GlassBridge Enterprises (GLAE) 10-Q 14 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 11, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	1-14310
Entity Registrant Name	GLASSBRIDGE ENTERPRISES, INC.
Entity Central Index Key	0001014111
Entity Tax Identification Number	41-1838504
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	18 East 50th Street
Entity Address, Address Line Two	FL7
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	(212)
Local Phone Number	220-3300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,170

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net revenue
Operating expenses:
Selling, general and administrative	0.7	2.8	2.3	5.2
Restructuring and other				0.3
Total operating expenses	0.7	2.8	2.3	5.5
Operating loss from continuing operations	(0.7)	(2.8)	(2.3)	(5.5)
Other income (expense):
Interest expense	(0.1)	(0.2)	(0.2)	(1.9)
Gain on Chapter 11 reorganization				13.8
Bank Loan forgiveness				0.4
Other income (expense), net		0.4	0.2	0.4
Total other income (expense)	(0.1)	0.2		12.7
Income (loss) from continuing operations before income taxes	(0.8)	(2.6)	(2.3)	7.2
Income (loss) from continuing operations	(0.8)	(2.6)	(2.3)	7.2
Net income(loss) from continuing operations	(0.8)	(2.6)	(2.3)	7.2
Discontinued Operations:
Loss from discontinued operations, net of income taxes		(0.2)		(0.5)
Loss from discontinued businesses, net of income taxes		(0.2)		(0.5)
Net income (loss)	$ (0.8)	$ (2.8)	$ (2.3)	$ 6.7
Net income (loss) per common share — basic and diluted:
Continuing operations	$ (30.30)	$ (101.56)	$ (87.12)	$ 285.70
Discontinued operations		(7.81)		(19.83)
Net income (loss)	$ (30.30)	$ (109.37)	$ (87.12)	$ 265.87
Weighted average common shares outstanding:
Basic and diluted (thousands)	26,400	25,600	26,400	25,200

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1.9	$ 4.1
Accounts receivable, net	0.1	0.1
Total current assets	2	4.2
Arrive (See Note 5 – Supplemental Balance Sheet Information)	12.8	12.8
Other assets and other investments	0.5	0.2
Total assets	15.3	17.2
Current liabilities:
Accounts payable	1.3	1.1
Other current liabilities	0.4	0.4
Total current liabilities	1.7	1.5
GHI LLC note payable (See Note 6 – Debt)	3.6	3.4
Other liabilities	0.2	0.2
Total liabilities	5.5	5.1
Shareholders’ equity:
Preferred stock, $.01 par value, authorized 200,000 shares, none issued and outstanding
Common stock, $.01 par value, authorized 50,000, 28,097 issued at September 30, 2022; 28,097 issued at December 31, 2021
Additional paid-in capital	1,073	1,073
Accumulated deficit	(1,038.3)	(1,036)
Treasury stock, at cost: 2,927 shares at September 30, 2022; 2,927 shares at December 31, 2021	(24.9)	(24.9)
Total shareholders’ equity	9.8	12.1
Total liabilities and shareholders’ equity	$ 15.3	$ 17.2

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	200,000	200,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000	50,000
Common stock, shares issued	28,097	28,097

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Deficit) (Unaudited) - USD ($) $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Noncontrolling Interest [Member]	Total
Beginning balance, value at Dec. 31, 2020		$ 1,059.6	$ (1,065)	$ (24.9)	$ 22.7	$ (7.6)
Beginning balance, shares at Dec. 31, 2020	28,097			2,927
Net income (loss)			6.7		(0.7)	6
Sale of warrants		0.2				0.2
Extinguishment of Stock Purchase Agreement Notes Payable		10				10
Ending balance, value at Sep. 30, 2021		1,069.8	(1,058.3)	$ (24.9)	22	8.6
Ending balance, shares at Sep. 30, 2021	28,097			2,927
Beginning balance, value at Dec. 31, 2021		1,073	(1,036)	$ (24.9)		12.1
Beginning balance, shares at Dec. 31, 2021	28,097			2,927
Net income (loss)		(2.3)
Ending balance, value at Sep. 30, 2022		$ 1,073	$ (1,038.3)	$ (24.9)		$ 9.8
Ending balance, shares at Sep. 30, 2022	28,097			2,927

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows from Operating Activities:
Net income (loss)	$ (2.3)	$ 6.7
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Payment-in-Kind interest	0.2
Depreciation and amortization		0.3
Change in non-controlling interest		(0.7)
Gain on Chapter 11 reorganization		(13.8)
Bank Loan forgiveness		(0.4)
Loss on sale of investments		0.2
Changes in operating assets and liabilities	0.1	3.2
Net cash used in operating activities	(2)	(4.5)
Cash Flows from Investing Activities:
Purchase of investments	(0.2)
Proceeds from sale of unsecured claims from related party pursuant to Chapter 11 reorganization		0.5
Collection of notes receivable from related party pursuant to Chapter 11 reorganization		0.7
Proceeds received for the assignment of related party notes receivable and accrued interest receivable to Fintech Debt Corp		0.4
Net cash provided by (used in) investing activities	(0.2)	1.6
Cash Flows from Financing Activities:
Proceeds from ESW debtor-in-possession note payable		0.3
Proceeds from GHI LLC note payable		3.2
Repayment of Stock Purchase Agreement Notes Payable		(3.4)
Proceeds from sale of warrants		0.2
Proceeds from advance from related party		0.1
Advance from bankruptcy trust subject to clawback		2
Net cash provided by financing activities		2.4
Net change in cash and cash equivalents	(2.2)	(0.5)
Cash, cash equivalents and restricted cash — beginning of period	4.1	1.8
Cash, cash equivalents and restricted cash — end of period	1.9	1.3
Supplemental disclosures of cash paid (received) during the period:
Income taxes (net of refunds received)		(0.6)
Interest expense	0.1	0.6
Non-cash investing and financing activities during the period:
Extinguishment of ESW note payable in Chapter 11 reorganization		(11)
Extinguishment of debtor-in-possession loan in Chapter 11 reorganization		(0.3)
Forgiveness of Bank Loan		(0.4)
Extinguishment of Stock Purchase Agreement Notes Payable		(14.2)
Recognition of related party debt and accrued interest payable to Fintech Debt Corp.		4.6
Total non-cash investing and financing activities during the period		$ 21.3

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1 — Basis of Presentation GlassBridge Enterprises, Inc. (“GlassBridge”, the “Company”, “we”, “us” or “our”) owns and operates an asset management business through various subsidiaries. The interim Condensed Consolidated Financial Statements of GlassBridge are unaudited but, in the opinion of management, reflect all adjustments necessary for a fair statement of financial position, results of operations, comprehensive loss and cash flows for the periods presented. Except as otherwise disclosed herein, these adjustments consist of normal and recurring items. The results of operations for any interim period are not necessarily indicative of full year results. The Condensed Consolidated Financial Statements and Notes are presented in accordance with the requirements for Quarterly Reports on Form 10-Q and do not contain certain information included in our annual Consolidated Financial Statements and Notes presented in accordance with the requirements of Annual Reports on Form 10-K. The interim Condensed Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiaries, and entities in which the Company owns or controls fifty percent or more of the voting shares or interest in such entity, and has the right to control. The results of entities disposed of are included in the unaudited Condensed Consolidated Financial Statements up to the date of the disposal and, where appropriate, these operations have been reflected as discontinued operations. All inter-company balances and transactions have been eliminated in consolidation and, in the opinion of management, all adjustments necessary for a fair presentation have been included in the interim results reported. The preparation of the interim Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim Condensed Consolidated Financial Statements and the reported amounts of revenue and expenses for the reporting periods. Despite our intention to establish accurate estimates and use reasonable assumptions, actual results may differ from our estimates. The December 31, 2021 Condensed Consolidated Balance Sheet data were derived from the audited Consolidated Financial Statements, but do not include all disclosures required by GAAP. This Form 10-Q should be read in conjunction with our Consolidated Financial Statements and Notes included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the U.S. Securities and Exchange Commission on March 31, 2022. The Company completed the disposition of its entire interest in SportBLX on December 30, 2021, and the operating results of the Sports Technology Platform are presented in our Consolidated Statements of Operations as discontinued operations for all periods presented. Our continuing operations for each period presented represents our asset management business as well as corporate expenses. Assets and liabilities directly associated with our legacy businesses and Nexsan business and that are not part of our ongoing operations are included in other assets and other investments.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
New Accounting Pronouncements	Note 2 — New Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and determined to be not applicable to the Company’s consolidated results of operations and financial condition. Adoption of New Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans, which makes minor changes to the disclosure requirements related to defined benefit pension and other postretirement plans. The ASU requires a retrospective transition approach. For the Company, the ASU was effective as of January 1, 2021. As this ASU relates only to disclosures, there was no impact to the Company’s consolidated results of operations and financial condition.

Income (Loss) per Common Share

Income (Loss) per Common Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Income (Loss) per Common Share	Note 3 — Income (Loss) per Common Share Basic income per common share is calculated using the weighted average number of shares outstanding for the period. Unvested restricted stock and treasury shares are excluded from the calculation of weighted average number of common shares outstanding in all cases. Once restricted stock vests, it is included in our common shares outstanding. Diluted income per common share is computed on the basis of the weighted average shares outstanding plus the dilutive effect of our stock-based compensation plans, using the “treasury stock” method. Since the exercise price of our stock options is greater than the average market price of the Company’s common stock for the period, we did not include dilutive common equivalent shares for these instruments in the computation of diluted net income per share because the effect would have been anti-dilutive. The following table sets forth the computation of weighted average basic and diluted income per share (unaudited): Schedule of computation of Weighted Average Basic and Diluted Income (Loss) Per Share (Dollars in millions, except for per share amounts) 2022 2021 2022 2021 Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions, except for per share amounts) 2022 2021 2022 2021 Numerator: Income (loss) from continuing operations $ (0.8 ) $ (2.6 ) $ (2.3 ) $ 7.2 Loss from discontinued operations — (0.2 ) — (0.5 ) Net income (loss) $ (0.8 ) $ (2.8 ) $ (2.3 ) $ 6.7 Denominator: Weighted average number of common shares outstanding during the period - basic and diluted (in thousands) 26.4 25.6 26.4 25.2 Income (loss) per common share — basic and diluted: Continuing operations $ (30.30 ) $ (101.56 ) $ (87.12 ) $ 285.70 Discontinued operations — (7.81 ) — (19.83 ) Net income (loss) $ (30.30 ) $ (109.37 ) $ (87.12 ) $ 265.87 Anti-dilutive shares excluded from calculation 0.0 0.0 0.0 0.0

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Note 4 — Discontinued Operations On December 30, 2021, the Company completed the disposition of its entire interest in Sport-BLX. The operating results for the Sports Technology Platform are presented in our Condensed Consolidated Statements of Operations as discontinued operations for all periods presented and reflect revenues and expenses that are directly attributable to the business that were eliminated from our ongoing operations. The key components of the results of discontinued operations were as follows: Schedule of Key Components of Discontinued Operations (In millions) 2022 2021 2022 2021 Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2022 2021 2022 2021 Net revenue $ — $ — $ — $ — Operating expenses: Selling, general and administrative — 0.5 — 1.0 Restructuring and other — (0.3 ) — (0.7 ) Total operating expenses — 0.2 — 0.3 Operating loss from discontinued operations — (0.2 ) — (0.3 ) Other income (expense) — — — (0.2 ) Loss from discontinued operations, before income taxes — (0.2 ) — (0.5 ) Income tax — — — — Loss from discontinued operations, net of income taxes $ — $ (0.2 ) $ — $ (0.5 ) Restructuring and other includes the net loss attributable to the noncontrolling interest of $ 0.3 0.7

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Balance Sheet Information	Note 5 — Supplemental Balance Sheet Information Additional supplemental balance sheet information is provided as follows: Total assets as of September 30, 2022 and December 31, 2021 include a $ 12.8 Other assets as of September 30, 2022 and December 31, 2021 include a separate investment in Arrive of $ 0.4 0.2 Other current liabilities, as of September 30, 2022 and December 31, 2021, include accruals for payroll expense of $ 0.2 0.2

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Note 6 — Debt Debt and notes payable consists of the following: Schedule of Debt and Notes Payable September 30, 2022 December 31, (unaudited) 2021 (In millions) GHI LLC note payable $ 3.6 $ 3.4 Other liabilities 0.2 0.2 Total long term debt $ 3.8 $ 3.6 The Company entered into a Term Loan and Security Agreement (“GHI Loan Agreement”) with Gazellek Holdings I, LLC (“GHI LLC”), pursuant to which GHI LLC lent $ 3,450,000 7 August 2, 2024 The Company is required to prepay the loan upon receiving proceeds from future indebtedness exceeding $ 5,000,000 Upon the occurrence of an event of default, the loan bears interest at a rate 5% above the then-effective interest rate and, at GHI LLC’s option, is payable either in cash or in cash and shares of Company common stock, valued at market, equal to up to 10% of the outstanding principal amount of the loan. A default fee equal to 0.5% of the outstanding principal applies if any default exists for 10 days or more. Scheduled maturities of the Company’s long-term debt, as they exist as of September 30, 2022, in each of the next five fiscal years and thereafter are as follows: Schedule of Long-term Debt Maturities Fiscal years ending in (in millions) 2022 $ — 2023 0.2 2024 3.6 2025 — 2026 — 2027 and thereafter — Total $ 3.8

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 7 — Stock-Based Compensation We have stock-based compensation awards consisting of stock options under the 2011 Incentive Plan, which is described in detail in our Annual Report on Form 10-K for the year ended December 31, 2021. As of September 30, 2022, there are no remaining shares available for grant under the 2011 Incentive Plan. No Stock Options The following table summarizes our stock option activity: Summary of Stock Option Activity Stock Options Weighted Average Exercise Price Outstanding December 31, 2021 1,360 $ 106.00 Outstanding September 30, 2022 1,360 $ 106.00 Exercisable as of September 30, 2022 1,360 $ 106.00 As of September 30, 2022, options to purchase 1,360 1,360 0.0 No As of September 30, 2022, unrecognized compensation expense related to outstanding stock options was immaterial.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 — Income Taxes For interim income tax reporting, we are required to estimate our annual effective tax rate and apply it to year-to-date pre-tax income (loss), excluding unusual or infrequently occurring discrete items. For the three months ended September 30, 2022, we recorded income tax from continuing operations of $ 0.0 million, on a loss of $ 0.8 0.0 2.6 21 The Company received an income tax refund in February 2021 of approximately $ 0.6 1.6 2.2 We file income tax returns in multiple jurisdictions that are subject to review by various U.S and state taxing authorities. Our U.S. federal income tax returns for 2018 through 2021, and certain state returns from 2016 to present, are open to examination.

Shareholders_ Equity

Shareholders’ Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Shareholders’ Equity	Note 9 — Shareholders’ Equity Treasury Stock On November 14, 2016, our Board authorized a share repurchase program under which we may repurchase up to 2,500 The Company did no 780 0.3 1,720 As of September 30, 2022 and December 31, 2021, the Company has 2,927 8,496.47 Stock Warrants In connection with the GHI Loan Agreement, the Company issued to GHI LLC, for $ 120,000 4.8 0.01 5.2 169.62 August 2, 2026 Debt

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Information	Note 10 — Segment Information As of September 30, 2022, the asset management business is our only reportable segment. We evaluate segment performance based on revenue and operating loss. The operating loss reported in our segments excludes corporate and other unallocated amounts. Although such amounts are excluded from the business segment results, they are included in reported consolidated results. The corporate and unallocated operating loss includes costs that are not allocated to the business segments in management’s evaluation of segment performance, such as litigation settlement expense, corporate expense and other expenses. Net revenue, operating loss from operations and assets by segment were as follows (unaudited): Schedule of Net Revenue, Operating Loss from Continuing Operations and Assets by Segment (In millions) 2022 2021 2022 2021 Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2022 2021 2022 2021 Net revenue Asset management business $ — $ — $ — $ — Total net revenue — — — — Operating loss from operations Asset management business (0.4 ) — (1.1 ) (2.0 ) Total segment operating loss (0.4 ) — (1.1 ) (2.0 ) Corporate and unallocated (0.3 ) (2.8 ) (1.2 ) (3.5 ) Total operating loss (0.7 ) (2.8 ) (2.3 ) (5.5 ) Interest expense (0.1 ) (0.2 ) (0.2 ) (1.9 ) Gain on Chapter 11 reorganization — — — 13.8 Bank Loan forgiveness — — — 0.4 Other income, net — 0.4 0.2 0.4 Income (loss) from continuing operations before income taxes $ (0.8 ) $ (2.6 ) $ (2.3 ) $ 7.2 September 30, 2022 December 31, (In millions) (unaudited) 2021 Assets Asset management business $ 13.4 $ 13.2 Total segment assets 13.4 13.2 Corporate and unallocated 1.9 4.0 Total consolidated assets $ 15.3 $ 17.2

Litigation, Commitments and Con

Litigation, Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Litigation, Commitments and Contingencies	Note 11 — Litigation, Commitments and Contingencies In an action removed, on February 14, 2022, from New York Supreme Court to the Southern District of New York, Cypress Holdings, III L.P. v. Sport-BLX, Inc. et al., 1:22-cv-01243-LGS (S.D.N.Y.), plaintiff Cypress Holdings, III L.P. purports to assert claims against SportBLX, Mr. Hall, and Mr. De Perio for securities fraud and related issues and seeks compensatory damages, punitive damages and attorneys’ fees, in connection with solicitations of investments in SportBLX. Plaintiff also purports to allege that the Company is liable for unjust enrichment and tortious interference with contract. Defendants filed motions seeking to disqualify Plaintiff’s counsel, which were granted. Plaintiff subsequently obtained new counsel and has indicated its intention to amend its complaint, purporting to add claims against the Company for aiding and abetting a breach of fiduciary duty and minority shareholder oppression. The Company intends to defend this matter vigorously and its motion to dismiss the causes of action asserted against it will be forthcoming. As of September 30, 2022, the Company believes that an outcome resulting in a loss is remote and does not have any accruals related to the matter. Indemnification Obligations In the normal course of business, we periodically enter into agreements that incorporate general indemnification language. Performance under these indemnities would generally be triggered by a breach of terms of the contract or by a supportable third-party claim. There has historically been no material losses related to such indemnifications. As of September 30, 2022 and December 31, 2021, estimated liability amounts associated with such indemnifications were not material. Environmental Matters Our legacy business operations and indemnification obligations resulting from our spinoff from 3M Company (“3M”) subject us to liabilities arising from a wide range of federal, state and local environmental laws. For example, from time to time we have received correspondence from 3M notifying us that we may have a duty to defend and indemnify 3M with respect to certain environmental claims such as remediation costs. Environmental remediation costs are accrued when a probable liability has been determined and the amount of such liability has been reasonably estimated. These accruals are reviewed periodically as remediation and investigatory activities proceed and are adjusted accordingly. We did not have any environmental accruals as of September 30, 2022. Compliance with environmental regulations has not had a material adverse effect on our financial results.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 12 — Related Party Transactions On July 31, 2021, George E. Hall and Joseph A. De Perio agreed to accept $ 2,354,736 1,060,264 12,116,718 5,455,782 December 12, 2022 5 12,116,718 5,455,782 Also on July 31, 2021, as part of the settlement of the stock purchase agreement, the Company assigned obligations owed to it from SportBLX, totaling $ 4,176,102.11 30.1 400,000 The net gain on the settlement of the stock purchase agreement and the assignment of obligations to FDC were related party gains, and, as such, were recorded as equity transactions in the Condensed Consolidated Balances Sheets, rather than recognized as income in the Condensed Consolidated Statements of Operations. On December 30, 2021, the Company completed a series of transactions for the purpose of disposing of its interest in SportBLX, described below: ● On December 21, 2021, SportBLX sold proprietary code to S-BLX Securities, which is controlled by Messrs. Hall and De Perio, for $ 225,000 ● On December 24, 2021, SportBLX repurchased $ 1,500,000 126,404 ● Finally, on December 30, 2021, the Company completed the disposition of its entire interest in SportBLX, selling all of its shares to FDC for $ 137,038

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Adoption of New Accounting Pronouncements	Adoption of New Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans, which makes minor changes to the disclosure requirements related to defined benefit pension and other postretirement plans. The ASU requires a retrospective transition approach. For the Company, the ASU was effective as of January 1, 2021. As this ASU relates only to disclosures, there was no impact to the Company’s consolidated results of operations and financial condition.

Income (Loss) per Common Share

Income (Loss) per Common Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of computation of Weighted Average Basic and Diluted Income (Loss) Per Share	The following table sets forth the computation of weighted average basic and diluted income per share (unaudited): Schedule of computation of Weighted Average Basic and Diluted Income (Loss) Per Share (Dollars in millions, except for per share amounts) 2022 2021 2022 2021 Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions, except for per share amounts) 2022 2021 2022 2021 Numerator: Income (loss) from continuing operations $ (0.8 ) $ (2.6 ) $ (2.3 ) $ 7.2 Loss from discontinued operations — (0.2 ) — (0.5 ) Net income (loss) $ (0.8 ) $ (2.8 ) $ (2.3 ) $ 6.7 Denominator: Weighted average number of common shares outstanding during the period - basic and diluted (in thousands) 26.4 25.6 26.4 25.2 Income (loss) per common share — basic and diluted: Continuing operations $ (30.30 ) $ (101.56 ) $ (87.12 ) $ 285.70 Discontinued operations — (7.81 ) — (19.83 ) Net income (loss) $ (30.30 ) $ (109.37 ) $ (87.12 ) $ 265.87 Anti-dilutive shares excluded from calculation 0.0 0.0 0.0 0.0

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Key Components of Discontinued Operations	The key components of the results of discontinued operations were as follows: Schedule of Key Components of Discontinued Operations (In millions) 2022 2021 2022 2021 Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2022 2021 2022 2021 Net revenue $ — $ — $ — $ — Operating expenses: Selling, general and administrative — 0.5 — 1.0 Restructuring and other — (0.3 ) — (0.7 ) Total operating expenses — 0.2 — 0.3 Operating loss from discontinued operations — (0.2 ) — (0.3 ) Other income (expense) — — — (0.2 ) Loss from discontinued operations, before income taxes — (0.2 ) — (0.5 ) Income tax — — — — Loss from discontinued operations, net of income taxes $ — $ (0.2 ) $ — $ (0.5 )

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt and Notes Payable	Debt and notes payable consists of the following: Schedule of Debt and Notes Payable September 30, 2022 December 31, (unaudited) 2021 (In millions) GHI LLC note payable $ 3.6 $ 3.4 Other liabilities 0.2 0.2 Total long term debt $ 3.8 $ 3.6
Schedule of Long-term Debt Maturities	Scheduled maturities of the Company’s long-term debt, as they exist as of September 30, 2022, in each of the next five fiscal years and thereafter are as follows: Schedule of Long-term Debt Maturities Fiscal years ending in (in millions) 2022 $ — 2023 0.2 2024 3.6 2025 — 2026 — 2027 and thereafter — Total $ 3.8

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes our stock option activity: Summary of Stock Option Activity Stock Options Weighted Average Exercise Price Outstanding December 31, 2021 1,360 $ 106.00 Outstanding September 30, 2022 1,360 $ 106.00 Exercisable as of September 30, 2022 1,360 $ 106.00

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Net Revenue, Operating Loss from Continuing Operations and Assets by Segment	Net revenue, operating loss from operations and assets by segment were as follows (unaudited): Schedule of Net Revenue, Operating Loss from Continuing Operations and Assets by Segment (In millions) 2022 2021 2022 2021 Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2022 2021 2022 2021 Net revenue Asset management business $ — $ — $ — $ — Total net revenue — — — — Operating loss from operations Asset management business (0.4 ) — (1.1 ) (2.0 ) Total segment operating loss (0.4 ) — (1.1 ) (2.0 ) Corporate and unallocated (0.3 ) (2.8 ) (1.2 ) (3.5 ) Total operating loss (0.7 ) (2.8 ) (2.3 ) (5.5 ) Interest expense (0.1 ) (0.2 ) (0.2 ) (1.9 ) Gain on Chapter 11 reorganization — — — 13.8 Bank Loan forgiveness — — — 0.4 Other income, net — 0.4 0.2 0.4 Income (loss) from continuing operations before income taxes $ (0.8 ) $ (2.6 ) $ (2.3 ) $ 7.2 September 30, 2022 December 31, (In millions) (unaudited) 2021 Assets Asset management business $ 13.4 $ 13.2 Total segment assets 13.4 13.2 Corporate and unallocated 1.9 4.0 Total consolidated assets $ 15.3 $ 17.2

Schedule of computation of Weig

Schedule of computation of Weighted Average Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Income (loss) from continuing operations	$ (0.8)	$ (2.6)	$ (2.3)	$ 7.2
Loss from discontinued operations		(0.2)		(0.5)
Net income (loss)	$ (0.8)	$ (2.8)	$ (2.3)	$ 6.7
Weighted average number of common shares outstanding during the period - basic and diluted (in thousands)	26,400	25,600	26,400	25,200
Continuing operations	$ (30.30)	$ (101.56)	$ (87.12)	$ 285.70
Discontinued operations		(7.81)		(19.83)
Net income (loss)	$ (30.30)	$ (109.37)	$ (87.12)	$ 265.87
Anti-dilutive shares excluded from calculation	0	0	0	0

Schedule of Key Components of D

Schedule of Key Components of Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Net revenue
Operating expenses:
Selling, general and administrative		0.5		1
Restructuring and other		(0.3)		(0.7)
Total operating expenses		0.2		0.3
Operating loss from discontinued operations		(0.2)		(0.3)
Other income (expense)				(0.2)
Loss from discontinued operations, before income taxes		(0.2)		(0.5)
Income tax
Loss from discontinued operations, net of income taxes		$ (0.2)		$ (0.5)

Discontinued Operations (Detail

Discontinued Operations (Details Narrative) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Noncontrolling Interest [Member]
Restructuring and other expense	$ 0.3	$ 0.7

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Details Narrative) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments	$ 12.8	$ 12.8
Investment in subsidiary	0.4	0.2
Accruals liabilities	$ 0.2	$ 0.2

Schedule of Debt and Notes Paya

Schedule of Debt and Notes Payable (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Total long term debt	$ 3.8	$ 3.6
GHI LLC Note Payable [Member]
Short-Term Debt [Line Items]
Total long term debt	3.6	3.4
Other Liabilities [Member]
Short-Term Debt [Line Items]
Total long term debt	$ 0.2	$ 0.2

Schedule of Long-term Debt Matu

Schedule of Long-term Debt Maturities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2022
2023	0.2
2024	3.6
2025
2026
2027 and thereafter
Total	$ 3.8	$ 3.6

Debt (Details Narrative)

Debt (Details Narrative) - USD ($)	Aug. 06, 2021	Jul. 31, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt interest bear percentage		5%
Debt maturity date		Dec. 12, 2022
GHI Loan Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from indebtedness	$ 5,000,000
Debt description	Upon the occurrence of an event of default, the loan bears interest at a rate 5% above the then-effective interest rate and, at GHI LLC’s option, is payable either in cash or in cash and shares of Company common stock, valued at market, equal to up to 10% of the outstanding principal amount of the loan. A default fee equal to 0.5% of the outstanding principal applies if any default exists for 10 days or more.
GHI Loan Agreement [Member] | Gazellek Holdings I, LLC [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt instrument, face amount	$ 3,450,000
Debt interest bear percentage	7%
Debt maturity date	Aug. 02, 2024

Summary of Stock Option Activit

Summary of Stock Option Activity (Details) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Stock options outstanding	1,360	1,360
Weighted average exercise price outstanding	$ 106	$ 106
Stock options exercisable	1,360
Weighted average exercise price exercisable	$ 106

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Share-Based Payment Arrangement [Abstract]
Number of shares available for grant	0	0		0
Stock options outstanding	1,360	1,360	1,360
Stock options exercisable	1,360	1,360
Aggregate intrinsic value of outstanding stock options	$ 0	$ 0
Number of options granted	0	0
Number of options exercised	0	0

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Feb. 28, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax benefit		$ 0	$ 0
Income (loss) from continuing operations		$ 0.8	$ 2.6	$ 2.3	$ (7.2)
Federal statutory income tax rate				21%
Income tax refunds	$ 0.6
Minimum tax credit refundable						$ 2.2	$ 1.6

Shareholders_ Equity (Details N

Shareholders’ Equity (Details Narrative) - USD ($)		3 Months Ended	9 Months Ended	12 Months Ended
	Aug. 06, 2021	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Nov. 14, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Purchase of treasury stock, shares		0	0
Treasury Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Purchase of treasury stock, shares			780
Purchase of treasury stock, value			$ 300,000
Additional number of shares authorized to repurchased		1,720	1,720
Purchase of treasury stock			2,927	2,927
Average price per share of treasury stock acquired			$ 8,496.47	$ 8,496.47
Treasury Stock [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares authorized to repurchased					2,500
Common Stock Warrant [Member] | Gazellek Holdings I, LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued during period, value, new issues	$ 120,000
Percentage of outstanding stock	4.80%
Shares price	$ 0.01
Warrant maturity dtate	Aug. 02, 2026
Second Common Stock Warrant [Member] | Gazellek Holdings I, LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Percentage of outstanding stock	5.20%
Shares price	$ 169.62

Schedule of Net Revenue, Operat

Schedule of Net Revenue, Operating Loss from Continuing Operations and Assets by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total net revenue
Total operating loss	(0.7)	(2.8)	(2.3)	(5.5)
Interest expense	(0.1)	(0.2)	(0.2)	(1.9)
Gain on Chapter 11 reorganization				13.8
Bank Loan forgiveness				0.4
Other income, net		0.4	0.2	0.4
Income (loss) from continuing operations before income taxes	(0.8)	(2.6)	(2.3)	7.2
Total consolidated assets	15.3		15.3		$ 17.2
Operating Segments [Member]
Segment Reporting Information [Line Items]
Total operating loss	(0.4)		(1.1)	(2)
Total consolidated assets	13.4		13.4		13.2
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Total operating loss	(0.3)	(2.8)	(1.2)	(3.5)
Total consolidated assets	1.9		1.9		4
Asset Management Income [Member]
Segment Reporting Information [Line Items]
Total net revenue
Total operating loss	(0.4)		(1.1)	$ (2)
Total consolidated assets	$ 13.4		$ 13.4		$ 13.2

Related Party Transactions (Det

Related Party Transactions (Details Narrative)			9 Months Ended
	Dec. 30, 2021 USD ($)	Jul. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 24, 2021 USD ($)	Dec. 21, 2021 USD ($)
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Obligation paid				$ 100,000
Long term debt			$ 3,800,000		$ 3,600,000
Debt instrument, maturity date		Dec. 12, 2022
Debt interest bear percentage		5%
Sport BLX [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Sale of proprietary securities							$ 225,000
Repurchase of securities						$ 1,500,000
Disposition interest	$ 137,038
Fintech Debt Corp [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Business combination, consideration transferred		$ 4,176,102.11
Repurchase of debt securities						$ 126,404
George E. Hall [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Obligation paid		2,354,736
Long term debt		12,116,718
Repayment of debt		$ 12,116,718
Outstanding stock percentage		30.1
Joseph A. De Perio [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Obligation paid		$ 1,060,264
Long term debt		5,455,782
Repayment of debt		5,455,782
Business combination, consideration transferred		$ 400,000