or other allocation methods.

The following table presents the key performance information of the Company’s reportable segments:

	Six Months Ended June 30,				Three Months Ended June 30,
	2014		2013		2014		2013

Revenues:
Net licensing revenue	$	8,729,000	$	5,788,000	$	5,626,000	$	2,885,000
Design and service fee revenue		875,000		574,000		438,000		289,000
Design and licensing revenues		9,604,000		6,362,000		6,064,000		3,174,000
Net retail sales		146,000		32,000		120,000		32,000
Total revenues	$	9,750,000	$	6,394,000	$	6,184,000	$	3,206,000

Operating income (loss):
Design and licensing	$	605,000	$	(831,000)	$	1,577,000	$	(1,370,000)
Retail		(922,000)		(93,000)		(605,000)		(93,000)
Total operating income (loss)	$	(317,000)	$	(924,000)	$	972,000	$	(1,463,000)

Depreciation and amortization:
Design and licensing	$	442,000	$	439,000	$	218,000	$	222,000
Retail		49,000		2,000		38,000		2,000
Total depreciation and amortization	$	491,000	$	441,000	$	256,000	$	224,000

Capital expenditures:
Design and licensing	$	99,000	$	97,000	$	18,000	$	46,000
Retail		349,000		118,000		124,000		118,000
Total capital expenditures	$	448,000	$	215,000	$	142,000	$	164,000

	June 30, 2014		December 31, 2013
Long Lived Assets:
Trademarks and other intangibles, net
Design and licensing	$	69,826,000	$	45,308,000
Retail		-		-
Total trademarks and intangibles, net	$	69,826,000	$	45,308,000

Property and equipment
Design and licensing	$	853,000	$	939,000
Retail		530,000		214,000
Total property and equipment	$	1,383,000	$	1,153,000

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Related Party Transactions

6 Months Ended

Jun. 30, 2014

11.

Related Party Transactions

Todd Slater

On September 29, 2011, the Company adopted a one-year agreement which was amended on October 4, 2011, with Todd Slater, who was appointed as a director of the Company commencing on October 17, 2011, for services related to the Company’s licensing strategy and introduction of potential licensees. During the term of the agreement or during the year following the expiration of the term of the agreement, if the Company enters into a license or distribution agreement with a licensee introduced by Mr. Slater, Mr. Slater was entitled to receive a commission equal to fifteen percent (15%) of all net royalties received by the Company during the first term of such agreement, payable within thirty days of receipt of the net royalties.

On July 10, 2012, the Company and Mr. Slater entered into an amendment (the “Amendment”) to the agreement. Pursuant to the Amendment, the Company paid to Mr. Slater $163,000 as payment in full for (i) the cancellation of all amounts which are or may otherwise become due or payable to Mr. Slater under the terms of the agreement for licensees already introduced to the Company by Mr. Slater and which Mr. Slater was entitled to fifteen percent (15%) of the revenues from such licensees under the agreement, and (ii) the assignment to the Company of all such amounts payable directly to Mr. Slater pursuant to such license agreements. The Company has capitalized this payment and amortizes the expense in accordance with the revenue earned from the respective licensing agreements on which this payment was based.

The Company incurred direct licensing costs with Mr. Slater, who serves as a director for the Company, from amortization of a prepaid licensing commission payment in 2012 for the Current Quarter and the Prior Year Quarter of $21,000 and $11,000, respectively, and for the Current Six Months and Prior Year Six Months of $43,000 and $23,000, respectively.

On June 5, 2013, the Company paid Threadstone Advisors, LLC (“Threadstone”) a fee of $280,000 for the placement of $4,000,000 of proceeds from a private stock offering. This placement fee was recorded as a reduction in paid-in capital and reflected in the stockholders’ equity section of the condensed consolidated balance sheet. Mr. Slater is an officer and a 5% owner of Threadstone.

Licensing Agent Agreement

On August 2, 2011, the Company entered into a licensing agent agreement with AD, pursuant to which he is entitled to a five percent (5%) commission on any royalties we receive under any new license agreements that he procures for us during the initial term of such license agreements. AD earned $6,000 in fees for the Current Quarter and Prior Year Quarter and earned $12,000 and $9,000 in fees for the Current Six Months and Prior Year Six Months, respectively.

We granted to AD warrants to purchase 12,500 shares of common stock at an exercise price of $5.00 per share, subject to AD generating $0.5 million of accumulated royalties and additional warrants to purchase 12,500 shares of common stock at an exercise price of $5.00 per share, subject to AD generating $1.0 million of accumulated royalties. Additionally, AD shall be entitled to receive warrants to purchase 25,000 shares of common stock priced at the fair market value at the time of issuance, subject to AD generating $2.0 million of accumulated royalties. These warrants all expire on August 2, 2016. AD has reached the first milestone of $500,000 sourced royalties and it is likely AD will reach the second milestone of $1,000,000 of AD sourced royalties by August 2, 2016. The Company subsequently issued warrants to AD to purchase 25,000 shares of common stock of which 12,500 vested in 2013 and 12,500 will vest upon achieving the second milestone.

Mark DiSanto

On June 5 , 2013 Mark X. DiSanto Investment Trust (the “DiSanto Trust”) purchased 285,715 shares of its Common Stock and Warrants to purchase an aggregate of 62,500 of the Company’s Common Stock for aggregate gross proceeds of $1,000,003 through the Offering (See Note 7, Stockholders’ Equity). Mark DiSanto, a director of the Company, is the trustee and has sole voting and dispositive power for the DiSanto Trust.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Acquisition of the Judith Ripka Trademarks (Tables)

6 Months Ended

Jun. 30, 2014

Asset Acquisition [Abstract]

Schedule of Asset Acquisition [Table Text Block]

The aggregate purchase price was allocated to the following assets based on the fair market value of the assets on the date of acquisition:

Allocated to:
Trademarks	$	24,600,000
Copyrights & other intellectual property		190,000
Total acquisition price	$	24,790,000

The following represents the aggregate purchase price of $24.8 million, including legal and other fees of $0.39 million:

Cash paid	$	11,975,000
Installment payment due October 1, 2014		1,000,000
Installment payment due April 1, 2015		1,190,000
JR Seller Notes (at fair value, see Note 6)		4,165,000
Fair value of common stock issued (571,429 shares)		2,286,000
Ripka Earn-Out obligation (at fair value, see Note 6)		3,786,000
Direct transaction expenses		388,000
Total consideration	$	24,790,000

Trademarks, Goodwill and Other Intangibles (Tables)

6 Months Ended

Jun. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill [Table Text Block]

Trademarks and other intangibles, net consist of the following:

	June 30, 2014		December 31, 2013
Trademarks	$	69,100,000	$	44,500,000
Licensing agreements		2,000,000		2,000,000
Copyrights & other intellectual property		190,000		–
Accumulated amortization		(1,464,000)		(1,192,000)
Net carrying amount	$	69,826,000	$	45,308,000

Debt (Tables)

6 Months Ended

Jun. 30, 2014

Schedule of Debt [Table Text Block]

The Company’s net carrying amount of debt is comprised of the following:

	June 30, 2014		December 31, 2013
IM Term Loan	$	13,000,000	$	13,000,000
JR Term Loan		9,000,000		–
IM Seller Note		5,203,000		5,045,000
JR Seller Notes		4,240,000		–
Contingent obligation – IM Seller		5,766,000		6,681,000
Contingent obligation – JR Seller		3,786,000		–
Total		40,995,000		24,726,000
Current portion		1,875,000		565,000
Total long-term debt	$	39,120,000	$	24,161,000

Debt Instrument Principal Payments [Table Text Block]

Scheduled principal payments (including amortization of imputed interest) are as follows:

Payment Date	Payment Amount		Amount Payable in Cash (i)		Amount Payable in Cash with Restrictions (ii)		Amount Payable in Stock (iii)
December 24, 2013	$	1,500,000	$	1,500,000	$	–		–
January 31, 2015	$	750,000	$	500,000	$	250,000		250,000
January 31, 2016	$	750,000	$	–	$	750,000		750,000
September 30, 2016	$	4,377,432	$	–	$	–		4,377,432

	(i)	$1,500,000 was paid prior to December 31, 2013.
	(ii)	Amounts payable in cash with restrictions are subject to BHI approving the cash payment. If BHI does not approve the cash payment, the amount shall be payable in shares of Common Stock subject to the provisions described above.
	(iii)	This includes the last payment on the Amended Maturity Date and may include amounts payable in cash with restrictions whereby BHI provides approval and the amount would be paid with the Company’s Common Stock. Amounts payable with the Company’s Common Stock shall be subject to the provisions described above.

Schedule Of Royalty Targets and Percentage Of Potential Earn Out Value [Table Text Block]

The royalty targets and percentage of the potential earn-out value are as follows:

ROYALTY TARGET PERIOD	ROYALTY TARGET		EARN-OUT VALUE

Royalty Target Period (October 1, 2014 to September 30, 2015)	$	24,000,000	$	7,500,000

IM Ready will receive a percentage of the Earn-Out Value based upon the percentage of the actual net royalty income of the Isaac Mizrahi Business to the royalty target as set forth below.

APPLICABLE PERCENTAGE	% OF EARN-OUT VALUE EARNED
Less than 76%	0	%
76% up to 80%	40	%
80% up to 90%	70	%
90% up to 95%	80	%
95% up to 100%	90	%
100% or greater	100	%

IM Term Loan [Member]

Schedule of Maturities of Long-term Debt [Table Text Block]

Scheduled principal payments are as follows:

Date of Payment	Amount of Principal Payment

October 1, 2014, January 1, 2015, April 1, 2015 and July 1, 2015	$	250,000
October 1, 2015, January 1, 2016, April 1, 2016 and July 1, 2016	$	625,000
October 1, 2016, January 1, 2017, April 1, 2017 and July 1, 2017	$	750,000
October 1, 2017, January 1, 2018 and April 1, 2018	$	875,000
July 1, 2018	$	3,875,000

JR Term Loan [Member]

Schedule of Maturities of Long-term Debt [Table Text Block]

Scheduled quarterly principal payments are as follows:

Date of Payment	Amount of Principal Payment

April 1, 2015, July 1, 2015, October 1, 2015 and January 1, 2016	$	375,000
April 1, 2016, July 1, 2016, October 1, 2016 and January 1, 2017	$	625,000
April 1, 2017, July 1, 2017, October 1, 2017 and January 1, 2018	$	750,000
April 1, 2018, July 1, 2018, October 1, 2018 and January 1, 2019	$	500,000

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2014

Stockholders' Equity Note [Abstract]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block]

The fair value for all options and warrants was estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions:

Expected Volatility (i)	24-30	%
Expected Dividend Yield	0	%
Expected Life (Term) (ii)	2 – 3 years
Risk-Free Interest Rate	0.50% - 0.60	%

The options that the Company granted under the Plan expire at various times, either five, seven or ten years from the date of grant, depending on the particular grant.

	(i)	Due to the Company’s limited trading activity, the Company used the average volatility of similar companies in its industry.
	(ii)	Due to the Company’s limited history, the expected life of options was calculated using the ‘simplified method’ in accordance with Staff Accounting Bulletin (“SAB”) Topic 14.02 in accordance with SAB 110.

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of the Company’s stock options for the Current Six Months is as follows:

			Weighted Average
	Options		Exercise Price
Outstanding at January 1, 2014		343,125	$	4.11
Granted		100,000		6.25
Canceled		–		–
Exercised		(19,000)		3.58
Expired/Forfeited		(13,500)		3.00
Outstanding at June 30, 2014		410,625	$	5.06
Exercisable at June 30, 2014		310,625	$	4.68

Schedule of Share-based Compensation, Stock Warrant Activity [Table Text Block]

A summary of the Company’s warrants for the Current Six Months is as follows:

			Weighted-Average
	Warrants		Exercise Price
Outstanding at January 1, 2014		1,469,543	$	3.05
Granted		–		–
Canceled		–		–
Exercised		–		–
Expired/Forfeited		–		–
Outstanding at June 30, 2014 and expected to vest		1,469,543	$	3.05
Exercisable at June 30, 2014		1,457,043	$	3.03

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

A summary of the Company’s restricted stock for the Current Six Months is as follows:

	Restricted Shares		Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2014		2,026,554	$	3.59
Granted		1,432,475		5.36
Canceled		–		–
Vested		(47,500)		3.86
Expired/Forfeited		(3,625)		3.86
Outstanding at June 30, 2014		3,407,904	$	4.33

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Shares used in calculating basic and diluted income (loss) per share are as follows:

	Three Months Ended June 30,			Six Months Ended June 30,
		2014	2013		2014	2013
Basic		11,713,813	9,138,085		11,274,503	8,243,999
Effect of exercise of warrants		866,548	–		–	–
Effect of exercise of stock options		129,823	–		–	–
Diluted		12,710,184	9,138,085		11,274,503	8,243,999

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

The computation of basic and diluted EPS excludes the common stock equivalents of the following potentially dilutive securities because their inclusion would be anti-dilutive:

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Stock options and warrants		50,000		583,084		771,916		583,084

Segment Information (Tables)

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The following table presents the key performance information of the Company’s reportable segments:

	Six Months Ended June 30,				Three Months Ended June 30,
	2014		2013		2014		2013

Revenues:
Net licensing revenue	$	8,729,000	$	5,788,000	$	5,626,000	$	2,885,000
Design and service fee revenue		875,000		574,000		438,000		289,000
Design and licensing revenues		9,604,000		6,362,000		6,064,000		3,174,000
Net retail sales		146,000		32,000		120,000		32,000
Total revenues	$	9,750,000	$	6,394,000	$	6,184,000	$	3,206,000

Operating income (loss):
Design and licensing	$	605,000	$	(831,000)	$	1,577,000	$	(1,370,000)
Retail		(922,000)		(93,000)		(605,000)		(93,000)
Total operating income (loss)	$	(317,000)	$	(924,000)	$	972,000	$	(1,463,000)

Depreciation and amortization:
Design and licensing	$	442,000	$	439,000	$	218,000	$	222,000
Retail		49,000		2,000		38,000		2,000
Total depreciation and amortization	$	491,000	$	441,000	$	256,000	$	224,000

Capital expenditures:
Design and licensing	$	99,000	$	97,000	$	18,000	$	46,000
Retail		349,000		118,000		124,000		118,000
Total capital expenditures	$	448,000	$	215,000	$	142,000	$	164,000

	June 30, 2014		December 31, 2013
Long Lived Assets:
Trademarks and other intangibles, net
Design and licensing	$	69,826,000	$	45,308,000
Retail		-		-
Total trademarks and intangibles, net	$	69,826,000	$	45,308,000

Property and equipment
Design and licensing	$	853,000	$	939,000
Retail		530,000		214,000
Total property and equipment	$	1,383,000	$	1,153,000

Acquisition of the Judith Ripka Trademarks (Details)	6 Months Ended
Acquisition of the Judith Ripka Trademarks (Details)	Jun. 30, 2014 USD ($)
Business Acquisition [Line Items]
Cash paid	$ 11,975,000
Installment payment due October 1, 2014	1,000,000
Installment payment due April 1, 2015	1,190,000
JR Seller Notes (at fair value, see Note 5)	4,165,000
Fair value of common stock issued (571,429 shares)	2,286,000
Ripka Earn-Out obligation (at fair value, see Note 5)	3,786,000
Direct transaction expenses	388,000
Total consideration	24,790,000
Total acquisition price	24,790,000
Copyrights & other intellectual property [Member]
Business Acquisition [Line Items]
Total acquisition price	190,000
Trademarks [Member]
Business Acquisition [Line Items]
Total acquisition price	$ 24,600,000

Acquisition of the Judith Ripka Trademarks (Details Textual) - USD ($)	1 Months Ended			6 Months Ended
	Apr. 01, 2015	Oct. 01, 2014	Apr. 30, 2014	Jun. 30, 2014	Jun. 30, 2013	Apr. 03, 2014
Business Acquisition [Line Items]
Payments to Acquire Productive Assets				$ 12,363,000	$ 0
Assets Acquisition Purchase Price Allocation				24,790,000
Business Acquisition, Transaction Costs				$ 390,000
Chief Design Officer [Member]
Business Acquisition [Line Items]
Payments for Rent, Monthly			$ 1,000
Base Salary			750,000
Non Accountable Expenses			$ 114,000
Annual Cash Bonus Percentage				10.00%
Royalty Revenue, Total				$ 6,000,000
Parent Company [Member]
Business Acquisition [Line Items]
Percentage of Common Stock Issued and Outstanding						4.75%
Judith Ripka Berk [Member]
Business Acquisition [Line Items]
Stock Issued During Period, Shares, Acquisitions				571,429
Maximum Earn-Outs Payable				$ 5,000,000
Proceeds from Issuance of Long-term Debt, Total				$ 9,000,000
Debt Instrument, Maturity Date, Description				5-year term loan
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 0.001
Judith Ripka Berk [Member] \| Scenario, Forecast [Member]
Business Acquisition [Line Items]
Payments to Acquire Productive Assets	$ 1,200,000	$ 1,000,000
Judith Ripka Berk [Member] \| Demand Notes [Member]
Business Acquisition [Line Items]
Debt Instrument, Face Amount				$ 6,000,000

Trademarks, Goodwill and Other Intangibles (Details) - USD ($)	Jun. 30, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Trademarks	$ 69,100,000	$ 44,500,000
Licensing agreements	2,000,000	2,000,000
Copyrights & other intellectual property	190,000	0
Accumulated amortization	(1,464,000)	(1,192,000)
Net carrying amount	$ 69,826,000	$ 45,308,000

Trademarks, Goodwill and Other Intangibles (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Research and Development Assets Acquired Other than Through Business Combination [Line Items]
Amortization of Intangible Assets	$ 139,000	$ 132,000	$ 272,000	$ 263,000
Goodwill	$ 12,371,000		$ 12,371,000		$ 12,371,000

Significant Contracts (Details Textual) - Royalty Agreement With QVC [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Business Acquisition [Line Items]
Royalty Revenue	$ 4,316,000	$ 1,992,000	$ 6,605,000	$ 3,984,000
Revenue from Royalty, Percentage	70.00%	62.00%	68.00%	62.00%
Accounts Receivable, Gross	$ 3,165,000		$ 3,165,000		$ 2,060,000
Accounts Receivables, Percentage	66.00%		66.00%		58.00%
Accrued Fees and Other Revenue Receivable	$ 1,256,000		$ 1,256,000		$ 152,000

Debt (Details) - USD ($)	Jun. 30, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Total	$ 40,995,000	$ 24,726,000
Current portion	1,875,000	565,000
Total long-term debt	39,120,000	24,161,000
JR Term Loan [Member]
Debt Instrument [Line Items]
Term Loan	9,000,000	0
Seller Note	4,240,000	0
Contingent obligation - Seller	3,786,000	0
IM Term Loan [Member]
Debt Instrument [Line Items]
Term Loan	13,000,000	13,000,000
Seller Note	5,203,000	5,045,000
Contingent obligation - Seller	$ 5,766,000	$ 6,681,000

Debt (Details 1)	6 Months Ended
Debt (Details 1)	Jun. 30, 2014 USD ($)
October 1, 2014, January 1, 2015, April 1, 2015 and July 1, 2015 [Member] \| IM Term Loan [Member]
Debt Instrument [Line Items]
Amount Of Principal Payment	$ 250,000
October 1, 2014, January 1, 2015, April 1, 2015 and July 1, 2015 [Member] \| JR Term Loan [Member]
Debt Instrument [Line Items]
Amount Of Principal Payment	375,000
October 1, 2015, January 1, 2016, April 1, 2016 and July 1, 2016 [Member] \| IM Term Loan [Member]
Debt Instrument [Line Items]
Amount Of Principal Payment	625,000
October 1, 2015, January 1, 2016, April 1, 2016 and July 1, 2016 [Member] \| JR Term Loan [Member]
Debt Instrument [Line Items]
Amount Of Principal Payment	625,000
October 1, 2016, January 1, 2017, April 1, 2017 and July 1, 2017 [Member] \| IM Term Loan [Member]
Debt Instrument [Line Items]
Amount Of Principal Payment	750,000
October 1, 2016, January 1, 2017, April 1, 2017 and July 1, 2017 [Member] \| JR Term Loan [Member]
Debt Instrument [Line Items]
Amount Of Principal Payment	750,000
October 1, 2017, January 1, 2018 and April 1, 2018 [Member] \| IM Term Loan [Member]
Debt Instrument [Line Items]
Amount Of Principal Payment	875,000
October 1, 2017, January 1, 2018 and April 1, 2018 [Member] \| JR Term Loan [Member]
Debt Instrument [Line Items]
Amount Of Principal Payment	500,000
July 1, 2018 [Member] \| IM Term Loan [Member]
Debt Instrument [Line Items]
Amount Of Principal Payment	$ 3,875,000

Debt (Details 2)

Jun. 30, 2014

USD ($)

December 24, 2013 [Member]

Debt Instrument [Line Items]

Debt Instrument, Payment Amount

$ 1,500,000

Debt Instrument, Amount Payable in Cash

1,500,000

^[1]

Debt Instrument, Amount Payable in Cash with Restrictions

$ 0

^[2]

Debt Instrument, Amount Payable in Stock | shares

^[3]

January 31, 2015 [Member]

Debt Instrument [Line Items]

Debt Instrument, Payment Amount

$ 750,000

Debt Instrument, Amount Payable in Cash

500,000

^[1]

Debt Instrument, Amount Payable in Cash with Restrictions

$ 250,000

^[2]

Debt Instrument, Amount Payable in Stock | shares

250,000

^[3]

January 31, 2016 [Member]

Debt Instrument [Line Items]

Debt Instrument, Payment Amount

$ 750,000

Debt Instrument, Amount Payable in Cash

^[1]

Debt Instrument, Amount Payable in Cash with Restrictions

$ 750,000

^[2]

Debt Instrument, Amount Payable in Stock | shares

750,000

^[3]

September 30, 2016 [Member]

Debt Instrument [Line Items]

Debt Instrument, Payment Amount

$ 4,377,432

Debt Instrument, Amount Payable in Cash

^[1]

Debt Instrument, Amount Payable in Cash with Restrictions

$ 0

^[2]

Debt Instrument, Amount Payable in Stock | shares

4,377,432

^[3]

[1]	$1,500,000 was paid prior to December 31, 2013.
[2]	Amounts payable in cash with restrictions are subject to BHI approving the cash payment. If BHI does not approve the cash payment, the amount shall be payable in shares of Common Stock subject to the provisions described above.
[3]	This includes the last payment on the Amended Maturity Date and may include amounts payable in cash with restrictions whereby BHI provides approval and the amount would be paid with the Company’s Common Stock. Amounts payable with the Company’s Common Stock shall be subject to the provisions described above.

Debt (Details 3)	6 Months Ended
Debt (Details 3)	Jun. 30, 2014 USD ($)
Fourth Royalty Target Period [Member]
Debt Instrument [Line Items]
ROYALTY TARGET	$ 24,000,000
EARN-OUT VALUE	$ 7,500,000
ROYALTY TARGET PERIOD	Royalty Target Period (October 1, 2014 to September 30, 2015)
Applicable Less than 76% [Member]
Debt Instrument [Line Items]
% OF EARN-OUT VALUE EARNED	0.00%
Applicable 76% up to 80% [Member]
Debt Instrument [Line Items]
% OF EARN-OUT VALUE EARNED	40.00%
Applicable 80% up to 90% [Member]
Debt Instrument [Line Items]
% OF EARN-OUT VALUE EARNED	70.00%
Applicable 90% up to 95% [Member]
Debt Instrument [Line Items]
% OF EARN-OUT VALUE EARNED	80.00%
Applicable 95% up to 100% [Member]
Debt Instrument [Line Items]
% OF EARN-OUT VALUE EARNED	90.00%
Applicable 100% or Greater [Member]
Debt Instrument [Line Items]
% OF EARN-OUT VALUE EARNED	100.00%

Debt (Details Textual)	1 Months Ended			3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
Debt (Details Textual)	Apr. 03, 2014 USD ($) $ / shares	Dec. 24, 2013 USD ($) $ / shares	Sep. 29, 2011 USD ($)	Jun. 30, 2014 USD ($) $ / shares	Mar. 31, 2014 USD ($)	Jun. 30, 2013 USD ($)	Jun. 30, 2014 USD ($) $ / shares	Jun. 30, 2013 USD ($)	Dec. 31, 2016	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Debt Instrument [Line Items]
Interest Expense, Debt				$ 226,000		$ 273,000	$ 370,000	$ 549,000
Liabilities, Current				7,400,000			7,400,000							$ 2,411,000
Gain Loss On Reduction Of Contingent Obligations				600,000		0	600,000	0
Long-term Debt, Total				40,995,000			40,995,000							24,726,000
Minimum Net Worth Required for Compliance				31,000,000			31,000,000
Prime Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.50%
Scenario, Forecast [Member]
Debt Instrument [Line Items]
Minimum Net Worth Required for Compliance				$ 31,000,000			$ 31,000,000
Minimum Fixed Charge Ratio, Start Range									1.10			1.20
Minimum Fixed Charge Ratio, End Range									1.00			1.00
IM Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate				4.44%			4.44%
Proceeds from Issuance of Long-term Debt, Total														$ 13,000,000
Minimum Liquidity Covenants				$ 3,000,000			$ 3,000,000
Maximum Capital Expenditures of Guarantor and its Subsidiaries							1,300,000
Debt Instrument, Maturity Date, Description														5-year term loan
IM Term Loan [Member] \| Scenario, Forecast [Member]
Debt Instrument [Line Items]
Minimum Earnings before Interest, Taxes, Depreciation, and Amortization, Year One													$ 5,500,000
Minimum Earnings before Interest, Taxes, Depreciation, and Amortization, Year Two												$ 7,500,000
Minimum Earnings before Interest, Taxes, Depreciation, and Amortization, Year Three											$ 11,000,000
Minimum Earnings before Interest, Taxes, Depreciation, and Amortization, Year Four										$ 12,000,000
JR Term Loan [Member]
Debt Instrument [Line Items]
Proceeds from Issuance of Long-term Debt, Total	$ 9,000,000
Minimum Liquidity Covenants				3,000,000			3,000,000
Maximum Capital Expenditures of Guarantor and its Subsidiaries							1,300,000
Debt Instrument, Maturity Date, Description	5-year term loan
JR Term Loan [Member] \| Scenario, Forecast [Member]
Debt Instrument [Line Items]
Minimum Earnings before Interest, Taxes, Depreciation, and Amortization, Year One													5,500,000
Minimum Earnings before Interest, Taxes, Depreciation, and Amortization, Year Two												$ 7,500,000
Minimum Earnings before Interest, Taxes, Depreciation, and Amortization, Year Three											11,000,000
Minimum Earnings before Interest, Taxes, Depreciation, and Amortization, Year Four										12,000,000
IM Seller Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 7,377,000
Subordinated Borrowing, Interest Rate			9.25%											6.44%
Debt Instrument, Unamortized Discount		$ 337,000	$ 1,740,000
Initial Outstanding Value of Long-term Debt or Borrowing			5,637,000
Initial Prepaid Interest			$ 123,000
Exercise Price of Common Stock \| $ / shares		$ 4.50
Interest Expense, Debt				$ 85,000		$ 156,000	168,000	$ 310,000
Debt Instrument, Interest Rate, Stated Percentage			0.25%											0.25%
JR Seller Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	7.33%
Debt Instrument, Face Amount	$ 6,000,000
Initial Outstanding Value of Long-term Debt or Borrowing	4,165,000
Interest Expense, Debt	$ 75,000
Floor Price Per Share for Conversion of Debt \| $ / shares	$ 7.00
Ripka Earn-Out [Member]
Debt Instrument [Line Items]
Royalty Earn Out Value							5,000,000
Royalty Revenue, Total							$ 1,000,000
Floor Price Per Share for Conversion of Debt \| $ / shares				$ 7.00			$ 7.00
Long-term Debt, Total				$ 3,790,000			$ 3,790,000
IM Brands, LLC [Member] \| Scenario, Forecast [Member]
Debt Instrument [Line Items]
Debt Instrument, Description												IM Brands shall repay an amount equal to fifty percent (50%) of Cash Flow Recapture (as defined below) until such time as principal payments received by BHI for the IM Term Loan and the JR Term Loan (as defined below) are equal to or greater than $1 million in the aggregate (other than a result of scheduled payments), thereafter IM Brands will then begin to repay twenty percent (20%). Cash Flow Recapture
IM Brands, LLC [Member] \| IM Term Loan [Member] \| Scenario, Forecast [Member]
Debt Instrument [Line Items]
Minimum Earnings before Interest, Taxes, Depreciation, and Amortization, Year One													6,000,000
Minimum Earnings before Interest, Taxes, Depreciation, and Amortization, Year Two												$ 9,000,000
Minimum Earnings before Interest, Taxes, Depreciation, and Amortization, Year Three											11,000,000
Minimum Earnings before Interest, Taxes, Depreciation, and Amortization, Year Four										$ 12,500,000
JR Licensing, LLC [Member] \| Scenario, Forecast [Member]
Debt Instrument [Line Items]
Minimum Earnings before Interest, Taxes, Depreciation, and Amortization, Year One													$ 3,000,000
Minimum Earnings before Interest, Taxes, Depreciation, and Amortization, Year Two												$ 4,000,000
Minimum Earnings before Interest, Taxes, Depreciation, and Amortization, Year Three											$ 5,000,000
Percentage of Cash Flow Recapture Considered for Prepayment of Secured Debt												50.00%
IM Ready Made LLC [Member]
Debt Instrument [Line Items]
Earn Out Payments				9,600,000			9,600,000							$ 6,700,000
Repayment Of Contingent Obligation					$ 315,000
IM Ready Made LLC [Member] \| QVC Earn-Out [Member]
Debt Instrument [Line Items]
Earn Out Payments				2,800,000			$ 2,800,000
Earn-Out Obligation [Member]
Debt Instrument [Line Items]
Exercise Price of Common Stock \| $ / shares							$ 4.50
Royalty Earn Out Value							$ 7,500,000
Earn Out Payments				3,000,000			3,000,000							3,600,000
Liabilities, Current														$ 300,000
Gain Loss On Reduction Of Contingent Obligations							600,000
QVC Inc [Member]
Debt Instrument [Line Items]
Business Acquisitions, Net Royalty Income				$ 2,500,000			$ 2,500,000
Business Acquisition, Description of Acquired Entity							stock based upon the greater of (x) $4.50 per share, and (y) the average stock price for the last twenty days prior to the time of such issuance (the QVC Earn-Out).
Royalty Revenue, Total							$ 2,500,000

Stockholders' Equity (Details) - Equity Option [Member]

6 Months Ended

Jun. 30, 2014

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Expected Volatility Rate, Minimum

24.00%

^[1]

Expected Volatility Rate, Maximum

30.00%

^[1]

Expected Dividend Yield

0.00%

Risk-Free Interest Rate, Minimum

0.50%

Risk-Free Interest Rate, Maximum

0.60%

Minimum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Expected Life (Term)

2 years

^[2]

Maximum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Expected Life (Term)

3 years

^[2]

[1]	Due to the Company’s limited trading activity, the Company used the average volatility of similar companies in its industry.
[2]	Due to the Company’s limited history, the expected life of options was calculated using the ‘simplified method’ in accordance with Staff Accounting Bulletin (“SAB”) Topic 14.02 in accordance with SAB 110.

Stockholders' Equity (Details 1)	6 Months Ended
Stockholders' Equity (Details 1)	Jun. 30, 2014 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, Outstanding at January 1, 2014 \| shares	343,125
Options, Granted \| shares	100,000
Options, Canceled \| shares	0
Options, Exercised \| shares	(19,000)
Options, Expired/Forfeited \| shares	(13,500)
Options, Outstanding at June 30, 2014 \| shares	410,625
Options, Exercisable at June 30, 2014 \| shares	310,625
Weighted Average Exercise Price, Outstanding at January 1, 2014 \| $ / shares	$ 4.11
Weighted-Average Exercise Price, Granted \| $ / shares	6.25
Weighted-Average Exercise Price Canceled \| $ / shares	0
Weighted-Average Exercise Price, Exercised \| $ / shares	3.58
Weighted-Average Exercise Price, Expired/Forfeited \| $ / shares	3.00
Weighted Average Exercise Price, Outstanding at June 30, 2014 \| $ / shares	5.06
Weighted-Average Exercise Price, Exercisable at June 30, 2014 \| $ / shares	$ 4.68

Stockholders' Equity (Details 2) - Warrant [Member]	6 Months Ended
Stockholders' Equity (Details 2) - Warrant [Member]	Jun. 30, 2014 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants, Outstanding at January 1, 2014 \| shares	1,469,543
Warrants, Granted \| shares	0
Warrants, Canceled \| shares	0
Warrants, Exercised \| shares	0
Warrants, Expired/Forfeited \| shares	0
Warrants, Outstanding at June 30, 2014 \| shares	1,469,543
Warrants, Exercisable at June 30, 2014 \| shares	1,457,043
Weighted-Average Exercise Price, Outstanding at January 1, 2014 \| $ / shares	$ 3.05
Weighted-Average Exercise Price, Granted \| $ / shares	0
Weighted-Average Exercise Price, Canceled \| $ / shares	0
Weighted-Average Exercise Price, Exercised \| $ / shares	0
Weighted-Average Exercise Price, Expired/Forfeited \| $ / shares	0
Weighted-Average Exercise Price, Outstanding at June 30, 2014 \| $ / shares	3.05
Weighted-Average Exercise Price, Exercisable at June 30, 2014 \| $ / shares	$ 3.03

Stockholders' Equity (Details 3) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2014 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Shares, Outstanding at January 1, 2014 \| shares	2,026,554
Restricted Shares, Granted \| shares	1,432,475
Restricted Shares, Canceled \| shares	0
Restricted Shares, Vested \| shares	(47,500)
Restricted Shares, Expired/Forfeited \| shares	(3,625)
Restricted Shares, Outstanding at June 30, 2014 \| shares	3,407,904
Weighted-Average Grant Date Fair Value, Outstanding at January 1, 2014 \| $ / shares	$ 3.59
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	5.36
Weighted-Average Grant Date Fair Value, Canceled \| $ / shares	0
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	3.86
Weighted-Average Grant Date Fair Value, Expired/Forfeited \| $ / shares	3.86
Weighted-Average Grant Date Fair Value, Outstanding at June 30, 2014 \| $ / shares	$ 4.33

Stockholders' Equity (Details Textual) - USD ($)	1 Months Ended						3 Months Ended		6 Months Ended
Stockholders' Equity (Details Textual) - USD ($)	May 15, 2014	Apr. 30, 2014	Jan. 31, 2014	Oct. 31, 2013	May 01, 2013	Apr. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense							$ 10,000	$ 20,000	$ 19,000	$ 39,000
Stock Options Issued Shares Former Equity Plan									576
Stock Options Issued Value Per Share Former Equity Plan									$ 728
Adam Dweck [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense							$ 0	0	$ 1,000	0
Warrants Issued To Purchase Common Stock Two				25,000			12,500		12,500		25,000
Warrants Exercise Price Two				$ 5.00			$ 5.00		$ 5.00
Investment Warrants Expiration Date				Aug. 02, 2016					Aug. 02, 2016
Accumulated Royalties, One									$ 500,000
Accumulated Royalties, Two									1,000,000
Warrant Issued To Purchase Common Stock							$ 12,500		12,500
Non Executive Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	50,000		50,000
Investment Options, Exercise Price	$ 7.50		$ 5.00
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%		50.00%
Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense							0	11,000	0	22,000
Licensee Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount On Licensing Revenue							1,000	1,000	$ 2,000	2,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period									5 years
Expected Share Based Compensation Expenses For Next 27 Months							10,000		$ 10,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Share Based Compensation Expenses For Next 23 Months							$ 86,000		$ 86,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures									825,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number							275,000		275,000
Allocated Share-based Compensation Expense							$ 1,810,000	$ 2,261,000	$ 3,368,000	$ 2,296,000
Expected Share Based Compensation Expenses For Next 27 Months							$ 5,205,000		$ 5,205,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period									550,000
Equity Incentive Plan 2011 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant							596,158		596,158
Common Stock, Capital Shares Reserved for Future Issuance							2,476,902		2,476,902
Common Stock Eligible For Issuance							5,000,000		5,000,000
Equity Incentive Plan 2011 [Member] \| Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures						1,270,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number						195,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period						2 years
Equity Incentive Plan 2011 [Member] \| Management [Member] \| September 30 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage Of Share Based Payment Award Vested In Year One						50.00%
Equity Incentive Plan 2011 [Member] \| Management [Member] \| March 31 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage Of Share Based Payment Award Vested In Year Two						50.00%
Equity Incentive Plan 2011 [Member] \| Management [Member] \| September 20, 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number						1,075,000
Equity Incentive Plan 2011 [Member] \| Non Executive Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures					29,750
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period					2 years
Equity Incentive Plan 2011 [Member] \| Non Executive Employees [Member] \| April 30 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage Of Share Based Payment Award Vested In Year One					50.00%
Equity Incentive Plan 2011 [Member] \| Non Executive Employees [Member] \| April 30 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage Of Share Based Payment Award Vested In Year Two					50.00%
Equity Incentive Plan 2011 [Member] \| Non Management Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures		50,000				100,000
Equity Incentive Plan 2011 [Member] \| Non Management Directors [Member] \| September 30 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage Of Share Based Payment Award Vested In Year One						50.00%
Equity Incentive Plan 2011 [Member] \| Non Management Directors [Member] \| March 31 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage Of Share Based Payment Award Vested In Year One		50.00%
Percentage Of Share Based Payment Award Vested In Year Two						50.00%
Equity Incentive Plan 2011 [Member] \| Non Management Directors [Member] \| March 31 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage Of Share Based Payment Award Vested In Year Two		50.00%
Equity Incentive Plan 2011 [Member] \| Executives And Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	557,475
Equity Incentive Plan 2011 [Member] \| Executives And Employees [Member] \| March 31 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage Of Share Based Payment Award Vested In Year One	50.00%
Equity Incentive Plan 2011 [Member] \| Executives And Employees [Member] \| March 31 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage Of Share Based Payment Award Vested In Year Two	50.00%

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
Earnings Per Share (Details) - shares	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share Basic And Diluted [Line Items]
Basic	11,713,813	9,138,085	11,274,503	8,243,999
Diluted	12,710,184	9,138,085	11,274,503	8,243,999
Warrant [Member]
Earnings Per Share Basic And Diluted [Line Items]
Effect of exercise of options and Warrants	866,548	0	0	0
Employee Stock Option [Member]
Earnings Per Share Basic And Diluted [Line Items]
Effect of exercise of options and Warrants	129,823	0	0	0

Earnings Per Share (Details 1) - shares	3 Months Ended		6 Months Ended
Earnings Per Share (Details 1) - shares	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Employee Stock Option [Member] \| Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options and warrants	50,000	583,084	771,916	583,084

Income Tax (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
Income Tax (Details Textual) - USD ($)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Effective Income Tax Rate Reconciliation, Percent	27.00%	40.00%	43.00%	40.00%
Income Tax Expense (Benefit)	$ 154,000	$ (787,000)	$ (418,000)	$ (779,000)
Gain On Reduction Of Contingent Obligations	$ 600,000

Segment Information (Details) - USD ($)	3 Months Ended		6 Months Ended
Segment Information (Details) - USD ($)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Revenue:
Net licensing revenue	$ 5,626,000	$ 2,885,000	$ 8,729,000	$ 5,788,000
Design and service fee income	438,000	289,000	875,000	574,000
Design and licensing revenues	6,064,000	3,174,000	9,604,000	6,362,000
Net retail sales	120,000	32,000	146,000	32,000
Total revenues	6,184,000	3,206,000	9,750,000	6,394,000
Operating income (loss):
Total operating income (loss)	972,000	(1,463,000)	(317,000)	(924,000)
Depreciation and amortization :
Total depreciation and amortization	256,000	224,000	491,000	441,000
Capital expenditures:
Total capital expenditures	142,000	164,000	448,000	215,000
Long Lived Assets
Total Trademarks and other intangibles, net	69,826,000		69,826,000		$ 45,308,000
Total property and equipment	1,383,000		1,383,000		1,153,000
Design And Licensing [Member]
Operating income (loss):
Total operating income (loss)	1,577,000	(1,370,000)	605,000	(831,000)
Depreciation and amortization :
Total depreciation and amortization	218,000	222,000	442,000	439,000
Capital expenditures:
Total capital expenditures	18,000	46,000	99,000	97,000
Long Lived Assets
Total Trademarks and other intangibles, net	69,826,000		69,826,000		45,308,000
Total property and equipment	853,000		853,000		939,000
Retail [Member]
Operating income (loss):
Total operating income (loss)	(605,000)	(93,000)	(922,000)	(93,000)
Depreciation and amortization :
Total depreciation and amortization	38,000	2,000	49,000	2,000
Capital expenditures:
Total capital expenditures	124,000	$ 118,000	349,000	$ 118,000
Long Lived Assets
Total Trademarks and other intangibles, net	0		0		0
Total property and equipment	$ 530,000		$ 530,000		$ 214,000

Related Party Transactions (Details Textual) - USD ($)		1 Months Ended			3 Months Ended		6 Months Ended
Related Party Transactions (Details Textual) - USD ($)	Jul. 10, 2012	Oct. 31, 2013	Jun. 05, 2013	Aug. 02, 2011	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Related Party Transaction [Line Items]
Proceeds from Issuance of Common Stock							$ 6,000	$ 0
Todd Slater [Member]
Related Party Transaction [Line Items]
Commission Rate to Related Party	15.00%
Fees Earned Separate from Buy Out Payment					$ 21,000	$ 11,000	43,000	23,000
Related Party Transaction, Amounts of Transaction	$ 163,000
Adam Dweck [Member]
Related Party Transaction [Line Items]
Commission Rate to Related Party				5.00%
Fees Earned Separate from Buy Out Payment					$ 6,000	$ 6,000	$ 12,000	$ 9,000
Warrants Exercise Price One					$ 5.00		$ 5.00
Accumulated Royalties, One							$ 500,000
Warrants Issued To Purchase Common Stock Two		25,000			12,500		12,500		25,000
Warrants Exercise Price Two		$ 5.00			$ 5.00		$ 5.00
Accumulated Royalties, Two							$ 1,000,000
Warrants Issued To Purchase Common Stock Three					25,000		25,000
Accumulated Royalties, Three							$ 2,000,000
Investment Warrants Expiration Date		Aug. 02, 2016					Aug. 02, 2016
Warrant Vested During First Milestone									12,500
Warrant Vested During Second Milestone					12,500		12,500
Warrant Issued To Purchase Common Stock					$ 12,500		$ 12,500
Threadstone Advisors, LLC [Member]
Related Party Transaction [Line Items]
Fees Earned Separate from Buy Out Payment			$ 280,000
Proceeds from Issuance Initial Public Offering			$ 4,000,000
Equity Method Investment, Ownership Percentage			5.00%
DiSanto Trust [member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Common Stock			$ 1,000,003
Warrant Issued To Purchase Common Stock			$ 62,500
Stock Issued During Period, Shares, New Issues			285,715

Stockholders' Equity (Details 2) - Warrant [Member]	6 Months Ended
Stockholders' Equity (Details 2) - Warrant [Member]	Jun. 30, 2014 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants, Outstanding at January 1, 2014 \| shares	1,469,543
Warrants, Granted \| shares	0
Warrants, Canceled \| shares	0
Warrants, Exercised \| shares	0
Warrants, Expired/Forfeited \| shares	0
Warrants, Outstanding at June 30, 2014 \| shares	1,469,543
Warrants, Exercisable at June 30, 2014 \| shares	1,457,043
Weighted-Average Exercise Price, Outstanding at January 1, 2014 \| $ / shares	$ 3.05
Weighted-Average Exercise Price, Granted \| $ / shares	0
Weighted-Average Exercise Price, Canceled \| $ / shares	0
Weighted-Average Exercise Price, Exercised \| $ / shares	0
Weighted-Average Exercise Price, Expired/Forfeited \| $ / shares	0
Weighted-Average Exercise Price, Outstanding at June 30, 2014 \| $ / shares	3.05
Weighted-Average Exercise Price, Exercisable at June 30, 2014 \| $ / shares	$ 3.03