DESCRIPTION OF BUSINESS	6 Months Ended
Jun. 30, 2015
DESCRIPTION OF BUSINESS [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS General Development and Narrative Description of Business – 4Licensing Corporation (“4LC”), together with the subsidiaries through which its business is conducted (collectively, the “Company”), is a licensing and technology company specializing in the sports and specialty brands. The Company, formerly known as 4Kids Entertainment, Inc. (“4Kids”), was originally organized as a New York corporation in 1970. Emerging from Chapter 11 Bankruptcy Proceedings – On April 6, 2011 (the “Petition Date”), the Company and all of its domestic wholly owned subsidiaries (the “Debtors”) filed voluntary petitions for relief (the “Bankruptcy Cases”) under Title 11 of Chapter 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”), which Bankruptcy Cases were jointly administered under Case No. 11-11607. After filing the Bankruptcy Cases, the Company and its subsidiaries continued to operate as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. As debtors-in-possession, we were authorized under Chapter 11 of the Bankruptcy Code to continue to operate as an ongoing business. The Company emerged from bankruptcy and commenced paying creditors in full in respect of each such creditor’s allowed claims. As of December 31, 2013, all of the allowed claims had been paid. In accordance with the Plan, 4Kids reincorporated in Delaware under the name “4Licensing Corporation.” On the effective date of the Plan, 4Kids’ common stock was cancelled and holders of 4Kids’ common stock were issued one (1) share of common stock of 4LC in exchange for each share of 4Kids’ common stock held by them. On July 23, 2014, the Bankruptcy Court issued a final decree closing the Chapter 11 case of the Company. Financial Reporting Considerations – The Company’s emergence from bankruptcy did not qualify for fresh start accounting as holders of existing shares immediately before confirmation of the Plan did not receive less than fifty percent of the voting shares of the Company after emergence from bankruptcy. Liquidity and Going Concern – In recent years, the Company has incurred substantial net losses and has used substantial amounts of cash in its operating activities. In the past, sales by the Company of certain assets have significantly contributed to the funding of these operating losses. While the timing of these sales was not primarily motivated by then current cash needs, without these sales the Company would not have had sufficient cash to fund its operations. In 2014 and continuing into 2015 the Company issued debt and equity securities to fund its operations. There is no assurance the Company will be able to sell additional securities at all or on terms acceptable to the Company. On December 21, 2012, the Company emerged from Chapter 11 bankruptcy proceedings and commenced paying creditors in full in respect of each such creditor’s allowed claims. The Company was obliged to pay all allowed administrative claims, priority and unsecured claims. As of December 31, 2013, the Company had paid all allowed claims and filed an objection to the remaining disputed claim. During 2014, the Company entered into a settlement with the remaining disputed claimant and the Bankruptcy Court issued a final decree closing the Chapter 11 case of the Company. As a result of the bankruptcy proceedings and despite the $750 proceeds from the issuance of shares of common stock and warrants during the six months ended June 30, 2015 (see Note 4 of the notes to the Company’s consolidated financial statements), the Company’s overall cash position as of June 30, 2015 provides only limited liquidity to fund the Company’s day-to-day operations. The Company will consider all alternatives available to generate additional cash to fund its operations, including, but not limited to sales of assets, issuance of equity or debt securities, and other third party arrangements. There can be no assurance that any of these alternatives will generate additional cash. The Company’s consolidated financial statements have been prepared assuming that it will be able to continue to operate as a going concern. The substantial loss from operations incurred in recent years, the Company’s limited liquidity as of June 30, 2015, the costs associated with the further development and launch of products, which could be substantial, and the loan obligation maturing in March 2016, taken together, raise substantial doubt about the Company’s ability to continue as a going concern. The report of the independent registered public accounting firm on the Company’s financial statements for the year ended December 31, 2014 contains an explanatory paragraph referring to a substantial doubt concerning the Company’s ability to continue as a going concern. The Company’s business consists of the following two segments: IsoBLOX™ and Sports Licensing/Distribution – The IsoBLOX™ and Sports Licensing/Distribution business segment consists of the following wholly owned subsidiaries of the Company: 4LC Sports & Entertainment, Inc. (“4LC Sports”), formerly known as 4Kids Ad Sales, Inc., and 4LC Technology, Inc. (“4LC Technology”), which, in February 2013, acquired, through Pinwrest Development Group, LLC (“Pinwrest”), of which 70% of the membership interests are owned by 4LC Technology, a patent for the IsoBLOX™ technology (the “Patent”) from The Dodd Group, LLC (“TDG”), a Texas limited liability company. The Patent covers a protective shin guard for use in products in the athletic, recreational, police/military, medical and industrial sectors consisting of an elastomeric sleeve within which is deposited protective plastic material consisting of rigid plates joined together by living hinges. The protective plastic material is solid enough to provide protection, flexible enough to better fit the wearer of the shin guard and is lightweight. In November 2014, Pinwrest filed a patent application (the “Patent”) with the U.S. Patent Office covering its newly developed body protection systems and devices that can be used to prevent or limit serious injuries from impacts or collisions during an activity. The products covered by this Patent provide body protection systems and devices that can be incorporated into articles of clothing, materials or articles such as seats, linings, or walls of vehicles to reduce the effects of impact. These body protection devices can form part of headgear, gear, or clothing that is designed to cover and protect one or more parts of a person, such as a military or law enforcement individual, or a professional or recreational athlete. The protective material uses a combination of energy dispersion and absorption to diffuse impact on the wearer of the protective gear. The technology covered by the Patent is hereinafter referred to as “IsoBLOX™” technology. After further development, Pinwrest intends to license and distribute the IsoBLOX™ technology in protective gear within the youth, teen and adult markets. During 2014, Pinwrest began selling IsoBLOX™ products to two sporting goods retailers. 4LC Sports is engaged in the business of licensing and distributing sports related brands. The operations of Pinwrest, 4LC Sports, and 4LC Technology constitute the IsoBLOX™ and Sports Licensing/Distribution business segment of the Company. The Company reports its financial operations from these entities under the new IsoBLOX™ and Sports Licensing/Distribution business segment in its consolidated financial statements. Entertainment and Brand Licensing – The Entertainment and Brand Licensing business segment consists of the operations of the following wholly-owned subsidiaries of the Company: 4Kids Entertainment Licensing, Inc. (“4Kids Licensing”) and 4Sight Licensing Solutions, Inc. (“4Sight Licensing”). 4Kids Licensing is engaged in the business of licensing the merchandising rights to popular children’s television series, properties and product concepts (individually, the “Property” or collectively the “Properties”). 4Kids Licensing typically acts as exclusive merchandise licensing agent in connection with the grant to third parties of licenses to manufacture and sell all types of merchandise, including toys, videogames, trading cards, apparel, housewares, footwear, books and other published materials, based on such Properties. 4Sight Licensing is engaged in the business of licensing properties and product concepts to adults, teens and “tweens”. 4Sight Licensing focuses on brand building through licensing. Discontinued Operations – Due to the Company’s sale of certain of its assets in July 2012, and the continued lack of profitability, effective June 30, 2012, the Company terminated the operations of 4Kids Ad Sales, Inc. (“4Kids Ad Sales”), 4Kids Productions, Inc. (“4Kids Productions”), 4Kids Entertainment Music, Inc. (“4Kids Music”) and 4Kids Entertainment Home Video, Inc. (“4Kids Home Video”). Additionally, effective September 30, 2010, the Company terminated the operations of TC Digital and TC Websites. The results of operations attributable to these discontinued companies are reported in the Company’s consolidated financial statements as discontinued operations.

1. DESCRIPTION OF BUSINESS

General Development and Narrative Description of Business – 4Licensing Corporation (“4LC”), together with the subsidiaries through which its business is conducted (collectively, the “Company”), is a licensing and technology company specializing in the sports and specialty brands. The Company, formerly known as 4Kids Entertainment, Inc. (“4Kids”), was originally organized as a New York corporation in 1970.

Emerging from Chapter 11 Bankruptcy Proceedings – On April 6, 2011 (the “Petition Date”), the Company and all of its domestic wholly owned subsidiaries (the “Debtors”) filed voluntary petitions for relief (the “Bankruptcy Cases”) under Title 11 of Chapter 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”), which Bankruptcy Cases were jointly administered under Case No. 11-11607. After filing the Bankruptcy Cases, the Company and its subsidiaries continued to operate as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. As debtors-in-possession, we were authorized under Chapter 11 of the Bankruptcy Code to continue to operate as an ongoing business.

The Company emerged from bankruptcy and commenced paying creditors in full in respect of each such creditor’s allowed claims. As of December 31, 2013, all of the allowed claims had been paid. In accordance with the Plan, 4Kids reincorporated in Delaware under the name “4Licensing Corporation.” On the effective date of the Plan, 4Kids’ common stock was cancelled and holders of 4Kids’ common stock were issued one (1) share of common stock of 4LC in exchange for each share of 4Kids’ common stock held by them.

On July 23, 2014, the Bankruptcy Court issued a final decree closing the Chapter 11 case of the Company.

Financial Reporting Considerations – The Company’s emergence from bankruptcy did not qualify for fresh start accounting as holders of existing shares immediately before confirmation of the Plan did not receive less than fifty percent of the voting shares of the Company after emergence from bankruptcy.

Liquidity and Going Concern – In recent years, the Company has incurred substantial net losses and has used substantial amounts of cash in its operating activities. In the past, sales by the Company of certain assets have significantly contributed to the funding of these operating losses. While the timing of these sales was not primarily motivated by then current cash needs, without these sales the Company would not have had sufficient cash to fund its operations. In 2014 and continuing into 2015 the Company issued debt and equity securities to fund its operations. There is no assurance the Company will be able to sell additional securities at all or on terms acceptable to the Company.

On December 21, 2012, the Company emerged from Chapter 11 bankruptcy proceedings and commenced paying creditors in full in respect of each such creditor’s allowed claims. The Company was obliged to pay all allowed administrative claims, priority and unsecured claims. As of December 31, 2013, the Company had paid all allowed claims and filed an objection to the remaining disputed claim. During 2014, the Company entered into a settlement with the remaining disputed claimant and the Bankruptcy Court issued a final decree closing the Chapter 11 case of the Company.

As a result of the bankruptcy proceedings and despite the $750 proceeds from the issuance of shares of common stock and warrants during the six months ended June 30, 2015 (see Note 4 of the notes to the Company’s consolidated financial statements), the Company’s overall cash position as of June 30, 2015 provides only limited liquidity to fund the Company’s day-to-day operations.

The Company will consider all alternatives available to generate additional cash to fund its operations, including, but not limited to sales of assets, issuance of equity or debt securities, and other third party arrangements. There can be no assurance that any of these alternatives will generate additional cash.

The Company’s consolidated financial statements have been prepared assuming that it will be able to continue to operate as a going concern. The substantial loss from operations incurred in recent years, the Company’s limited liquidity as of June 30, 2015, the costs associated with the further development and launch of products, which could be substantial, and the loan obligation maturing in March 2016, taken together, raise substantial doubt about the Company’s ability to continue as a going concern. The report of the independent registered public accounting firm on the Company’s financial statements for the year ended December 31, 2014 contains an explanatory paragraph referring to a substantial doubt concerning the Company’s ability to continue as a going concern.

The Company’s business consists of the following two segments:

IsoBLOX™ and Sports Licensing/Distribution – The IsoBLOX™ and Sports Licensing/Distribution business segment consists of the following wholly owned subsidiaries of the Company: 4LC Sports & Entertainment, Inc. (“4LC Sports”), formerly known as 4Kids Ad Sales, Inc., and 4LC Technology, Inc. (“4LC Technology”), which, in February 2013, acquired, through Pinwrest Development Group, LLC (“Pinwrest”), of which 70% of the membership interests are owned by 4LC Technology, a patent for the IsoBLOX™ technology (the “Patent”) from The Dodd Group, LLC (“TDG”), a Texas limited liability company. The Patent covers a protective shin guard for use in products in the athletic, recreational, police/military, medical and industrial sectors consisting of an elastomeric sleeve within which is deposited protective plastic material consisting of rigid plates joined together by living hinges. The protective plastic material is solid enough to provide protection, flexible enough to better fit the wearer of the shin guard and is lightweight.

In November 2014, Pinwrest filed a patent application (the “Patent”) with the U.S. Patent Office covering its newly developed body protection systems and devices that can be used to prevent or limit serious injuries from impacts or collisions during an activity. The products covered by this Patent provide body protection systems and devices that can be incorporated into articles of clothing, materials or articles such as seats, linings, or walls of vehicles to reduce the effects of impact. These body protection devices can form part of headgear, gear, or clothing that is designed to cover and protect one or more parts of a person, such as a military or law enforcement individual, or a professional or recreational athlete.

The protective material uses a combination of energy dispersion and absorption to diffuse impact on the wearer of the protective gear. The technology covered by the Patent is hereinafter referred to as “IsoBLOX™” technology.

After further development, Pinwrest intends to license and distribute the IsoBLOX™ technology in protective gear within the youth, teen and adult markets. During 2014, Pinwrest began selling IsoBLOX™ products to two sporting goods retailers.

4LC Sports is engaged in the business of licensing and distributing sports related brands.

The operations of Pinwrest, 4LC Sports, and 4LC Technology constitute the IsoBLOX™ and Sports Licensing/Distribution business segment of the Company. The Company reports its financial operations from these entities under the new IsoBLOX™ and Sports Licensing/Distribution business segment in its consolidated financial statements.

Entertainment and Brand Licensing – The Entertainment and Brand Licensing business segment consists of the operations of the following wholly-owned subsidiaries of the Company: 4Kids Entertainment Licensing, Inc. (“4Kids Licensing”) and 4Sight Licensing Solutions, Inc. (“4Sight Licensing”). 4Kids Licensing is engaged in the business of licensing the merchandising rights to popular children’s television series, properties and product concepts (individually, the “Property” or collectively the “Properties”). 4Kids Licensing typically acts as exclusive merchandise licensing agent in connection with the grant to third parties of licenses to manufacture and sell all types of merchandise, including toys, videogames, trading cards, apparel, housewares, footwear, books and other published materials, based on such Properties. 4Sight Licensing is engaged in the business of licensing properties and product concepts to adults, teens and “tweens”. 4Sight Licensing focuses on brand building through licensing.

Discontinued Operations – Due to the Company’s sale of certain of its assets in July 2012, and the continued lack of profitability, effective June 30, 2012, the Company terminated the operations of 4Kids Ad Sales, Inc. (“4Kids Ad Sales”), 4Kids Productions, Inc. (“4Kids Productions”), 4Kids Entertainment Music, Inc. (“4Kids Music”) and 4Kids Entertainment Home Video, Inc. (“4Kids Home Video”). Additionally, effective September 30, 2010, the Company terminated the operations of TC Digital and TC Websites. The results of operations attributable to these discontinued companies are reported in the Company’s consolidated financial statements as discontinued operations.