Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 03, 2013 | Mar. 28, 2013 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'COMDISCO HOLDING CO INC | ' | ' |
Entity Central Index Key | '0001179484 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $4,220,000 |
Entity Common Stock, Shares Outstanding | ' | 4,028,951 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue | ' | ' |
Gain on sale of equity investments | $112 | $203 |
Interest income | 88 | 136 |
Foreign exchange gain | 0 | 123 |
Total revenue | 200 | 462 |
Costs and expenses | ' | ' |
Selling, general and administrative | 2,102 | 3,028 |
Contingent Distribution Rights | -33 | -34 |
Foreign exchange loss | 188 | 0 |
Bad debt recoveries | -207 | -801 |
Total costs and expenses | 2,050 | 2,193 |
Net (loss) before income taxes | -1,850 | -1,731 |
Income tax (benefit) | -675 | -1,282 |
Net (loss) | -1,175 | -449 |
Unrealized gains (losses) on securities: | ' | ' |
Unrealized holding gains arising during the period | 3 | 120 |
Reclassification adjustment for gains included in earnings | 0 | -203 |
Other comprehensive income (loss) | 3 | -83 |
Comprehensive (loss) | ($1,172) | ($532) |
Basic and diluted (loss) per common share (in dollars per share) | ($0.29) | ($0.11) |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $27,671 | $29,349 |
Cash - legally restricted | 4,000 | 4,341 |
Short-term investment | 4,340 | 4,496 |
Equity investments | 697 | 697 |
Income tax receivable | 753 | 0 |
Assets held in trust for deferred compensation plan | 490 | 496 |
Other assets | 353 | 390 |
Total assets | 38,304 | 39,769 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 88 | 137 |
Income taxes payable | 1,076 | 1,037 |
Other liabilities: | ' | ' |
Accrued compensation | 1,304 | 1,221 |
Contingent Distribution Rights | 11,306 | 11,339 |
Other liabilities | 168 | 501 |
Total other liabilities | 12,778 | 13,061 |
Total liabilities | 13,942 | 14,235 |
Stockholders' equity | ' | ' |
Common Stock $.01 par value. Authorized 10,000,000 shares; originally issued 4,200,000 shares; 4,028,951 shares issued and outstanding at September 30, 2013 and 2012 | 70 | 70 |
Additional paid-in capital | 28,414 | 28,414 |
Accumulated other comprehensive income | 3 | 0 |
Accumulated deficit | -4,125 | -2,950 |
Total stockholders' equity | 24,362 | 25,534 |
Total liabilities and stockholders' equity | $38,304 | $39,769 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED BALANCE SHEETS | ' | ' |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, Authorized shares | 10,000,000 | 10,000,000 |
Common Stock originally issued shares | 4,200,000 | 4,200,000 |
Common Stock shares issued | 4,028,951 | 4,028,951 |
Common Stock shares outstanding | 4,028,951 | 4,028,951 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common stock | Additional paid-in capital | Accumulated other comprehensive income | Retained earnings (accumulated deficit) |
In Thousands, unless otherwise specified | |||||
Balance at the beginning of the period at Sep. 30, 2011 | $26,066 | $70 | $28,414 | $83 | ($2,501) |
Stockholder's equity | ' | ' | ' | ' | ' |
Net loss | -449 | ' | ' | ' | -449 |
Other comprehensive income (loss) | -83 | ' | ' | -83 | ' |
Comprehensive (loss) | -532 | ' | ' | ' | ' |
Balance at the end of the period at Sep. 30, 2012 | 25,534 | 70 | 28,414 | 0 | -2,950 |
Stockholder's equity | ' | ' | ' | ' | ' |
Net loss | -1,175 | ' | ' | ' | -1,175 |
Other comprehensive income (loss) | 3 | ' | ' | 3 | ' |
Comprehensive (loss) | -1,172 | ' | ' | ' | ' |
Balance at the end of the period at Sep. 30, 2013 | $24,362 | $70 | $28,414 | $3 | ($4,125) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Equity investment proceeds net of sharing | $112 | $328 |
Interest, bad debt recoveries and other revenue | 302 | 1,151 |
Selling, general and administrative expenses | -2,369 | -2,948 |
Income tax receipts | 14 | 1,348 |
Net cash used in operating activities | -1,941 | -121 |
Cash flows from investing/financing activities: | ' | ' |
Investment in private equity security | 0 | -162 |
Short-term investment | -55 | -1,391 |
Decrease in legally restricted cash | 342 | 30 |
Net cash provided by (used in) investing/ financing activities | 287 | -1,523 |
Effect of exchange rates on cash and cash equivalents | -24 | 43 |
Net decrease in cash and cash equivalents | -1,678 | -1,601 |
Cash and cash equivalents at beginning of period | 29,349 | 30,950 |
Cash and cash equivalents at end of period | $27,671 | $29,349 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Reconciliation of net loss to net cash used in operating activities: | ' | ' |
Net loss | ($1,175) | ($449) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Taxes payable and other tax balances | 101 | 68 |
Change in Canadian income tax receivables | -762 | 0 |
Contingent Distribution Rights | -33 | -34 |
Selling, general, and administrative expenses | -293 | 14 |
Receivables | -2 | 248 |
Cost basis related to equity securities sold | 0 | 126 |
Amortization of prepaid management fee expense | 26 | 65 |
Other, including foreign exchange | 197 | -159 |
Net cash used in operating activities | ($1,941) | ($121) |
Reorganization
Reorganization | 12 Months Ended |
Sep. 30, 2013 | |
Reorganization | ' |
Reorganization | ' |
Note 1 - Reorganization | |
On July 16, 2001, Comdisco, Inc. and 50 of its domestic subsidiaries filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court (consolidated case number 01-24795) (the “Filing”). Comdisco Holding Company, Inc., as the successor company to Comdisco, Inc., for SEC filing purposes, emerged from bankruptcy under a confirmed plan of reorganization (the First Amended Joint Plan of Reorganization (the “Plan”) that became effective on August 12, 2002 (the “Effective Date”). For financial reporting purposes only, however, the effective date for implementation of fresh-start reporting was July 31, 2002. | |
Comdisco Holding Company, Inc. was formed on August 8, 2002 for the purpose of selling, collecting or otherwise reducing to money in an orderly manner the remaining assets of the Company and all of its direct and indirect subsidiaries, including Comdisco, Inc. As more fully described in the Plan, the Company’s business purpose is limited to the orderly sale or run-off of all its remaining assets. Pursuant to the Plan and restrictions contained in its Certificate, the Company is specifically prohibited from engaging in any business activities inconsistent with its limited business purpose. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2013 | |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | ' |
Note 2 - Summary of Significant Accounting Policies | |
Basis of Presentation | |
In this annual report on Form 10-K, references to “the Company,” “Comdisco Holding,” “we,” “us” and “our” mean Comdisco Holding Company, Inc., its consolidated subsidiaries and Comdisco Ventures, Inc., and its predecessors, except in each case where the context indicates otherwise. References to “Comdisco, Inc.” mean Comdisco, Inc. and its subsidiaries, prior to the Company’s emergence from bankruptcy on August 12, 2002, except where the context indicates otherwise. | |
The Company’s policy is to expense legal costs as they are incurred. | |
Nature of Operations | |
Comdisco Holding Company, Inc. was formed on August 8, 2002 for the purpose of selling, collecting or otherwise reducing to money in an orderly manner the remaining assets of the Company and all of its direct and indirect subsidiaries, including Comdisco, Inc. The Company reports its results of operations in one reporting segment. | |
Use of Estimates | |
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated. | |
Translation Adjustments | |
All assets and liabilities denominated in foreign currencies are translated at the exchange rate on the balance sheet date. Revenues, costs and expenses are translated at average rates of exchange prevailing during the period. Due to the substantially complete liquidation of its foreign subsidiaries, translation adjustments are included in revenue if the adjustments are a gain and in cost and expenses if the adjustments are a loss in the consolidated statements of comprehensive (loss). | |
Income Taxes | |
The Company uses the asset and liability method to account for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial settlement carrying amount of existing assets and liabilities and their respective tax basis. The Company continues to provide a valuation allowance for the remaining value of the deferred tax assets due to uncertainties regarding future earnings. The Company establishes liabilities or reduces assets for uncertain tax positions when the Company believes certain tax positions are not more likely than not of being sustained if challenged. Each fiscal quarter, the Company evaluates these uncertain tax positions and adjusts the related tax assets and liabilities in light of changing facts and circumstances. | |
Cash and Cash Equivalents | |
Cash and cash equivalents are comprised of highly liquid debt instruments with original maturities of 90 days or less. | |
Short-term Investments | |
Short-term investments are comprised of investments which are highly liquid fixed-income investments with an original maturity greater than three months but less than one year. | |
Equity Investments | |
Marketable equity securities: The Company classifies all marketable equity securities as available-for-sale. These marketable equity securities are carried at fair value, based on quoted market prices, with unrealized gains and losses excluded from earnings and reported in accumulated other comprehensive income (loss). | |
Equity investments in private companies: Equity investments in private companies for which there is no readily determinable fair value are carried at the lower of cost or estimated fair market value as determined by the Company in consultation with Windspeed Acquisition Fund GP, LLC (“Windspeed”). The Company, in consultation with Windspeed, identifies and records losses on equity investments in private companies when market and company specific events and circumstances indicate that such assets might be impaired. The Company did not record any write-downs of equity securities for the years ended September 30, 2013 and 2012. All write-downs are considered permanent impairments for financial reporting purposes. | |
Contingent Distribution Rights | |
The Company estimates the CDR liability based on the net equity of the Company after taking into consideration future operating costs and expenses, income taxes and other expected cash inflows in excess of book value, including estimated future interest income, estimated recoveries and the potential net distributions from the Litigation Trust for which estimates are currently not determinable. See the risk factors discussed in Item 1A, “Risk Factors”, particularly the risk entitled “Uncertainties Inherent in the CDR Liability Calculation”. | |
Basic and Diluted Earnings Per Common Share | |
Earnings per common share basic and diluted are computed by dividing the net earnings (loss) to common stockholders by the weighted average number of common shares outstanding for the period. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 12 Months Ended |
Sep. 30, 2013 | |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | ' |
Note 3 – Recently Issued Accounting Standards | |
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Income Taxes | ' | ||||||
Income Taxes | ' | ||||||
Note 4 - Income Taxes | |||||||
The geographical sources of (loss) before income taxes were as follows (in thousands): | |||||||
Year ended September 30, | |||||||
2013 | 2012 | ||||||
United States | $ (1,848) | $ (1,396) | |||||
Outside United States | -2 | -335 | |||||
$ (1,850) | $ (1,731) | ||||||
During the fiscal years ended September 30, 2013 and 2012, the loss before income taxes was primarily a result of selling, general and administrative costs of the estate, which were higher than revenues. | |||||||
The components of the income tax (benefit) were as follows (in thousands): | |||||||
Year ended September 30, | |||||||
2013 | 2012 | ||||||
Current: | |||||||
United States | $ 0 | $ (6) | |||||
Outside United States | -675 | -1,276 | |||||
Deferred: | |||||||
United States | 0 | 0 | |||||
Outside United States | 0 | 0 | |||||
$ (675) | $ (1,282) | ||||||
The Company received no funds from the Internal Revenue Service (“IRS”) in the fiscal year ended September 30, 2013 and received approximately $7,000 from the IRS in the fiscal year ended September 30, 2012. The Company received approximately $14,000 from the provincial government of Alberta, Canada during the fiscal year ended September 30, 2013. The Company received approximately $1,357,000 from the Canada Revenue Agency (“CRA”) during the fiscal year ended September 30, 2012. The Company paid approximately $16,000 in a final settlement with the San Juan Municipality during the fiscal year ended September 30, 2012. | |||||||
The reasons for the difference between the U.S. federal income tax rate and the effective income tax rate for earnings were as follows: | |||||||
Year ended September 30, | |||||||
2013 | 2012 | ||||||
U.S. federal income tax rate | 34.00% | 34.00% | |||||
Increase (reduction) resulting from: | |||||||
Final determinations and unrecognized tax benefit activity(1) | 34.27 | 67.16 | |||||
Non-deductible CDR expenses | 0.61 | 0.67 | |||||
Unrealized gain (loss) on foreign exchange | -3.46 | 2.42 | |||||
Change in valuation allowance | -31.45 | -28.3 | |||||
Income (loss) from pass through entities | 0.34 | -2.22 | |||||
Other, net | 2.2 | 0.31 | |||||
Effective income tax rate | 36.51% | 74.04% | |||||
(1) Final determinations include final agreements with tax authorities. | |||||||
Deferred tax assets at September 30, 2013 and 2012 were as follows (in thousands): | |||||||
2013 | 2012 | ||||||
Deferred tax assets: | |||||||
Foreign loss carryforwards | $ 265 | $ 269 | |||||
U.S. and state NOL carryforward | 111,947 | 111,283 | |||||
AMT credit carryforwards | 75,588 | 75,588 | |||||
Gross deferred tax assets | 187,800 | 187,140 | |||||
Less: valuation allowance | -187,800 | -187,140 | |||||
Net deferred tax assets | $ 0 | $ 0 | |||||
The Company provides a valuation allowance for the remaining value of the deferred tax assets due to it being more likely than not that they will not be utilized in the future. | |||||||
As of September 30, 2013, the company has federal net operating loss (“NOL”) carryforwards of approximately $106,988,000 expiring between years 2023 and 2033 and domestic state NOL carryforwards of approximately $4,959,000 expiring between years 2016 and 2025. | |||||||
For financial reporting purposes, as of September 30, 2013, the Company has approximately $1,001,000 of foreign net operating loss carryforwards, most of which have no expiration date. The Company has recognized a valuation allowance of $265,000 to offset this deferred tax asset. | |||||||
At September 30, 2013, the Company has available for U.S. federal income tax purposes the following carryforwards (in thousands): | |||||||
Year scheduled | Net operating | ||||||
to expire | loss | ||||||
2023 | $ 239,595 | ||||||
2024 | 37,101 | ||||||
2025 | 34,055 | ||||||
2031 | 657 | ||||||
2032 | 1,572 | ||||||
2033 | 1,693 | ||||||
$ 314,673 | |||||||
For U.S. federal income tax purposes, the Company has $75,588,000 of alternative minimum tax (“AMT”) credit carryforwards available to reduce regular taxes in future years. AMT credit carryforwards do not have an expiration date. The Company does not believe that it is more likely than not that the Company will generate sufficient future taxable income to realize the benefit of the AMT credit carryforwards. As such, the Company has recognized a valuation allowance of $75,588,000 to offset this deferred tax asset. | |||||||
The Company files income tax returns in the U.S. federal jurisdiction, the State of Illinois and a foreign jurisdiction. | |||||||
As of the date of this filing, the only federal tax years open to exam are fiscal years ended September 30, 2010 through September 30, 2012. | |||||||
The Company’s Canadian subsidiary, Comdisco Canada Limited (“CCL”), has completed the resolution of several tax matters with federal and provincial tax authorities in Canada. During the year ended September 30, 2013, the Company completed final negotiations with the Ontario Ministry of Finance related to its Notices of Objection and recorded a net income tax benefit of approximately $675,000. During the year ended September 30, 2012, the Company completed final negotiations with the CRA related to its federal Notices of Objection and recorded a net income tax benefit of approximately $1,279,000. | |||||||
The open federal tax years for the Canadian subsidiary are tax years ended September 30, 1998, 1999, 2002 and 2009, as well as March 31, 2010 through 2013. The open tax years for the province of Ontario are tax years ended September 30, 1998, 2008 and 2009, as well as March 31, 2010 through 2013. The open tax year for the provinces of Quebec and Alberta is the tax year ended September 30, 1999. | |||||||
During the fiscal year ended September 30, 2013, the Company’s Canadian subsidiary received tax refunds totaling approximately USD $14,000 from the provincial government of Alberta, Canada. During the fiscal year ended September 30, 2012, the Company’s Canadian subsidiary received tax refunds totaling approximately USD $1,357,000 from the CRA. | |||||||
During the fiscal year ended September 30, 2013, the Company liquidated its Mexican subsidiary. | |||||||
During the fiscal year ended September 30, 2012, the Company paid approximately $16,000 in final settlement with the San Juan Municipality and has completed withdrawal from Puerto Rico. | |||||||
Uncertain Tax Positions: | |||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands) (excluding interest and penalties) (Note A): | |||||||
September 30, | September 30, | ||||||
2013 | 2012 | ||||||
Beginning balance | $ 1,438 | $ 1,369 | |||||
Decreases related to settlements of certain tax audits | 0 | -16 | |||||
Increases related to settlements of certain tax audits | 0 | 0 | |||||
Decreases related to prior year tax positions | 0 | 0 | |||||
Increases related to prior year tax positions | 0 | 0 | |||||
Other | -67 | 85 | |||||
Ending balance | $1,371 | $ 1,438 | |||||
Note (A): The Company previously reported its reconciliation of uncertain tax positions for the year ended September 30, 2012 as the amount of the net income tax liability including interest and penalties, which is reported in the consolidated balance sheets. During the quarter ended December 31, 2012, the Company corrected its disclosure for the year ended September 30, 2012 and reported this table as the gross income tax liability position. This change in presentation does not impact the Company’s financial position or cash flows. As of September 30, 2013, net operating losses of $1,221,000 are available to offset this liability, such that the net balance of approximately $150,000, if realized, would impact the effective tax rate. | |||||||
In the next twelve months, the Company’s effective tax rate and the amount of unrecognized tax benefits could be affected positively or negatively by the resolution of any possible tax audits and the expiration of certain statutes of limitations. Based on current information, the Company believes that the range of the reasonably possible change of the unrecognized tax benefits in the next twelve months is zero to $150,000, if realized, would impact the effective tax rate. | |||||||
As of September 30, 2013, accrued interest and penalties included in the income tax liability amounted to approximately $693,000. The Company recognizes accrued interest and penalties related to uncertain tax positions in the income tax provision. | |||||||
As of September 30, 2013, the income tax liabilities included in the Company’s consolidated balance sheets all relate to the Company’s Canadian subsidiary and include $150,000 in net uncertain tax positions, $693,000 in interest and penalties for the uncertain tax positions and $233,000 in withholding tax liability on an anticipated liquidating dividend arising on liquidation of the Canadian subsidiary for a total of $1,076,000. For the year ended September 30, 2013, the net tax benefit of approximately $675,000 related to the Canadian entity, including interest expense and penalties in the statement of comprehensive (loss), was primarily driven by the negotiation with the Ontario Ministry of Finance on a tax refund sought by the Company in connection with Notices of Objection filed for the tax years ended September 30, 2000 and 2001. The Company received the refund check for approximately $753,000 during November 2013. For the year ended September 30, 2012, the net tax benefit of approximately $1,279,000 related to the Canadian entity, including interest expense and penalties in the statement of comprehensive (loss), was primarily driven by the negotiation with the CRA on a tax refund sought by the Company in connection with Notices of Objection filed for the tax years ended September 30, 2000 and 2001. The Company received the federal assessment and federal refund check for approximately $1,357,000 during the quarter ended September 30, 2012. |
Equity_Investments
Equity Investments | 12 Months Ended |
Sep. 30, 2013 | |
Equity Investments | ' |
Equity Investments | ' |
Note 5 – Equity Investments | |
The Company’s estimate of the fair value of its private company investments was made in consultation with Windspeed Acquisition Fund GP, LLC (“Windspeed”), a professional management group which the Company engaged in February 2004, who manages the Company’s investments in equity securities on an ongoing basis. Windspeed shares in the net receipts from the sale of the Company’s investments in equity securities at a set percentage in certain designated portions of the portfolio of companies. The Windspeed management agreement was extended on April 5, 2011 (with an effective date of February 21, 2011) until February 20, 2013 (the “Initial Extension”). The Windspeed management agreement was again extended effective February 21, 2013 through February 20, 2015 (the “Second Extension”). Prior to the Initial Extension, Windspeed received fixed and declining management fees. Under the terms of the Initial and Second Extensions, Windspeed is not, and will not, be paid any ongoing management fees. In lieu of such management fee payment, 100% of any proceeds from certain companies in the portfolio will go to Windspeed. Realized gains on the sale of equity securities continue to be reduced by sharing amounts under the management agreement. Additionally, Windspeed shares in the net receipts from the sale of the Company’s investments in certain of the Company’s equity securities at a set percentage. The Company has received approximately $71,042,000 in proceeds (prior to management fees and sharing) since the inception of the management agreement with Windspeed. Windspeed has received a combined $12,779,000 in management fees and sharing through September 30, 2013. Management fees are expensed when incurred and realized gains on the sale of Equity Investments are reduced by sharing amounts under the management agreement. | |
Marketable equity investments: | |
Changes in the valuation of available-for-sale securities are included as changes in the unrealized holding gains (losses) in accumulated other comprehensive income (loss). At September 30, 2013, the Company did not own any shares in publicly-traded companies within Equity Investments as presented on the balance sheet. However, the Company holds a limited number of securities in trust for a deferred compensation plan which are not available for distribution under the Plan. The Company’s practice is to sell its marketable equity securities within a reasonable period of time after the lock-up period ends. | |
Realized gains or losses are recorded on the trade date based upon the difference between the proceeds and the cost basis determined using the specific identification method. Realized gains, net of sharing, are included in revenue in the consolidated statements of comprehensive (loss). During the fiscal year ended September 30, 2013, the Company received $112,000 in proceeds (after sharing) and realized a gain of $112,000 on the sale of marketable equity securities. | |
Equity investments in private companies: | |
The Company’s policy for assessing the carrying value of equity investments in privately held companies is, in consultation with Windspeed, to regularly review the assumptions underlying the operating performance and cash flow forecasts. The Company identifies and records impairment losses on Equity Investments when market and customer specific events and circumstances indicate the carrying value might be impaired. All write-downs are considered permanent impairments for financial reporting purposes. The carrying value of the Company’s equity investments in private companies was $697,000 at September 30, 2013 and 2012. | |
There were no write-downs of equity securities in the fiscal years ended September 30, 2013 and 2012. |
Common_Stock
Common Stock | 12 Months Ended | ||||
Sep. 30, 2013 | |||||
Common Stock | ' | ||||
Common Stock | ' | ||||
Note 6 - Common Stock | |||||
As of September 30, 2013, the Company had 4,028,951 shares of Common Stock issued and outstanding. | |||||
Consistent with past practices, the Company intends to treat any future dividend distribution for federal income tax purposes as part of a series of liquidating distributions in complete liquidation of the Company. | |||||
The Company’s Common Stock share amounts for basic and diluted earnings per share calculations were as follows (in thousands): | |||||
Year ended September 30, | |||||
2013 | 2012 | ||||
Average common shares issued | 4,200 | 4,200 | |||
Average common shares retired | -171 | -171 | |||
4,029 | 4,029 | ||||
Net (loss) to common stockholders | $ (1,175) | $ (449) | |||
Basic and diluted (loss) per common share | $ ( 0.29) | $ (0.11) |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Note 7 - Fair Value Measurements | |||||||||||||||||||||
The three levels of inputs used to measure fair value are as follows: | |||||||||||||||||||||
· | Level 1 – Quoted prices in active markets for identical assets and liabilities. | ||||||||||||||||||||
· | Level 2 – Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | ||||||||||||||||||||
· | Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | ||||||||||||||||||||
The Company’s financial assets that are measured at fair value on a recurring basis are measured using Level 1 and Level 2 inputs. However, the Company records the carrying value of its private equity investments at lower of cost or fair market value which is measured using Level 3 inputs. | |||||||||||||||||||||
The Company has included a tabular disclosure for financial assets that are measured at fair value on a recurring basis in the consolidated balance sheet as of September 30, 2013 and 2012. The Company holds no financial liabilities that are measured at fair value on a recurring basis. | |||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Fair Value | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Money market accounts | $ | 26,845,000 | $ | 0 | $ | 0 | $ | 26,845,000 | |||||||||||||
Certificates of deposit | 0 | 4,340,000 | 0 | 4,340,000 | |||||||||||||||||
Equity investments (A) | 0 | 0 | 8,875,000 | 8,875,000 | |||||||||||||||||
Assets held in trust for deferred compensation plan (B) | 490,000 | 0 | 0 | 490,000 | |||||||||||||||||
Total | $ | 27,335,000 | $ | 4,340,000 | $ | 8,875,000 | $ | 40,550,000 | |||||||||||||
September 30, 2012 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Fair Value | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Money market accounts | $ | 28,591,000 | $ | 0 | $ | 0 | $ | 28,591,000 | |||||||||||||
Certificates of deposit | 0 | 4,496,000 | 0 | 4,496,000 | |||||||||||||||||
Equity investments (A) | 0 | 0 | 5,166,000 | 5,166,000 | |||||||||||||||||
Assets held in trust for deferred compensation plan (B) | 496,000 | 0 | 0 | 496,000 | |||||||||||||||||
Total | $ | 29,087,000 | $ | 4,496,000 | $ | 5,166,000 | $ | 38,749,000 | |||||||||||||
(A) Equity investments are made up of stock in three privately held companies. | |||||||||||||||||||||
(B) Assets held in trust for deferred compensation plan are made up of bonds, equity and money market funds that are actively traded. | |||||||||||||||||||||
These assets are held in a Rabbi Trust for the benefit of deferred employee compensation not available for distribution under the Plan. | |||||||||||||||||||||
Reconciliation of financial assets measured at fair value on a recurring basis using Level 3 inputs for the years ended September 30, 2013 and 2012 is as follows: | |||||||||||||||||||||
Fair Value | Realized | Change in | Decrease due to | Increase due to | Decrease in | Decrease due to | Fair Value | ||||||||||||||
September 30, | (net of fees) | Unrealized | impairment | purchase | cost basis | transfer from | September | ||||||||||||||
2012 | Estimated Value | of assets | of shares | due to sale | Level 3 to Level 1 | 30, 2013 | |||||||||||||||
Level 3 only Equity investments | $5,166,000 | $ (112,000) | $ | 3,821,000 | $ | 0 | $ 0 | $ | 0 | $ 0 | $8,875,000 | ||||||||||
Fair Value | Realized | Change in | Decrease due to | Increase due to | Decrease in | Decrease due to | Fair Value | ||||||||||||||
September 30, | (net of fees) | Unrealized | impairment | purchase | cost basis | transfer from | September | ||||||||||||||
2011 | Estimated Value | of assets | of shares | due to sale | Level 3 to Level 1 | 30, 2012 | |||||||||||||||
Level 3 only Equity investments | $2,145,000 | $ (28,000) | $2,887,000 | $ 0 | $ 162,000 | $ 0 | $ 0 | $5,166,000 | |||||||||||||
In accordance with the provisions of ASC Topic 320, “Accounting for Certain Investments in Debt and Equity Securities,” marketable equity investments (equity investments having a readily determinable fair value) would have a carrying value and a fair value based on quoted market prices. The Company’s practice is to sell its marketable equity investments upon the expiration of the lock-up period. | |||||||||||||||||||||
Equity investments in private companies consist primarily of small investments in approximately three private companies. Preferred stock investments are carried at the lower of cost or fair market value in the Company’s financial statements. The carrying value of equity investments in private companies is $697,000 and the fair market value measured using Level 3 inputs is $8,875,000, net of sharing. These investments are subject to significant volatility and are difficult to value. The fair value of the Company’s equity investments in private companies was determined in consultation with Windspeed based on the market approach, including, but not limited to, quoted trading levels for publicly-traded securities in similar industries and/or markets, industry and company multiples, industry acceptance in the market place, liquidity discounts due to lock ups, estimated revenue, and customer, product and market share growth by the respective companies in the portfolio. Substantially all of these factors are outside the control of the Company and are subject to significant volatility. There can be no assurance that the Company will be able to realize the estimated fair market value. Furthermore, as of September 30, 2013, the total portfolio of three companies which has an estimated fair market value of $8,875,000 is subject to significant concentration risk, as follows: 99% of such value is in two individual companies, and approximately 93% of such value is in one individual company. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||
Note 8 – Quarterly Financial Data (Unaudited) | |||||||||||||||||
Summarized quarterly financial data for the fiscal years ended September 30, 2013 and 2012, are as follows (in thousands except per share data): | |||||||||||||||||
Quarter ended | |||||||||||||||||
December 31, | March 31, | June 30, | September 30, | ||||||||||||||
2012 | 2011 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||
Total revenue | $ 142 | $ 133 | $ 26 | $ 211 | $ 7 | $(90)A | $ 25 | $ 208 | |||||||||
Net earnings (loss) | $ (593) | ($575) | $ (555) | $ 351 | $ (349) | $ (629) | $ 322 | $ 404 | |||||||||
Basic and diluted earnings (loss) per common share | ($0.15) | ($0.14) | ($0.14) | $0.09 | ($0.08) | ($0.16) | $0.08 | $ 0.10 | |||||||||
(A) Total negative revenue in the quarter ended June 30, 2012 was driven by foreign exchange loss due to fluctuating foreign exchange rates. |
Other_Financial_Information
Other Financial Information | 12 Months Ended | |||||
Sep. 30, 2013 | ||||||
Other Financial Information | ' | |||||
Other Financial Information | ' | |||||
Note 9 - Other Financial Information | ||||||
Legally restricted cash represents cash and cash equivalents that are cash and cash equivalents held in escrow or in similar accounts to ensure indemnification obligations of the Company. | ||||||
Legally restricted cash is comprised of the following (in thousands): | ||||||
September 30, 2013 | September 30, 2012 | |||||
Indemnification reserve | 4,000 | 4,000 | ||||
Other escrows | 0 | 341 | ||||
$ | 4,000 | $ | 4,341 | |||
The indemnification reserve is a specific reserve set aside by the Company for any potential indemnified losses in lieu of the litigation trustee purchasing insurance coverage. Other escrows included a bank guaranty held in the Netherlands as of September 30, 2012 for which the Company received the related funds during the quarter ended September 30, 2013. | ||||||
As of September 30, 2013, Assets held in trust for deferred compensation plan totaled $490,000. To conform to the current period presentation, the prior period amount has been reclassified from Cash-legally restricted to Assets held in trust for deferred compensation plan. | ||||||
Other liabilities consist of the following (in thousands): | ||||||
September 30, | September 30, | |||||
2013 | 2012 | |||||
Accrued compensation | $ | 1,304 | $ | 1,221 | ||
CDRs | 11,306 | 11,339 | ||||
Other liabilities | 168 | 501 | ||||
$ | 12,778 | $ | 13,061 | |||
The liability for accrued compensation includes payroll and estimated amounts payable under the Company’s Bankruptcy court approved compensation plans. | ||||||
The Company estimates the CDR liability based on the net equity of the Company after taking into consideration future operating costs and expenses, and other expected cash inflows in excess of book value, including estimated future interest income, estimated recoveries and the potential net distributions from the Litigation Trust for which estimates are currently not determinable. See the risk factors discussed in Item 1A, “Risk Factors”, particularly the risk entitled “Uncertainties Inherent in the CDR Liability Calculation”. | ||||||
Other liabilities as of September 30, 2012 included an accrued contingent liability of approximately $340,000 related to a bank guaranty asset held in the Netherlands. The Company has received those funds during the fiscal year ended September 30, 2013. |
Operations_by_Geographic_Areas
Operations by Geographic Areas | 12 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Operations by Geographic Areas | ' | ||||||||||
Operations by Geographic Areas | ' | ||||||||||
Note 10 - Operations by Geographic Areas | |||||||||||
The following table presents total revenue by geographic location based on the location of the Company’s offices (in thousands): | |||||||||||
Year ended September 30, | |||||||||||
2013 | 2012 | ||||||||||
North America | $200 | $ 436 | |||||||||
Europe | 0 | 26 | |||||||||
$200 | $ 462 | ||||||||||
The gain in Europe during the year ended September 30, 2012 is the result of foreign exchange gain of a net asset denominated in Euros. As of the year ended September 30, 2013, all revenue and assets are in North America. | |||||||||||
The following table presents total assets and cash by geographic location based on the location of the Company’s offices as of September 30 (in thousands): | |||||||||||
2013 | 2012 | ||||||||||
Total | Cash and Cash | Total | Cash and Cash | ||||||||
Assets | Equivalents and | Assets | Equivalents and | ||||||||
Short-term | Short-term | ||||||||||
Investments | Investments | ||||||||||
North America | $38,304 | $36,011 | $ 39,430 | $ 38,343 | |||||||
Europe | 0 | 0 | 339 | 339 | |||||||
Total | $38,304 | $36,011 | $ 39,769 | $ 38,682 |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2013 | |
Subsequent Events | ' |
Subsequent Events | ' |
Note 11 - Subsequent Events | |
The Company has resolved the final outstanding item in order to request a release of the remaining funds held in an indemnity escrow related to its 2002 sale of its business in France. The request for the release of the funds was submitted to the purchaser on November 21, 2013. If the Company is successful in its request, the Company anticipates the receipt of the funds in the near future. However, the amount of funds that could be received cannot currently be determined. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2013 | |
Summary of Significant Accounting Policies | ' |
Basis of Presentation | ' |
Basis of Presentation | |
In this annual report on Form 10-K, references to “the Company,” “Comdisco Holding,” “we,” “us” and “our” mean Comdisco Holding Company, Inc., its consolidated subsidiaries and Comdisco Ventures, Inc., and its predecessors, except in each case where the context indicates otherwise. References to “Comdisco, Inc.” mean Comdisco, Inc. and its subsidiaries, prior to the Company’s emergence from bankruptcy on August 12, 2002, except where the context indicates otherwise. | |
The Company’s policy is to expense legal costs as they are incurred. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated. | |
Translation Adjustments | ' |
Translation Adjustments | |
All assets and liabilities denominated in foreign currencies are translated at the exchange rate on the balance sheet date. Revenues, costs and expenses are translated at average rates of exchange prevailing during the period. Due to the substantially complete liquidation of its foreign subsidiaries, translation adjustments are included in revenue if the adjustments are a gain and in cost and expenses if the adjustments are a loss in the consolidated statements of comprehensive (loss). | |
Income Taxes | ' |
Income Taxes | |
The Company uses the asset and liability method to account for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial settlement carrying amount of existing assets and liabilities and their respective tax basis. The Company continues to provide a valuation allowance for the remaining value of the deferred tax assets due to uncertainties regarding future earnings. The Company establishes liabilities or reduces assets for uncertain tax positions when the Company believes certain tax positions are not more likely than not of being sustained if challenged. Each fiscal quarter, the Company evaluates these uncertain tax positions and adjusts the related tax assets and liabilities in light of changing facts and circumstances. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents are comprised of highly liquid debt instruments with original maturities of 90 days or less. | |
Short-term Investments | ' |
Short-term Investments | |
Short-term investments are comprised of investments which are highly liquid fixed-income investments with an original maturity greater than three months but less than one year. | |
Equity Investments | ' |
Equity Investments | |
Marketable equity securities: The Company classifies all marketable equity securities as available-for-sale. These marketable equity securities are carried at fair value, based on quoted market prices, with unrealized gains and losses excluded from earnings and reported in accumulated other comprehensive income (loss). | |
Equity investments in private companies: Equity investments in private companies for which there is no readily determinable fair value are carried at the lower of cost or estimated fair market value as determined by the Company in consultation with Windspeed Acquisition Fund GP, LLC (“Windspeed”). The Company, in consultation with Windspeed, identifies and records losses on equity investments in private companies when market and company specific events and circumstances indicate that such assets might be impaired. The Company did not record any write-downs of equity securities for the years ended September 30, 2013 and 2012. All write-downs are considered permanent impairments for financial reporting purposes. | |
Contingent Distribution Rights | ' |
Contingent Distribution Rights | |
The Company estimates the CDR liability based on the net equity of the Company after taking into consideration future operating costs and expenses, income taxes and other expected cash inflows in excess of book value, including estimated future interest income, estimated recoveries and the potential net distributions from the Litigation Trust for which estimates are currently not determinable. See the risk factors discussed in Item 1A, “Risk Factors”, particularly the risk entitled “Uncertainties Inherent in the CDR Liability Calculation”. | |
Basic and Diluted Earnings Per Common Share | ' |
Basic and Diluted Earnings Per Common Share | |
Earnings per common share basic and diluted are computed by dividing the net earnings (loss) to common stockholders by the weighted average number of common shares outstanding for the period. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Income Taxes | ' | ||||||
Schedule of geographical sources of (loss) before income taxes | ' | ||||||
The geographical sources of (loss) before income taxes were as follows (in thousands): | |||||||
Year ended September 30, | |||||||
2013 | 2012 | ||||||
United States | $ (1,848) | $ (1,396) | |||||
Outside United States | -2 | -335 | |||||
$ (1,850) | $ (1,731) | ||||||
Schedule of components of the income tax (benefit) | ' | ||||||
The components of the income tax (benefit) were as follows (in thousands): | |||||||
Year ended September 30, | |||||||
2013 | 2012 | ||||||
Current: | |||||||
United States | $ 0 | $ (6) | |||||
Outside United States | -675 | -1,276 | |||||
Deferred: | |||||||
United States | 0 | 0 | |||||
Outside United States | 0 | 0 | |||||
$ (675) | $ (1,282) | ||||||
Schedule of reasons for the difference between the U.S. federal income tax rate and the effective income tax rate for earnings | ' | ||||||
Year ended September 30, | |||||||
2013 | 2012 | ||||||
U.S. federal income tax rate | 34.00% | 34.00% | |||||
Increase (reduction) resulting from: | |||||||
Final determinations and unrecognized tax benefit activity(1) | 34.27 | 67.16 | |||||
Non-deductible CDR expenses | 0.61 | 0.67 | |||||
Unrealized gain (loss) on foreign exchange | -3.46 | 2.42 | |||||
Change in valuation allowance | -31.45 | -28.3 | |||||
Income (loss) from pass through entities | 0.34 | -2.22 | |||||
Other, net | 2.2 | 0.31 | |||||
Effective income tax rate | 36.51% | 74.04% | |||||
(1) Final determinations include final agreements with tax authorities. | |||||||
Schedule of deferred tax assets | ' | ||||||
Deferred tax assets at September 30, 2013 and 2012 were as follows (in thousands): | |||||||
2013 | 2012 | ||||||
Deferred tax assets: | |||||||
Foreign loss carryforwards | $ 265 | $ 269 | |||||
U.S. and state NOL carryforward | 111,947 | 111,283 | |||||
AMT credit carryforwards | 75,588 | 75,588 | |||||
Gross deferred tax assets | 187,800 | 187,140 | |||||
Less: valuation allowance | -187,800 | -187,140 | |||||
Net deferred tax assets | $ 0 | $ 0 | |||||
Schedule of net operating loss carryforwards | ' | ||||||
At September 30, 2013, the Company has available for U.S. federal income tax purposes the following carryforwards (in thousands): | |||||||
Year scheduled | Net operating | ||||||
to expire | loss | ||||||
2023 | $ 239,595 | ||||||
2024 | 37,101 | ||||||
2025 | 34,055 | ||||||
2031 | 657 | ||||||
2032 | 1,572 | ||||||
2033 | 1,693 | ||||||
$ 314,673 | |||||||
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties | ' | ||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands) (excluding interest and penalties) (Note A): | |||||||
September 30, | September 30, | ||||||
2013 | 2012 | ||||||
Beginning balance | $ 1,438 | $ 1,369 | |||||
Decreases related to settlements of certain tax audits | 0 | -16 | |||||
Increases related to settlements of certain tax audits | 0 | 0 | |||||
Decreases related to prior year tax positions | 0 | 0 | |||||
Increases related to prior year tax positions | 0 | 0 | |||||
Other | -67 | 85 | |||||
Ending balance | $1,371 | $ 1,438 |
Common_Stock_Tables
Common Stock (Tables) | 12 Months Ended | ||||
Sep. 30, 2013 | |||||
Common Stock | ' | ||||
Schedule of Common Stock share amounts for basic and diluted earnings per share calculations | ' | ||||
The Company’s Common Stock share amounts for basic and diluted earnings per share calculations were as follows (in thousands): | |||||
Year ended September 30, | |||||
2013 | 2012 | ||||
Average common shares issued | 4,200 | 4,200 | |||
Average common shares retired | -171 | -171 | |||
4,029 | 4,029 | ||||
Net (loss) to common stockholders | $ (1,175) | $ (449) | |||
Basic and diluted (loss) per common share | $ ( 0.29) | $ (0.11) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Schedule of financial assets that are measured at fair value on a recurring basis | ' | ||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Fair Value | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Money market accounts | $ | 26,845,000 | $ | 0 | $ | 0 | $ | 26,845,000 | |||||||||||||
Certificates of deposit | 0 | 4,340,000 | 0 | 4,340,000 | |||||||||||||||||
Equity investments (A) | 0 | 0 | 8,875,000 | 8,875,000 | |||||||||||||||||
Assets held in trust for deferred compensation plan (B) | 490,000 | 0 | 0 | 490,000 | |||||||||||||||||
Total | $ | 27,335,000 | $ | 4,340,000 | $ | 8,875,000 | $ | 40,550,000 | |||||||||||||
September 30, 2012 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Fair Value | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Money market accounts | $ | 28,591,000 | $ | 0 | $ | 0 | $ | 28,591,000 | |||||||||||||
Certificates of deposit | 0 | 4,496,000 | 0 | 4,496,000 | |||||||||||||||||
Equity investments (A) | 0 | 0 | 5,166,000 | 5,166,000 | |||||||||||||||||
Assets held in trust for deferred compensation plan (B) | 496,000 | 0 | 0 | 496,000 | |||||||||||||||||
Total | $ | 29,087,000 | $ | 4,496,000 | $ | 5,166,000 | $ | 38,749,000 | |||||||||||||
(A) Equity investments are made up of stock in three privately held companies. | |||||||||||||||||||||
(B) Assets held in trust for deferred compensation plan are made up of bonds, equity and money market funds that are actively traded. | |||||||||||||||||||||
These assets are held in a Rabbi Trust for the benefit of deferred employee compensation not available for distribution under the Plan. | |||||||||||||||||||||
Schedule of reconciliation of financial assets measured at fair value on a recurring basis using Level 3 inputs | ' | ||||||||||||||||||||
Fair Value | Realized | Change in | Decrease due to | Increase due to | Decrease in | Decrease due to | Fair Value | ||||||||||||||
September 30, | (net of fees) | Unrealized | impairment | purchase | cost basis | transfer from | September | ||||||||||||||
2012 | Estimated Value | of assets | of shares | due to sale | Level 3 to Level 1 | 30, 2013 | |||||||||||||||
Level 3 only Equity investments | $5,166,000 | $ (112,000) | $ | 3,821,000 | $ | 0 | $ 0 | $ | 0 | $ 0 | $8,875,000 | ||||||||||
Fair Value | Realized | Change in | Decrease due to | Increase due to | Decrease in | Decrease due to | Fair Value | ||||||||||||||
September 30, | (net of fees) | Unrealized | impairment | purchase | cost basis | transfer from | September | ||||||||||||||
2011 | Estimated Value | of assets | of shares | due to sale | Level 3 to Level 1 | 30, 2012 | |||||||||||||||
Level 3 only Equity investments | $2,145,000 | $ (28,000) | $2,887,000 | $ 0 | $ 162,000 | $ 0 | $ 0 | $5,166,000 | |||||||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||
Summary of quarterly financial data | ' | ||||||||||||||||
Summarized quarterly financial data for the fiscal years ended September 30, 2013 and 2012, are as follows (in thousands except per share data): | |||||||||||||||||
Quarter ended | |||||||||||||||||
December 31, | March 31, | June 30, | September 30, | ||||||||||||||
2012 | 2011 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||
Total revenue | $ 142 | $ 133 | $ 26 | $ 211 | $ 7 | $(90)A | $ 25 | $ 208 | |||||||||
Net earnings (loss) | $ (593) | ($575) | $ (555) | $ 351 | $ (349) | $ (629) | $ 322 | $ 404 | |||||||||
Basic and diluted earnings (loss) per common share | ($0.15) | ($0.14) | ($0.14) | $0.09 | ($0.08) | ($0.16) | $0.08 | $ 0.10 | |||||||||
(A) Total negative revenue in the quarter ended June 30, 2012 was driven by foreign exchange loss due to fluctuating foreign exchange rates. |
Other_Financial_Information_Ta
Other Financial Information (Tables) | 12 Months Ended | |||||
Sep. 30, 2013 | ||||||
Other Financial Information | ' | |||||
Schedule of components of legally restricted cash | ' | |||||
Legally restricted cash is comprised of the following (in thousands): | ||||||
September 30, 2013 | September 30, 2012 | |||||
Indemnification reserve | 4,000 | 4,000 | ||||
Other escrows | 0 | 341 | ||||
$ | 4,000 | $ | 4,341 | |||
Schedule of components of other liabilities | ' | |||||
Other liabilities consist of the following (in thousands): | ||||||
September 30, | September 30, | |||||
2013 | 2012 | |||||
Accrued compensation | $ | 1,304 | $ | 1,221 | ||
CDRs | 11,306 | 11,339 | ||||
Other liabilities | 168 | 501 | ||||
$ | 12,778 | $ | 13,061 |
Operations_by_Geographic_Areas1
Operations by Geographic Areas (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Operations by Geographic Areas | ' | ||||||||||
Schedule of total revenue by geographic location based on the location of the Company's offices | ' | ||||||||||
The following table presents total revenue by geographic location based on the location of the Company’s offices (in thousands): | |||||||||||
Year ended September 30, | |||||||||||
2013 | 2012 | ||||||||||
North America | $200 | $ 436 | |||||||||
Europe | 0 | 26 | |||||||||
$200 | $ 462 | ||||||||||
Schedule of total assets and cash by geographic location based on the location of the Company's offices | ' | ||||||||||
The following table presents total assets and cash by geographic location based on the location of the Company’s offices as of September 30 (in thousands): | |||||||||||
2013 | 2012 | ||||||||||
Total | Cash and Cash | Total | Cash and Cash | ||||||||
Assets | Equivalents and | Assets | Equivalents and | ||||||||
Short-term | Short-term | ||||||||||
Investments | Investments | ||||||||||
North America | $38,304 | $36,011 | $ 39,430 | $ 38,343 | |||||||
Europe | 0 | 0 | 339 | 339 | |||||||
Total | $38,304 | $36,011 | $ 39,769 | $ 38,682 | |||||||
Reorganization_Details
Reorganization (Details) (Predecessor) | 0 Months Ended |
Jul. 16, 2001 | |
subsidiary | |
Predecessor | ' |
Reorganization | ' |
Number of domestic subsidiaries filed voluntary petitions for relief under Chapter 11 | 50 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Sep. 30, 2013 | |
segment | |
Summary of Significant Accounting Policies | ' |
Number of reportable segments | 1 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Geographical sources of earnings (loss) before income taxes | ' | ' |
United States | ($1,848) | ($1,396) |
Outside United States | -2 | -335 |
Net (loss) before income taxes | -1,850 | -1,731 |
Current: | ' | ' |
United States | 0 | -6 |
Outside United States | -675 | -1,276 |
Deferred: | ' | ' |
United States | 0 | 0 |
Outside United States | 0 | 0 |
Total | ($675) | ($1,282) |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Nov. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | |
CRA | IRS | IRS | San Juan Municipality | Provincial government of Alberta, Canada | |||
Income Taxes | ' | ' | ' | ' | ' | ' | ' |
Amount received | $753,000 | $1,357,000 | $1,357,000 | $0 | $7,000 | ' | $14,000 |
Amount paid | ' | ' | ' | ' | ' | $16,000 | ' |
Income_Taxes_Details_3
Income Taxes (Details 3) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Reasons for the difference between the U.S. federal income tax rate and the effective income tax rate for earnings | ' | ' |
U.S. federal income tax rate (as a percent) | 34.00% | 34.00% |
Increase (reduction) resulting from: | ' | ' |
Final determinations and unrecognized tax benefit activity (1) (as a percent) | 34.27% | 67.16% |
Non-deductible CDR expenses (as a percent) | 0.61% | 0.67% |
Unrealized gain (loss) on foreign exchange (as a percent) | -3.46% | 2.42% |
Change in valuation allowance (as a percent) | -31.45% | -28.30% |
Income (loss) from pass through entities (as a percent) | 0.34% | -2.22% |
Other, net (as a percent) | 2.20% | 0.31% |
Effective income tax rate (as a percent) | 36.51% | 74.04% |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Deferred tax assets: | ' | ' |
Foreign loss carryforwards | $265,000 | $269,000 |
U.S. and state NOL carryforward | 111,947,000 | 111,283,000 |
AMT credit carryforwards | 75,588,000 | 75,588,000 |
Gross deferred tax assets | 187,800,000 | 187,140,000 |
Less: valuation allowance | -187,800,000 | -187,140,000 |
Net deferred tax assets | 0 | 0 |
Valuation allowance to offset deferred tax asset | ' | ' |
Valuation allowance | 187,800,000 | 187,140,000 |
Net operating losses | 314,673,000 | ' |
Federal | ' | ' |
Valuation allowance to offset deferred tax asset | ' | ' |
Net operating losses | 106,988,000 | ' |
Domestic state | ' | ' |
Valuation allowance to offset deferred tax asset | ' | ' |
Net operating losses | 4,959,000 | ' |
Foreign | ' | ' |
Valuation allowance to offset deferred tax asset | ' | ' |
Net operating losses | 1,001,000 | ' |
Foreign net operating loss carryforwards | ' | ' |
Deferred tax assets: | ' | ' |
Less: valuation allowance | -265,000 | ' |
Valuation allowance to offset deferred tax asset | ' | ' |
Valuation allowance | 265,000 | ' |
AMT credit carryforwards | ' | ' |
Deferred tax assets: | ' | ' |
Less: valuation allowance | -75,588,000 | ' |
Valuation allowance to offset deferred tax asset | ' | ' |
Valuation allowance | $75,588,000 | ' |
Income_Taxes_Details_5
Income Taxes (Details 5) (USD $) | Sep. 30, 2013 |
Net operating loss carryforwards | ' |
Net operating loss carryforwards | $314,673,000 |
2023 | ' |
Net operating loss carryforwards | ' |
Net operating loss carryforwards | 239,595,000 |
2024 | ' |
Net operating loss carryforwards | ' |
Net operating loss carryforwards | 37,101,000 |
2025 | ' |
Net operating loss carryforwards | ' |
Net operating loss carryforwards | 34,055,000 |
2031 | ' |
Net operating loss carryforwards | ' |
Net operating loss carryforwards | 657,000 |
2032 | ' |
Net operating loss carryforwards | ' |
Net operating loss carryforwards | 1,572,000 |
2033 | ' |
Net operating loss carryforwards | ' |
Net operating loss carryforwards | $1,693,000 |
Income_Taxes_Details_6
Income Taxes (Details 6) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Nov. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes | ' | ' | ' | ' |
Income tax benefit recorded | ' | ' | $675,000 | $1,282,000 |
Tax refunds received | 753,000 | 1,357,000 | ' | ' |
Reconciliation of the beginning and ending amount of unrecognized tax benefits | ' | ' | ' | ' |
Beginning balance | ' | ' | 1,438,000 | 1,369,000 |
Decreases related to settlements of certain tax audits | ' | ' | 0 | -16,000 |
Increases related to settlements of certain tax audits | ' | ' | 0 | 0 |
Decreases related to prior year tax positions | ' | ' | 0 | 0 |
Increases related to prior year tax positions | ' | ' | 0 | 0 |
Other | ' | ' | -67,000 | 85,000 |
Ending balance | ' | 1,438,000 | 1,371,000 | 1,438,000 |
Net operating losses available to offset uncertain tax liability | ' | ' | 1,221,000 | ' |
Net balance of income tax liability if realized, would impact the effective tax rate | ' | ' | 150,000 | ' |
Reasonably possible change of the unrecognized tax benefits in the next twelve months, low end of range | ' | ' | 0 | ' |
Reasonably possible change of the unrecognized tax benefits in the next twelve months, high end of range | ' | ' | 150,000 | ' |
Accrued interest and penalties for the uncertain tax positions | ' | ' | 693,000 | ' |
Income tax liabilities | ' | 1,037,000 | 1,076,000 | 1,037,000 |
CCL | ' | ' | ' | ' |
Reconciliation of the beginning and ending amount of unrecognized tax benefits | ' | ' | ' | ' |
Net balance of income tax liability if realized, would impact the effective tax rate | ' | ' | 150,000 | ' |
Accrued interest and penalties for the uncertain tax positions | ' | ' | 693,000 | ' |
Withholding tax liability on a liquidating dividend | ' | ' | 233,000 | ' |
Income tax liabilities | ' | ' | 1,076,000 | ' |
CRA | ' | ' | ' | ' |
Income Taxes | ' | ' | ' | ' |
Tax refunds received | ' | ' | ' | 1,357,000 |
CRA | CCL | ' | ' | ' | ' |
Income Taxes | ' | ' | ' | ' |
Income tax benefit recorded | ' | ' | ' | 1,279,000 |
Tax refunds received | ' | ' | ' | 1,357,000 |
Province of Ontario tax authority | CCL | ' | ' | ' | ' |
Income Taxes | ' | ' | ' | ' |
Income tax benefit recorded | ' | ' | 675,000 | ' |
San Juan Municipality | ' | ' | ' | ' |
Income Taxes | ' | ' | ' | ' |
Amount paid | ' | ' | ' | 16,000 |
Provincial government of Alberta, Canada | ' | ' | ' | ' |
Income Taxes | ' | ' | ' | ' |
Tax refunds received | ' | ' | 14,000 | ' |
Provincial government of Alberta, Canada | CCL | ' | ' | ' | ' |
Income Taxes | ' | ' | ' | ' |
Tax refunds received | ' | ' | $14,000 | ' |
Equity_Investments_Details
Equity Investments (Details) (USD $) | 12 Months Ended | 115 Months Ended | 0 Months Ended | 116 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Feb. 21, 2011 | Sep. 30, 2013 | |
Management Agreement With Windspeed Member | Windspeed | Windspeed | |||
Equity Investments | ' | ' | ' | ' | ' |
Percentage of proceeds from certain companies in the portfolio that will go to Windspeed | ' | ' | ' | 100.00% | ' |
Proceeds from sale of equity investments prior to Windspeed's management fees and sharing | ' | ' | $71,042,000 | ' | ' |
Payment of management fees and sharing | ' | ' | ' | ' | 12,779,000 |
Proceeds (after sharing) on the sale of marketable equity securities | 112,000 | 328,000 | ' | ' | ' |
Realized gain on the sale of marketable equity securities | 112,000 | 203,000 | ' | ' | ' |
Equity investments in private companies | 697,000 | 697,000 | ' | ' | ' |
Write-downs of equity securities | $0 | $0 | ' | ' | ' |
Common_Stock_Details
Common Stock (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 |
Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued | 4,028,951 | ' | ' | ' | 4,028,951 | ' | ' | ' | 4,028,951 | 4,028,951 |
Shares of common stock outstanding | 4,028,951 | ' | ' | ' | 4,028,951 | ' | ' | ' | 4,028,951 | 4,028,951 |
Average common shares issued | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | 4,200,000 |
Average common shares retired | ' | ' | ' | ' | ' | ' | ' | ' | -171,000 | -171,000 |
Average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 4,029,000 | 4,029,000 |
Net (loss) to common stockholders (in dollars) | $322 | ($349) | ($555) | ($593) | $404 | ($629) | $351 | ($575) | ($1,175) | ($449) |
Basic and diluted (loss) per common share (in dollars per share) | $0.08 | ($0.08) | ($0.14) | ($0.15) | $0.10 | ($0.16) | $0.09 | ($0.14) | ($0.29) | ($0.11) |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Equity investments (A) | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | |
item | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | |
Money market accounts | Money market accounts | Certificates of deposit | Certificates of deposit | Equity investments (A) | Equity investments (A) | Assets held in trust for deferred compensation plan (B) | Assets held in trust for deferred compensation plan (B) | Money market accounts | Money market accounts | Certificates of deposit | Certificates of deposit | Equity investments (A) | Equity investments (A) | Assets held in trust for deferred compensation plan (B) | Assets held in trust for deferred compensation plan (B) | Money market accounts | Money market accounts | Certificates of deposit | Certificates of deposit | Equity investments (A) | Equity investments (A) | Assets held in trust for deferred compensation plan (B) | Assets held in trust for deferred compensation plan (B) | Money market accounts | Money market accounts | Certificates of deposit | Certificates of deposit | Equity investments (A) | Equity investments (A) | Assets held in trust for deferred compensation plan (B) | Assets held in trust for deferred compensation plan (B) | ||||||||||
Fair Value Measurements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets Fair Value | ' | $27,335,000 | $29,087,000 | $26,845,000 | $28,591,000 | $0 | $0 | $0 | $0 | $490,000 | $496,000 | $4,340,000 | $4,496,000 | $0 | $0 | $4,340,000 | $4,496,000 | $0 | $0 | $0 | $0 | $8,875,000 | $5,166,000 | $0 | $0 | $0 | $0 | $8,875,000 | $5,166,000 | $0 | $0 | $40,550,000 | $38,749,000 | $26,845,000 | $28,591,000 | $4,340,000 | $4,496,000 | $8,875,000 | $5,166,000 | $490,000 | $496,000 |
Number of privately held companies in which the entity has made equity investments | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
item | ||
Reconciliation of financial assets measured at fair value on a recurring basis using Level 3 inputs | ' | ' |
Carrying value of equity investments in private companies | $697,000 | $697,000 |
Equity investments | ' | ' |
Reconciliation of financial assets measured at fair value on a recurring basis using Level 3 inputs | ' | ' |
Fair value at the beginning of the period | 5,166,000 | 2,145,000 |
Realized (net of fees) | -112,000 | -28,000 |
Change in Unrealized Estimated Value | 3,821,000 | 2,887,000 |
Decrease due to impairment of assets | 0 | 0 |
Increase due to purchase of shares | 0 | 162,000 |
Decrease in cost basis due to sale | 0 | 0 |
Decrease due to transfer from Level 3 to Level 1 | 0 | 0 |
Fair value at the end of the period | $8,875,000 | $5,166,000 |
Number of privately held companies in which the entity has made equity investments | 3 | ' |
Equity investments | Investment concentration risk | ' | ' |
Reconciliation of financial assets measured at fair value on a recurring basis using Level 3 inputs | ' | ' |
Number of privately held companies in which the entity has made equity investments | 3 | ' |
Equity investments | Investment concentration risk | Two individual companies | ' | ' |
Reconciliation of financial assets measured at fair value on a recurring basis using Level 3 inputs | ' | ' |
Concentration risk (as a percent) | 99.00% | ' |
Number of individual companies in which the entity has investments | 2 | ' |
Equity investments | Investment concentration risk | One individual company | ' | ' |
Reconciliation of financial assets measured at fair value on a recurring basis using Level 3 inputs | ' | ' |
Concentration risk (as a percent) | 93.00% | ' |
Number of individual companies in which the entity has investments | 1 | ' |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 |
Quarterly Financial Data (Unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $25 | $7 | $26 | $142 | $208 | ($90) | $211 | $133 | $200 | $462 |
Net earnings (loss) | $322 | ($349) | ($555) | ($593) | $404 | ($629) | $351 | ($575) | ($1,175) | ($449) |
Basic and diluted earnings (loss) per common share (in dollars per share) | $0.08 | ($0.08) | ($0.14) | ($0.15) | $0.10 | ($0.16) | $0.09 | ($0.14) | ($0.29) | ($0.11) |
Other_Financial_Information_De
Other Financial Information (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Other Financial Information | ' | ' |
Indemnification reserve | $4,000,000 | $4,000,000 |
Other escrows | 0 | 341,000 |
Total legally restricted cash | 4,000,000 | 4,341,000 |
Assets held in trust for deferred compensation plan | 490,000 | ' |
Components of other liabilities | ' | ' |
Accrued compensation | 1,304,000 | 1,221,000 |
CDRs | 11,306,000 | 11,339,000 |
Other liabilities | 168,000 | 501,000 |
Total other liabilities | 12,778,000 | 13,061,000 |
Accrued contingent liability related to bank guaranty asset held in the Netherlands | ' | $340,000 |
Operations_by_Geographic_Areas2
Operations by Geographic Areas (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 |
Operations by Geographic Areas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $25 | $7 | $26 | $142 | $208 | ($90) | $211 | $133 | $200 | $462 |
Total Assets | 38,304 | ' | ' | ' | 39,769 | ' | ' | ' | 38,304 | 39,769 |
Cash and Cash Equivalents and Short-term Investments | 36,011 | ' | ' | ' | 38,682 | ' | ' | ' | 36,011 | 38,682 |
North America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operations by Geographic Areas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 200 | 436 |
Total Assets | 38,304 | ' | ' | ' | 39,430 | ' | ' | ' | 38,304 | 39,430 |
Cash and Cash Equivalents and Short-term Investments | 36,011 | ' | ' | ' | 38,343 | ' | ' | ' | 36,011 | 38,343 |
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operations by Geographic Areas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 26 |
Total Assets | 0 | ' | ' | ' | 339 | ' | ' | ' | 0 | 339 |
Cash and Cash Equivalents and Short-term Investments | $0 | ' | ' | ' | $339 | ' | ' | ' | $0 | $339 |